Advisory on the procurement of firearms and firearm accessories

(a)

Definitions

In this section:(1)

Domestic terrorism

The term domestic terrorism has the meaning given the term in section 2331 of title 18, United States Code.(2)

FinCEN

The term FinCEN means the Financial Crimes Enforcement Network.(3)

Financial institution

The term financial institution has the meaning given the term in section 5312(a) of title 31, United States Code.(4)

Firearm

The term firearm has the meaning given the term in section 921(a) of title 18, United States Code.(b)

Request for information

(1)

In general

Not later than 1 year after the date of enactment of this Act, FinCEN shall request information from financial institutions for the purpose of developing an advisory about the identification and reporting of suspicious activity relating to—(A)how homegrown violent extremists and perpetrators of domestic terrorism procure firearms and firearm accessories for the purpose of carrying out lone actor or lone wolf acts of terror within the United States; and(B)the ways in which the firearms market in the United States is exploited to facilitate gun violence in the United States.(2)

Application of section 5318(g) of title 31

Section 5318(g) of title 31, United States Code, shall apply to a request for information from a financial institution by FinCEN under paragraph (1) in the same manner that section applies to a requirement by the Secretary of the Treasury of a financial institution to report a suspicious transaction under that section.(3)

Tailoring

In requesting information from a financial institution under paragraph (1), FinCEN shall consider the size of the financial institution and tailor the request accordingly.(4)

Consultation

Before requesting information from a financial institution under paragraph (1), FinCEN shall consult, with respect to the nature of the request, with—(A)the Director of the Federal Bureau of Investigation;(B)the Director of the Bureau of Alcohol, Tobacco, Firearms and Explosives of the Department of Justice; and(C)sellers of firearms and firearm accessories.(c)

Advisory

(1)

Sufficient information collected

Not later than 540 days after the date of enactment of this Act, if FinCEN determines that the information collected under subsection (b)(1) is sufficient to develop the advisory described in that subsection, FinCEN shall issue the advisory.(2)

Insufficient information collected

Not later than 540 days after the date of enactment of this Act, if FinCEN determines that the information collected under subsection (b)(1) is not sufficient to develop the advisory described in that subsection, FinCEN shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report that describes—(A)the type of information collected under subsection (b)(1);(B)the methodology used to collect such information;(C)the degree to which financial institutions provided information requested;(D)why such information is not sufficient to develop the advisory described in subsection (b)(1); and(E)any barriers to obtaining the information that is required to develop the advisory described in subsection (b)(1).(d)

Rulemaking

Not later than 90 days after the date of enactment of this Act, FinCEN, in consultation with the Director of the Federal Bureau of Investigation and the Director of the Bureau of Alcohol, Tobacco, Firearms, and Explosives of the Department of Justice, shall promulgate a rule that defines the following terms for the purpose of this section:(1)Firearm accessory.(2)Homegrown violent extremist.(3)Lone wolf.(4)Lone actor.