3.0.0 1359 2023-01-15T17:04:08Z 2023-01-15T17:04:08Z Senate S S 2003-06-26 108 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2003-06-26T23:16:21Z 2003-06-26 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2003-06-26 Sponsor introductory remarks on measure. (CR S8756) IntroReferral B00100 9 Library of Congress 2003-06-26 Introduced in Senate IntroReferral 10000 9 Library of Congress B000711 Sen. Boxer, Barbara [D-CA] BARBARA BOXER D CA N C001041 Sen. Clinton, Hillary Rodham [D-NY] HILLARY CLINTON D NY R 2004-05-10 False Finance and Financial Sector Administrative procedure Checks Commerce Consumer education Credit unions Electronic funds transfers English language Federal Deposit Insurance Corporation Federal Reserve System Federal Trade Commission Fees Foreign Trade and International Finance Foreign exchange Government Operations and Politics Government corporations Independent regulatory commissions Language and languages Law Money National Credit Union Administration Science, Technology, Communications Finance and Financial Sector 00 2003-06-26 Introduced in Senate 2003-10-03T17:11:11Z International Remittance Services Enhancement and Protection Act of 2003 - Amends the Federal Credit Union Act to repeal the limitation on the authority of Federal credit unions to sell negotiable checks (including travelers checks), money orders, and other similar money transfer instruments and services to, as well as cash checks and money orders for, members only. (Thus allows Federal credit unions to perform such services for anyone.) Adds international money transfer services to the list of such services.

Directs the appropriate Federal agencies to jointly prescribe regulations that require any financial institution or money transmitting business which initiates an international money transfer on behalf of a consumer to disclose the following: (1) any fees charged to the recipient, including exchange rate or currency conversion fees; (2) a final itemization of all costs to the consumer, including all fees charged for the remittance; and (3) the exact amount of foreign currency to be received by the recipient in the foreign country.

Requires such disclosures to be in English and in any other language used by the financial institution or money transmitting business, or any of its agents, to advertise, solicit, or negotiate, either orally or in writing, at the office of the institution or business at which the international money transfer is initiated.

Grants the Federal Trade Commission enforcement powers with respect to any financial institution or money transmitting business that is not an insured depository institution or insured credit union.

]]> International Remittance Services Enhancement and Protection Act of 2003 Display Title International Remittance Services Enhancement and Protection Act of 2003 Official Title as Introduced A bill to allow credit unions to provide international money transfer services and to require disclosures in connection with international money transfers from all money transmitting service providers. Introduced in Senate IS Short Titles as Introduced International Remittance Services Enhancement and Protection Act of 2003 Introduced in Senate 2003-06-26T04:00:00Z 2003-06-26 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.