A bill to amend the Electronic Fund Transfer Act to require additional disclosures relating to exchange rates in transfers involving international transactions, and for other purposes.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Money Wire Improvement and 
Remittance Enhancement Act of 2003'' (or the ``Money WIRE 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, respectively; and
            (2) by inserting after section 917 the following new 
        section:

``SEC. 918. DISCLOSURE OF EXCHANGE RATES IN CONNECTION WITH 
              INTERNATIONAL MONEY TRANSFERS.

    ``(a) Definitions.--
            ``(1) International money transfer.--The term 
        `international money transfer' means any money transmitting 
        service involving an international 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 business which--
                    ``(A) provides check cashing, currency exchange, 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 defined 
                in section 5313(g) of title 31, United States Code).
    ``(b) Exchange Rate and Fees Disclosures Required.--
            ``(1) In general.--Any financial institution or money 
        transmitting business which initiates an international money 
        transfer on behalf of a consumer (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 financial 
                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 transaction (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 consumer before the 
                transaction is consummated and printed on the receipt 
                referred to in paragraph (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 subparagraphs 
        (A), (B), and (C) of paragraph (1) shall be prominently 
        displayed on the premises of the financial 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 receipts and forms used 
        in the place of business where an international money transfer 
is initiated.--The information required to be disclosed under paragraph 
(1) shall be prominently displayed on all forms and receipts used by 
the financial 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 institution or money 
        transmitting business and pertains to international money 
        transfer; or
            ``(2) in any print, broadcast, or electronic medium or 
        outdoor advertising display not on the premises of the 
        financial institution or money transmitting 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 principally used by the financial institution or money 
transmitting 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 amendments 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 defined in section 3 
of the Federal Deposit Insurance Act) and the Secretary of the Treasury 
shall jointly conduct a study on fees charged and fee disclosures for 
money wire transmissions.
    (b) Comparison of Prices.--The study required by subsection (a) 
shall compare the disclosures provided by federally insured depository 
institutions for money wire transmissions with disclosures provided by 
money transmitting businesses (as defined in section 5330(d)(1) of 
title 31, United States Code) for such transmissions.
    (c) Report Required.--The Federal banking agencies and the 
Secretary of the Treasury shall jointly submit a report on the study 
required under subsection (a) to the Congress before the end of the 1-
year period beginning on the date of enactment of this Act.

SEC. 4. FEDERAL CREDIT UNION ACT AMENDMENT.

    Paragraph (12) of section 107 of the Federal Credit Union Act (12 
U.S.C. 1757(12)) is amended to read as follows:
            ``(12) in accordance with regulations prescribed by the 
        Board--
                    ``(A) to sell, to persons in the field of 
                membership, negotiable checks (including travelers 
                checks), money orders, and other similar money transfer 
                instruments; and
                    ``(B) to cash checks and money orders for persons 
                in the field of membership for a fee;''.

Summary: Money Wire Improvement and Remittance Enhancement Act of 2003 (or the Money WIRE Act of 2003) - Amends the Electronic Fund Transfer Act to require that the following disclosures be prominently displayed on the premises of a money transmitting business which initiates an international money transfer for a consumer: (1) the exchange rate used in connection with such transaction; (2) the exchange rate prevailing at a major financial center of the foreign country whose currency is involved in the transaction; (3) all commissions and fees charged in connection with such transaction; and (4) the exact amount of foreign currency to be received by the recipient in the foreign country, which shall be disclosed to the consumer before the transaction is consummated.

Requires that such disclosures be prominently revealed in advertisements and receipts used by the business, and in the same language as that principally used by the business to advertise, solicit, or negotiate, at that office, if other than English. Requires the Federal banking agencies and the Secretary of the Treasury to study and report to Congress on the need for fee disclosures for money wire transmissions. Amends the Federal Credit Union Act to authorize Federal credit unions to: (1) sell, to persons in the field of membership, negotiable checks (including travelers checks), money orders, and other similar money transfer instruments; and (2) cash checks and money orders for persons in the field of membership for a fee. (Currently these transactions are reserved for credit union members only.)