Affordable Remittance Act
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Summary
The Affordable Remittance Act requires the Federal Reserve Board to provide access to FedNow, the Federal Reserve's instant payment system, to affordable remittance providers within 90 days of enactment. The bill defines eligible providers as non-depository institutions whose primary business is facilitating affordable remittance payments, subject to anti-money-laundering compliance and state or federal consumer protection regulation. The Federal Reserve is prohibited from imposing capital or liquidity requirements on these providers beyond what is necessary to ensure payment performance, and must submit annual reports to Congress on remittance cost trends.
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