CUNA and WOCCU Offer Endorsement of Remittance Legislation

WASHINGTON – CUNA and WOCCU wrote Senate Banking Committee Ranking Member Paul Sarbanes (D-Md.) commending him for introducing the International Remittance Consumer Protection Act of 2004 (S. 2868). The legislation is aimed at providing greater transparency and consumer protections in international wire transfers through disclosure. It would also permit credit unions to offer remittance, money order, and check cashing services to non-members within their field of membership. “CUNA, WOCCU and our member credit unions strongly support your efforts to bring greater disclosures to the remittance industry, while helping credit unions provide greater access of remittance, money order and check cashing services to the underserved and immigrant communities,” the letter signed by CUNA CEO Dan Mica and WOCCU CEO Arthur Arnold read. CUNA and WOCCU also explained credit unions’ IRnet remittance product. “CUNA and WOCCU believe it would be possible for our member credit unions to implement the requirements of this legislation, and we fully support the intent of this legislation to provide greater disclosures and consumer protections, particularly in the immigrant communities,” the letter read. “We do ask, however, that a sufficient period of time be allowed to implement these requirements upon enactment of the legislation.”