124 STAT. 2065 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(g) DEFINITIONS.—As used in this section— ‘‘(1) the term ‘designated recipient’ means any person located in a foreign country and identified by the sender as the authorized recipient of a remittance transfer to be made by a remittance transfer provider, except that a designated recipient shall not be deemed to be a consumer for purposes of this Act; ‘‘(2) the term ‘remittance transfer’— ‘‘(A) means the electronic (as defined in section 106(2) of the Electronic Signatures in Global and National Com- merce Act (15 U.S.C. 7006(2))) transfer of funds requested by a sender located in any State to a designated recipient that is initiated by a remittance transfer provider, whether or not the sender holds an account with the remittance transfer provider or whether or not the remittance transfer is also an electronic fund transfer, as defined in section 903; and ‘‘(B) does not include a transfer described in subpara- graph (A) in an amount that is equal to or lesser than the amount of a small-value transaction determined, by rule, to be excluded from the requirements under section 906(a); ‘‘(3) the term ‘remittance transfer provider’ means any per- son or financial institution that provides remittance transfers for a consumer in the normal course of its business, whether or not the consumer holds an account with such person or financial institution; and ‘‘(4) the term ‘sender’ means a consumer who requests a remittance provider to send a remittance transfer for the consumer to a designated recipient.’’. (b) AUTOMATED CLEARINGHOUSE SYSTEM.— (1) EXPANSION OF SYSTEM.—The Board of Governors shall work with the Federal reserve banks and the Department of the Treasury to expand the use of the automated clearinghouse system and other payment mechanisms for remittance transfers to foreign countries, with a focus on countries that receive significant remittance transfers from the United States, based on— (A) the number, volume, and size of such transfers; (B) the significance of the volume of such transfers relative to the external financial flows of the receiving country, including— (i) the total amount transferred; and (ii) the total volume of payments made by United States Government agencies to beneficiaries and retirees living abroad; (C) the feasibility of such an expansion; and (D) the ability of the Federal Reserve System to estab- lish payment gateways in different geographic regions and currency zones to receive remittance transfers and route them through the payments systems in the destination countries. (2) REPORT TO CONGRESS.—Not later than one calendar year after the date of enactment of this Act, and on April 30 biennially thereafter during the 10-year period beginning on that date of enactment, the Board of Governors shall submit a report to the Committee on Banking, Housing, and Urban
