I
One Hundred Thirteenth Congress of the United States of America
At the Second Session
Begun and held at the City of Washington on Friday, the third day of January, two thousand and fourteen
H. R. 4386
AN ACT
To allow the Secretary of the Treasury to rely on State examinations for certain financial institutions, and for other purposes.
Short title
This Act may be cited as the
Money Remittances Improvement Act of 2014
.
Compliance authority for certain reporting requirements
Compliance with reporting requirements on monetary instrument transactions
Section 5318(a) of title 31, United States Code, is amended—
in paragraph (5), by striking and
at the end;
by redesignating paragraph (6) as paragraph (7); and
by inserting after paragraph (5) the following:
rely on examinations conducted by a State supervisory agency of a category of financial institution, if the Secretary determines that—
the category of financial institution is required to comply with this subchapter and regulations prescribed under this subchapter; or
the State supervisory agency examines the category of financial institution for compliance with this subchapter and regulations prescribed under this subchapter; and
.
Compliance with reporting requirements of other financial institutions
Section 128 of Public Law 91–508 ( 12 U.S.C. 1958 ) is amended—
by striking this title
and inserting this chapter and
section 21 of the Federal Deposit Insurance Act (
12 U.S.C. 1829b
)
; and
by inserting at the end the following: The Secretary may rely on examinations conducted by a State supervisory agency of a category of financial institution, if the Secretary determines that the category of financial institution is required to comply with this chapter and section 21 of the Federal Deposit Insurance Act (and regulations prescribed under this chapter and section 21 of the Federal Deposit Insurance Act), or the State supervisory agency examines the category of financial institution for compliance with this chapter and section 21 of the Federal Deposit Insurance Act (and regulations prescribed under this chapter and section 21 of the Federal Deposit Insurance Act).
.
Consultation with State agencies
In issuing rules to carry out section 5318(a)(6) of title 31, United States Code, and section 128 of Public Law 91–508 ( 12 U.S.C. 1958 ), the Secretary of the Treasury shall consult with State supervisory agencies.
Speaker of the House of Representatives.
Vice President of the United States and President of the Senate.
