NAC Hails Tim Baxter's Congressional Appearance as Significant Capitol Hill Success
WASHINGTON, D.C., February 20, 2018 –Timothy W. Baxter, SwypCo, LLC President and a founding Director of The National ATM Council (NAC), garnered high marks for last week’s Congressional testimony, delivered Feb. 15th on Capitol Hill.
Appearing before the U.S. House of Representatives Subcommittee on Financial Institutions and Consumer Credit, Baxter provided DC lawmakers with a better understanding of the U.S. independent ATM industry, while asking for immediate assistance in halting the unjustified bank account closures and new account blacklisting that continue to threaten this vital business sector. Baxter called on the Subcommittee to bring banks, bank regulators and ATM providers to the table in order to reach a mutually agreeable solution, restoring reasonable access to the U.S. banking system for America’s independent ATM owners and operators.
“NAC and the entire U.S. independent ATM industry want to express our sincerest thanks to Tim Baxter for a job well-done,” said NAC Chair, George Sarantopoulos. “Tim was terrific in educating key lawmakers on the importance of our unique and little understood industry sector, and how our continued ability to make convenient access to cash possible is being threatened by these completely unfounded bank account closures/denials.”
Baxter and his company are representative of the thousands of entrepreneurial, small-businesses that make up the backbone of the U.S. independent ATM industry. The Texas-based ATM operator, a Marine Corps veteran, founded SwypCo in 2004 and has since built the company into a successful enterprise with ATM affiliates operating across 17 states.
As stated in Baxter’s testimony, “The independent ATM industry fulfills a critical role in the American economy. According to the most recent available data, the total number of ATMs deployed throughout the nation is approximately 470,000, which provides U.S. residents the highest per-capita availability of ready access to cash from the funds held in their bank accounts, of any nation in the world.”
“This widespread availability of sources of cash provides enormous benefits to our nation’s economy. A substantial majority—nearly 60 percent—of the nation’s ATMs are independently owned, and a great many of those independent ATMs are located in underbanked, low-income urban neighborhoods, and in more sparsely populated rural areas, where few bank offices, and few bank-owned ATMs, can be found.”
As an attachment to Baxter’s testimony, a newly released independent study was also submitted for the Congressional record, to demonstrate how independent ATMs are providing broad based and essential cash access for our nation’s communities, including large numbers of unbanked and underbanked citizens.
“It’s easy to view banking and bank policy as a dry subject matter,” said NAC Executive Director, Bruce Renard. “Tim’s testimony, however, provides a compelling and truthful portrayal of the difficult real-life consequences that can flow from well-intended but poorly implemented banking policies at the national level. Our industry sector and the entire nation owe Tim a debt of gratitude for bringing this important subject matter to the direct attention of Congress in such a clear and effective manner. The ball now rests squarely in the DC policymakers’ court to act.”