Affordable Remittance Act

This bill requires the Federal Reserve Board to give affordable remittance providers access to the FedNow payment system, and for other purposes.

Sec. 3, FedNow access: The Federal Reserve Board must, starting 90 days after this bill becomes law, provide access to FedNow to each affordable remittance provider. Within 60 days after enactment, the Board must publish a definition of 'affordable remittance provider'. In defining that term, the Board may only include persons whose primary business is facilitating affordable remittance payments; may not include depository institutions; may not include any person unless they are registered with FinCEN or otherwise comply with the Bank Secrecy Act and are subject to state or federal consumer protection regulation; and must consider the World Bank's 3 percent sustainable development goal. The Board may not impose capital or liquidity requirements on, or otherwise supervise, affordable remittance providers that are not otherwise subject to its supervision, except as needed to ensure payment performance in FedNow. The bill also defines 'Bank Secrecy Act'. The Board must annually report to Congress on trends in remittance costs. Nothing in this section requires the Board to give affordable remittance providers access to master accounts.