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View Diary: Sending Money 'Home' (8 comments)

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  •  Yes the Patriot Act tightened the rules (none)
    The Patriot Act regulations were put in place in late 2003 and since then it has been more difficult for immigrants to open accounts and transfer money. In the case of Mexicans the Mexican consulate offices have started providing what are called "matricula consular" cards which are acceptable identification for most banking purposes.

    CRA is the Community Reinvestment Act, a U.S. federal law passed in 1977 which requires banks to meet the credit needs of the communities from which they take deposits, especially the low and moderate income communities. By regulation it now includes an investment and services requirement as well as a lending requirement. Providing remittance services is considered a CRA service.

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