text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``International Money Transfer 
  Disclosure Act''.
  
  SEC. 2. DISCLOSURES REQUIRED.
  
      (a) Regulations.--
              (1) In general.--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 make a good faith 
          effort to provide the following disclosures to the consumer 
          before the consummation of the transaction:
                      (A) Any fees to be charged to the recipient, 
                  including any exchange rate or currency conversion 
                  fees.
                      (B) A final itemization of all costs to the 
                  consumer, which would include all fees charged, for the 
                  remittance.
                      (C) The exact amount of foreign currency to be 
                  received by the recipient in the foreign country.
              (2) Good faith effort.--For purposes of paragraph (1), good 
          faith effort requires honesty in fact and all commercially 
          reasonable efforts to provide the disclosures based on the most 
          accurate information reasonably available to the financial 
          institution or money transmitting business at the time of the 
          international money transfer.
      (b) Language Requirement.--The disclosures required under 
  subsection (a) shall be in English and in the same language, if other 
  than English, as the language 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 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 (as such 
                  terms are defined in section 3 of the Federal Deposit 
                  Insurance Act);
                      (B) the National Credit Union Administration, in 
                  the case of any credit union (as defined in section 101 
                  of the Federal Credit Union Act); 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) 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.
              (3) 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.
              (4) 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 (as such terms are 
                          defined in section 3 of the Federal Deposit 
                          Insurance Act); 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 the enactment of this Act.
target: International Money Transfer Disclosure Act - Directs certain Federal agencies to jointly prescribe regulations requiring a financial institution or money transmitting business which initiates an international money transfer on behalf of a consumer to make a good faith effort to disclose to the consumer before 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 for the remittance; and (3) the exact amount of foreign currency to be received by the recipient in the foreign country.
  
  Mandates that such disclosures take place in English and in the same language, if other than English, as the language principally used by the financial institution or money transmitting business to advertise, solicit, or negotiate at its office where the international money transfer is initiated.
feat_title: To require certain disclosures in connection with any international money transfer, and for other purposes.