How HR 3066 changes current law

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill expands the definition of 'financial institution' to include wire transfer service providers and adds a specific definition for such providers.

• 31 U.S.C. § 5312(a)

  (Y) wire transfer service providers;

  This change includes wire transfer service providers in the list of entities categorized as financial institutions.

• 31 U.S.C. § 5312(a)

  (7) Wire transfer service provider.--The term `wire transfer service provider' means an entity that engages in the electronic transfer of funds on behalf of consumers or businesses, either domestically or across international borders, including but not limited to services such as Western Union, Ria, MoneyGram, XE, and digital remittance platforms (we recommend against calling out specific companies as they change over time).

  This defines what constitutes a wire transfer service provider, clarifying its role in electronic fund transfers.

• 31 U.S.C. § 5312(a)

  subparagraphs (Y) and (Z) → subparagraphs (Z) and (AA)

  This renumbers the existing subparagraphs to accommodate the new addition for wire transfer service providers.