U.S. banks woo immigrants

“As U.S. leaders craft policies to curb illegal immigration from Mexico, the U.S. Federal Reserve is devising programs to extend banking services to undocumented immigrants. A new remittance program aims to bring Mexican migrants who send money home into the mainstream U.S. financial system, regardless of their immigration status.

Dubbed ”Directo a México,” the remittance program enables U.S. commercial banks to make money transfers for Mexican workers through the Federal Reserve’s own automated clearinghouse, which is linked to Banco de México, the Mexican central bank.”

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