815 
(2) NOT FIXED ON SEND.—The term ‘‘not fixed 
on send’’ when referring to an exchange rate used 
in a remittance transfer means an exchange rate 
that is not set by the remittance transfer provider 
at the time the consumer initiates the remittance 
transfer. 
(3) REMITTANCE
TRANSFER.—The term ‘‘re-
mittance transfer’’ means the electronic (as defined 
in section 106(2) of the Electronic Signatures in 
Global and National Commerce Act) transfer of 
funds at the request of a consumer located in any 
State to a person in another country that is initiated 
by a remittance transfer provider, whether or not 
the consumer is an account holder of the remittance 
transfer provider or whether or not the remittance 
transfer is also an electronic fund transfer, as de-
fined in section 903 of the Electronic Fund Transfer 
Act. 
(4) REMITTANCE
TRANSFER
PROVIDER.—The 
term ‘‘remittance transfer provider’’ means any per-
son or depository institution, or agent thereof, that 
originates remittance transfers on behalf of con-
sumers in the normal course of its business, whether 
or not the consumer is an account holder of that 
person or depository institution. 
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(g) MODEL DISCLOSURES.— 
(1) PUBLICATION.—Notwithstanding any provi-
sions of this title, the Director shall establish and 
publish model disclosure forms to facilitate compli-
ance with the disclosure requirements of this section 
and to aid the consumer in understanding the trans-
action to which the subject disclosure form relates. 
(2) LANGUAGES TO BE USED IN MODEL DIS-
CLOSURES.—The Director shall make these disclo-
sures available within 1 year of the effective date of 
this title— 
(A) in English, and 
(B) the ten most frequently spoken lan-
guages in the United States, other than 
English, used by consumers initiating remit-
tance transfers, as may be determined by the 
Director. 
(3) USE OF AUTOMATED EQUIPMENT.—In es-
tablishing model forms under this subsection, the 
Director shall consider the use by lessors of data 
processing or similar automated equipment. 
(4) USE OPTIONAL.—A remittance transfer pro-
vider may utilize a model disclosure form established 
by the Director under this subsection for purposes 
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817 
of compliance with this section, at the discretion of 
the remittance transfer provider. 
(5) EFFECT OF USE.—Any remittance transfer 
provider that properly uses the material aspects of 
any model disclosure form established by the Direc-
tor under this subsection shall be deemed to be in 
compliance with the disclosure requirements to 
which the form relates. 
(h) REGULATION AND EXEMPTION AUTHORITY.— 
Notwithstanding any other provisions of this title, the Di-
rector, in the sole discretion of the Director, in consulta-
tion with relevant Federal and State government agencies 
may by regulation exempt from one or more requirements 
of this section, any category of remittance transfer pro-
vider if the Director determines that under applicable Fed-
eral or State law that such category of remittance transfer 
provider is subject to requirements substantially similar 
to those imposed under this section or that such law gives 
greater protection and benefit to the consumer, and that 
there is adequate provision for enforcement. 
(i) APPLICABILITY OF STATE LAW.— 
(1) This section does not annul, alter, affect, or 
exempt any person subject to the provisions of this 
section from complying with other applicable Federal 
law and the laws of any State relating to remittance 
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818 
transfers and remittance transfer providers, except 
to the extent that those laws are inconsistent with 
the provisions of this section, and then only to the 
extent of the inconsistency. 
(2) Notwithstanding any other provisions of 
this title, the Director may determine whether such 
inconsistencies exist. A State law is not inconsistent 
with this section if the protection such law affords 
any consumer is greater than the protection afforded 
by this section. If the Director determines that a 
State requirement is inconsistent, remittance trans-
fer providers shall incur no liability under the law of 
that State for a good faith failure to comply with 
that law, notwithstanding that such determination is 
subsequently amended, rescinded, or determined by 
judicial or other authority to be invalid for any rea-
son. This section does not extend the applicability of 
any such law to any class of persons or transactions 
to which it would not otherwise apply. 
(3) This section does not annul, alter, or affect 
the laws of any State relating to the licensing or 
registration, supervision or examination of remit-
tance transfer providers. 
(4) Nothing in this section shall be construed as 
limiting the authority of a State attorney general or 
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State regulator to bring an action or other regu-
latory proceeding arising solely under the law of that 
State. 
(j) FEDERAL CREDIT UNION ACT AMENDMENT.— 
Paragraph (12)(A) of section 107 of the Federal Credit 
Union Act (12 U.S.C. 1757(12)(A)) is amended by insert-
ing ‘‘and remittance transfers, as defined in section 4309 
of the Consumer Financial Protection Agency Act of 
2009’’ after ‘‘and domestic electronic fund transfers’’. 
(k) AUTOMATED CLEARINGHOUSE SYSTEM.— 
(1) EXPANSION
OF
SYSTEM.—The Board of 
Governors of the Federal Reserve System shall work 
with the Federal reserve banks to expand the use of 
the automated clearinghouse system for remittance 
transfers to foreign countries, with a focus on coun-
tries that receive significant remittance transfers 
from the United States, based on— 
(A) the volume and dollar amount of re-
mittance transfers to those countries; 
(B) the significance of the volume of such 
transfers, relative to the external financial flows 
of the receiving country; and 
(C) the feasibility of such an expansion. 
(2) REPORT TO THE CONGRESS.—Before the 
end of the 180-day period beginning on the date of 
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820 
the enactment of this title, and on April 30 bienni-
ally thereafter, the Board of Governors of the Fed-
eral Reserve System shall submit a report to the Di-
rector, the Committee on Banking, Housing, and 
Urban Affairs of the Senate, and the Committee on 
Financial Services of the House of Representatives 
on the status of the automated clearinghouse system 
and its progress in complying with the requirements 
of this section. 
(l) 
REGULATORY
GUIDANCE
ON
REMITTANCE 
TRANSFERS.— 
(1) PROVISION
OF
GUIDELINES
TO
INSTITU-
TIONS.—The Director shall provide guidelines to all 
remittance transfer providers regarding— 
(A) the offering of low-cost remittance 
transfers; 
(B) the availability of agency services to 
remittance transfer providers; 
(C) compliance with the provisions of this 
title; and 
(D) specific options that allow remittance 
transfer providers to take advantage of auto-
mated clearing systems, including the FedACH 
International Services offered by the Board of 
Governors of the Federal Reserve System and 
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821 
the Federal reserve banks, to transmit remit-
tances at low cost. 
(2) CONTENT OF GUIDELINES.—Guidelines pro-
vided to remittance transfer providers under this 
section shall include— 
(A) information as to the methods of pro-
viding remittance transfer services; 
(B) the potential economic opportunities in 
providing low-cost remittance transfers; and 
(C) the potential value to depository insti-
tutions of broadening their financial bases to 
include persons that use remittance transfers. 
(3) ASSISTANCE TO FINANCIAL LITERACY COM-
MISSION.—The Secretary of the Treasury and each 
agency referred to in subsection (a) shall, as part of 
their duties as members of the Financial Literacy 
and Education Commission, assist that Commission 
in improving the financial literacy and education of 
consumers who send remittances. 
(m) REPORT ON FEASIBILITY OF AND IMPEDIMENTS 
TO USE OF REMITTANCE HISTORY IN CALCULATION OF 
CREDIT SCORE.—Before the end of the 365-day period 
beginning on the date of the enactment of this title, the 
Director shall submit a report to the President, the Com-
mittee on Banking, Housing, and Urban Affairs of the 
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Senate, and the Committee on Financial Services of the 
House of Representatives regarding— 
(1) the manner in which a consumer’s remit-
tance history could be used to enhance a consumer’s 
credit score; 
(2) the current legal and business model bar-
riers and impediments that impede the use of a con-
sumer’s remittance history to enhance the con-
sumer’s credit score; and 
(3) recommendations on the manner in which 
maximum transparency and disclosure to consumers 
of exchange rates for remittance transfers subject to 
this title may be accomplished, whether or not such 
exchange rates are known at the time of origination 
or payment by the consumer for the remittance 
transfer, including disclosure to the sender of the ac-
tual exchange rate used and the amount of currency 
that the recipient of the remittance transfer re-
ceived, using the values of the currency into which 
the funds were exchanged, as contained in section s 
919(a)(2)(D) and 919(a)(3) of the Electronic Fund 
Transfer Act (as amended by subsection (a)). 
(n) EFFECTIVE DATE.—This section shall apply with 
respect to remittance transfers made after the end of the 
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180-day period beginning on the date of the enactment 
of this title. 
SEC. 4310. EFFECTIVE DATE. 
This subtitle shall take effect on the designated 
transfer date. 
SEC. 4311. NO AUTHORITY TO REQUIRE THE OFFERING OF 
FINANCIAL PRODUCTS OR SERVICES. 
The Director may not prescribe any regulation, issue 
any order or guidance, or take any other action, including 
any enforcement action, the effect of which would be to 
require a covered person to offer to any consumer a spe-
cific financial product or service. 
SEC. 4312. APPRAISAL INDEPENDENCE REQUIREMENTS. 
(a) PROMULGATION OF NEW REQUIREMENTS.—The 
Director shall lead a Negotiated Rulemaking Committee 
under the Federal Advisory Committee Act and the Nego-
tiated Rulemaking Act to promulgate appraisal independ-
ence requirements for residential loan purposes, and such 
Committee shall promulgate such requirements not later 
than the end of the 60-day period beginning on the date 
of the enactment of this title. 
(b) CERTAIN REGULATION REQUIREMENTS.—Regu-
lations promulgated by the Negotiated Rulemaking Com-
mittee under this section— 
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(1) shall not prohibit lenders, the Federal Na-
tional Mortgage Association, or the Federal Home 
Loan Mortgage Corporation from accepting any ap-
praisal report completed by an appraiser selected, 
retained, or compensated in any manner by a mort-
gage loan originator— 
(A) licensed or registered in accordance 
with section 1501 et seq. of the SAFE Mort-
gage Licensing Act of 2008; and 
(B) subject to State or Federal laws that 
make it unlawful for a mortgage loan originator 
to make any payment, threat, or promise, di-
rectly or indirectly, to any appraiser of a prop-
erty, for the purposes of influencing the inde-
pendent judgment of the appraiser with respect 
to the value of the property, except that nothing 
in this section shall prohibit a person with an 
interest in a real estate transaction from asking 
an appraiser to— 
(i) consider additional, appropriate 
property information; 
(ii) provide further detail, substan-
tiation, or explanation for the appraiser’s 
value conclusion; or 
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1007 
amended by inserting ‘‘the Agency,’’ before ‘‘the Sec-
retary’’. 
(i) SECTION 18.—Section 18 of the Real Estate Set-
tlement Procedures Act of 1974 (12 U.S.C. 2616) is 
amended by striking ‘‘Secretary’’ each place such term ap-
pears and inserting ‘‘Agency’’. 
(j) SECTION 19.—Section 19 of the Real Estate Set-
tlement Procedures Act of 1974 (12 U.S.C. 2617) is 
amended— 
(1) in the section heading, by striking ‘‘SEC-
RETARY’’ and inserting ‘‘AGENCY’’; and 
(2) by striking ‘‘Secretary’’ each place such 
term appears and inserting ‘‘Agency’’. 
SEC. 4812. AMENDMENTS TO THE RIGHT TO FINANCIAL 
PRIVACY ACT OF 1978. 
(a) AMENDMENTS TO SECTION 1101.—Section 1101 
of the Right to Financial Privacy Act of 1978 (12 U.S.C. 
3401) is amended— 
(1) by striking paragraph (1) and inserting the 
following new paragraph: 
‘‘(1) ‘financial institution’ means any bank, sav-
ings association, card issuer as defined in section 
103(n) of the Truth in Lending Act, credit union, or 
consumer finance institution located in any State or 
territory of the United States, the District of Colum-
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1008 
bia, Puerto Rico, Guam, American Samoa, or the 
Virgin Islands;’’; and 
(2) in paragraph (7), by inserting after sub-
paragraph (A) the following new subparagraph: 
‘‘(B) the Consumer Financial Protection 
Agency;’’. 
(b) AMENDMENTS
TO
SECTION
1112.—Section 
1112(e) of the Right to Financial Privacy Act of 1978 
(12 U.S.C. 3412) is amended by striking ‘‘and the Com-
modity Futures Trading Commission is permitted’’ and in-
serting ‘‘the Commodity Futures Trading Commission, 
and the Consumer Financial Protection Agency is per-
mitted’’. 
(c) AMENDMENTS TO SECTION 1113.—Section 1113 
of the Right to Financial Privacy Act of 1978 (12 U.S.C. 
3413) is amended by adding at the end the following new 
subsection— 
‘‘(r) DISCLOSURE TO THE CONSUMER FINANCIAL 
PROTECTION AGENCY.—Nothing in this chapter shall 
apply to the examination by or disclosure to the Consumer 
Financial Protection Agency of financial records or infor-
mation in the exercise of its authority with respect to a 
financial institution.’’. 
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national banks, and Federal branches and Fed-
eral agencies of foreign banks;’’; and 
(C) by adding at the end, the following 
new paragraph: 
‘‘(3) subtitle E of the Consumer Financial Pro-
tection Agency Act of 2009, by the Agency.’’; and 
(2) in subsection (c)— 
(A) in the subsection heading, by striking 
‘‘BOARD’’ and insert ‘‘AGENCY’’; and 
(B) by striking ‘‘Board’’ and inserting 
‘‘Agency’’. 
(f) SECTION 272.—Section 272 of the Truth in Sav-
ings Act (12 U.S.C. 4311) is amended— 
(1) in subsection (a), by striking ‘‘Board’’ and 
inserting ‘‘Agency’’; and 
(2) in subsection (b), by striking ‘‘regulation 
prescribed by the Board’’ each place such term ap-
pears and inserting ‘‘regulation prescribed by the 
Agency’’. 
(g) SECTION 273.—Section 273 of the Truth in Sav-
ings Act (12 U.S.C. 4312) is amended in the last sentence 
by striking ‘‘Board’’ and inserting ‘‘Agency’’. 
(h) SECTION 274.—Section 274 of the Truth in Sav-
ings Act (12 U.S.C. 4313) is amended— 
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