Treasury Official Gets Demonstration Of Remittances At CU

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Treasury Assistant Secretary for International Affairs Randy Quarles met with members and staff at Guadalupe Credit Union here to see the international remittance process in action. A Guadalupe Credit Union member since 1989, Louis Alvarez explained to the group on hand for the demonstration that he sends money home each week to family members living in a small town near Mexico City. He became a GCU member, he said, because he learned from friends about the friendly service and good values. Guadalupe is one of nearly 200 credit unions in the U.S. using the World Counci's IRnet program.

Quarles explained that remittances are a part of a larger international development agenda and that Treasury has focused for several years on encouraging more financial institutions to get involved in the remittance process. "The potential development impact of that [money] is obviously extreme," he said.

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