FTA Opposes Proposed Remittance Tax in Joint Letter to Congress
The Financial Technology Association (FTA) joined the Electronic Transactions Association (ETA), INFiN, A Financial Services Alliance, the Money Services Business Association (MSBA), and The Money Services Round Table (TMSRT) in a joint letter to House Ways and Means Committee Chairman Jason Smith and Ranking Member Richard Neal urging Congress to reject any proposed tax on remittance transfers in upcoming legislation. The letter outlines the harmful consequences such a tax would have on underserved consumers, small businesses, regulatory efforts, and national security.
The joint trades warned that a remittance tax would harm the most financially vulnerable consumers, disrupt small businesses, and undermine both regulatory consistency and law enforcement efforts. “A tax on remittances is not just regressive and harmful; it is counterproductive. It would endanger financial inclusion, reduce business revenue, complicate regulatory efforts, and hinder law enforcement,” said the joint trades.
We are committed to advancing inclusive, innovation-forward policies that protect consumers and preserve access to safe, affordable financial services.
FTA Opposes Proposed Remittance Tax in Joint Letter to Congress
The Financial Technology Association (FTA) joined the Electronic Transactions Association (ETA), INFiN, A Financial Services Alliance, the Money Services Business Association (MSBA), and The Money Services Round Table (TMSRT) in a joint letter to House Ways and Means Committee Chairman Jason Smith and Ranking Member Richard Neal urging Congress to reject any proposed tax on remittance transfers in upcoming legislation. The letter outlines the harmful consequences such a tax would have on underserved consumers, small businesses, regulatory efforts, and national security.
The joint trades warned that a remittance tax would harm the most financially vulnerable consumers, disrupt small businesses, and undermine both regulatory consistency and law enforcement efforts. “A tax on remittances is not just regressive and harmful; it is counterproductive. It would endanger financial inclusion, reduce business revenue, complicate regulatory efforts, and hinder law enforcement,” said the joint trades.
We are committed to advancing inclusive, innovation-forward policies that protect consumers and preserve access to safe, affordable financial services.
Read the full letter here.