Report

Report to the Congress on the Use of the ACH System and Other Payment Mechanisms for Remittance Transfers to Foreign Countries, May 2015

Abstract: 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.

Bibliographic Information

Provider: Board of Governors of the Federal Reserve System (U.S.)

Part of Series: Reports and Studies

Publication Date: 2015