CUNA trumpets IRnet to White House, asks to help out nonmembers

<p>WASHINGTON-In a recent letter to President George W. Bush, CUNA President and CEO Dan Mica praised the International Remittance Network (IRnet) as an avenue to further improving relations between America and Mexico. He also asked for legislation to allow credit unions to provide this service to nonmembers. “Developed by the World Council of Credit Unions with the Texas and California credit Union Leagues, the IRnet allows immigrants and others in this country to send funds to individual in their home countries, such as Mexico, for about one-third of what it costs to send remittances through a check casher or other financial institutions,” Mica wrote. He notes that the NCUA has helped promote remittances from its end and now is the time for statutory changes. “The National Credit Union Administration has taken a positive step to allow credit unions to provide wire transfer services to individuals within their fields of membership under certain conditions, yet statutory restrictions remain that hamper the ability of immigrants to use credit unions for such services,” Mica explained. He asked for the president’s support of related legislation.</p>