U.S. Senators Amy Klobuchar (D-MN) and Mark Kirk (R-IL) - Bipartisan bill would simplify and streamline the oversight of non-bank financial institutions that provide remittances around the world, making it easier for Somali families in Minnesota and across the country to support loved ones overseas
Press Release
Saturday, August 2, 2014
Washington, D.C. – U.S. Senators Amy Klobuchar (D-MN) and Mark Kirk (R-IL) today announced that bipartisan legislation they introduced to help Somali families send money to loved ones in their countries of origin passed the Senate and will now head to the President’s desk to be signed into law. The bipartisan legislation would simplify and streamline the oversight of non-bank financial institutions that provide remittances around the world, making it easier for Somali families in Minnesota and across the country to support loved ones overseas. The legislation was led in the House of Representatives by Keith Ellison and Erik Paulsen.
"Somali-Americans in Minnesota often serve as lifelines for their relatives in Somalia, but many face hurdles that make it difficult to send vital assistance back home,” Klobuchar said. “Our bipartisan legislation will help these families support their loved ones and I’m pleased that this commonsense measure will now become law.”
The Money Remittances Improvement Act enables the Financial Crimes Enforcement Network (FinCEN) of the Department of Treasury to rely on state agency examinations of non-bank financial institutions such as money transfer organizations/money services businesses (MTOs/MSBs). Currently, federal authorities are unable to formally rely on examinations conducted by state supervisory agencies for nonbank financial institutions. The Senators’ legislation promotes more consistent approaches to examinations by expanding state and federal coordination, saves taxpayer dollars by allowing FinCEN to rely on examinations conducted by a state supervisory agency of regulated financial institutions, and simplifies oversight for MSBs and other nonbank financial institutions.