True. Many forget the Community Reinvestment Act.
Fewer still even know about what GWB did to make the CRA even worse.
In June 2004, the FDIC released a report detailing the goals and the progress to date, of the Partnership for Prosperity Agreement (with Mexico)
|
"During the past several years, bilateral agreements and U.S. banking laws and regulations have facilitated remittance transfers for immigrants (read: Mexican illegal aliens) and helped bring the unbanked into the formal banking system. For example, in 2001 the United States and Mexico launched the U.S.-Mexico Partnership for Prosperity which fosters economic and labor opportunities in less developed parts of Mexico and expands access to capital in Mexico. The Partnership also addresses the high cost of sending money from the United States to Mexico and encourages banking institutions to market accounts that offer remittance features to Mexican workers. (read: Mexican illegal aliens) In addition, the G-8 countries are promoting programs to alleviate poverty in developing countries, including Latin America. These programs facilitate remittances through the formal banking system and, at the same time, attempt to reduce the cost of these transfers." "In June 2004, in an effort to encourage more banks to enter the remittance market and improve access to the U.S. banking system among recent Latin American immigrants, (read: Mexican illegal aliens) bank regulatory agencies clarified that financial institutions offering low cost international remittance services would receive credit under the Community Reinvestment Act (CRA). Regulated financial institutions are required under the CRA to serve the convenience and credit needs of their entire communities, including low- and moderate-income areas. Most remittance senders to Latin America are low- to moderate-income immigrant wage earners (read: Mexican illegal aliens) who operate outside the formal banking system." "In addition, a growing number of U.S. banks accept alternative forms of identification to help taxpaying immigrants (read: Mexican illegal aliens) open bank accounts and secure other banking services; these include the Individual Taxpayer Identification Number (ITIN) and foreign government issued identification, such as the Mexican Matricula Consular card. The USA PATRIOT Act allows financial institutions to accept both forms of identification, enabling insured financial institutions to serve unbanked immigrants who live and work in the United States. The ITIN, created by the U.S. Internal Revenue Service (IRS) for foreign-born individuals who are required to file federal tax returns, is a nine-digit number similar to the social security number (SSN) and is issued to individuals who are not eligible for the SSN. (read: Mexican illegal aliens) The Matricula Consular card is an identification card issued by the Mexican consulate to individuals of Mexican nationality who live in the United States. (read: Mexican illegal aliens) According to the Mexican government, an estimated 4 million Matricula cards have been issued in the United States." "As an example of the effectiveness of using this form of identification, Wells Fargo opened more than 400,000 new accounts for Mexican immigrants, using the Matricula Consular card between November 2001 and May 2004. In recent months, Wells Fargo has averaged 22,000 new accounts per month, many of which feature the bank's remittance product.20 For example, the bank offers InterCuenta Express, an account-to-account wire transfer service that charges $8 to transfer up to $3,000 per day directly into a beneficiary's bank account in Mexico. Transfers can be initiated at the bank's branch or ATM in the United States, and the receiving party can access monies via the bank's sizeable remittance distribution network of more than 4,000 banking offices and 10,700 ATMs in Mexico. According to the Mexican government, 178 banks in the United States accept the Matricula Consular card to open bank accounts; 86 of these institutions are in the Midwest. " |