[113th Congress Public Law 156]
[From the U.S. Government Publishing Office]
[[Page 128 STAT. 1829]]
Public Law 113-156
113th Congress
An Act
To allow the Secretary of the Treasury to rely on State examinations for
certain financial institutions, and for other purposes. <<NOTE: Aug. 8,
2014 - [H.R. 4386]>>
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled, <<NOTE: Money
Remittances Improvement Act of 2014. 12 USC 1951 note.>>
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
[[Page 128 STAT. 1830]]
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.
Approved August 8, 2014.
LEGISLATIVE HISTORY--H.R. 4386:
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CONGRESSIONAL RECORD, Vol. 160 (2014):
May 6, considered and passed House.
Aug. 1, considered and passed Senate.
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