Tag: U.S.
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History of Money Services Businesses in the United States
Over the past century and a half, the MSB sector has evolved from informal neighborhood intermediaries into a highly regulated industry that now includes major remittance networks, storefront service providers, and certain virtual-currency businesses.
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Western Union vs. MoneyGram: A Brief History of Two U.S. Money-Transfer Giants
Western Union and MoneyGram are often mentioned together because they built two of the largest global consumer money-transfer networks used by individuals, households, and small businesses.
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“Little Fed” Pats The Fed on the Back—Then Slaps Down a To-Do List on “Payment Accounts”
The Federal Money Services Business Association (FedMSB) today announced that it has submitted a comprehensive comment package to the Federal Reserve in response to the Fed’s Request for Information on a proposed “Payment Account”…
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Fed Floats “Payment Account” Prototype—Limited Fed Access for Payments-Only Institutions
The Federal Reserve Board on Dec. 19, 2025 asked for public comment on a proposed new Reserve Bank “payment account”—a special-purpose Fed account intended only for clearing and settling the accountholder’s payments, with tighter…
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Cross-Border Payments Hit a 2025 “Pivot” — And MSBs Feel the Whiplash
In a new FedMSB analysis, Chief Advisor Michael Mynn argues this was a pivot year for cross-border payments — not because one shiny tech “won,” but because multiple tracks moved forward at the same…
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Digital Wallets Are Booming — and Regulators Are Playing Catch-Up
Digital wallets have moved way beyond “tap to pay” into multi-function consumer finance hubs (IDs, tickets, crypto, investing, lending, paycheck deposit, virtual cards, rewards, etc.). The article frames this as the latest chapter in…
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Appeals court saves CTA — but BOI rule’s still narrowed
A federal appeals court just handed a major win to the government in the long-running fight over the Corporate Transparency Act — the anti-money-laundering law meant to smoke out the real people hiding behind…
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Missouri GOP Takes Aim At Overseas Money Wires — MSBs Could Face 25% Hit
Missouri’s treasurer and Republican lawmakers want remittance providers to verify a sender’s legal work status before sending money overseas — or face penalties tied to the transfer amount.
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Visa Launches USDC Settlement for U.S. Banks
Visa today announced U.S. banks can settle via USDC under its stablecoin settlement efforts. Visa just took stablecoins out of the “nice pilot” bucket and dropped them into the heart of U.S. institutional settlement.
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FDIC Releases GENIUS Act “How-To” for Bank Stablecoins and Invites Public Comment
The FDIC is officially getting into the stablecoin rulebook business. The agency’s Board of Directors voted Tuesday (Dec 16, 2025, EST) to greenlight a notice of proposed rulemaking that would spell out how FDIC-supervised…