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Press Releases

Joint Release
Federal Deposit Insurance Corporation
Pennsylvania Department of Banking

For Immediate Release
December 23, 2008

Federal Deposit Insurance Corporation and the Commonwealth of Pennsylvania Department of Banking Executed an Information-Sharing Agreement

The Federal Deposit Insurance Corporation (FDIC) and the Commonwealth of Pennsylvania Department of Banking have executed an information-sharing agreement allowing for the exchange of information relating to Money Services Businesses (MSB) supervision. This agreement will provide for a formal information-sharing process and is designed to enhance the ongoing working relationship between the two authorities.

The agreement was developed to limit regulatory redundancies by providing relevant supervisory information for MSB customers with banking relationships at FDIC-supervised financial institutions. Additionally, the agreement will provide assistance to each agency in promoting opportunities to learn from the otherís industry expertise.

Based on challenges faced by the MSB industry in obtaining and maintaining banking services, the FDIC is seeking to partner with state MSB supervisors. Information gained will be used to streamline the Bank Secrecy Act/Anti-Money Laundering examination process for financial institutions serving the MSB industry.

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FDIC-PR-144-2008

Media Contacts:

FDICDavid Barr(202) 898-6992
The Commonwealth of Pennsylvania Department of Banking Dan Egan(717) 783-4721



Last Updated 12/23/2008 communications@fdic.gov