International Remittances: Information on Products, Costs, and Consumer Disclosures

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DIANE Publishing, 2006 - Social Science - 58 pages
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Remittances (RE) are personal funds immigrants send to their home countries. The majority of these RE are sent to Latin Amer. & the Caribbean & they are a very important source of financial flows to many countries. In 2004, the U.S., with other countries, pledged to reduce fees for RE. RE senders in the U.S. can send funds through entities in the formal financial sector such as money transfer operators, banks, & credit unions or other informal means such as couriers. This report provides info. on: the methods of transmission available to RE senders in the formal financial sector & the advantages & disadvantages of each; the costs to send RE through the formal financial sector; & disclosures RE providers typically provide to senders. Illus.

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Page 50 - We determined that the data were sufficiently reliable for the purposes of this report. We performed our review from June 2003 through May 2004 in accordance with generally accepted government auditing standards.
Page 46 - Administration, and other interested parties and will make copies available to others upon request. In addition, the report will be available at no charge on the GAO Web site at If you or your staff have any questions regarding this report, please contact me at (202) 512-8678 or
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Page 48 - FEDERAL FINANCIAL INSTITUTIONS REGULATORY AGENCIES. — The term "Federal financial institutions regulatory agencies" means the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporations, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the National Credit Union Administration. (7) FINANCIAL INSTITUTION.— The term "financial institution...
Page 40 - ... unless the consumer has notified the financial institution that transfers by that person are no longer authorized; (2) With fraudulent intent by the consumer or any person acting in concert with the consumer; or (3) By the financial institution or its employee. 205.3 Coverage. (a) General. This part applies to any electronic fund transfer that authorizes a financial institution to debit or credit a consumer's account. Generally, this part applies to financial institutions. For purposes of 205.10...
Page 1 - Group of 8 (G8) is a group of eight countries: Canada, France, Germany, Italy, Japan, Russia, the United Kingdom, and the United States. The...
Page 1 - Chairman The Honorable Paul S. Sarbanes Ranking Minority Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Michael G.
Page 3 - Appendix I provides additional details on our scope and methodology. We conducted our work from December 2004 to October 2005 in accordance with generally accepted government auditing standards.
Page 3 - ... financial institutions and bring more immigrants into the financial mainstream. Research shows that competition in the remittance market has resulted in a drop in the cost to send remittances from the United States to certain regions of the world. For example, according to the...

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