in the foreign country, the remittance transfer 
provider shall resolve the error pursuant to this 
subsection. 
‘‘(B) REMEDIES.—Not later than 90 days 
after the date of receipt of a notice from the 
consumer pursuant to subparagraph (A), the 
remittance transfer provider shall, as applicable 
to the error and as designated by the con-
sumer— 
‘‘(i) refund to the consumer the total 
amount of funds tendered by the consumer 
in connection with the remittance transfer 
which was not properly transmitted; 
‘‘(ii) make available to the designated 
recipient, without additional cost to the 
designated recipient or to the consumer, 
the amount appropriate to resolve the 
error; 
‘‘(iii) provide such other remedy, as 
determined appropriate by rule of the 
Board for the protection of consumers; or 
‘‘(iv) demonstrate to the consumer 
that there was no error. 
‘‘(2) REGULATIONS.—The Board shall estab-
lish, by regulation, clear and appropriate standards
for remittance transfer providers with respect to 
error resolution relating to remittance transfers, to 
protect consumers from such errors. 
‘‘(d) APPLICABILITY
OF OTHER PROVISIONS
OF 
LAW.— 
‘‘(1) APPLICABILITY OF TITLE 18 AND TITLE 31 
PROVISIONS.—A remittance transfer provider may 
only provide remittance transfers if such provider is 
in compliance with the requirements of section 5330 
of title 31, United States Code, and section 1960 of 
title 18, United States Code, as applicable. 
‘‘(2) APPLICABILITY OF THIS TITLE.— 
‘‘(A) EXCLUSIONS
FOR
CERTAIN
REMIT-
TANCES.—A remittance transfer that is not an 
electronic fund transfer, as defined in section 
903, shall not be subject to any of sections 905 
through 913. 
‘‘(B) FULL APPLICABILITY FOR CERTAIN 
REMITTANCES.—A remittance transfer that is 
an electronic fund transfer, as defined in sec-
tion 903, shall be subject to all provisions of 
this title that are otherwise applicable to elec-
tronic fund transfers under this title. 
‘‘(3) RULE
OF
CONSTRUCTION.—Nothing in 
this section shall be construed—
‘‘(A) to affect the application to any trans-
action, to any remittance provider, or to any 
other person of any of the provisions of sub-
chapter II of chapter 53 of title 31, United 
States Code, section 21 of the Federal Deposit 
Insurance Act, or chapter 2 of title I of Public 
Law 91–508, or any regulations promulgated 
thereunder; or 
‘‘(B) to cause any fund transfer that would 
not otherwise be treated as such under para-
graph (2) to be treated as an electronic fund 
transfer, or as otherwise subject to this title, for 
the purposes of any of the provisions referred to 
in subparagraph (A) or any regulation pre-
scribed under such subparagraph. 
‘‘(e) PUBLICATION OF EXCHANGE RATES.—The Sec-
retary of the Treasury shall make available to the public 
in electronic form, not later than noon on each business 
day, the dollar exchange rate for all foreign currencies, 
using any methodology that the Secretary determines ap-
propriate, which may include the methodology used pursu-
ant to section 613(b) of the Foreign Assistance Act of 
1961. 
‘‘(f) AGENTS
AND
SUBSIDIARIES.—A remittance 
transfer provider shall be liable for any violation of this
section by any agent or subsidiary of that remittance 
transfer provider. 
‘‘(g) DEFINITIONS.—For purposes of this section, the 
following definitions shall apply: 
‘‘(1) EXCHANGE
RATE
FEE.—The term ‘ex-
change rate fee’ means the difference between the 
total dollar amount transferred, valued at the ex-
change rate offered by the remittance transfer pro-
vider, and the total dollar amount transferred, val-
ued at the exchange rate posted by the Secretary of 
the Treasury in accordance with subsection (e) on 
the business day prior to the initiation of the subject 
remittance transfer. 
‘‘(2) 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.
‘‘(3) REMITTANCE TRANSFER PROVIDER.—The 
term ‘remittance transfer provider’ means any per-
son or financial institution that provides remittance 
transfers on behalf of consumers in the normal 
course of its business, whether or not the consumer 
is an account holder of that person or financial insti-
tution. 
‘‘(4) STATE.—Notwithstanding the definition 
contained in section 903, the term ‘State’ means any 
of the several States, the Commonwealth of Puerto 
Rico, the District of Columbia, and any territory or 
possession of the United States. 
‘‘(5) TOTAL REMITTANCE TRANSFER COST.— 
The term ‘total remittance transfer cost’ means the 
total cost of a remittance transfer expressed in dol-
lars, including all fees charged by the remittance 
transfer provider, including the exchange rate fee.’’. 
(b) EFFECT ON STATE LAWS.—Section 919 of the 
Electronic Fund Transfer Act (12 U.S.C. 1693q) is 
amended— 
(1) in the 1st sentence, by inserting ‘‘or remit-
tance transfers (as defined in section 918)’’ after 
‘‘transfers’’; and 
(2) in the 2nd sentence, by inserting ‘‘, or re-
mittance transfer providers (as defined in section