January 30, 2018

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Mobile Banking Bill a Win for Consumers 

Banks are leaders in the technology to meet this demand and laws should be modernized to make the mobile consumer experiences even better. This bill is an important step towards that goal.

Mobile Banking Bill a Win for Consumers 
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Mobile Banking Bill a Win for Consumers 

FSR encourages Senate to move Mobile Act forward  

 

WASHINGTON—A bill passed by the House to make online banking significantly easier for consumers should move quickly through the Senate, the Financial Services Roundtable (FSR) said.

“Consumers want easy access to online and mobile banking services so they can manage their finances wherever and whenever it works best for them,” said FSR Senior Vice President of Government Affairs, Anthony Cimino. “Banks are leaders in the technology to meet this demand and laws should be modernized to make the mobile consumer experiences even better.  This bill is an important step towards that goal.”

H.R. 1457, “The Mobile Act,” makes it easier for banks to implement new mobile technologies by clarifying that institutions may utilize images of a consumer’s drivers license or government-issued ID to open an account. The bill has broad, bipartisan support.

FSR will advocate for the bill, which is included in Senator Crapo’s regulatory reform bill, to move quickly through the Senate either as part of that bill or as a standalone measure.

 

 

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About The Author

The Financial Services Roundtable represents the largest integrated financial services companies providing banking, insurance, payment and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. FSR member companies provide fuel for America’s economic engine, accounting for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs.

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