WASHINGTON, D.C. – The Financial Technology Association (FTA) submitted a comment letter urging Arizona Governor Katie Hobbs to veto Senate Bill 1421, legislation that would create verification requirements for cross-border payments that cannot be reliably implemented.
“Americans routinely send money overseas to support their kids’ education, assist family members serving in the military, and help loved ones living or working overseas, or participating in religious and school missions,” said Penny Lee, President and CEO of the Financial Technology Association. “While this proposal is framed as targeting undocumented immigrants, in reality, it would penalize all senders, including millions of everyday Americans who use these services. With only 48% of Americans holding a passport, a majority of citizens would likely be forced to provide a birth certificate to their financial provider. Moreover, requiring financial services providers to collect, maintain, and transmit information regarding immigration status would create new compliance burdens that increase overhead.”
Read the full veto letter here and get the facts on cross-border payments here.
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The Financial Technology Association (FTA) is a network of fintech industry leaders shaping the future of finance. We champion financial innovation and advocate for policies that expand competition, access, and opportunity.