I 

118TH CONGRESS 

2D SESSION H. R. 10057 

To require the Board of Governors of the Federal Reserve System to provide 

access to FedNow to affordable remittance providers, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

OCTOBER 25, 2024 

Mr. TORRES of New York introduced the following bill; which was referred 

to the Committee on Financial Services 

A BILL 

To require the Board of Governors of the Federal Reserve 

System to provide access to FedNow to affordable remittance providers, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Affordable Remittance 

5 Act’’. 

6 SEC. 2. FINDINGS. 

7 Congress finds the following: 

8 (1) According to the Migration Data Portal, re9 mittance payments support families across the globe 

10 and amount to $860,000,000,000 of global payVerDate Sep 11 2014 18:16 Oct 29, 2024 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H10057.IH H10057

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1 ments annually, which surpasses the size of foreign 

2 direct investment and development aid to low- and 

3 middle-income countries, excluding China. 

4 (2) Remittance payments are the single largest 

5 source of financial support to emerging markets. 

6 (3) According to the World Bank, digital remit7 tance providers have used technology to improve fi8 nancial inclusion by improving access and reducing 

9 costs to consumers over the last decade from an av10 erage of 9 percent to approximately 6 percent in 

11 2023. 

12 (4) Digital remittance providers can offer near 

13 instantaneous payments for consumers around the 

14 clock. 

15 (5) Access to Federal Reserve payment rails 

16 could enable digital remittance providers to further 

17 drive down the cost of remittance payments. 

18 SEC. 3. FEDNOW ACCESS. 

19 (a) IN GENERAL.—The Board of Governors of the 

20 Federal Reserve System shall, beginning on the date that 

21 is 90 days after the date of the enactment of this section 

22 provide access to FedNow to each affordable remittance 

23 provider. 

24 (b) AFFORDABLE REMITTANCE PROVIDER.— 


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1 (1) IN GENERAL.—The Board of Governors of 

2 the Federal Reserve System shall, not later than 60 

3 days after the date of the enactment of this section, 

4 publish a definition of the term ‘‘affordable remit5 tance provider’’. 

6 (2) CONSIDERATIONS.—When defining the term 

7 ‘‘affordable remittance provider’’, the Board of Gov8 ernors of the Federal Reserve System— 

9 (A) shall only include persons whose pri10 mary business is facilitating affordable remit11 tance payments; 

12 (B) may not include depository institutions 

13 (as such term is defined in section 3 of the 

14 Federal Deposit Insurance Act); 

15 (C) may not include any person in such 

16 definition unless the person— 

17 (i) is registered with the Financial 

18 Crimes Enforcement Network of the De19 partment of the Treasury or otherwise 

20 demonstrates compliance with the require21 ments of the Bank Secrecy Act; and 

22 (ii) is subject to regulation by a State 

23 or Federal agency with jurisdiction over 

24 consumer protection; and 


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1 (D) shall consider the World Bank’s 3 per2 cent sustainable development goal. 

3 (3) LIMITATION.—With respect to persons who 

4 are not otherwise subject to supervision or regula5 tion by the Board of Governors of the Federal Re6 serve System, the Board of Governors may not im7 pose capital or liquidity requirements, or otherwise 

8 supervise, affordable remittance providers, except as 

9 necessary to ensure performance on payments en10 tered in FedNow. 

11 (4) BANK SECRECY ACT DEFINED.—In this 

12 subsection, the term ‘‘Bank Secrecy Act’’ means— 

13 (A) section 21 of the Federal Deposit In14 surance Act (12 U.S.C. 1829b); 

15 (B) chapter 2 of title I of Public Law 91– 

16 508 (12 U.S.C. 1951 et seq.); and 

17 (C) subchapter II of chapter 53 of title 31, 

18 United States Code. 

19 (c) ANNUAL REPORT ON TRENDS IN THE COSTS OF

20 REMITTANCES.—The Board of Governors of the Federal 

21 Reserve System shall annually transmit to Congress a re22 port on trends in the costs of remittances. 

23 (d) RULE OF CONSTRUCTION.—Nothing in this sec24 tion may be construed to required the Board of Governors 


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1 of the Federal Reserve to provide access to master ac2 counts to affordable remittance providers. 

Æ 


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