Boxes containing U.S. currency seized during a raid in the Los Angeles Fashion District are seen in an undated handout photo released by the U.S. Department of Justice September 10, 2014. REUTERS/U.S. DEPARTMENT OF JUSTICE
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FinCEN later withdrew its proposed rule after pushback from the prepaid card industry, according to law enforcement sources.The prepaid card industry opposed the rule, saying it would have discouraged people from using the cards.In March 2013, two years after FinCEN proposed amending the Bank Secrecy Act with the new rule, industry representatives met with officials from FinCEN and the Department of Homeland Security at the Office of Management and Budget, which reviews regulations, according to a record of the meeting topic, date and attendees published on a White House website.Meetings between OMB and parties with a stake in proposed regulations are common, and it often takes years for an agency to complete the review of proposed regulations. But it is unusual for agencies to withdraw rules once they are proposed. Over the past decade, less than 6 percent of draft regulations were withdrawn by the agency that proposed them, according to OMB statistics.The industry also argued the rule could unfairly affect the poor.
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