September 27, 2002
PO-3463
Partnership for Prosperity: Working Together to Provide Financial Services
to Latinos in the United States and Mexico remarks by
Rosario Marin Treasurer of the United States
Durham, North Carolina
Good morning.
I am very pleased to be here today, celebrating another great accomplishment between the United States and Mexico.
I want to thank:
Congressman Price for welcoming us to his district;
the Honorable Carolina Zaragoza who is here today on behalf of the government of Mexico;
John Herrera for all of his great leadership at the Latino Community Credit Union;
Adolfo Franco for being here and for his great work at US AID;
Arthur Arnold, for his leadership at the World Council of Credit Unions.
I would also like to thank David Grace of the World Council of Credit Unions for organizing this event.
I should also thank President George Bush and President Vicente Fox.
It was President Bush and President Fox who had the vision to launch the Partnership for Prosperity during their historic meeting in September of 2001. They launched the Partnership to promote growth in the parts of Mexico where growth has lagged and fueled migration. The private sector, including credit unions like the Latino Community Credit Union, is an important part of this Partnership. We know that government doesn’t have all of the answers. Sometimes, it doesn’t even have all of the right questions. In this Partnership, we seek to leverage the expertise of the private sector to promote development in Mexico.
One of the ways in which we can do this is by working to lower the cost of sending money home. Last year, over $9 billion dollars was sent by Mexicans and Mexican-Americans living in the United States to friends and family in Mexico. $9 billion dollars. This year, I am told, remittances will exceed $9 billion.
The Partnership for Prosperity wants to make sure that as much of that money as possible gets to the people who need it in Mexico. Accordingly, we are promoting competition and innovation by banks, credit unions, and other financial services companies to lower the cost of sending money home. We are promoting financial education so that people know their options and can choose the service that best meets their needs.
The Latino Community Credit Union is a leader in increasing access to banking and improving financial education in the community it serves. That’s why the Treasury has awarded over $1.85 million to the Latino Community Credit Union. The Credit Union will use its most recent grant from Treasury’s First Accounts program to open three new branches in North Carolina, provide on-site financial education, and move thousands of unbanked persons into account ownership. I am proud of the good work that the Latino Community Credit Union is doing. And I am proud that Treasury has recognized this work not just with praise, but with money to fund more good work.
I am particularly excited about the new partnership between the Latino Community Credit Union, the U.S. Treasury, the United States Agency for International Development, and the World Council of Credit Unions. This partnership will bring people on both sides of the border into the financial system. We want people to know that they can open an account at a credit union or a bank. Having a credit union account is safer than carrying cash. It’s also smarter. A credit union account or a bank account is an important step to establishing a good credit rating, managing your finances, and achieving the American and Mexican Dreams.
Thank you.
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