Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
House vote expected soon on MSB bill
WASHINGTON (7/8/08)—The U.S. House of Representatives returns to session today and is scheduled to take up a list of bills, including one of particular interest to credit unions—the Money Services Business Act (H.R. 4049). That bill is intended to encourage credit unions and banks to serve money services businesses (MSBs) by clarifying that they would not be responsible for whether the MSB is complying with anti-money laundering laws and any other applicable Bank Secrecy Act (BSA) requirements. The bill was introduced in 2007 by Rep. Carolyn Maloney, chairman of the House Financial Services subcommittee on financial institutions. Other members of the House Financial Services Committee to back the bill include its chairman, Rep. Barney Frank (D-Mass.), and ranking member Spencer Bachus of Alabama. In 2006, the Financial Crimes Enforcement Network (FinCEN) began seeking public comment regarding the impact of BSA regulations on the ability of money services businesses (MSBs) to open and maintain accounts and obtain other banking services at depository institutions. The request for comment, printed in the Federal Register, noted, "(FinCEN is) seeking input to assist in our efforts to ensure that money services businesses that comply with the law have reasonable access to banking services and, specifically, to avoid any unintended misinterpretation of Bank Secrecy Act requirements that could adversely affect the issue of the establishment and maintenance of account relationships and other banking services for money services businesses by banking institutions." MSBs are nonbank financial institutions that provide one or more of such services as money orders, traveler’s checks, money transmissions, check cashing, currency exchange, currency dealing, or issuing, selling or redeeming stored-value cards. As of May 15, a FinCEN list maintained information on 35,245 registered MSBs.
Other Resources

RSS





print
News Now LiveWire
16.9% of U.S. homeowners underwater, down from peak 31.4% in 2012, reports @zillow http://t.co/EbILqY1HMz
13 hours ago
Breaking at #NewsNow: President Obama signs IOLTA bill into law. http://t.co/5N741Bygmn
15 hours ago
.@edmunds says the week between Christmas and New Year's is the busiest car shopping time of the year.
16 hours ago
.@CFPB sues Sprint for cramming 3rd-party service fees onto consumers' bills http://t.co/mhlMWqLKku
16 hours ago
#HomeDepot #databreach lawsuits consolidated in Georgia http://t.co/A4bei5z0mV
17 hours ago