Cortez Masto, Scott Introduce Legislation to Expand Banking Services to Underbanked Communities
Washington, D.C. – U.S. Senators Catherine Cortez Masto (D-Nev.) and Tim Scott (R-S.C.) today introduced the Making Online Banking Initiation Legal and Easy (MOBILE) Act, legislation that will allow consumers to open a bank account online using a copy of the individual’s driver’s license or personal identification card. An estimated 68 million people in the U.S. are currently unbanked or underbanked. U.S. Senator David Perdue (R-Ga.) also cosponsored the legislation.
“The MOBILE Act is a twenty-first century solution to improving access to essential financial services, especially to those in remote Nevada communities who are underserved and underbanked,” said Cortez Masto. “Taking advantage of technology available in smart devices will increase access to banking services and will help ensure more Nevadans have the opportunity to access financial services.”
“The bipartisan Making Online Banking Initiation Legal and Easy (MOBILE) Act represents an important step in helping hardworking Americans gain financial stability,” said Scott. “We want to make sure that every American has the opportunity to open up a bank account and the ability to save for a better future, and this important bipartisan legislation will help millions more families sign up for banking services online. I want to thank Senator Cortez Masto and our colleagues on the Senate Banking Committee for their support of this important legislation.”
The text of the bill can be found HERE.
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