After seeing how the banking regulators treated community banks, I noticed that other industries were also being treated unfairly by regulators.
One industry, in particular, was money service businesses (MSB) which fill a viable need in their communities by providing financial services in underserved areas. The government vilified these businesses, convincing banks not to provide bank accounts to them. The large banks began closing down their relationships with MSBs, so it was scaring away all the smaller banks and hurting the communities that need these services the most.
After seeing this injustice, my team at Surety Bank spearheaded the building of a department that underwrites, monitors and banks money services businesses. We may be small, but we have the most robust and talented MSB banking department in the country. This can be a great way for other banks to serve those in the community, too.
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