Letter to Representative Sherman
endorsing H.R. 749
February 23, 2005
The Honorable Brad Sherman
U.S. House of Represenatives
1030 Longworth House Office Building
Washington, DC 20515
Dear Representative Sherman:
On behalf of the Credit Union National Association (CUNA) and the nation's nearly 85 million credit union members, I would like to offer CUNA's endorsement of H.R. 749 which would permit credit unions to offer remittance, check cashing and money order services to members and non- members within their field of membership.
As you know, CUNA and the World Council of Credit Unions (WOCCU) offer credit unions a remittance product called IRnet (International Remittance Network), that offers safe, reliable and affordable wire transfer services to over 40 countries worldwide. More than 200 credit unions are signed up for the IRnet service, with over 650 points of service available throughout the United States.
Your legislation will enable credit unions to reach many individuals in the underserved and immigrant communities that typically do not use formal banking institutions and are forced to use high-priced money transmitting businesses. Credit unions would then have an opportunity to educate and build trusting relationships with these individuals, encouraging them to join a financial institution so they have access to a full array of financial services.
CUNA and its member credit unions greatly appreciate your efforts to help credit unions provide greater access to remittance, money order and check cashing services to the underserved and immigrant communities. We look forward to working with you on this important legislation.
Daniel A. Mica President & CEO Credit Union National Association