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Article: In Brief: Remittance Services to Get CRA Credit.(Community Reinvestment Act)(Brief Article)
- Article from:
- American Banker
- Article date:
- June 7, 2004
- Author:
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Federal regulators plan to give banks and thrifts Community Reinvestment Act credit for international remittance services.
In a letter Thursday to Rep. Barney Frank, D-Mass., the heads of the four banking and thrift agencies said that they "agree that remittances services by wire transfer or the automated clearing house would receive consideration in a financial institution's CRA evaluation" as a retail or community development service.
Rep. Frank, the ranking Democrat on the House Financial ...