I 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Money Remittances 

5 Improvement Act of 2013’’. 

6 SEC. 2. COMPLIANCE AUTHORITY FOR CERTAIN REPORT7 ING REQUIREMENTS. 

8 (a) COMPLIANCE WITH REPORTING REQUIREMENTS

9 ON MONETARY INSTRUMENT TRANSACTIONS.—Section 

10 5318(a) of title 31, United States Code, is amended— 


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1 (1) in paragraph (5), by striking ‘‘and’’ at the 

2 end; 

3 (2) by redesignating paragraph (6) as para4 graph (7); and 

5 (3) by inserting after paragraph (5) the fol6 lowing: 

7 ‘‘(6) rely on examinations conducted by a State 

8 supervisory agency of a category of financial institu9 tion, if the Secretary determines that, under the 

10 laws of the State— 

11 ‘‘(A) the category of financial institution is 

12 required to comply with this subchapter and 

13 regulations prescribed under this subchapter; or 

14 ‘‘(B) the State supervisory agency is au15 thorized to ensure that the category of financial 

16 institution complies with this subchapter and 

17 regulations prescribed under this subchapter; 

18 and’’. 

19 (b) COMPLIANCE WITH REPORTING REQUIREMENTS

20 OF OTHER FINANCIAL INSTITUTIONS.—Section 128 of 

21 Public Law 91–508 (12 U.S.C. 1958) is amended— 

22 (1) by striking ‘‘this title’’ and inserting ‘‘this 

23 chapter and section 21 of the Federal Deposit Insur24 ance Act (12 U.S.C. 1829b)’’; and 


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1 (2) by inserting at the end the following: ‘‘The 

2 Secretary may rely on examinations conducted by a 

3 State supervisory agency of a category of financial 

4 institution, if the Secretary determines that under 

5 the laws of the State, the category of financial insti6 tution is required to comply with this chapter and 

7 section 21 of the Federal Deposit Insurance Act 

8 (and regulations prescribed under this chapter and 

9 section 21 of the Federal Deposit Insurance Act), or 

10 the State supervisory agency is authorized to ensure 

11 that the category of financial institution complies 

12 with this chapter and section 21 of the Federal De13 posit Insurance Act (and regulations prescribed 

14 under this chapter and section 21 of the Federal De15 posit Insurance Act).’’. 

16 (c) CONSULTATION WITH STATE AGENCIES.—In 

17 issuing rules to carry out section 5318(a)(6) of title 31, 

18 United States Code, and section 128 of Public Law 91– 

19 508 (12 U.S.C. 1958), the Secretary of the Treasury shall 

20 consult with State supervisory agencies. 

21 (d) INFORMATION SHARING.—Section 310(b)(2)(E) 

22 of title 31, United States Code, is amended by striking 

23 ‘‘Federal regulatory agencies’’ and inserting ‘‘Federal and 

24 foreign regulatory agencies’’. 

Æ 


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