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FROM THE OFFICE OF PUBLIC AFFAIRS
JS-155I applaud Bank of America’s announcement that it has reduced its remittance fees for non-customers to send money to Mexico. Mexican-Americans send an estimated $10 billion back to family members in Mexico each year. Through the benefits of NAFTA and other agreements that we have with Mexico, mainstream financial institutions are playing an increasing role in making these transfers in a safer way and at lower cost. As part of Partnership for Prosperity, the Treasury continues to encourage such progress. While we continue to work to educate more Americans about the benefits of establishing a relationship with a bank or other financial institution, I am pleased to see that banks as well are reaching out to non-customers, with steps that can lead to a growing banking relationship for consumers in both countries.