Senate Should Pass Financial Services Bill, Atlanta Journal-Constitution Urges

ATLANTA – The Atlanta Journal-Constitution is urging the Senate to pass a bill that would give low-income workers and immigrants more access to financial services. In a May 18 editorial, the publication said the bill, sponsored by Rep. Jim Gerlach (R-Pa.), should be embraced by the Senate. "However, there is resistance to the proposal from small banks that compete with credit unions and that feel disadvantaged because of the tax advantages credit unions enjoy," the editorial read. "Overcoming that opposition seems a reasonable price to pay to provide affordable financial services to those individuals most in need of them." Among other things, the bill would permit CUs to sell or cash money orders and checks and transfer funds as services for nonmembers, which was the main focus of the editorial. "Low-income workers – immigrants and citizens alike – could benefit from a bill passed in the U.S. House that is expected to reduce the cost of sending money across borders and provide better access to banking services," the AJC wrote.