3.0.0 31 2022-02-03T05:36:04Z 2022-02-03T05:36:04Z Senate S S 2005-01-24 109 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2005-01-24T19:49:05Z 2005-01-24 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S223-224) IntroReferral 2005-01-24 Sponsor introductory remarks on measure. (CR S221-223) IntroReferral B00100 9 Library of Congress 2005-01-24 Introduced in Senate IntroReferral 10000 9 Library of Congress S000064 Sen. Sarbanes, Paul S. [D-MD] PAUL SARBANES D MD SPYROS N C001042 Sen. Corzine, Jon S. [D-NJ] JON CORZINE D NJ S. 2005-01-24 True C001041 Sen. Clinton, Hillary Rodham [D-NY] HILLARY CLINTON D NY R 2005-01-24 True A000069 Sen. Akaka, Daniel K. [D-HI] DANIEL AKAKA D HI KOHIKINA 2005-01-24 True B000468 Sen. Bingaman, Jeff [D-NM] JESSE BINGAMAN D NM FRANCIS 2005-01-24 True S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. 2005-01-24 True D000388 Sen. Dodd, Christopher J. [D-CT] CHRISTOPHER DODD D CT JOHN 2005-01-24 True B000711 Sen. Boxer, Barbara [D-CA] BARBARA BOXER D CA 2005-01-24 True M000702 Sen. Mikulski, Barbara A. [D-MD] BARBARA MIKULSKI D MD ANN 2005-01-24 True R000146 Sen. Reid, Harry [D-NV] HARRY REID D NV M. 2005-01-24 True B000444 Sen. Biden, Joseph R., Jr. [D-DE] JOSEPH BIDEN D DE ROBINETTE 2005-11-17 False Finance and Financial Sector Administrative procedure Automated clearing houses Automated teller machines Commerce Congress Congressional investigations Congressional reporting requirements Consumer education Consumer protection Credit unions Department of the Treasury Economic assistance Economic statistics Economics and Public Finance Electronic funds transfers Electronic government information English language Federal Deposit Insurance Corporation Federal Reserve System Federal preemption Fees Financial institutions Financial services Foreign Trade and International Finance Foreign exchange Foreign loans Government Operations and Politics Government publicity International Affairs Language and languages Law Licenses National Credit Union Administration Science, Technology, Communications Standards State laws Finance and Financial Sector 00 2005-01-24 Introduced in Senate 2005-03-15T20:00:17Z International Remittance Consumer Protection Act of 2005 - Amends the Electronic Fund Transfer Act to require a remittance transfer provider to: (1) clearly and conspicuously make specified disclosures in writing and in a form that the consumer may keep to each consumer requesting a remittance transfer; and (2) make such disclosures in English and in the same languages principally used by the remittance transfer provider, or its agents at that office, if other than English.

Prescribes error resolution guidelines and remedies governing remittance transfer errors.

Instructs the Secretary of the Treasury to publish electronically on each business day the foreign currencies dollar exchange rate.

Subjects a remittance transfer provider to liability for violations committed by its agents or subsidiaries.

Amends the Federal Credit Union Act to empower Federal Credit Unions to: (1) provide remittance transfers to persons in the field of membership; and (2) to cash checks and money orders for such persons for a fee.

Directs the Board of Governors of the Federal Reserve System to work with the Federal reserve banks to expand the use of the automated clearinghouse system for remittance transfers to foreign countries.

Requires certain Federal banking agencies to provide guidelines to financial institutions regarding the offering of low-cost remittance transfers and no-cost or low-cost basic consumer accounts, as well as agency services to remittance transfer providers.

Requires such agencies and the Secretary to assist the Financial Literacy and Education Commission in improving the financial literacy and education of consumers who send remittances.

]]> International Remittance Consumer Protection Act of 2005 Short Titles as Introduced International Remittance Consumer Protection Act of 2005 Display Title International Remittance Consumer Protection Act of 2005 Official Title as Introduced A bill to amend the Electronic Fund Transfer Act to extend certain consumer protections to international remittance transfers of funds originating in the United States, and for other purposes. Introduced in Senate 2005-01-24T05:00:00Z 2005-01-24 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S223-224) 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.