The House Financial Services Committee Letters

Just two weeks after the end of our IMTC USA 2015 Conference in Las Vegas, where we had a great panel on Bank Discontinuance entitled “Financial Access for the Money Transfer Industry – One step forward, two steps back? brilliantly moderated by Connie Fenchel with panelists Deborah Thoren-Peden from Pillsbury Law and Thomas Fleming from TF & Associates, the Republican leaders on the US House Financial Services Committee sent letters to the federal financial regulatory agencies asking to publicly disavow their “past, present, and future involvement in Operation Choke Point or any similar operation”. You can read the OCC letter here: http://bit.ly/1aP00Nu.

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DE-RISKING: THE MOVING TARGET

On De-Risking, Recent Bank Account Closures, The Somalian Remittance Crisis and the loud calls to try to resolve the MSB Bank Discontinuance crisis in the US (and UK, Australia… and almost everywhere)

In English, a “moving target” is when you set your expectation for something – some task, some desirable outcome, a target, and then when it is met you ‘move the target’ and set another expectation. It means that the person or entity you have set the expectation for is never able to fulfill it, never reaching the target. And “De-Risking” is fast becoming a moving target.

The Society for Risk Analysis states: “Risk analysis is broadly defined to include risk assessment, risk characterization, risk communication, risk management, and policy relating to risk, in the context of risks of concern to individuals, to public- and private-sector organizations, and to society at a local, regional, national, or global level“. Is quite a broad and very inexact science that all of us in the Financial Services area are trying all the time to define and manage.

DE-RISKING: THE MOVING-TARGET
DE-RISKING: THE MOVING-TARGET
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DEVELOPING PARTNERSHIPS WITH US LICENSED MONEY TRANSMITTERS

DEVELOPING PARTNERSHIPS WITH US LICENSED MONEY TRANSMITTERS

Inspired by Judie Rinearson’s article Surprise: State Licensing Laws Could Help Payments Innovation – http://bit.ly/1yd0FLW

We all know that technology and the creativity surrounding the tech revolution is inspiring a vast number of payment innovations. Online financial services, mobile payments, eWallets, bitcoin & the virtual currencies explosion, smarter ATMs, tools such as contactless chips, beacons, geo-location, are seeking to make payments more inclusive, easier to use, to track and to market, safer, faster, more efficient, more tailored to every user, etc.

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THE TEN MOST IMPORTANT NEWS OF THE MT INDUSTRY FOR 2014

As I did for 2013, I have put together the 10 most important news stories for the Money Transfer Industry in 2014, as a way to reflect back and at the same time analyze the trends for the coming year. They are not necessarily in order of importance. They are based on my personal opinions and ideas from friends and colleagues in the industry.

If you want to read it from a PDF, view it | download it from here

If I miss something of importance or if you have any type of comment, please do it in LinkedIn. We would love to hear you opinion. Please go to our Linkedin Group following this link: http://linkd.in/WiQVFa and it will take you directly to the discussion.

Hugo Cuevas-Mohr

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Bank Discontinuance, the G20 and the taxing of remittances

Bank Discontinuance of MTOs in Australia has been in the news for a couple of weeks and all the small and medium sized companies in the country are being forced to shutdown because all the major banks have been closing their accounts and letters of discontinuance have been sent to the 5,000+ MTOs in the country*. This is just another round in a worldwide problem.
You can read several articles on the situation in Australia; check this one http://bit.ly/1uQctHe for example)
MTOs have launched the Remittance and Currency Providers Association, ARPAC, to represent them and to look for ways to get government support and find solutions (see http://ab.co/1xQlj9Z). We praise their effort. The UKMTA association lead the industry’s effort in UK when the Barclay’s situation came up in UK in 2013 (http://bit.ly/1toUhPp).

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