Bill Would Alter Money-Transfer Business
Scot Paltrow reports for the Wall St. Journal on plans that could enable credit unions to offer international money transfer and remittance services.
Credit unions are bound like other financial institutions to obey anti-money-laundering laws, and to report suspicious activity. But the task may be easier for them. Banks say the federal laws are burdensome because they mean the banks have to keep a close eye on the independent money-transfer firms that hold accounts with them. But credit unions have no such burden because they are the money-transfer agents themselves.
Add your comment... (note that all comments are reviewed before they're published)