FMCSA to hold meeting on broker, forwarder financial responsibility
The Federal Motor Carrier Safety Administration has scheduled a May 20 roundtable discussion at its headquarter in Washington, D.C., regarding property broker and freight forwarder financial responsibility. The meeting, which will be open to the public, will focus on:
The adequacy of existing trust fund industry practices;
Federal requirements for such institutions; and
The underlying instruments they issue for use by brokers and freight forwarders submitting the Broker's or Freight Forwarder's Trust Fund Agreement (FMCSA Form BMC-85) to satisfy the agency's financial responsibility rules.
FMCSA seeks information from motor carriers and shippers that have experienced challenges receiving compensation for claims against freight forwarders and brokers due to insufficient funds.
For details of the meeting, read the April 27 Federal Register notice.