Bill > S2854

This bill, the MOBILE Act of 2018, establishes requirements for financial institutions to use a driver's license or personal identification card when an individual opens an account or obtains a financial product or service online. The bill defines key terms such as "financial institution," "financial product or service," and "personal information." It allows financial institutions to record, store, and use personal information from a scan or copy of the individual's ID for the purposes of verifying the ID's authenticity, verifying the individual's identity, and complying with federal banking laws. The bill preempts any conflicting state laws and requires the Secretary of the Treasury to report on the impact of the new technology on unbanked/underbanked populations and any increased incidents of privacy law violations.

Housing and Urban Affairs

https://www.congress.gov/bill/115th-congress/senate-bill/2854/all-info