ABA today wrote to Rep. Scott Tipton (R-Colo.) supporting a bipartisan bill that would allow banks — with a customer’s consent — to record personal information by swiping a customer’s driver’s license or personal identification card. Information could then be stored digitally by the bank and used to facilitate account openings or the addition of new products or services. The association noted that the bill, which is also co-sponsored by Rep. Terri Sewell (D-Ala.) and Rep. Randy Hultgren (R-Ill.), could help expand access to banking services for underbanked populations.
House passes bills to streamline community bank reg burden
The TRUST Act and SMART Act would raise the threshold to $6 billion in assets for well-managed, well-capitalized banks to have less frequent exams, as well as streamlining the exam experience for qualifying banks under that threshold.
