Saema Somalya

The binary charter rules that separate banks and nonbanks are no longer fit for purpose in a financial services industry where a broad array of companies offer banklike services. A new set of diverse charters is needed.

A punitive tax on payments sent overseas to the families of immigrants would have a cascading set of consequences — all of them bad.

There are three concrete steps policymakers and industry can pursue that will limit the damage that is being done by cutting vulnerable populations off from remittance payments.