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Senate Bill Report SJM 8004 — Committee on Business, Financial Services & Trade (As of February 10, 2021)

Summary

This Senate Bill Report on SJM 8004, as of February 10, 2021, covers a joint memorial addressing "de-risking" by financial institutions, sponsored by Senators Hasegawa and Saldaña, with committee activity before Business, Financial Services & Trade on 2/11/21. The memorial directs Congress to enact legislation that provides transparency to customers or former customers of financial institutions that need to send remittances to families in other countries through wire transfers. It requests that Congress implement strategies and recommendations put forward by the Government Accounting Office and the United States Treasury. The report lists no appropriation and says a fiscal note was not requested.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Issuer
Congressional materials
Document type
Report
Date
2021-02-11
Case
2021 02 11 A28532 D228363 Bill Report 8004 Sba Bfst 21

Cite this document

“Senate Bill Report SJM 8004 — Committee on Business, Financial Services & Trade (As of February 10, 2021).” Original at app.leg.wa.gov, dated 2021-02-11. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2021-02-11-2021-02-11-a28532-d228363-bill-report-8004-sba-bfst-21/, SHA-256 f75936056d765e057d50ffdb894c851b5a9b5995e1d2f681b7d4b2df427f9dbb.

Full text

                             SENATE BILL REPORT
                                  SJM 8004

                                      As of February 10, 2021

Brief Description: Addressing "de-risking" by financial institutions.

Sponsors: Senators Hasegawa and Saldaña.

Brief History:
     Committee Activity: Business, Financial Services & Trade: 2/11/21.


                               Brief Summary of Joint Memorial
           • Directs Congress to enact legislation that will provide transparency to
             customers or former customers of financial institutions that need to send
             remittance to families in other countries through wire transfers.


SENATE COMMITTEE ON BUSINESS, FINANCIAL SERVICES & TRADE

     Staff: Clinton McCarthy (786-7319)

     Background: The term "de-risking" refers to the phenomenon of financial institutions
     terminating or restricting business relationships with clients or categories of clients to avoid,
     rather than manage, risk. Remittance refers to an amount of money transferred or sent from
     one party to another, usually overseas. Bank Secrecy Act/Anti-Money Laundering
     (BSA/AML) regulations imposed through the Patriot Act and other federal legislation
     imposes strict standards on banks to understand exactly who their customers are and who
     their funds are coming from. These standards have made it difficult for individuals to send
     remittances from the United States to other countries. According to the World Bank, there
     were $554 billion in remittance flows worldwide in 2019.

     Summary of Joint Memorial: The Senate Joint Memorial requests that Congress
     implement strategies and recommendations put forward by the Government Accounting
     Office and the United States Treasury with legislation that includes:
        • provisions that give regulators clarity on how to improve examiners ability to



     This analysis was prepared by non-partisan legislative staff for the use of legislative
     members in their deliberations. This analysis is not part of the legislation nor does it
     constitute a statement of legislative intent.

Senate Bill Report                              -1-                                         SJM 8004
           evaluate banks' BSA/AML compliance as it is applied to money transmitter accounts;
         • requirements that financial institutions disclose specific reasons for closing accounts;
           and
         • assistance for financial institutions to mitigate the cost of due diligence required to
           comply with BSA/AML provisions impacting money transmitters.

     Appropriation: None.

     Fiscal Note: Not requested.

     Creates Committee/Commission/Task Force that includes Legislative members: No.

     Effective Date: Ninety days after adjournment of session in which bill is passed.




Senate Bill Report                             -2-                                       SJM 8004

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