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WASHINGTON,
DC –
It
may
be
raining
again
in
Washington
today,
but
it
is
a
fantastic
day
for
Main
Street
America
as
multiple
provisions
introduced
by
U.S.
Senator
Tim
Scott
(R-SC)
are
headed
to
the
President’s
desk
for
his
signature
after
passage
of
the
bipartisan
Economic
Growth,
Regulatory
Relief,
and
Consumer
Protection
Act
(S.
2155)
by
the
U.S.
House
of
Representatives.
The
Senate
previously
passed
the
legislation
in
March.
“As
the
Economic
Growth,
Regulatory
Relief,
and
Consumer
Protection
Act
heads
to
the
President’s
desk
for
signature,
I
am
excited
that
four
of
my
provisions
to
protect
American
families
are
included,”
Senator
Scott
said.
“To
be
able
to
strengthen
protections
for
children
and
families
in
the
fight
against
identity
theft,
provide
more
access
for
low-income
and
minority
communities
that
often
do
not
have
access
to
credit
and
banking,
and
ensure
educational
and
job
training
opportunities
are
available
for
more
families
all
in
the
same
bill
is
absolutely
fantastic.
This
legislation
is
a
huge
victory
for
Main
Street
and
will
open
doors
to
a
brighter
future
for
so
many
families
across
South
Carolina
and
the
nation.”
The
following
consumer-friendly
provisions
were
secured
in
S.
2155
by
Senator
Scott:
- Credit
Score
Competition
Act: The
bipartisan
Credit
Score
Competition
Act,
directs
the
Federal
Housing
Finance
Agency
to
create
a
process
by
which
new
credit
scoring
models
can
be
validated
and
approved
for
use
by
Fannie
Mae
and
Freddie
Mac
(GSEs)
when
they
purchase
mortgages.
Currently,
the
GSEs
are
mandated
to
consider
a
decades-old
credit
scoring
model
that
does
not
take
into
account
consumer
data
on
rent,
utility,
and
cell
phone
bill
payments.
The
exclusion
of
these
data
disproportionately
hurts
minorities
and
first-time
homebuyers.
For
example,
In
South
Carolina
alone,
only
77%
of
adults
can
be
scored
under
the
model
currently
used
by
the
GSEs.
An
additional
16%
of
South
Carolinians
can
be
scored
under
newer
credit
scoring
models
in
the
market.
- Family
Self-Sufficiency
Act:
The
bipartisan
Family
Self-Sufficiency
Act
streamlines
the
already
existing
Family
Self-Sufficiency
(FSS)
program
which
pairs
individuals
living
in
public
housing
with
job
opportunities
and
achieving
financial
goals.
Under
the
measure,
the
FSS
Act
broadens
the
scope
of
supportive
services
to
include
receiving
a
GED
or
other
post-secondary
training,
while
eliminating
redundant
costs
at
the
Department
of
Housing
and
Urban
Development.
The
legislation
is
supported
by
the
National
Association
of
Public
Housing
Authorities.
- Protecting
Children
From
Identity
Theft
Act: A
recent
study
found
that
one
in
ten
children
had
their
Social
Security
Numbers
stolen
and
used
to
open
bank
accounts
and
lines
of
credit
fraudulently.
This
amendment
aims
to
stop
this
illegal
activity
by
directing
the
Social
Security
Administration
(SSA)
to
accept
electronic
signatures
as
consumer
consent
for
financial
institutions
trying
to
verify
customer
ID
and
root
out
synthetic
ID
fraud.
- Making
Online
Banking
Initiation
Legal
and
Easy
(MOBILE)
Act: The
MOBILE
Act
addresses
the
fact
that
current
laws
in
regard
to
identity
verification
have
not
kept
up
with
the
changing
technologies
of
the
Internet
era.
This
amendment
would
allow
banks
and
credit
unions
to
use
a
scan
or
picture
of
a
driver's
license
to
verify
a
customer's
identification
when
they
open
an
account
online.
It
also
specifically
stipulates
the
image
must
be
destroyed
after
the
account
is
created
in
order
to
protect
privacy.
Approximately
16
million
adults
live
in
households
without
a
checking
or
savings
account
and
an
additional
51
million
adults
live
in
households
that
have
a
bank
account
but
rely
on
nonbank
lenders
like
payday
lenders
and
pawnbrokers
with
sky-high
interest
rates.
However,
about
90
percent
of
underbanked
adults
own
a
mobile
phone,
of
which
75
percent
are
smartphones.
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