Affordable Remittance Act

This bill requires the Federal Reserve to provide digital remittance providers access to its FedNow payment system within 90 days of enactment. It defines "affordable remittance providers" as non-bank companies primarily handling low-cost international money transfers, excluding traditional banks and requiring compliance with anti-money laundering rules and consumer protection regulation. The Federal Reserve must also publish annual reports tracking remittance cost trends. The bill aims to help digital providers reduce fees (currently averaging 6% globally) by enabling faster, cheaper transactions through FedNow access, without imposing new capital rules on these providers.