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News Now

Washington
Remittance GSEs future are hearing topics
WASHINGTON (5/29/09)—House Financial Service subcommittees will soon begin discussions on a pair of issues of importance to credit unions, with hearings scheduled for Wednesday, June 3. The first hearing, entitled "Remittances: Regulation and Disclosure in a New Economic Environment," will be held before the House subcommittee on financial institutions and consumer credit at 10 a.m. IRNet, a remittance service created by a World Council of Credit Unions (WOCCU)-related services group in 2001, currently serves 109 U.S. credit unions and has facilitated the transfer of $80 million in 148,000 separate remittance transactions between credit unions in the U.S. and foreign nations. WOCCU last week predicted that the total number of remittances to the Caribbean and Latin America would likely decline in 2009 due to the global economic downturn. (See related May 21 story: Expect decline in remittances for 2009.) A second hearing, scheduled by the House subcommittee on capital markets, insurance, and government-sponsored enterprises, will discuss the current and future condition of government-backed mortgage lenders Fannie Mae and Freddie Mac. The hearing will take place in the Rayburn House Office Building at 2 p.m. Witness lists for both hearings were not available to the public at press time.


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