I 
108TH CONGRESS 
1ST SESSION H. R. 2637
To amend the Electronic Fund Transfer Act to require additional disclosures 
relating to exchange rates in transfers involving international transactions. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 26, 2003
Mr. GUTIERREZ (for himself, Ms. DELAURO, Mr. ENGEL, Mr. FROST, Mr. 
KUCINICH, Ms. BORDALLO, Mr. GRIJALVA, Mr. MCDERMOTT, Ms. 
ESHOO, Ms. LEE, Mr. OWENS, Mr. LANTOS, Mr. SERRANO, and Mr. 
EMANUEL) introduced the following bill; which was referred to the Com-
mittee on Financial Services 
A BILL 
To amend the Electronic Fund Transfer Act to require addi-
tional disclosures relating to exchange rates in transfers 
involving international transactions.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Wire Transfer Fair-
ness and Disclosure Act of 2003’’.
SEC. 2. DISCLOSURE OF EXCHANGE RATES IN CONNECTION 
WITH INTERNATIONAL MONEY TRANSFERS. 
(a) IN GENERAL.—The Electronic Fund Transfer 
Act (15 U.S.C. 1693 et seq.) is amended—
(1) by redesignating sections 918, 919, 920, 
and 921 as sections 919, 920, 921, and 922, respec-
tively; and 
(2) by inserting after section 917 the following 
new section: 
‘‘SEC. 918. DISCLOSURE OF EXCHANGE RATES IN CONNEC-
TION WITH INTERNATIONAL MONEY TRANS-
FERS. 
‘‘(a) DEFINITIONS.—
‘‘(1) INTERNATIONAL MONEY TRANSFER.—The 
term ‘international money transfer’ means any 
money transmitting service involving an inter-
national transaction which is provided by a financial 
institution or a money transmitting business. 
‘‘(2) MONEY
TRANSMITTING
SERVICE.—The 
term ‘money transmitting service’ has the meaning 
given to such term in section 5330(d)(2) of title 31, 
United States Code. 
‘‘(3) MONEY
TRANSMITTING
BUSINESS.—The 
term ‘money transmitting business’ means any busi-
ness which—
‘‘(A) provides check cashing, currency ex-
change, or money transmitting or remittance 
services, or issues or redeems money orders, 
travelers’ checks, and other similar instruments; 
and 
‘‘(B) is not a depository institution (as de-
fined in section 5313(g) of title 31, United 
States Code). 
‘‘(b) EXCHANGE RATE AND FEES DISCLOSURES RE-
QUIRED.—
‘‘(1) IN GENERAL.—Any financial institution or 
money transmitting business which initiates an 
international money transfer on behalf of a con-
sumer (whether or not the consumer maintains an 
account at such institution or business) shall provide 
the following disclosures in the manner required 
under this section: 
‘‘(A) The exchange rate used by the finan-
cial institution or money transmitting business 
in connection with such transaction. 
‘‘(B) The exchange rate prevailing at a 
major financial center of the foreign country 
whose currency is involved in the transaction, 
as of the close of business on the business day 
immediately preceding the date of the trans-
action (or the official exchange rate, if any, of 
the government or central bank of such foreign 
country). 
‘‘(C) All commissions and fees charged by 
the financial institution or money transmitting 
business in connection with such transaction. 
‘‘(D) The exact amount of foreign currency 
to be received by the recipient in the foreign 
country, which shall be disclosed to the con-
sumer before the transaction is consummated 
and printed on the receipt referred to in para-
graph (3). 
‘‘(2) PROMINENT
DISCLOSURE
INSIDE
AND 
OUTSIDE
THE
PLACE
OF
BUSINESS
WHERE
AN 
INTERNATIONAL MONEY TRANSFER IS INITIATED.—
The information required to be disclosed under sub-
paragraphs (A), (B), and (C) of paragraph (1) shall 
be prominently displayed on the premises of the fi-
nancial institution or money transmitting business 
both at the interior location to which the public is 
admitted for purposes of initiating an international 
money transfer and on the exterior of any such 
premises. 
‘‘(3) PROMINENT
DISCLOSURE
IN
ALL
RE-
CEIPTS AND FORMS USED IN THE PLACE OF BUSI-
NESS WHERE AN INTERNATIONAL MONEY TRANSFER 
IS INITIATED.—The information required to be dis-
closed under paragraph (1) shall be prominently dis-
played on all forms and receipts used by the finan-
cial institution or money transmitting business when 
initiating an international money transfer in such 
premises. 
‘‘(c) ADVERTISEMENTS IN PRINT, BROADCAST, AND 
ELECTRONIC MEDIA AND OUTDOOR ADVERTISING.—The 
information required to be disclosed under subparagraphs 
(A) and (C) of subsection (b)(1) shall be included—
‘‘(1) in any advertisement, announcements, or 
solicitation which is mailed by the financial institu-
tion or money transmitting business and pertains to 
international money transfer; or 
‘‘(2) in any print, broadcast, or electronic me-
dium or outdoor advertising display not on the 
premises of the financial institution or money trans-
mitting business and pertaining to international 
money transfer. 
‘‘(d) DISCLOSURES
IN LANGUAGES OTHER THAN 
ENGLISH.—The disclosures required under this section 
shall be in English and in the same language as that prin-
cipally used by the financial institution or money transmit-
ting business, or any of its agents, to advertise, solicit,
or negotiate, either orally or in writing, at that office if 
other than English.’’. 
(b) EFFECTIVE DATE.—The amendment made by 
subsection (a) shall take effect at the end of the 3-month 
period beginning on the date of the enactment of this Act.
SEC. 3. STUDY ON FEE DISCLOSURES FOR MONEY WIRE 
TRANSMISSIONS. 
(a) STUDY.—The Federal banking agencies (as de-
fined in section 3 of the Federal Deposit Insurance Act) 
and the Secretary of the Treasury shall jointly conduct 
a study on the need for fee disclosures for money wire 
transmissions. 
(b) COMPARISON OF PRICES.—The study shall com-
pare the disclosures provided by federally insured deposi-
tory institutions for money wire transmissions with disclo-
sures provided by money transmitting businesses (as de-
fined in section 5330(d)(1) of title 31, United States 
Code) for such transmissions. 
(c) REPORT REQUIRED.—The Federal banking agen-
cies and the Secretary of the Treasury shall submit a re-
port on the study required under subsection (a) to the 
Congress before the end of the 1-year period beginning 
on the date of the enactment of this Act.
Æ