[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1694 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 1694

 To allow the Secretary of the Treasury to rely on State examinations 
      for certain financial institutions, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 24, 2013

 Mr. Ellison (for himself, Mr. Paulsen, and Mr. Duffy) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 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 
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.
    (d) Information Sharing.--Section 310(b)(2)(E) of title 31, United 
States Code, is amended by striking ``Federal regulatory agencies'' and 
inserting ``Federal and foreign regulatory agencies''.
                                 <all>