We are entering the stretch run for passage S.2155 (Economic Growth, Regulatory Relief, and Consumer Protection Act.) If all goes according to plan, sometime next week the House is expected to take up a bill passed by the Senate. I’ve been reviewing the bill again and one of the provisions I overlooked is what I want to talk about today.
The bill would create a national standard for authorizing financial institutions to accept scanned driver licenses for purposes of complying with customer identification procedures. Although this isn’t an issue in New York, according to a House report on similar legislation that was considered earlier this year, a minority of states do not permit the use of driver licenses for such purposes. This presents an obvious road block for institutions seeking to have easy to use nationally based mobile banking apps.
This is the type of common sense, broadly supported proposal that has enabled S.2155 to get so close to passage in an era when Republicans and Democrats can’t even agree on whether a priest or a preacher should be employed by Congress. Passage of this legislation is crucial not only because of its many provisions that would benefit credit unions but simply because credit unions can help show that the system, despite being on life support, is still working. On that note, enjoy your weekend.
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