text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``International Remittance Services 
  Enhancement and Protection Act of 2003''.
  
  SEC. 2. 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 or provide for a fee negotiable 
                  checks (including travelers checks), money orders, 
                  international money transfer services, and other 
                  similar money transfer instruments and services; and
                      ``(B) to cash checks and money orders;''.
  
  SEC. 3. DISCLOSURES REQUIRED.
  
      (a) Regulations.--Subject to paragraph (2), the appropriate Federal 
  agencies shall jointly prescribe regulations that require 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) to 
  provide the following disclosures to the consumer before the 
  consummation of the transaction:
              (1) Any fees to be charged to the recipient, including any 
          exchange rate or currency conversion fees.
              (2) A final itemization of all costs to the consumer, which 
          would include all fees charged, for the remittance.
              (3) The exact amount of foreign currency to be received by 
          the recipient in the foreign country.
      (b) Language Requirement.--The disclosures required under 
  subsection (a) shall be in English and in any other language 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 the office of the institution or business at which the 
  international money transfer is initiated.
      (c) Definitions.--For purposes of this section, the following 
  definitions shall apply:
              (1) Appropriate federal agency.--The term ``appropriate 
          Federal agency'' means--
                      (A) the appropriate Federal banking agency, in the 
                  case of any insured depository institution;
                      (B) the National Credit Union Administration, in 
                  the case of any insured credit union; and
                      (C) the Federal Trade Commission, in the case of 
                  any financial institution or money transmitting 
                  business that is not an insured depository institution 
                  or insured credit union.
              (2) Appropriate federal banking agency.--The term 
          ``appropriate Federal banking agency'' has the same meaning as 
          in section 3 of the Federal Deposit Insurance Act;
              (3) Insured credit union.--The term ``insured credit 
          union'' has the same meaning as in section 101 of the Federal 
          Credit Union Act;
              (4) Insured depository institution.--The term ``insured 
          depository institution'' has the same meaning as in section 3 
          of the Federal Deposit Insurance Act;
              (5) International money transfer.--The term ``international 
          money transfer'' means any money transmitting service 
          originating in the United States and involving an international 
          transaction which is provided by a financial institution or a 
          money transmitting business.
              (6) Money transmitting service.--The term ``money 
          transmitting service'' has the same meaning as in section 
          5330(d)(2) of title 31, United States Code.
              (7) 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).
      (d) Administrative Enforcement.--
              (1) Depository institutions.--
                      (A) In general.--Compliance with the requirements 
                  imposed under this section shall be enforced under--
                              (i) section 8 of the Federal Deposit 
                          Insurance Act, in the case of an insured 
                          depository institution, by the appropriate 
                          Federal banking agency; and
                              (ii) the Federal Credit Union Act, in the 
                          case of any insured credit union (as defined in 
                          section 101 of the Federal Credit Union Act), 
                          by the National Credit Union Administration.
                      (B) Applicability of other laws.--
                              (i) Violations of this section.--For the 
                          purpose of the exercise by any agency referred 
                          to in subparagraph (A) of its powers under any 
                          Act referred to in that subparagraph, a 
                          violation of any requirement imposed under this 
                          section shall be deemed to be a violation of a 
                          requirement imposed under that Act.
                              (ii) Other authority.--In addition to its 
                          powers under any provision of law specifically 
                          referred to in subparagraph (A), each of the 
                          agencies referred to in such subparagraph may 
                          exercise, for the purpose of enforcing 
                          compliance with any requirement imposed under 
                          this section, any other authority conferred on 
                          it by law.
              (2) Other money transmitting businesses.--
                      (A) Appropriate federal regulator.--Except to the 
                  extent that enforcement of the requirements imposed 
                  under this section is specifically committed to some 
                  other Government agency under paragraph (1), the 
                  Federal Trade Commission shall enforce such 
                  requirements.
                      (B) Applicability of other laws.--
                              (i) Violations of this section.--For the 
                          purpose of the exercise by the Federal Trade 
                          Commission of its functions and powers under 
                          the Federal Trade Commission Act, a violation 
                          of any requirement imposed under this section 
                          shall be deemed a violation of a requirement 
                          imposed under that Act.
                              (ii) Other authority.--All of the functions 
                          and powers of the Federal Trade Commission 
                          under the Federal Trade Commission Act are 
                          available to the Commission to enforce 
                          compliance by any person subject to the 
                          jurisdiction of the Commission with the 
                          requirements imposed under this section, 
                          irrespective of whether that person is engaged 
                          in commerce or meets any other jurisdictional 
                          tests in the Federal Trade Commission Act.
      (e) Effective Date.--This section shall apply to any international 
  money transfer initiated in the United States after the end of the 3-
  month period beginning on the date of enactment of this Act.
target: International Remittance Services Enhancement and Protection Act of 2003 - Amends the Federal Credit Union Act to repeal the limitation on the authority of Federal credit unions to sell negotiable checks (including travelers checks), money orders, and other similar money transfer instruments and services to, as well as cash checks and money orders for, members only. (Thus allows Federal credit unions to perform such services for anyone.) Adds international money transfer services to the list of such services.
  
  Directs the appropriate Federal agencies to jointly prescribe regulations that require any financial institution or money transmitting business which initiates an international money transfer on behalf of a consumer to disclose the following: (1) any fees charged to the recipient, including exchange rate or currency conversion fees; (2) a final itemization of all costs to the consumer, including all fees charged for the remittance; and (3) the exact amount of foreign currency to be received by the recipient in the foreign country.
  
  Requires such disclosures to be in English and in any other language 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 the office of the institution or business at which the international money transfer is initiated.
  
  Grants the Federal Trade Commission enforcement powers with respect to any financial institution or money transmitting business that is not an insured depository institution or insured credit union.
feat_title: A bill to allow credit unions to provide international money transfer services and to require disclosures in connection with international money transfers from all money transmitting service providers.