WILMINGTON, Calif. (11/15/11)--The Federal Reserve Bank, the Mexican Consulate and Family FCU, Wilmington, Calif., have launched, "Financial Corridors to Mexico: Los Angeles to Mexico," a collaborative effort to provide safe and affordable financial services to immigrants and their families on both sides of the border.
The Directo a México program offered by the Central Bank of Mexico and the Federal Reserve will link any U.S. financial institution to any other in Mexico, including Mexican Cajas Populares (credit unions) through La Red de la Gente and Banco del Ahorro Nacional y Servicios Financieros, and to unbanked individuals in Mexico through Telecomm-Telegrafos.
Financial Corridors to Mexico seeks to increase the speed and safety transactions, lower the cost of sending remittances to Mexico and reduce the number of unbanked in the U.S. and Mexico by encouraging individuals and families to work with regulated financial institutions on the receiving end of the transactions. This, in turn, allows U.S. financial institutions a means to provide international payment services and a better service to their clients, according to the National Federation of Community Development Credit Unions.
Family FCU is a low-income designated community development credit union serving nearly 2,000 low- and moderate-income predominantly Latino residents of Wilmington and surrounding areas. The credit union has assets of nearly $10 million.
The Mexican Consulate's "consulate on wheels" will spend up to a month at the credit union to help undocumented immigrants qualify for Individual Tax Identification Numbers, consular identification and other documents that legally allow immigrants to be served by U.S. financial institutions.