Wednesday, March 23, 2016

CUs Serving Money Service Businesses

At the end of 2015, 252 federally insured credit unions reported serving Money Service Businesses. This is up from 251 federally insured credit unions at the end of 2014.

Federally insured credit unions that serve Money Service Businesses are required to fill out Schedule E - Bank Secrecy Act/Anti-Money Laundering Information of the Call Report.

According to information obtained through a Freedom of Information Act request, the number of accounts to Money Service Businesses were down at the end of 2015 compared to 2014, while the aggregate dollar amount of balances was up. Federally insured credit unions reported 1,514 accounts in 2014 and 1,479 accounts at the end of 2015. However, the aggregate amount in those accounts was $67.9 million at the end of 2014 compared to $70.4 million at the end of 2015.

The aggregate number of accounts at federally insured credit unions for Dealers in Foreign Exchange (Acct Code 1051), Check Cashers (Acct Code 1052), Provider of Prepaid Access (Acct Code 1055), and Seller of Prepaid Access (Acct Code 1056) fell between 2014 and 2015.

The number of accounts for Dealers in Foreign Exchange fell by 40 over the year to 17 at the end of 2015. Federally insured credit unions reported a drop of 30,620 accounts for Check Cashers from 31,543 accounts at the end of 2014 to 923 accounts at the end of 2015. Accounts for Providers of Prepaid Access fell from 92 accounts to 39 accounts. Also, there was a decline in the number of accounts for Sellers of Prepaid Access from 140 accounts to 116 accounts.

However, the aggregate number of accounts for Monetary Instruments (Acct Code 1053) and Money Transmitters (Acct Code 1054) rose between 2014 and 2015. The number accounts for Monetary Instruments rose from 596 accounts to 628 accounts. The aggregate number of accounts for Money Transmitters increased from 598 at the end of 2014 to 693 at the end of 2015.

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