World Bank Told CUs Deserve More Access In International Remittances
Dave Grace, senior manager with the World Council of Credit Unions, provided input from a credit union point of view to the World Bank and Bank for International Settlements (BIS) on the General Principles for International Remittance Services. Grace expressed WOCCU's strong support for discouraging exclusive contract arrangements and promoted the need for transparency of remittance exchange rates and fees.
Grace also said that while the World Bank and BIS document has recognized the role of CUs in international remittances, not enough has been done to ensure that credit unions have equal and competitive access in the remittance markets. "In too many countries, we still encounter government or commercial bank-sponsored national clearing and settlement systems that exclude direct credit union participation," Grace noted. "This practice can limit credit unions' growth and ability to effectively compete."