Banks may need to do more to help small businesses after a hurricane, flood or other calamity as those firms tend to favor nonbank lenders after an emergency for a number of reasons, according to research by four regional Federal Reserve banks.
With the state only months away from allowing the sale of pot for recreational use, its top cannabis regulator is urging policymakers to consider creating a public bank to provide services to growers and dispensaries that might otherwise have nowhere else to bank.
The Mobile Act would allow financial institutions to scan or copy a customer’s photo ID when opening an account remotely, while another bill contained provisions that would protect bankers from lawsuits if they report suspected elder financial abuse.
House and Senate bills contain a provision that would let financial firms in all states use digital scans of photo IDs to verify identities of prospective customers. That could ease the account-opening process for consumers in areas where branches are few and far between.