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Bank of America Back to Banking MSBs, Association Says
By Brian Monroe
printBank of America has reportedly resumed offering banking services to money services businesses (MSBs), reversing a trend at the bank and the industry as a whole, to drop money transmitters because regulators have labeled them as higher risk. Speaking at a conference in Ft Lauderdale, Fla., Ezra Levine, a partner with Washington D.C.-based Howrey LLP and general counsel to the Money Services Roundtable, said that several MSBs he works with have told him the Charlotte-based bank has re-opened its accounts in recent months. He declined to name the actual MSBs for fear the coverage could fracture the bonds these operations...
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