Money Remittances Improvement Act of 2014 - Authorizes the Secretary of the Treasury, with respect to compliance with reporting requirements for monetary instrument transactions of financial institutions, to rely upon examinations conducted by a state supervisory agency of a category of financial institution if: (1) the category is required to comply with federal requirements, or (2) the state supervisory agency examines the category for compliance with federal requirements.
Instructs the Secretary to consult with state supervisory agencies when issuing rules to implement this Act.
[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 2208 Introduced in Senate (IS)]
113th CONGRESS
2d Session
S. 2208
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
April 3, 2014
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 be cited as the ``Money Remittances Improvement Act of
2014''.
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--
``(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 examines the
category of financial institution for compliance 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 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).''.
(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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