In recent news, President Trump signed a bipartisan bill on May 24th to reform and loosens key portions of the Dodd-Frank Act of 2010. Below we examine the key components:
One provision included in the Economic Growth, Regulatory Relief, and Consumer Protection Act will bring to date the Social Security Administration. The provision will accomplish updates by creating a Consent Based Social Security Verification (CBSV) system that accepts electronic signatures as consumer consent for financial institutions or service providers trying to verify a customer’s identification.
Along with electronic signature comes an added security measure in the process of verifying an identity. Accepting these electronic signatures will allow the Federal Government to keep up with the speed of technology and its advancements. Additionally, the changes will improve efficiency on behalf of both consumers and the government, as well as increasing confidence with the extra security.
Combating Identity Fraud
The CBSV will be a more effective tool in combating identity fraud thanks to the use of technological advancements, like improved computer processes, being incorporated. Identity theft has become such a huge issue, especially in recent years, that most don’t even understand the scale to which it has progressed. The technology involved in CBSV is anticipated to effectively combat this issue. Electronic consent will promote the usage of this new CBSV system as well, given that many employers are interested in it and the convenience it will provide.
The above provision was created by a bi-partisan group of Senators and went into effect upon signature. However, the Social Security Administration still must implement some of their own improvements to their technology, such as speed and efficiency, to be able to process requests with electronic signatures.
When writing for the public, it is a best practice not to use ambiguous “it” and “this” at the beginning of a new sentence. These pronouns work conversationally, but they ultimately inhibit how well a reader will process and retain new information. Use a more precise subject.