[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3700 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 3700

 To instruct the Secretary of the Treasury to use 25 percent of civil 
 fines collected for violations of the Bank Secrecy Act to make grants 
  to community financial institutions to improve compliance with the 
            provisions of that Act, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           December 11, 2013

 Mr. Hinojosa (for himself, Ms. Shea-Porter, and Mr. Vela) introduced 
 the following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
 To instruct the Secretary of the Treasury to use 25 percent of civil 
 fines collected for violations of the Bank Secrecy Act to make grants 
  to community financial institutions to improve compliance with the 
            provisions of that Act, 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 ``Building Community Financial 
Institutions' Capacity to Combat Money Laundering Act''.

SEC. 2. BSA COMPLIANCE IMPROVEMENT GRANTS.

    (a) In General.--Subchapter II of chapter 53 of title 31, United 
States Code, is amended--
            (1) in section 5321, by adding at the end the following:
    ``(f) Civil Fines Used for Compliance Improvements.--
            ``(1) In general.--For each year, 25 percent of all civil 
        money penalties imposed on domestic financial institutions 
        pursuant to this section shall be deposited into the BSA 
        Compliance Fund established under section 5333.
            ``(2) Fines under other law for actions that violate this 
        section.--If a domestic financial institution pays a civil fine 
        under any other provision of Federal law with respect to an 
        action for which a civil money penalty is imposed under this 
        section, 25 percent of such civil fine shall be deposited into 
        the BSA Compliance Fund established under section 5333.''; and
            (2) by adding at the end the following:
``Sec. 5333. Compliance improvement grants
    ``(a) BSA Compliance Fund.--There is established a fund in the 
Treasury to be known as the `BSA Compliance Fund' (the `Fund'), which 
shall be used to carry out the grant program under this section.
    ``(b) Compliance Grants.--
            ``(1) In general.--Subject to the availability of funds in 
        the Fund, the Secretary of the Treasury shall make grants to 
        community financial institutions to improve compliance with the 
        requirements of this subchapter.
            ``(2) Application.--A community financial institution that 
        wishes to receive a grant under this section shall submit an 
        application to the Secretary, in such form and manner as the 
        Secretary determines appropriate, that contains--
                    ``(A) a compliance improvement plan that details 
                how the grant will be used to improve compliance with 
                the requirements of this subchapter;
                    ``(B) the estimated cost of implementing such plan; 
                and
                    ``(C) such other information as the Secretary 
                determines appropriate.
            ``(3) Competitive selection; priority for certain areas.--
        The Secretary shall select which community financial 
        institutions receive a grant under this section on a 
        competitive basis based on the plans submitted under paragraph 
        (2), and shall give priority to institutions located in 
        counties that have 20 percent or more of residents living below 
        the Federal poverty line.
            ``(4) Amount of grant.--A grant made under this section may 
        not exceed the lesser of--
                    ``(A) $200,000; or
                    ``(B) 75 percent of the estimated cost of 
                implementing the proposed compliance improvement plan.
    ``(c) Administrative Costs.--Not more than 4 percent of the funds 
in the Fund may be used to pay for the administrative costs of carrying 
out this section.
    ``(d) Community Financial Institution Defined.--For purposes of 
this section, the term `community financial institution' means a 
domestic financial institution with less than $10,000,000,000 in 
assets.''.
    (b) Clerical Amendment.--The table of analysis for chapter 53 of 
title 31, United States Code, is amended by inserting after the item 
relating to section 5332 the following:

``5333. Compliance improvement grants.''.

SEC. 3. SUNSET.

    (a) In General.--Effective October 1, 2018, title 31, United States 
Code, is amended--
            (1) in section 5321, by striking subsection (f);
            (2) by striking section 5333; and
            (3) in the table of analysis for chapter 53, by striking 
        the item relating to section 5333.
    (b) Amounts Remaining in BSA Compliance Fund.--Effective October 1, 
2018, the Secretary of the Treasury shall deposit any funds in the BSA 
Compliance Fund into the general fund of the Treasury.
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