Search
 

Fighting terrorism and ensuring access complimentary, not competing - officer says

WASHINGTON - The federal government needs to change some of its policies to allow credit unions to offer greater credit union access to immigrants and fight money laundering linked to terrorism. That was the message John Herrera brought to the House Financial Services Committee's subcommittee on oversight and investigations. "I...

By Staff Writer | Updated on February 19, 2002

<p>WASHINGTON – The federal government needs to change some of its policies to allow credit unions to offer greater credit union access to immigrants and fight money laundering linked to terrorism. That was the message John Herrera brought to the House Financial Services Committee’s subcommittee on oversight and investigations. “I believe that ensuring access to financial services for all immigrants and shutting down terrorists are not competing, but rather complimentary, objectives,” said Herrera, Vice President of Latino/Hispanic Affairs for the Self-Help Credit Union in Raleigh, North Carolina and Chairman of the Board of Latino Community Credit Union, also based in Raleigh. Herrera outlined the plight of millions of immigrants, primarily from Central and Latin America, who are substantially unbanked here as they were in their home countries. “Two-thirds of our members have never had a financial account in their lives – neither here in the U.S. nor in their home countries – and are working long hours at multiple jobs to help support family members abroad,” he said. He urged the federal government to allow credit unions to accept photo identification issued by other governments and not to establish the requirement for a special number to establish a credit union account.</p>

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.