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RANCHO CUCAMONGA, Calif. – The California Credit Union League praised Sen. Barbara Boxer (D-Calif.) for proposing legislation that would expand the ability of U.S. residents to use CUs’ low-cost International Remittance Network to send money to family members in other countries. Among the provisions of Boxer’s bill, it would amend the FCU Act and the Electronic Wire Transfer Act to allow CUs to provide international wire transfers to any individual; mandate all financials and credit unions to disclose the fees they charge for the service and the exchange rate they apply in the transmittal; and mandate that the agencies disclose the information in English and any other language used to advertise, solicit, or negotiate services. “These are responsible, hardworking men and women who are trying to make life better for their families and communities. It is wrong for companies to take advantage of the generosity and commitment of these people for their own financial gain,” said Boxer in a release. Compared to other wire transfer companies, IRnet is generally 33-50% less expensive to use. IRnet is available for transfers to 30 countries, and to 3,000 locations in 36 U.S. states. In Mexico, funds can be received at over 5,600 locations. One hundred-sixty CUs in 24 states and the District of Columbia currently offer IRnet. “It’s critically important that remittance services be provided at a minimum cost so that the most money possible can make it into the hands of the people for whom it is intended and who so desperately need it. This legislation that Sen. Boxer has proposed would accomplish this, and spur more credit unions to offer the International Remittance Network,” said CCUL President/CEO David Chatfield.

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