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The language in the Senate regulatory restructuring bill defining remittances is so broad that it could cause credit unions to stop offering electronic transfer programs, NAFCU President/CEO Fred Becker wrote Senate Banking Committee Chairman Christopher Dodd (D-Conn.) today.

“Credit unions provide a lower-cost and better alternative to non-traditional money transfer companies, who often offer poor exchange rates and impose exorbitant fees on their customers,” he wrote. “We believe it is imperative that any legislative approach to the issue of money remittances not discourage credit unions from continuing to offer international wire transfer services and developing payment systems that can communicate across borders.”

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