Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON-Senator Paul Sarbanes (D-Md.) urged credit unions to dive deeper into the international remittance market to save consumers from abusive practices. Sarbanes, the Senate Banking Committee’s ranking member, introduced S. 31 earlier in the 109th Congress to expand credit union authority to offer anyone within a credit union’s field of membership wire transfer and check cashing services. “There is a great potential to increase the presence of credit unions in the remittance market,” Sarbanes stated during his remarks at CUNA’s GAC. He strongly criticized abusive wire service companies that sometimes inflate the exchange rate and charge excessive fees. He added that he has also observed great interest among credit unions and noted the IRnet, which serves 40 countries through 200 credit unions and 650 points of service. This and other efforts by credit unions to serve the underserved made Sarbanes “puzzled” over efforts to tax credit unions, which Congress decided against fairly recently. “Credit unions continue to play a role that warrants that treatment,” he stated. “Credit unions have historically been the people’s financial institutions,” the senator said. Credit union principles are “as relevant today as when the Federal Credit Union Act was passed in 1934.”

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

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

  • Critical CUTimes.com 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 Law.com and GlobeSt.com.

Already have an account?


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 TreasuryandRisk.com and Law.com.

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

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.