WASHINGTON — The ability of credit unions to provideinternational remittance services to immigrants in the U.S.benefits the immigrants, their families in their home countries andthe credit unions themselves, explained CUNA Vice President DavidGrace before a subcommittee of the House Financial ServicesCommittee.

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Grace testified on behalf of CUNA and the World Council ofCredit Unions.

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Testifying before the Subcommittee on Domestic and InternationalMonetary Policy, Grace outlined the remittances' impact.

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“WOCCU's research…shows that without remittances, 62% ofremittance receivers in Guatemalan credit unions would have verylittle income and 40% would be living on less than $1 per day,”Grace said in prepared testimony. “As a result of receivingremittances through a credit union, over 60% of these consumers hadincomes above the gross national income per capita in Guatemala of$2,400.”

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