San Francisco-based AirBnB isn't exactly what springs to mind when thinking of money services businesses, but the 6-year-old company deemed itself just that last year by registering with the U.S. Treasury Department.
One of the country's top lobbying groups for money services businesses will ask lawmakers in February to streamline how the companies obtain licenses to operate in the United States.
Dozens of small banks and credit unions have begun courting money services businesses over the past year, offering financial services to the high-risk clients in exchange for compliance-related fees.
The Internal Revenue Service is ill-equipped to examine money services businesses for federal compliance, industry leaders and lawmakers told a congressional subcommittee Wednesday.