Report to the Congress on the Use of the ACH System and Other Payment Mechanisms for Remittance Transfers to Foreign Countries
PrintIntroduction
Section 1073(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) directs the Board of Governors of the Federal Reserve System (the Board) to provide biennial reports to the Congress over 10 years regarding the Board's work with the Federal Reserve Banks (Reserve Banks) and the U.S. Department of the Treasury (Treasury) to expand the use of the automated clearinghouse (ACH) system and other payment mechanisms for remittance transfers to foreign countries.1 Section 1073(b) instructs the Board to include in its report an analysis of adoption rates of international ACH transactions (IATs) rules and formats, the efficacy of increasing adoption rates, and potential recommendations to increase adoption. Pursuant to this statutory direction, the Board is issuing this third biennial report.2
References
1. Pub. L. No. 111-203, 124 Stat. 2065 (2010). As defined by section 1073(a) of the Dodd-Frank Act, a remittance transfer is an electronic transfer of funds--requested by a consumer located in the United States--to a consumer or business in a foreign country. Return to text
2. The Board consulted with the Reserve Banks and the Treasury to develop this report. The Board's previous reports were published in July 2011 and April 2013, see Board of Governors of the Federal Reserve System (2011), Report to the Congress on the Use of the Automated Clearinghouse System for Remittance Transfers to Foreign Countries (Washington: Board of Governors, July), www.federalreserve.gov/boarddocs/rptcongress/ACH_report_201107.pdf, and (2013), Report to the Congress on the Use of the Automated Clearinghouse System for Remittance Transfers to Foreign Countries (Washington: Board of Governors, April), www.federalreserve.gov/publications/other-reports/files/ACH_report_201304.pdf. Return to text
