A Federal Reserve Bank of St. Louis official told state lawmakers meeting here Monday that all companies offering stored-value cards should be subject to bank regulation.

"All firms which offer liabilities used by the public for making payments should be required to obtain bank charters," said R. Alton Gilbert, a St. Louis Fed vice president. "They would be supervised and regulated as banks, and have access to the discount window to help them deal with occasional liquidity problems."

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