Letter to Representatives Sherman Ose Kanjorski Paul Gutierrez Gonzales and LaTourette regarding regulatory relief

Letters to Congress

Letter to Representatives Sherman, Ose, Kanjorski, Paul, Gutierrez, Gonzales, and LaTourette regarding regulatory relief

June 2, 2003

The Honorable Doug Ose
U.S. House of Representatives
236 Cannon House Office Building
Washington, D.C. 20515

Dear Representative Ose:

On behalf of the Credit Union National Association (CUNA) and the nation's 10,300 credit unions and 83 million credit union members, I would like to thank you and your fine staff for taking the lead on an important provision in the Financial Services Regulatory Relief Act of 2003 (H.R. 1375), which would expand access of credit union services to the underserved.

As you know, CUNA and the World Council of Credit Unions (WOCCU) have been working with US credit unions to make remittance services available at a reasonable cost to over 40 countries, throughout Latin and South America, and parts of Europe, Africa and Asia. The opportunity for credit unions to serve individuals outside our traditional membership will enable us to build trusting long-term relationships that will hopefully result in those same individuals joining a credit union and having access to all the benefits, including loans to help build small businesses and create jobs.

Your original bill, the Expanded Access to Financial Services Act (H.R. 1492), will allow credit unions to expand check cashing and money transfer services to anyone who is eligible to become a member of the credit union. This not only enables credit unions to reach out to underserved and unbanked individuals, who are often taken advantage of - it also provides access to a safe, reliable and affordable method to transfer funds to family in over 40 countries, as well as an opportunity to learn about mainstream financial services.

In closing, I would like to thank you for your leadership in serving the underserved. CUNA strongly supports the Financial Services Regulatory Relief Act of 2003 (H.R. 1375) because it not only translates into greater and lower-cost services to credit union members, but also provides greater access to those services. I look forward to swift floor action.

Once again, thank you for your hard work and efforts on behalf of America's credit unions.

Daniel A. Mica
President & CEO

Cc: Chairman Michael Oxley
    Ranking Minority Member Barney Frank

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