Read what regulators say about the financial service center
industry:
“These businesses [financial service centers] are key
components of a healthy financial sector, and it is very important that
they have access to banking services.”
Former U.S. Treasury Secretary John Snow
“Money services businesses are critical to the world’s
economy. They enable people to send remittances to poor countries with
the transparency of depository institutions. The Treasury Department, of
which FinCEN is a part, considers that transparency far preferable to
driving the businesses underground.”
William J. Fox, Former Director, Financial Crimes Enforcement
Network (FinCEN)
“We are aware of this problem [bank discontinuance] and agree
with you that it threatens to undermine the accomplishments we have made
over the past several years in enhancing the security and transparency
of the Money Services Business industry. We take very seriously the
important role that check cashers and other Money Services Businesses
play in providing financial services to segments of our society that may
not have access to the more traditional banking system. To that end, we
remain committed to working with organizations such as the Financial
Service Centers of America and your members to ensure continued access
to bank accounts.”
William Langford Jr., Former FinCEN Associate Director for
Regulatory Policy and Programs
“You provide such an important service to such a large, and
often unbanked, segment of our society.”
Former NYS Banking Superintendent Diana Taylor
“It is a good thing for an organization like yours to have a
code of conduct for members of the industry to follow. The industry has
matured. It has achieved greater legitimacy. Some of my fellow state
regulators may not love the payday loan product; the majority of my
peers dislike the fees. But, this is a matter for consumers to decide.
It is a product a lot of consumers utilize and need.”
Laura Udis, Administrator, Colorado Uniform Consumer Credit
Code
“Your industry was among the first to feel the accelerated pace
of the PATRIOT Act and you have set a remarkable example for others to
follow. Your industry’s response to the new requirements was
prompt and positive. Thank you for the standard you have set for the
financial services industry in the fight against money laundering,
financial crimes and terrorism.”
James Sloan, Former Director, Financial Crimes Enforcement
Network
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