Pending Legislation For Money Services Business

Law360, New York (April 23, 2010, 12:48 PM EDT) -- Several legislative initiatives introduced in the U.S. House of Representatives are aimed at the widely diverse money services business. Ranging from check-cashing, currency exchange, funds transmittal and stored value products to issuing or selling travelers checks and money orders, MSBs cover a wide variety of financial services.

Rep. Carolyn Maloney, D-N.Y., has reintroduced a bill that passed the House in 2008, but was never introduced in the Senate. The Money Services Business Act of 2009 is pending before the House Financial Services Committee.

House Financial Services...
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