I 

108TH CONGRESS 

2D SESSION H. R. 5315

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. 

IN THE HOUSE OF REPRESENTATIVES 

OCTOBER 8, 2004

Mr. GUTIERREZ (for himself, Mr. FRANK of Massachusetts, Mr. MENENDEZ, 

Mr. HINOJOSA, Mr. RODRIGUEZ, Ms. WATERS, Ms. LEE, Mrs. MALONEY, 

Mr. GONZALEZ, Mr. ACEVEDO-VILA ́, Mr. GRIJALVA, Mr. SERRANO, Ms. 

ROYBAL-ALLARD, Ms. SOLIS, Mrs. NAPOLITANO, Mr. TOWNS, Mr. BELL, 

and Mr. MEEKS of New York) introduced the following bill; which was 

referred to the Committee on Financial Services, and in addition to the 

Committee on International Relations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions 

as fall within the jurisdiction of the committee concerned 

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.

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 ‘‘International Remit5 tance Consumer Protection Act of 2004’’. 
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1 SEC. 2. FINDINGS. 

2 The Congress finds as follows: 

3 (1) In 2003, worker remittances from the 

4 United States to Latin America reached 

5 $31,000,000,000 and that volume is expected to rise 

6 as the region is both the fastest growing remittance 

7 market in the world and has the highest volume of 

8 remittances in the world. 

9 (2) Of the $31,000,000,000 in remittances to 

10 Latin America, $14,000,000,000 went to Mexico: an 

11 amount exceeding the country’s total revenues from 

tourism, and representing more than 2 12 ⁄3 of the value 

13 of petroleum exports and roughly 180 percent of the 

14 amount of agricultural exports. 

15 (3) Remittances account for at least 10 percent 

16 of the gross domestic product of 6 countries in Latin 

17 America: Haiti, Nicaragua, El Salvador, Jamaica, 

18 the Dominican Republic, and Guyana. 

19 (4) The Declaration of Nuevo Leo ́n from the 

20 January 2004 Special Summit of the Americas rec21 ognized that ‘‘. . . remittances are an important 

22 source of capital in many countries of the Hemi23 sphere . . .’’. 

24 (5) The Declaration of Nuevo Leo ́n also com25 mitted the countries of the Americas to ‘‘. . . take 

26 concrete actions to promote the establishment, as 
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1 soon as possible, of necessary conditions, in order to 

2 achieve the goal of reducing by at least half the re3 gional average cost of these transfers no later than 

4 2008’’. 

5 (6) Studies have shown that that, on average, 

6 around 10 percent of remittances received are saved 

7 or invested by the recipients which supports 2 con8 clusions: that some percentage of recipients are 

9 therefore in a position to use remittance money to 

10 create new businesses and that financial institutions 

11 can also use remittances as the basis of credit for 

12 entrepreneurs starting small or micro-enterprises. 

13 (7) Since affordable, long-term mortgages are 

14 not widely available in many countries of the West15 ern Hemisphere, financial institutions can increase 

16 the number of mortgages they provide to poor people 

17 in the region by using remittances as the basis for 

18 credit. 

19 (8) The Multilateral Investment Fund of the 

20 Inter-American Development Bank estimates that in 

21 February of 2004, the average cost in the United 

22 States of sending a remittance to a Latin American 

23 country was roughly 8 percent of the amount remit24 ted. 
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1 (9) The Multilateral Investment Fund also esti2 mates that roughly 61 percent of adult foreign-born 

3 Hispanic persons living in the United States, about 

4 10,000,000 people, send remittances to their coun5 tries of origin in Latin America and that the amount 

6 of the average remittance to Latin America ranges 

7 between $200 and $300. 

8 (10) The Multilateral Investment Fund esti9 mates that the States of California, New York, 

10 Texas, Florida, Illinois, and New Jersey each remit 

11 more than $1,000,000,000 annually to Latin Amer12 ica, and will account for $21,700,000,000, or rough13 ly 70 percent of the $31,000,000,000 in remittances 

14 going to Latin America in 2004. 

15 (11) Recent surveys show that nearly 80 per16 cent of individuals sending remittances use inter17 national money transfer companies, and fewer than 

18 10 percent use banks and credit unions. 

(12) Roughly 1 19 ⁄2 of Latin American immigrants 

20 in the United States hold bank accounts, and only 

21 10 percent of the recipients in Latin America of re22 mittances from the United States hold bank ac23 counts. 

24 (13) Individuals and families without access to 

25 the banking system, in the United States and else-
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1 where in the Americas, pay higher fees, have dif2 ficulty conducting financial transactions, and lack 

3 the ability to establish credit records or obtain other 

4 benefits from financial institutions. 

5 (14) The Federal banking agencies (as defined 

6 in section 3 of the Federal Deposit Insurance Act) 

7 recently agreed to notify financial institutions that 

8 the remittances services they offer to consumers can 

9 receive consideration in any evaluation under the 

10 Community Reinvestment Act of 1977 as both a re11 tail service, and as a community development service 

12 if remittances serve to increase access to financial 

13 services by low- and moderate-income individuals. 

14 (15) The Federal banking agencies also agreed 

15 that current regulations under the Community Rein16 vestment Act of 1977 provide for a distinction be17 tween the mere provision of remittances services by 

18 a financial institution and the ‘‘responsiveness’’ of 

19 such services to the financial services needs of low20 and moderate-income individuals—thereby allowing 

21 for the consideration of lower cost remittances serv22 ices in an evaluation under such Act. 

23 (16) The increased participation of regulated fi24 nancial institutions, such as banks, savings associa25 tions, and credit unions, holds the potential for re-
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1 ducing the costs of remittances while at the same 

2 time offering the opportunity to ‘‘bank the 

3 unbanked’’ in Latin American immigrant commu4 nities in the United States. 

5 SEC. 3. TREATMENT OF REMITTANCE TRANSFERS. 

6 (a) IN GENERAL.—The Electronic Fund Transfer 

7 Act (15 U.S.C. 1693 et seq.) is amended—

8 (1) in section 902(b), by inserting ‘‘and remit9 tance’’ after ‘‘electronic fund’’; 

10 (2) by redesignating sections 918, 919, 920, 

11 and 921 as sections 919, 920, 921, and 922, respec12 tively; and 

13 (3) by inserting after section 917 the following: 

14 ‘‘SEC. 918. REMITTANCE TRANSFERS. 

15 ‘‘(a) DISCLOSURES REQUIRED FOR REMITTANCE

16 TRANSFERS.—

17 ‘‘(1) IN GENERAL.—Each remittance transfer 

18 provider shall make disclosures to consumers, as 

19 specified by this section and augmented by regula20 tion of the Board. 

21 ‘‘(2) SPECIFIC DISCLOSURES.—In addition to 

22 any other disclosures applicable under this title, a 

23 remittance transfer provider shall clearly and con24 spicuously disclose, in writing and in a form that the 
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1 consumer may keep, to each consumer requesting a 

2 remittance transfer—

3 ‘‘(A) at the time at which the consumer 

4 makes the request, and prior to the consumer 

5 making any payment in connection with the 

6 transfer—

7 ‘‘(i) the total amount of currency that 

8 will be required to be tendered by the con9 sumer in connection with the remittance 

10 transfer; 

11 ‘‘(ii) the amount of currency that will 

12 be sent to the designated recipient of the 

13 remittance transfer, using the values of the 

14 currency into which the funds will be ex15 changed; 

16 ‘‘(iii) the total remittance transfer 

17 cost, identified as the ‘Total Cost’; and 

18 ‘‘(iv) an itemization of the charges in19 cluded in clause (iii), as determined nec20 essary by the Board; and 

21 ‘‘(B) at the time at which the consumer 

22 makes payment in connection with the remit23 tance transfer, if any—

24 ‘‘(i) a receipt showing—
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1 ‘‘(I) the information described in 

2 subparagraph (A); 

3 ‘‘(II) the promised date of deliv4 ery; 

5 ‘‘(III) the name and telephone 

6 number or address of the designated 

7 recipient; and 

8 ‘‘(ii) a notice containing—

9 ‘‘(I) information about the rights 

10 of the consumer under this section to 

11 resolve errors; and 

12 ‘‘(II) appropriate contact infor13 mation for the remittance transfer 

14 provider and its State licensing au15 thority and Federal or State regu16 lator, as applicable. 

17 ‘‘(3) EXEMPTION AUTHORITY.—The Board 

18 may, by rule, and subject to subsection (d)(3), per19 mit a remittance transfer provider—

20 ‘‘(A) to satisfy the requirements of para21 graph (2)(A) orally if the transaction is con22 ducted entirely by telephone; 

23 ‘‘(B) to satisfy the requirements of para24 graph (2)(B) by mailing the documents re25 quired under such paragraph to the consumer 
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1 not later than 1 business day after the date on 

2 which the transaction is conducted, if the trans3 action is conducted entirely by telephone; and 

4 ‘‘(C) to satisfy the requirements of sub5 paragraphs (A) and (B) of paragraph (2) with 

6 1 written disclosure, but only to the extent that 

7 the information provided in accordance with 

8 paragraph (2)(A) is accurate at the time at 

9 which payment is made in connection with the 

10 subject remittance transfer. 

11 ‘‘(b) FOREIGN LANGUAGE DISCLOSURES.—The dis12 closures required under this section shall be made in 

13 English and in the same languages principally used by the 

14 remittance transfer provider, or any of its agents, to ad15 vertise, solicit, or market, either orally or in writing, at 

16 that office, if other than English. 

17 ‘‘(c) REMITTANCE TRANSFER ERRORS.—

18 ‘‘(1) ERROR RESOLUTION.—

19 ‘‘(A) IN GENERAL.—If a remittance trans20 fer provider receives oral or written notice from 

21 the consumer within 365 days of the promised 

22 date of delivery that an error occurred with re23 spect to a remittance transfer, including that 

24 the full amount of the funds to be remitted was 

25 not made available to the designated recipient 
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1 in the foreign country, the remittance transfer 

2 provider shall resolve the error pursuant to this 

3 subsection. 

4 ‘‘(B) REMEDIES.—Not later than 90 days 

5 after the date of receipt of a notice from the 

6 consumer pursuant to subparagraph (A), the 

7 remittance transfer provider shall, as applicable 

8 to the error and as designated by the con9 sumer—

10 ‘‘(i) refund to the consumer the total 

11 amount of funds tendered by the consumer 

12 in connection with the remittance transfer 

13 which was not properly transmitted; 

14 ‘‘(ii) make available to the designated 

15 recipient, without additional cost to the 

16 designated recipient or to the consumer, 

17 the amount appropriate to resolve the 

18 error; 

19 ‘‘(iii) provide such other remedy, as 

20 determined appropriate by rule of the 

21 Board for the protection of consumers; or 

22 ‘‘(iv) demonstrate to the consumer 

23 that there was no error. 

24 ‘‘(2) REGULATIONS.—The Board shall estab25 lish, by regulation, clear and appropriate standards 
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1 for remittance transfer providers with respect to 

2 error resolution relating to remittance transfers, to 

3 protect consumers from such errors. 

4 ‘‘(d) APPLICABILITY OF OTHER PROVISIONS OF

5 LAW.—

6 ‘‘(1) APPLICABILITY OF TITLE 18 AND TITLE 31

7 PROVISIONS.—A remittance transfer provider may 

8 only provide remittance transfers if such provider is 

9 in compliance with the requirements of section 5330 

10 of title 31, United States Code, and section 1960 of 

11 title 18, United States Code, as applicable. 

12 ‘‘(2) APPLICABILITY OF THIS TITLE.—

13 ‘‘(A) EXCLUSIONS FOR CERTAIN REMIT14 TANCES.—A remittance transfer that is not an 

15 electronic fund transfer, as defined in section 

16 903, shall not be subject to any of sections 905 

17 through 913. 

18 ‘‘(B) FULL APPLICABILITY FOR CERTAIN

19 REMITTANCES.—A remittance transfer that is 

20 an electronic fund transfer, as defined in sec21 tion 903, shall be subject to all provisions of 

22 this title that are otherwise applicable to elec23 tronic fund transfers under this title. 

24 ‘‘(3) RULE OF CONSTRUCTION.—Nothing in 

25 this section shall be construed—
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1 ‘‘(A) to affect the application to any trans2 action, to any remittance provider, or to any 

3 other person of any of the provisions of sub4 chapter II of chapter 53 of title 31, United 

5 States Code, section 21 of the Federal Deposit 

6 Insurance Act, or chapter 2 of title I of Public 

7 Law 91–508, or any regulations promulgated 

8 thereunder; or 

9 ‘‘(B) to cause any fund transfer that would 

10 not otherwise be treated as such under para11 graph (2) to be treated as an electronic fund 

12 transfer, or as otherwise subject to this title, for 

13 the purposes of any of the provisions referred to 

14 in subparagraph (A) or any regulation pre15 scribed under such subparagraph. 

16 ‘‘(e) PUBLICATION OF EXCHANGE RATES.—The Sec17 retary of the Treasury shall make available to the public 

18 in electronic form, not later than noon on each business 

19 day, the dollar exchange rate for all foreign currencies, 

20 using any methodology that the Secretary determines ap21 propriate, which may include the methodology used pursu22 ant to section 613(b) of the Foreign Assistance Act of 

23 1961. 

24 ‘‘(f) AGENTS AND SUBSIDIARIES.—A remittance 

25 transfer provider shall be liable for any violation of this 
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1 section by any agent or subsidiary of that remittance 

2 transfer provider. 

3 ‘‘(g) DEFINITIONS.—For purposes of this section, the 

4 following definitions shall apply: 

5 ‘‘(1) EXCHANGE RATE FEE.—The term ‘ex6 change rate fee’ means the difference between the 

7 total dollar amount transferred, valued at the ex8 change rate offered by the remittance transfer pro9 vider, and the total dollar amount transferred, val10 ued at the exchange rate posted by the Secretary of 

11 the Treasury in accordance with subsection (e) on 

12 the business day prior to the initiation of the subject 

13 remittance transfer. 

14 ‘‘(2) REMITTANCE TRANSFER.—The term ‘re15 mittance transfer’ means the electronic (as defined 

16 in section 106(2) of the Electronic Signatures in 

17 Global and National Commerce Act) transfer of 

18 funds at the request of a consumer located in any 

19 State to a person in another country that is initiated 

20 by a remittance transfer provider, whether or not 

21 the consumer is an account holder of the remittance 

22 transfer provider or whether or not the remittance 

23 transfer is also an electronic fund transfer, as de24 fined in section 903. 
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1 ‘‘(3) REMITTANCE TRANSFER PROVIDER.—The 

2 term ‘remittance transfer provider’ means any per3 son or financial institution that provides remittance 

4 transfers on behalf of consumers in the normal 

5 course of its business, whether or not the consumer 

6 is an account holder of that person or financial insti7 tution. 

8 ‘‘(4) STATE.—Notwithstanding the definition 

9 contained in section 903, the term ‘State’ means any 

10 of the several States, the Commonwealth of Puerto 

11 Rico, the District of Columbia, and any territory or 

12 possession of the United States. 

13 ‘‘(5) TOTAL REMITTANCE TRANSFER COST.—

14 The term ‘total remittance transfer cost’ means the 

15 total cost of a remittance transfer expressed in dol16 lars, including all fees charged by the remittance 

17 transfer provider, including the exchange rate fee.’’. 

18 (b) EFFECT ON STATE LAWS.—Section 919 of the 

19 Electronic Fund Transfer Act (12 U.S.C. 1693q) is 

20 amended—

21 (1) in the 1st sentence, by inserting ‘‘or remit22 tance transfers (as defined in section 918)’’ after 

23 ‘‘transfers’’; and 

24 (2) in the 2nd sentence, by inserting ‘‘, or re25 mittance transfer providers (as defined in section 
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1 918), in the case of remittance transfers,’’ after ‘‘fi2 nancial institutions’’. 

3 SEC. 4. FEDERAL CREDIT UNION ACT AMENDMENT. 

4 Paragraph (12) of section 107 of the Federal Credit 

5 Union Act (12 U.S.C. 1757(12)) is amended to read as 

6 follows: 

7 ‘‘(12) in accordance with regulations prescribed 

8 by the Board—

9 ‘‘(A) to provide remittance transfers, as 

10 defined in section 918(h) of the Electronic 

11 Fund Transfer Act, to persons in the field of 

12 membership; and 

13 ‘‘(B) to cash checks and money orders for 

14 persons in the field of membership for a fee;’’. 

15 SEC. 5. AUTOMATED CLEARINGHOUSE SYSTEM. 

16 (a) EXPANSION OF SYSTEM.—The Board of Gov17 ernors of the Federal Reserve System shall work with the 

18 Federal reserve banks to expand the use of the automated 

19 clearinghouse system for remittance transfers to foreign 

20 countries, with a focus on countries that receive significant 

21 remittance transfers from the United States, based on—

22 (1) the number, volume, and sizes of such 

23 transfers; 
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1 (2) the significance of the volume of such trans2 fers, relative to the external financial flows of the re3 ceiving country; and 

4 (3) the feasibility of such an expansion. 

5 (b) REPORT TO CONGRESS.—Before the end of the 

6 180-day period beginning on the date of the enactment 

7 of this Act, and on April 30 biannually thereafter, the 

8 Board of Governors of the Federal Reserve System shall 

9 submit a report to the Committee on Banking, Housing, 

10 and Urban Affairs of the Senate and the Committee on 

11 Financial Services of the House of Representatives on the 

12 status of the automated clearinghouse system and its 

13 progress in complying with the requirements of this sec14 tion. 

15 SEC. 6. EXPANSION OF FINANCIAL INSTITUTION PROVI16 SION OF REMITTANCE TRANSFERS. 

17 (a) PROVISION OF GUIDELINES TO INSTITUTIONS.—

18 Each of the Federal banking agencies (as defined in sec19 tion 3 of the Federal Deposit Insurance Act) and the Na20 tional Credit Union Administration shall provide guide21 lines to financial institutions under the jurisdiction of the 

22 agency regarding—

23 (1) the offering of low-cost remittance transfers 

24 and no-cost or low-cost basic consumer accounts; 
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1 (2) the availability of agency services to remit2 tance transfer providers; and 

3 (3) specific options for financial institutions to 

4 use to take advantage of automated clearing sys5 tems, including the FedACH International Services 

6 offered by the Board of Governors of the Federal 

7 Reserve System and the Federal reserve banks, to 

8 transmit remittances at low cost. 

9 (b) CONTENT OF GUIDELINES.—Guidelines provided 

10 to financial institutions under this section shall include—

11 (1) information as to the methods of providing 

12 remittance transfer services; 

13 (2) the potential economic opportunities in pro14 viding low-cost remittance transfers; and 

15 (3) the potential value to financial institutions 

16 of broadening their financial bases to include per17 sons that use remittance transfers. 

18 (c) ASSISTANCE TO FINANCIAL LITERACY COMMIS19 SION.—The Secretary of the Treasury and each agency 

20 referred to in subsection (a) shall, as part of their duties 

21 as members of the Financial Literacy and Education Com22 mission, assist that Commission in improving the financial 

23 literacy and education of consumers who send remittances. 

24 (d) MULTIMEDIA CAMPAIGN.—The Secretary of the 

25 Treasury shall, as part of the national public service multi-
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1 media campaign established under section 518(a) of the 

2 Fair and Accurate Credit Transactions Act of 2003, un3 dertake a multilingual multimedia campaign to inform 

4 populations that are remittance users of the low-cost op5 tions for remittance transfers available to them, such as 

6 services provided by depository institutions and credit 

7 unions. 

8 SEC. 7. AID ASSISTANCE TO INCREASE CAPITAL AND 

9 LOWER REMITTANCE TRANSFER COSTS. 

10 (a) IN GENERAL.—Part I of the Foreign Assistance 

11 Act of 1961 (22 U.S.C. 2151 et seq.) is amended by add12 ing at the end the following: 

13 ‘‘CHAPTER 13—SOCIAL INVESTMENT AND 

14 ECONOMIC DEVELOPMENT FOR THE 

15 AMERICAS 

16 ‘‘SEC. 499H. FACILITATING FLOWS OF PERSONAL REMIT17 TANCES. 

18 ‘‘(a) IN GENERAL.—The President, acting through 

19 the Administrator of the United States Agency for Inter20 national Development, shall provide assistance to leverage 

21 personal remittances and reduce the cost of remittances 

22 sent to Latin America and the Caribbean by— 

23 ‘‘(1) increasing access to financial institutions 

24 for the poor and working with local financial institu-
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1 tions to reduce fees and other costs associated with 

2 sending or receiving remittances; 

3 ‘‘(2) working with local financial institutions to 

4 develop programs whereby personal remittances 

5 could be used as the basis of credit for mortgages 

6 and loans for small business, microenterprises, hous7 ing, and other enterprises; and 

8 ‘‘(3) providing matching funds for United 

9 States’ private entities that send remittances for de10 velopment projects in Latin America and the Carib11 bean. 

12 ‘‘(b) IMPLEMENTATION.—The United States Agency 

13 for International Development shall follow the best prac14 tices of the Inter-American Development Bank and other 

15 appropriate organizations when designing and imple16 menting programs that leverage personal remittances and 

17 reduce the cost of remittances sent to Latin America and 

18 the Caribbean.’’. 

19 (b) GAO STUDY REGARDING THE EFFECTIVENESS

20 AND SUCCESS OF PILOT PROJECTS IMPLEMENTED BY

21 THE UNITED STATES AGENCY FOR INTERNATIONAL DE22 VELOPMENT.—

23 (1) STUDY.—The Comptroller General of the 

24 United States shall conduct a study on the effective25 ness and success of the pilot projects that have been 
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1 implemented by the United States Agency for Inter2 national Development’s missions in Mexico, El Sal3 vador, and Jamaica, and through the United States 

4 Agency for International Development’s Global De5 velopment Alliance. 

6 (2) REPORT.—Before the end of the 1-year pe7 riod beginning on the date of the enactment of this 

8 Act, the Comptroller General shall submit a report 

9 to the Congress on the findings and conclusions re10 sulting from the study conducted under paragraph 

11 (1), together with such recommendations for legisla12 tive or administrative action as the Comptroller Gen13 eral may determine to be appropriate. 

14 SEC. 8. INTER-AMERICAN DEVELOPMENT BANK ASSIST15 ANCE TO FACILITATE FLOWS OF PERSONAL 

16 REMITTANCES. 

17 The Inter-American Development Bank Act (22 

18 U.S.C. 283—283z–10) is amended by adding at the end 

19 the following new section: 

20 ‘‘SEC. 39. FACILITATING FLOWS OF PERSONAL REMIT21 TANCES. 

22 ‘‘The Secretary of the Treasury shall instruct the 

23 United States Executive Director at the Bank to use the 

24 voice, vote, and influence of the United States to urge the 

25 Bank to provide assistance to—
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1 ‘‘(1) increasing access to financial institutions 

2 for the poor and working with local financial institu3 tions to reduce fees and other costs associated with 

4 sending or receiving remittances; 

5 ‘‘(2) working with local financial institutions to 

6 develop programs whereby personal remittances 

7 could be used as the basis of credit for mortgages 

8 and loans for small business, microenterprises, hous9 ing, and other enterprises; and 

10 ‘‘(3) providing matching funds for United 

11 States’ private entities that send remittances for de12 velopment projects in Latin America and the Carib13 bean.’’. 

14 SEC. 9. STUDY AND REPORT ON REMITTANCES. 

15 (a) STUDY.—The Comptroller General of the United 

16 States shall conduct a study and analysis of the remit17 tance transfer system, including an analysis of its impact 

18 on consumers. 

19 (b) AREAS OF CONSIDERATION.—The study con20 ducted under this section shall include, to the extent that 

21 information is available—

22 (1) an estimate of the total amount, in dollars, 

23 transmitted from individuals in the United States to 

24 other countries, including per country data, histor-
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1 ical data, and any available projections concerning 

2 future remittance levels; 

3 (2) a comparison of the amount of remittance 

4 funds, in total and per country, to the amount of 

5 foreign trade, bilateral assistance, and multi-develop6 ment bank programs involving each of the subject 

7 countries; 

8 (3) an analysis of the methods used to remit 

9 the funds, with estimates of the amounts remitted 

10 through each method and descriptive statistics for 

11 each method, such as market share, median trans12 action size, and cost per transaction, including 

13 through—

14 (A) depository institutions; 

15 (B) postal money orders and other money 

16 orders; 

17 (C) automatic teller machines; 

18 (D) wire transfer services; and 

19 (E) personal delivery services; 

20 (4) an analysis of advantages and disadvan21 tages of each remitting method listed in subpara22 graphs (A) through (E) of paragraph (3); 

23 (5) an analysis of the types and specificity of 

24 disclosures made by various types of remittance 
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1 transaction providers to consumers who send remit2 tances; and 

3 (6) if reliable data are unavailable, rec4 ommendations concerning options for the Congress 

5 to consider to improve the state of information on 

6 remittances from the United States. 

7 (c) REPORT TO CONGRESS.—Before the end of the 

8 1-year period beginning on the date of the enactment of 

9 this Act, the Comptroller General shall submit a report 

10 to the Committee on Banking, Housing, and Urban Af11 fairs of the Senate and the Committee on Financial Serv12 ices of the House of Representatives on the results of the 

13 study conducted under this section.

Æ