Tipton Reintroduces Bill to Expand Banking Access in Rural Colorado
Congressman Scott Tipton (CO-03) has reintroduced the bipartisan Making Online Banking Initiation Legal and Easy (MOBILE) Act (H.R. 1457) in the 115th Congress to expand access to banking services for families in rural communities throughout Colorado and the United States.
“Today, most people are walking around with their own personal bank in their purse or pocket. The MOBILE Act allows our families to use smartphone technology to its fullest potential, while having the assurance that their private information is secure,” said Tipton.
The MOBILE Act would clarify existing law and solidify a uniform standard of compliance for banking services. Specifically, the bill ensures financial institutions can “swipe” the machine readable zone on state issued identification cards and record and store the information for the purposes of verifying the identity of a bank customer and preventing fraud or criminal activity.
“There are many families in rural communities across the country who are struggling to achieve financial security, because they can’t easily get to a bank to open checking or savings accounts. Smartphones can change this, but we need the MOBILE Act to catch our laws up to the technology,” Tipton added.