Money Remittances Improvement Act of 2013 - Authorizes the Secretary of the Treasury, with respect to compliance with reporting requirements for monetary instrument transactions of certain financial institutions, to rely upon examinations conducted by the relevant state supervisory agency if: (1) the category of financial institution is required by state law to comply with federal requirements, or (2) the state supervisory agency is authorized to ensure that the financial institution complies with such federal requirements.
[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 1840 Introduced in Senate (IS)]
113th CONGRESS
1st Session
S. 1840
To allow the Secretary of the Treasury to rely on State examinations
for certain financial institutions, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
December 17, 2013
Mr. Kirk (for himself and Ms. Klobuchar) introduced the following bill;
which was read twice and referred to the Committee on Banking, Housing,
and Urban Affairs
_______________________________________________________________________
A BILL
To allow the Secretary of the Treasury to rely on State examinations
for certain financial institutions, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may cited as the ``Money Remittances Improvement Act of
2013''.
SEC. 2. COMPLIANCE AUTHORITY FOR CERTAIN REPORTING REQUIREMENTS.
(a) Compliance With Reporting Requirements on Monetary Instrument
Transactions.--Section 5318(a) of title 31, United States Code, is
amended--
(1) in paragraph (5), by striking ``and'' at the end;
(2) by redesignating paragraph (6) as paragraph (7); and
(3) by inserting after paragraph (5) the following:
``(6) rely on examinations conducted by a State supervisory
agency of a category of financial institution, if the Secretary
determines that, under the laws of the State--
``(A) the category of financial institution is
required to comply with this subchapter and regulations
prescribed under this subchapter; or
``(B) the State supervisory agency is authorized to
ensure that the category of financial institution
complies with this subchapter and regulations
prescribed under this subchapter; and''.
(b) Compliance With Reporting Requirements of Other Financial
Institutions.--Section 128 of Public Law 91-508 (12 U.S.C. 1958) is
amended--
(1) by striking ``this title'' and inserting ``this chapter
and section 21 of the Federal Deposit Insurance Act (12 U.S.C.
1829b)''; and
(2) 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 under the laws of the State, 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
is authorized to ensure that the category of financial
institution complies 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).''.
(c) 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.
<all>
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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