I 

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. 

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 2014’’. 


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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— 

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

16 required to comply with this subchapter and 

17 regulations prescribed under this subchapter; or 

18 ‘‘(B) the State supervisory agency exam19 ines the category of financial institution for 

20 compliance with this subchapter and regulations 

21 prescribed under this subchapter; and’’. 

22 (b) COMPLIANCE WITH REPORTING REQUIREMENTS

23 OF OTHER FINANCIAL INSTITUTIONS.—Section 128 of 

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


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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 the cat8 egory of financial institution is required to comply 

9 with this chapter and section 21 of the Federal De10 posit Insurance Act (and regulations prescribed 

11 under this chapter and section 21 of the Federal De12 posit Insurance Act), or the State supervisory agen13 cy examines the category of financial institution for 

14 compliance with this chapter and section 21 of the 

15 Federal Deposit Insurance Act (and regulations pre16 scribed under this chapter and section 21 of the 

17 Federal Deposit Insurance Act).’’. 

18 (c) CONSULTATION WITH STATE AGENCIES.—In 

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

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

21 508 (12 U.S.C. 1958), the Secretary of the Treasury shall 

22 consult with State supervisory agencies. 

Æ 


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