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News Now

Washington
MSB vote back on House calendar
WASHINGTON (7/14/08)—A delayed vote a House bill intended to encourage credit unions and banks to serve money services businesses (MSBs) appears to be over. The Money Services Business Act (H.R. 4049) is back on the House suspension calendar this week. Posted on Tuesday’s House agenda, the MSB is listed as the first of 16 items the House intends to decide that day. Although a vote was expected last week, the bill was removed mid-week from the voting schedule. The bill was introduced in 2007 by Rep. Carolyn Maloney (D-N.Y.), 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. The bill seeks to clarify that financial institutions serving MSBs would not be responsible for whether the MSB is complying with anti-money laundering laws and any other applicable Bank Secrecy Act (BSA) requirements. 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.
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