1. Identity verification responsibility (a) In general Section 2201 of the Taxpayer First Act ( Public Law 116–25 ) is amended— (1) in subsection (a), by striking and at the end of paragraph (1), by redesignating paragraph (2) as paragraph (3), and by inserting after paragraph (1) the following new paragraph: (2) is accomplished only after a financial institution (or a service provider, subsidiary, affiliate, agent, subcontractor, or assignee of a financial institution) has formed a reasonable belief that the identity of the taxpayer has been authenticated; and ; and (2) in subsection (b), by striking by the Secretary to a person seeking to verify the income or creditworthiness of a taxpayer who is a borrower in the process of a loan application and inserting , including business tax return information, by the Secretary to a taxpayer or financial institution (or a service provider, subsidiary, affiliate, agent, subcontractor, or assignee of a financial institution) designated by a taxpayer seeking to verify the income or creditworthiness of a taxpayer who is in the process of a financial application . (b) Financial institution definition, standards and guidelines Section 2201(c) of such Act is amended— (1) in subsection (c)— (A) by striking The Secretary and inserting: (1) In general The Secretary ; and (B) by adding at the end the following new paragraph: (2) Standards The Secretary shall ensure that any standards and guidelines deemed applicable to the system described in this section— (A) Enable a taxpayer to provide the appropriate designation and electronic consent to a financial institution (or a service provider, subsidiary, affiliate, agent, subcontractor, or assignee of a financial institution), including those defined in section 106 of the Electronic Signatures in Global and National Commerce Act ( 15 U.S.C. 7006 )