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US reps file bill for easier mobile banking in rural areas

Three U.S. representatives proposed the Making OnlineBanking Initiation Legal and Easy Act of 2016, which aims to make mobile phonebanking services more accessible to rural communities in the U.S.

The bill would ensure financial institutions canrecord and store information from state-issued identification cards, includingswiping the machine-readable stripes on driver's licenses. Thischange is meant to make the standard of compliance uniform for mobile banking.

U.S. Rep. Scott Tipton, R-Colo., said in an Oct. 5press release that the MOBILE Act would help families in rural communities whoare struggling to achieve financial security because they can't easily go tobanks for their transactions, as well as strengthen compliance protocols formobile banking services.

Reps. Randy Hultgren, R-Ill., and Terri Sewell,D-Ala., were cosponsors.