Letter to Senator Charles E. Schumer and Senator Jon S. Corzine regarding international remittances
July 2, 2003
The Honorable Jon Corzine and Charles E. Schumer
United States Senate
Washington, DC 20510
Dear Senators Corzine and Schumer
On behalf of the Credit Union National Association (CUNA), which represents more than 90 percent of our nation's more than 10,000 state and federal credit unions and 82 million credit union members, I would like to offer strong support for your introduction of the Money Wire Improvement and Remittance Enhancement Act.
CUNA and its member credit unions applaud your efforts to bring greater disclosure to the wire transmitting business, while recognizing the responsible service provided by credit unions and other depository institutions. As you know, CUNA and the World Council of Credit Unions (WOCCU) have worked to provide credit unions with an international remittance program that offers safe, reliable and affordable remittance services to over 40 countries in Central and South America, Europe, Asia and Africa. Credit unions have been able to provide remittance services to their members for a nominal fee with guaranteed exchange rates prior to the transaction, and in many cases, a free phone call to the receiving party.
CUNA strongly supports the provision that would allow credit unions to offer remittance, checking cashing and money order services to non-members within the field of membership. Expanding these services will allow credit unions to reach many individuals in the underserved and immigrant communities that typically do not use formal banking institutions, enabling credit unions to educate and build trusting relationships with these individuals. The intent is to bring these individuals into the credit union as members, providing them access to all benefits, including loans to help build small businesses and create jobs.
Again, CUNA and its member credit unions strongly support your efforts to bring greater disclosure to the wire transmitting businesses, and appreciate your efforts to assist credit unions in serving the underserved communities.
Daniel A. Mica
President & CEO