emerging markets: immigration cover story
No matter where you live or work in the US today, the topic of immigration and the best way to reform our immigration policy is bound to be heard. While immigration issues will undoubtedly headline Twitter, the nation’s newspapers and many of the evening television newscasts, the debate should not be seen as anything new. Regardless of where one stands on the immigration reform issue, the contribution that immigrants have made and continue to make to our economic prospects is indisputable. And yet, our financial system has not fully captured the potential of this marketplace as many immigrants remain outside the banking system. Each year, more than $400 billion f lows in remittances to family members outside the United States, the vast majority of this business is captured by money transfer agencies, not banks and credit unions. New research explores the savings levels and behaviors of immigrants, much of which occurs informally outside the banking and credit union systems. Immigration in the US On January 29, 2013, the Pew Research Hispanic Center released its report, A Nation of Immigrants. The report noted that the nation’s total immigrant population reached a record 40.4 million in the year 2011. It went on to show that the number of immigrants in the US has steadily grown during the course of the last decade.
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