§5601 Remittance transfers

Summary

Have the Board of Governors work with the Federal Reserve banks and the Treasury to make it easier to send money from the United States to other countries using the automated clearinghouse (ACH) and other payment systems. They must focus on countries that get a lot of U.S. remittances and consider things like how many and how big the transfers are, how important those transfers are to the receiving country’s economy (including total transfer amounts and U.S. government payments to people abroad), whether expansion is practical, and whether the Federal Reserve can set up regional payment “gateways” to route funds into local systems. Not later than one calendar year after July 21, 2010, and on April 30 every two years for the 10-year period that started July 21, 2010, the Board must report to Congress on ACH progress and on adoption of International ACH rules, how well increasing adoption would work, and recommendations. Federal banking agencies and the National Credit Union Administration must give banks and credit unions guidance on offering low-cost remittances and basic accounts and help the Financial Literacy and Education Commission with the SAFE strategy. The Director must report within 365 days after July 21, 2010, on using remittance history to help credit scores, barriers to doing that, and how to make exchange rates and the amount the recipient got fully clear to senders.