The other U.S./Mexico border issue: Branches are closing

Federal banking officials have agreed to consider revising money-laundering regulations that a new report blames for a rash of bank closures along the Mexican border in recent years.

The regulations are having the unintended consequence of prompting banks along the border to close branches and terminate accounts, according to a report released this week by the U.S. Government Accountability Office.

“The branch closures and account terminations, which are called ‘de-risking,’ are creating headaches for small businesses and forcing some residents to go without bank accounts from San Ysidro to parts of Arizona, New Mexico and Texas,” The San Diego Tribune reported.


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