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H. Rept. 115-523 1 (2018-01-22)

handle is hein.congrecreports/crptxaaza0001 and id is 1 raw text is: AUT-ENTICATED
US. GOVERNMENT
INFORMATION
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                     115TH  CONGRESS                                           REPORT
                         2d Session     HOUSE OF REPRESENTATIVES               115-523





                     TO ESTABLISH   REQUIREMENTS FOR USE OF A DRIVER'S LICENSE OR PER-
                       SONAL  IDENTIFICATION   CARD   BY CERTAIN   FINANCIAL  INSTITUTIONS
                       FOR  OPENING  AN  ACCOUNT   OR OBTAINING   A FINANCIAL  PRODUCT   OR
                       SERVICE, AND  FOR OTHER   PURPOSES



                       JANUARY 22, 2018.-Committed to the Committee of the Whole House on the State
                                        of the Union and ordered to be printed



                         Mr. HENSARLING, from the Committee on Financial Services,
                                            submitted  the  following


                                               REPORT

                                               [To accompany H.R. 1457]

                                [Including cost estimate of the Congressional Budget Office]

                       The  Committee   Financial  Services, to whom  was  referred the bill
                     (H.R.  1457) to establish  requirements  for use  of a driver's license
                     or personal  identification card by  certain financial institutions for
                     opening  an  account or obtaining  a financial product or service, and
                     for other  purposes,  having  considered  the  same,  report favorably
                     thereon   with  an  amendment and recommend that the bill as
                     amended   do pass.
                       The  amendment is as follows:
                       Strike  all after the enacting clause and insert the following:
                     SECTION 1. MAKING ONLINE BANKING INITIATION LEGAL AND EASY.
                       (a) DEFINITIONS.-In this section:
                           (1) AFFILIATE.-The term affiliate has the meaning given the term in section
                         2 of the Bank Holding Company Act of 1956 (12 U.S.C. 1841).
                           (2) DRIVER'S LICENSE.-The term driver's license means a license issued by
                         a State to an individual that authorizes the individual to operate a motor vehi-
                         cle on public streets, roads, or highways.
                           (3) FEDERAL BANK SECRECY LAWS.-The term Federal bank secrecy laws
                         means-
                              (A) section 21 of the Federal Deposit Insurance Act (12 U.S.C. 1829b);
                              (B) section 123 of Public Law 91-508 (84 Stat. 1116); and
                              (C) subchapter II of chapter 53 of title 31, United States Code.
                           (4) FEDERALLY RECOGNIZED INDIAN TRIBE.-The term federally recognized In-
                         dian Tribe has the meaning given the term by the Secretary of the Interior
                         under section 104(a) of the Federally Recognized Indian Tribe List Act of 1994
                         (25 U.S.C. 5131(a)).
                           (5) FINANCIAL INSTITUTION.-The term financial institution means-
                              (A) an insured depository institution;
                              (B) an insured credit union; or
                              (C) any affiliate of an insured depository institution or insured credit
                            union.
                         79-006

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