[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4386 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 4386

 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 3, 2014

 Mr. Ellison (for himself, Mr. Paulsen, Mr. Duffy, Mr. Hinojosa, Mrs. 
Carolyn B. Maloney of New York, Mr. Pittenger, Mr. Cramer, Mr. Smith of 
 Washington, and Mr. King of New York) 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 
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.
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