Clearer Money Transmitter Exam Procedures Needed To Stem De-Risking

Unclear expectations and inconsistent supervision by U.S. regulators has had a chilling effect on banks' willingness and ability to serve money transmitter clients, a new report from a federal government watchdog has warned.

Conducted by the Government Accountability Office (GAO), the study canvassed more than 400 banks and federal bank examiners from the Federal Reserve, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA).

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