CHICAGO – Federal Reserve Board Governor Ben Bernanke acknowledged credit unions’ commitment to international remittances during a conference on financial access for immigrants hosted by the Federal Deposit Insurance Corporation. He remarked that the immigrant community had become much more visible and economically important in recent years. “Unlike some earlier periods, during which political refugees made up a larger share of the inflow of migrants to the United States, most immigrants today come for economic reasons, driven by the hope of making better lives for themselves and their families,” Bernanke stated. He pointed out that those immigrants represent about 11% of the U.S. population, they make up almost 13% of the workforce. Bernanke said entrepreneurial data is even more impressive when you consider the limited financial resources of immigrants with 10% starting their own businesses. Banks currently have only a small percentage of the remittance services market, but the he sees that growing rapidly in the future. The Fed governor added, “Credit unions, particularly those serving predominantly Latino constituencies, have been proactive in attracting customers through their remittance services.” The World Council of Credit Unions began work on remittances in 1997 and introduced the IRNet in July 2000. Working with other institutions, “IRNet now provides remittance services to more than forty countries. At last report, nearly two hundred credit unions in thirty-seven states offer this service,” Bernanke said.

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

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

  • Critical 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 and

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


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 and

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

Copyright © 2023 ALM Global, LLC. All Rights Reserved.