The bill is a memorial from the Washington State Legislature urging Congress and the President to take action to improve access to financial services for local and community-based money transmitters, particularly those serving underserved immigrant communities. It highlights the challenges faced by these transmitters due to federal regulations, such as the Bank Secrecy Act and Anti-Money Laundering rules, which can be difficult to comply with, especially for countries with limited banking infrastructure. The memorial emphasizes the importance of remittances for immigrant families and the detrimental effects of de-risking practices by financial institutions, which often leave these communities without banking options and increase risks associated with cash storage and transportation.

The memorial calls for specific legislative actions, including the implementation of strategies and recommendations from reports by the Government Accountability Office and the Treasury Department. It requests that Congress direct federal financial regulatory agencies to create regulations that require financial institutions to have risk-based Anti-Money Laundering programs, provide clarity on evaluating compliance for money transmitter accounts, and mandate that institutions disclose reasons for account denials or closures. Additionally, it urges collaboration between federal regulators and the Washington State Department of Financial Institutions to develop innovative solutions to enhance banking access for these community-based transmitters.