House Financial Services Committee Advances ABA Supported Bills

The House Financial Services Committee today approved 13 financial services bills, including two supported by ABA. The committee unanimously approved H.R. 1457, introduced by Rep. Scott Tipton (R-Colo.), which would authorize financial institutions — upon customer request — to retain personal information from scans or copies of driver’s licenses or other personal IDs. The bill would facilitate mobile account opening and other digital account procedures.

The committee also approved by a 50-10 vote H.R. 4545, also championed by Tipton, which establishes deadlines for banking agencies to issue exam reports and create an independent examination review and appeal process. H.R. 4464 — which would repeal the National Credit Union Administration’s risk-based capital rule for credit unions and is opposed by ABA — narrowly passed out of the committee by a 33-25 vote.


About Author

Monica C. Meinert is a senior editor at the ABA Banking Journal and VP for editorial strategy at the American Bankers Association, where she oversees ABA Daily Newsbytes.