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NEW YORK – David Grace, former manager of the World Council of Credit Union’s IRNet remittance network and now the organization’s senior manager of association services was among the WOCCU executives who briefed officials from the Federal Reserve and the so-called G8 nations on private industry’s attempts to meet the growing remittance needs. The May 17 briefing took place on the same day the Inter-American Development Bank released a forecast that immigrants in the U.S. would send home over $30 billion in remittances in 2004. “Of course we are happy to be able to participate in these policy discussions with leading finance ministries, but the real test is what actions will they take” Grace said. The G8 includes the governments of the United States, United Kingdom, Canada, France, Germany, Italy, Japan, Russia and the European Union.

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