The federal law known as the Community Reinvestment Act (CRA) obligates
federally insured banks and depository institutions to help meet the
needs of communities in which they operate. No such law exists for
money transfer agencies like Western Union.
April 15, 2008
WHEREAS,
there are wide disparities between the interest rates charged to
African-American and Latino families compared to white families,
according to Home Mortgage Disclosure Act data filed by lending
institutions.
Western Union
Review on Remittance Fees, Rates, and Policy
WHEREAS,
we believe onerous charges in the multi-billion dollar money transfer
industry place an undue economic burden on low-income immigrant
families in the United States and in their communities of origin while
creating an increased reputational risk for our Company.
According to the World Bank, the remittance market will generate more
than $15 billion in annual revenues in 2006, with profit margins for
companies like Western Union as high as 30%.
December 2006
(PDF, 524 KB) Ten Years: Looking Back, Looking Forward • Immigration as
Foreign Aid • Myth Busting About Race • Funding Justice Gulf South•
Preserving the Estate Tax
Reflection: Inconvenience Yourself | Reining in the Wells Fargo Stagecoach | Tax Fairness Organizing | Capturing Capital Gains | Western Union Pressured | Wal-Mart's Annual Meeting | Opinion: War & Taxes | Estate Tax Heads for Compromise | In Your Own Voice | RW Member Runs for Congress
Poverty: Of the Wallet, or of the Spirit? | UFE Contributes to National Poverty Task Force | Economics As If People Mattered, 2007 | Q&A with Peter Edelman, Contributor to the Center for American Progress Poverty Task Force | The Poor Pay More and Shareholders Hold their Noses | New Immigration Workshop | Western Union Pressured on Excessive Remittance Fees | Putting Pressure on Predatory Lending in Louisiana | All Aboard the Asset Train | Holding the Dems to Task | The Estate Tax—at Issue in Congress and in White House Race | Tax Cut Madness Continues
UFE helps support economic justice efforts around the country with tools for groups and individuals. We encourage everyone to get involved and take action to the best of their abilities.
Sign a Petition or Pledge - Our current petitions and pledges are:
Shareholder actions are a vital tool in raising awareness about the need for corporations to take into account the needs of stakeholders beyond those in board room.
Every year since 1999, Responsible Wealth has filed shareholder resolutions seeking corporate accountability on a variety of topics.
For fourteen years, in conjunction with the Institute for Policy Studies, UFE has published an annual report – Executive Excess (PDF) – comparing the pay of top CEOs to average workers.
Shareholder actions are a vital tool in raising awareness about the need for corporations to take into account the needs of stakeholders beyond those in board room.
For fourteen years, in conjunction with the Institute for Policy Studies, UFE has published an annual report –