Hultgren hopes third time a charm for rural banking measure
U.S. Rep. Randy Hultgren (R-IL) wants rural residents in lllinois and elsewhere to gain easier access to banking services, so for the third time in three years he is pushing for passage of a bill to make that happen.
“As the needs of banking customers change in the 21st century, hardworking Americans — especially those with low and moderate incomes — need access to traditional banking services that may not be easily accessible in their communities,” Hultgren said. “I am proud to cosponsor the MOBILE Act, which will make it easier for my constituents to open a bank account from their mobile device.”
MOBILE is an acronym for Making Online Banking Initiation Legal and Easy.
Similar measures in 2015 and 2016 failed despite Hultgren's urging. This year’s bill, HR1457, would expedite enhancements for people living outside metropolitan areas who require improved connectivity to their financial institutions.
While bank customers living in urban and suburban areas typically have little trouble locating an ATM or customer service branch, those far out from the crowd often struggle to even open a checking or savings account. The bill in intended to make such transactions easily done by phone.
The MOBILE measure would also establish consistent compliance regulations nationwide. It is now with the House Committee on Financial Services, which includes Hultgren.