State Regulators: Money Services Businesses Do Not Deserve De-Risking

MSBA applauds the work of the CSBS in speaking on the effects that De-risking has on MSB’s and the harm it does to consumers.

Washington, D.C.–State regulators are committed to the responsible oversight of money service business (MSBs) and creating new solutions to keep pace with emerging and evolving risks that may impact the industry.

These actions address a major concern: MSBs are too often the victim of de-risking – a practice in which MSBs are shut out of banking services, said Bryan Schneider, Secretary of the Illinois Department of Financial and Professional Regulation, at a hearing today before the U.S. House of Representatives Subcommittee on Financial Institutions and Consumer Credit. Read more from CSBS in the full press release.

About CSBS
CSBS supports state regulators in advancing the system of state financial supervision by ensuring safety, soundness and consumer protection; promoting economic growth; and fostering innovative, responsive supervision.

CSBS was organized in 1902 as the National Association of Supervisors of State Banks. In 1971, the name of the organization was changed to the Conference of State Bank Supervisors to better reflect the ongoing nature of CSBS activities.For more than 110 years, CSBS has been uniquely positioned as the only national organization dedicated to protecting and advancing the nation’s dual-banking system.