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Can you summarize 12 USC 5601?
Regulatory Improvements > Remittance transfers
Short Summary
This legal document, found in the United States Code under the section on Remittance transfers, addresses various aspects related to remittance transfers. It focuses on expanding the use of the automated clearinghouse system and other payment mechanisms for remittance transfers to foreign countries, particularly those receiving significant remittance transfers from the United States. The document also requires the Federal banking agencies and the National Credit Union Administration to provide guidelines to financial institutions regarding the offering of low-cost remittance transfers and no-cost or low-cost basic consumer accounts. Additionally, it mandates the Director to submit a report on the feasibility and impediments to using remittance history in calculating credit scores. Overall, this document aims to enhance the efficiency and accessibility of remittance transfers while promoting financial literacy and consumer empowerment.
Whom does it apply to?
Financial institutions under the jurisdiction of the Federal banking agencies and the National Credit Union Administration
What does it govern?
Remittance transfers
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
U.S. Federal Government