AMOA Legislative Update, May 2019

On April 30, AMOA was back at work in our nation’s capital continuing to fight the bank account closure issue which continues to negatively impact our industry. With the 116th Congress now in session, the AMOA delegation had a productive day meeting with key staff of ranking congressional members serving on the House Financial Services Committee and the Senate Banking Committee.

As a result, we were alerted that the House Financial Services Committee is holding a hearing entitled “Oversight of Prudential Regulators: Ensuring the Safety, Soundness and Accountability of Megabanks and Other Depository Institutions.” Testifying at this hearing will be leaders of the Office of the Comptroller of the Currency, Federal Reserve, National Credit Union Association and others. Thank you to our members who answered AMOA’s call to action last week and sent account closure letters to assist committee members during this hearing.

Based on additional information obtained during our recent meetings, AMOA will continue to work on its legislative strategy along with AMOA lobbying firm Dentons to address this regulatory over-reach.

Next month, we’ll provide an update on plans for our next visit to Washington, D.C. and summer grass roots efforts.

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