II 

113TH CONGRESS 

1ST SESSION S. 1840 

To allow the Secretary of the Treasury to rely on State examinations for 

certain financial institutions, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

DECEMBER 17, 2013 

Mr. KIRK (for himself and Ms. KLOBUCHAR) introduced the following bill; 

which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 

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 cited as the ‘‘Money Remittances Im5 provement Act of 2013’’. 


tjames on DSK6SPTVN1PROD with BILLS
2 

•S 1840 IS

1 SEC. 2. COMPLIANCE AUTHORITY FOR CERTAIN REPORT2 ING REQUIREMENTS. 

3 (a) COMPLIANCE WITH REPORTING REQUIREMENTS

4 ON MONETARY INSTRUMENT TRANSACTIONS.—Section 

5 5318(a) of title 31, United States Code, is amended— 

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

7 end; 

8 (2) by redesignating paragraph (6) as para9 graph (7); and 

10 (3) by inserting after paragraph (5) the fol11 lowing: 

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

13 supervisory agency of a category of financial institu14 tion, if the Secretary determines that, under the 

15 laws of the State— 

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

17 required to comply with this subchapter and 

18 regulations prescribed under this subchapter; or 

19 ‘‘(B) the State supervisory agency is au20 thorized to ensure that the category of financial 

21 institution complies with this subchapter and 

22 regulations prescribed under this subchapter; 

23 and’’. 

24 (b) COMPLIANCE WITH REPORTING REQUIREMENTS

25 OF OTHER FINANCIAL INSTITUTIONS.—Section 128 of 

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


tjames on DSK6SPTVN1PROD with BILLS
3 

•S 1840 IS

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

2 chapter and section 21 of the Federal Deposit Insur3 ance Act (12 U.S.C. 1829b)’’; and 

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

5 Secretary may rely on examinations conducted by a 

6 State supervisory agency of a category of financial 

7 institution, if the Secretary determines that under 

8 the laws of the State, the category of financial insti9 tution is required to comply with this chapter and 

10 section 21 of the Federal Deposit Insurance Act 

11 (and regulations prescribed under this chapter and 

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

13 the State supervisory agency is authorized to ensure 

14 that the category of financial institution complies 

15 with this chapter and section 21 of the Federal De16 posit Insurance Act (and regulations prescribed 

17 under this chapter and section 21 of the Federal De18 posit Insurance Act).’’. 

19 (c) CONSULTATION WITH STATE AGENCIES.—In 

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

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

22 508 (12 U.S.C. 1958), the Secretary of the Treasury shall 

23 consult with State supervisory agencies. 

Æ 


tjames on DSK6SPTVN1PROD with BILLS