ATM Industry Veteran Set To Testify Before Congressional Banking Panel on Systematic "Blacklisting" of ATM Providers
WASHINGTON, D.C. February 14, 2018- Timothy W. Baxter, President of Dallas-based SwypCo, LLC, and a founding director of The National ATM Council, Inc. (NAC), is scheduled to testify on behalf of NAC at a hearing scheduled for fomorrow, February 15th, before the Financial Institutions and Consumer Credit Subcommittee of the House Financial Services Committee.
According to the Subcommittee's announcement, the hearing will focus on "Examining De-Risking and its Effect on Access to Financial Services." In recent years, Baxter says, widespread and wholly unjustified "de-risking" practices by financial institutions have resulted in a growing crisis of bank-account closures afflicting the nation's independent ATM industry and threatening to limit the widespread access to cash enjoyed by all Americans today.
"Independently owned ATMs-those not owned or operated by a financial institution-currently constitute well more than half the ATMs in operation today across the U.S.," said Mr. Baxter. "These cash machines are a very important national resource that has inappropriately been placed in jeopardy by the continued rash of bank-account closings and new account denials."
"Tim Baxter's testimony is intended to communicate to Congress that, despite the U.S. Justice Department's recent repudiation of Operation Choke Point, the thousands of ATM entrepreneurs who provide convenient access to cash nationwide that helps drive America's economy each and every day, continue to be threatened by the prospect of being shut out of the banking system for no reason at any time," said NAC Board Chair, George Sarantopoulos, CEO of Brooklyn, NY based Access One Solutions. "Unfortunately, U.S. ATM providers simply cannot continue serving our nation's need for universal cash access without also being able to conveniently pick up the cash needed for loading into their ATMs and having that dispensed cash then returned to them through the normal settlements process - all of which requires a bank account."
Baxter, on behalf of NAC and the U.S. independent ATM industry as a whole, is asking Congress to work with the bank regulators, the banks and NAC to collectively address this serious crisis and promptly restore reasonable access to the banking system for the thousands of lawful ATM businesses dedicated to providing ready access to cash for all Americans.
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