WASHINGTON — A spotlight shone on credit unions' success with international remittance services on May 17 when a CUNA executive explained to a subcommittee of the House Financial Services Committee how providing the services benefits the immigrants, their families in their home countries and the credit unions themselves.
CUNA Vice President David Grace testified on behalf of CUNA and the World Council of Credit Unions before the Subcommittee on Domestic and International Monetary Policy.
"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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