Action Clears Way for Senate Consideration of Legislation That Addresses Problem Threatening Access to Basic Financial Services For Millions of Americans WASHINGTON, July 22
WASHINGTON, July 22 /PRNewswire-USNewswire/ -- The MSB Coalition,
representing money services businesses (MSBs) from across the country, today
strongly commended the House of Representatives for passage of 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. The bill
now moves to the Senate 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 a broad array of companies
and trade associations in the financial services industry. As a sign of the
strong bi-partisan Congressional support the bill enjoyed, it was passed by
voice vote under the House "Suspension Calendar," generally reserved for
non-controversial bills.
"Today's action by the U.S. House of Representatives is a huge step
towards preserving access to basic financial services for all Americans," said
William Sellery, spokesman of the MSB Coalition. "H.R. 4049 will create a
regulatory environment in which banks and other mainstream financial
institutions can again feel comfortable handling MSB accounts. This is good
for MSBs, good for banks and, most especially, good for the millions of
Americans who chose to use MSBs to conduct their daily financial business. As
this bill now moves to the Senate for consideration, it is important to
recognize the extraordinary leadership of Representatives Maloney,
Frank, Bachus and Biggert for their tireless efforts to work with all
interested parties to craft a legislative solution that addresses everyone's
needs and concerns. It is thanks to their leadership that this important
legislation is moving to the Senate for consideration."
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 Stephen Altobelli at 201-964-2369 or email the Coalition at
info@msbcoalition.org.
SOURCE MSB Coalition
