Growing Trend Threatens to Reduce Access to Basic Financial Services For Millions of Americans WASHINGTON, June 24
WASHINGTON, June 24 /PRNewswire-USNewswire/ -- The MSB Coalition,
representing money services businesses (MSBs) from across the country, today
applauded the House Financial Services Committee for its vote to approve and
report out of committee H.R. 4049, the "Money Services Business Act of 2007."
This legislation would address the ongoing problem of bank discontinuance, the
blanket termination of MSB bank accounts by traditional financial institutions
in response to unclear guidance from regulators. Without such access, MSBs
cannot conduct business. As a result of the Committee's action, the bill will
now move to the full House of Representatives for consideration.
H.R. 4049 was introduced last fall by Rep. Carolyn Maloney (D-NY), Chair
of the Financial Institutions and Consumer Credit Subcommittee of the House
Financial Services Committee, Rep. Barney Frank (D-MA), Chairman of the full
Committee, Rep. Spencer Bachus (R-AL), Ranking Minority Member of the full
Committee, and Rep. Judy Biggert (R-IL), Ranking Minority Member of the
Subcommittee.
The bill enjoys strong support among and was crafted in consultation with
a broad array of companies and trade associations in the financial services
industry.
"The legislation that the House Financial Services Committee approved
today is the fruit of more than a year of labor and compromise with a wide
array of interests and should, once and for all, create a regulatory
environment in which banks and other mainstream financial institutions again
feel comfortable handling MSB accounts," said William Sellery, spokesman of
the MSB Coalition. "The extraordinary leadership of Representatives Maloney,
Frank, Bachus and Biggert are to be especially commended for their tireless
efforts to work with all interested parties to craft a legislative solution
that addresses everyone's needs and concerns."
The MSB Coalition is made up of representatives from all segments of the
MSB community, including check cashers, money transmitters, money order
processors, and all others with an interest in the health of the MSB community
and the financially affected consumers who use their services. For additional
information about the Coalition, please contact Bill Sellery at 202-296-3522
or Cynthia Vega at 201-562-1029 or email the Coalition at
info@msbcoalition.org.
SOURCE The MSB Coalition
