International Remittance Consumer Protection Act of 2004

H.R. 5315, the International Remittance Consumer Protection Act of 2004, aims to increase transparency and lower costs for individuals sending money to family or businesses in foreign countries. The bill would require service providers to clearly disclose exchange rates and fees in both English and the primary language used at the storefront, while also establishing formal procedures for resolving transfer errors. Additionally, it seeks to expand access to affordable financial services by allowing federal credit unions to offer remittance services and encouraging the use of the automated clearinghouse system for international transfers.