WASHINGTON — The ability of credit unions to provide international remittance services to immigrants in the U.S. benefits the immigrants, their families in their home countries and the credit unions themselves, explained CUNA Vice President David Grace before a subcommittee of the House Financial Services Committee.
Grace testified on behalf of CUNA and the World Council of Credit Unions.
Testifying before the Subcommittee on Domestic and International Monetary Policy, Grace outlined the remittances' impact.
“WOCCU's research…shows that without remittances, 62% of remittance receivers in Guatemalan credit unions would have very little income and 40% would be living on less than $1 per day,” Grace said in prepared testimony. “As a result of receiving remittances through a credit union, over 60% of these consumers had incomes above the gross national income per capita in Guatemala of $2,400.”
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