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June 26, 2001
Non-Bank Money Transmitters Now Regulated And Licensed By District Government
Banks, bank holding companies, credit unions, building and loan associations, savings and loans associations, savings banks or mutual banks organized under the laws of any state or the District of Columbia are exempt from this requirement provided that they do not issue or sell payment instruments through authorized delegates who are not banks, bank holding companies, credit unions, building and loan associations, savings and loan associations, savings banks or mutual banks.
For more information about the Money Transmitters Act of 2000 call DBFI at (202) 727-0681 or (202) 727-1563 and ask for the Safety and Soundness Division.
The Department of Banking and Financial Institutions (DBFI), established in 1986, is the District Government's regulatory authority for financial institutions operating in the District in all respects permitted by law. DBFI charters and regulates banks, savings banks, savings companies, trust companies, building associations, and all financial institutions seeking to establish an office or banking house in the District where deposits or savings are received. In addition, DBFI regulates and licenses mortgage lenders and brokers, money transmitters, check cashers, consumer sales finance companies and non-bank moneylenders. Through initiatives centered on safety and soundness, community reinvestment/community-based lending, international banking and community outreach, DBFI provides a regulatory framework that supports economic growth and community empowerment throughout the District.
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