International Remittance Consumer Protection Act of 2004
Latest action · Sep 30, 2004 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S10065-10067)
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedSep 30, 2004
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
International Remittance Consumer Protection Act of 2004 - 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.
Cosponsors 8
Members who signed on, in the order they did. All signed on Sep 30, 2004.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MD | Barbara A. Mikulski | Original | Sep 30, 2004 |
| D-CA | Barbara Boxer | Original | Sep 30, 2004 |
| D-NY | Charles E. Schumer | Original | Sep 30, 2004 |
| D-CT | Christopher J. Dodd | Original | Sep 30, 2004 |
| D-HI | Daniel K. Akaka | Original | Sep 30, 2004 |
| D-NY | Hillary Rodham Clinton | Original | Sep 30, 2004 |
| D-NM | Jeff Bingaman | Original | Sep 30, 2004 |
| D-NJ | Jon S. Corzine | Original | Sep 30, 2004 |
Actions 3
Everything that happened, newest first.
- Sep 30, 2004Introduced in Senate
- Sep 30, 2004Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S10065-10067)
- Sep 30, 2004Sponsor introductory remarks on measure. (CR S10063-10065, S10067-10068)
Subjects
Assigned by the Library of Congress. Policy area: 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 preemption
- Federal Reserve System
- Fees
- Finance and Financial Sector
- Financial institutions
- Financial services
- Foreign exchange
- Foreign loans
- Foreign Trade and International Finance
- Government Operations and Politics
- Government publicity
- International Affairs
- Language and languages
- Law
- Licenses
- National Credit Union Administration
- Science, Technology, Communications
- Standards
- State laws
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.