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the Deputy Director shall serve as Acting 
Director. 
‘‘(ii) SUCCESSION
IN
CASE
OF
OR 
MORE DEPUTY DIRECTORS.—If there are 2 
or more Deputy Directors serving at the 
time a vacancy in the position of Director 
occurs or the absence or disability of the Di-
rector commences, the First Deputy Director 
shall serve as Acting Director under clause 
(i) followed by such other Deputy Directors 
under any order of succession the Director 
may establish. 
‘‘(iii) AUTHORITY OF ACTING DIREC-
TOR.—Any Deputy Director, while serving 
as Acting Director under this subpara-
graph, shall be vested with all authority, 
duties, and privileges of the Director under 
this Act and any other provision of Federal 
law.’’. 
SEC. 623. LIMITATION ON SCOPE OF NEW AGENCY GUIDE-
LINES. 
(a) IN GENERAL.—The provisions of the multi-agency 
guidance Numbered 2003–1 issued by the Comptroller of the 
Currency, the Board of Governors of the Federal Reserve 
System, the Federal Deposit Insurance Corporation, and
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the Director of the Office of Thrift Supervision that relate 
to minimum credit card payments and negative amortiza-
tion— 
(1) shall only apply to new credit card accounts 
established by a creditor for a consumer after the date 
of the enactment of this Act under an open end con-
sumer credit plan; and 
(2) shall not apply to any outstanding balance 
on any credit card account under an open end con-
sumer credit plan as of such date of enactment. 
(b) DEFINITIONS.—For purposes of this section, the 
terms ‘‘credit’’, ‘‘credit card’’, ‘‘creditor’’, ‘‘consumer’’ and 
‘‘open end credit plan’’ have the same meanings as in sec-
tion 103 of the Truth in Lending Act. 
(c) SUNSET PROVISION.—This section shall not apply 
after the end of the 3-year period beginning on the date 
of the enactment of this Act . 
TITLE VII—‘‘BSA’’ COMPLIANCE 
BURDEN REDUCTION 
SEC. 701. EXCEPTION FROM CURRENCY TRANSACTION RE-
PORTS FOR SEASONED CUSTOMERS. 
(a) FINDINGS.—The Congress finds as follows: 
(1) The completion of and filing of currency 
transaction reports under section 5313 of title 31,
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United States Code, poses a compliance burden on the 
financial industry. 
(2) Due to the nature of the transactions or the 
persons and entities conducting such transactions, 
certain such reports as currently filed do not appear 
to be relevant to the detection, deterrence, or inves-
tigation of financial crimes, including money laun-
dering and the financing of terrorism. 
(3) However, the data contained in such reports 
can provide valuable context for the analysis of other 
data derived pursuant to subchapter II of chapter 53 
of title 31, United States Code, as well as investiga-
tive data, which provides invaluable and indispen-
sable information supporting efforts to combat money 
laundering and other financial crimes. 
(4) An exemption from the reporting require-
ments for certain currency transactions that are of 
little or no value to ongoing efforts of law enforcement 
agencies, financial regulatory agencies, and the finan-
cial services industry to investigate, detect, or deter fi-
nancial crimes would serve to balance the burden 
placed on members of the financial services industry 
with the compelling need to produce and provide 
meaningful information to policy-makers, financial 
regulators, law enforcement, and intelligence agencies.
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(5) The Secretary of the Treasury has by regula-
tion, and in accordance with section 5313 of title 31, 
United States Code, implemented a process by which 
institutions may seek exemptions from filing certain 
currency transaction reports based on appropriate 
circumstances; however, the existing exemption proc-
ess has not adequately balanced the burden on the fi-
nancial industry with the Government’s need for data 
to support its efforts in combating financial crime. 
(6) The act of providing notice to the Secretary 
of the Treasury of designations of exemption provides 
meaningful information to law enforcement officials 
on exempt customers and enables law enforcement to 
obtain account information through appropriate legal 
process; the act of providing notice of designations of 
exemption complements other sections of title 31, 
United States Code, whereby law enforcement can lo-
cate financial institutions with relevant records relat-
ing to a person of investigative interest, such as infor-
mation requests made pursuant to regulations imple-
menting section 314(a) of the USA PATRIOT Act of 
2001. 
(7) A designation of exemption has no effect on 
requirements for depository institutions to apply the 
full range of anti-money laundering controls as set
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forth in subchapter II of chapter 53 of title 31, 
United States Code, including the requirement to 
apply the customer identification program pursuant 
to Section 5326 of subchapter II of chapter 53 of title 
31, United States Code, and the requirement to iden-
tify, monitor, and, if appropriate, report suspicious 
activity in accordance with section 5318(g) of title 
31, United States Code. 
(8) The Federal banking agencies and the Finan-
cial Crimes Enforcement Network have recently pro-
vided guidance through the Federal Financial Institu-
tions Examination Council Bank Secrecy Act/Anti- 
Money Laundering Examination Manual on apply-
ing appropriate levels of due diligence and identi-
fying suspicious activity by the types of cash-inten-
sive businesses that generally will be subject to exemp-
tion. 
(b) SEASONED CUSTOMER EXEMPTION.— 
(1) IN GENERAL.—Section 5313(e) of title 31, 
United States Code, is amended to read as follows: 
‘‘(e) QUALIFIED CUSTOMER EXEMPTION.— 
‘‘(1) IN GENERAL.—The Secretary of the Treas-
ury shall prescribe regulations within 270 days of the 
enactment of the Financial Services Regulatory Relief 
Act of 2005 that exempt any depository institution
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from filing a report pursuant to this section in a 
transaction for the payment, receipt, or transfer of 
United States coins or currency (or other monetary 
instruments the Secretary of the Treasury prescribes) 
with a qualified customer of the depository institu-
tion. 
‘‘(2) QUALIFIED CUSTOMER DEFINED.—For pur-
poses of this section, the term ‘qualified customer’, 
with respect to a depository institution, has such 
meaning as the Secretary of the Treasury shall pre-
scribe, which shall include any person that— 
‘‘(A) is incorporated or organized under the 
laws of the United States or any State, includ-
ing a sole proprietorship, or is registered as and 
eligible to do business within the United States 
or a State; 
‘‘(B) has maintained a deposit account with 
the depository institution for at least 12 months; 
and 
‘‘(C) has engaged, using such account, in 
multiple currency transactions that are subject 
to the reporting requirements of subsection (a). 
‘‘(3) REGULATIONS.— 
‘‘(A) IN
GENERAL.—The Secretary of the 
Treasury shall prescribe regulations requiring a
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depository institution to file a 1-time notice of 
designation of exemption for each qualified cus-
tomer of the depository institution. 
‘‘(B) FORM AND CONTENT OF EXEMPTION 
NOTICE.—The Secretary shall by regulation pre-
scribe the form, manner, content, and timing of 
the qualified customer exemption notice; such no-
tice shall include information sufficient to iden-
tify the qualified customer and its accounts. 
‘‘(C) AUTHORITY OF SECRETARY.— 
‘‘(i) IN GENERAL.—The Secretary may 
suspend, reject or revoke any qualified cus-
tomer exemption notice, in accordance with 
criteria prescribed by the Secretary by regu-
lation. 
‘‘(ii) 
CONDITIONS.—The 
Secretary 
may establish conditions, in accordance 
with criteria prescribed by regulation, 
under which exempt qualified customers of 
an insured depository institution that is 
merged with or acquired by another insured 
depository institution will continue to be 
treated as designated exempt qualified cus-
tomers of the surviving or acquiring institu-
tion.’’.
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(c) 3-YEAR REVIEW AND REPORT.—Before the end of 
the 3-year period beginning on the date of the enactment 
of this Act, the Secretary of the Treasury, in consultation 
with the Attorney General, the Secretary of the Department 
of Homeland Security, the Federal banking agencies, the 
banking industry, and such other persons as the Secretary 
deems appropriate, shall evaluate the operations and effect 
of this provision and make recommendations to Congress 
as to any legislative action with respect to this provision 
as the Secretary may determine to be appropriate. 
SEC. 702. REDUCTION IN INCONSISTENCIES IN MONETARY 
TRANSACTION 
RECORDKEEPING 
AND 
RE-
PORTING ENFORCEMENT AND EXAMINATION 
REQUIREMENTS. 
(a) SENSE OF THE CONGRESS.—It is the sense of the 
Congress that inconsistencies and redundancies among reg-
ulations implementing monetary transaction recordkeeping 
and reporting enforcement programs under section 8 of the 
Federal Deposit Insurance Act, section 206(q) of the Federal 
Credit Union Act, and chapter II of chapter 53 of title 31, 
United States Code by the Secretary of the Treasury and 
the Federal banking agencies— 
(1) increase the difficulty depository institutions 
have in complying with congressional intent in cre-
ating such enforcement programs,
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(2) reduce the transparency and clarity of the 
regulatory regime; 
(3) increase the potential for conflict among the 
various regulations in the future; and 
(4) contribute to the perception that various 
agencies involved in the enforcement of the monetary 
transaction recordkeeping and reporting requirements 
apply such requirements inconsistently. 
(b) AGENCY COORDINATION
OF MONETARY TRANS-
ACTION
RECORDKEEPING
AND
REPORTING
REQUIRE-
MENTS.— 
(1) ENFORCEMENT PROGRAMS.— 
(A) FEDERAL DEPOSIT INSURANCE ACT.— 
Section 8(s) of the Federal Deposit Insurance Act 
(12 U.S.C. 1818(s)) is amended by adding at the 
end the following new paragraph: 
‘‘(4) COORDINATION
ON
UNIFORM
REQUIRE-
MENTS.—In prescribing regulations under paragraph 
(1), the Federal banking agencies, acting through the 
Financial Institutions Examination Council, shall— 
‘‘(A) consult with each other, the National 
Credit Union Administration Board, and the 
Secretary of the Treasury; and 
‘‘(B) take such action as may be necessary 
to ensure that the requirements for procedures es-
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tablished pursuant to such regulations, and the 
examination standards for reviewing such proce-
dures, are congruent and reasonably uniform 
(taking into account differences in the form and 
function of the institutions subject to such re-
quirements).’’. 
(B) FEDERAL CREDIT UNION ACT.—Section 
206(q) of the Federal Credit Union Act (12 
U.S.C. 1786(q)) is amended by adding at the end 
the following new paragraph: 
‘‘(4) COORDINATION
ON
UNIFORM
REQUIRE-
MENTS.—In prescribing regulations under paragraph 
(1), the Board, acting through the Financial Institu-
tions Examination Council, shall— 
‘‘(A) consult with the Federal banking agen-
cies and the Secretary of the Treasury; and 
‘‘(B) take such action as may be necessary 
to ensure that the requirements for procedures es-
tablished pursuant to such regulations, and the 
examination standards for reviewing such proce-
dures, are congruent and reasonably uniform 
(taking into account differences in the form and 
function of the institutions subject to such re-
quirements).’’.
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(2) EXAMINATION STANDARDS AND DISPUTES.— 
Section 1006 of the Federal Financial Institutions 
Examination Council Act of 1978 (12 U.S.C. 3305) 
is amended by adding at the end the following new 
subsection: 
‘‘(h) MONETARY TRANSACTION RECORDKEEPING AND 
REPORTING REQUIREMENTS.—The Council and the Sec-
retary of the Treasury shall jointly establish— 
‘‘(1) uniform standards and principles applica-
ble to the examination of financial institutions to en-
sure compliance with the requirements of subchapter 
II of chapter 53, United States Code, sections 8(s) 
and 21 of the Federal Deposit Insurance Act, and sec-
tion 206(q) of the Federal Credit Union Act; and 
‘‘(2) a clear policy statement on appropriate 
processes for resolving examiner-institution disagree-
ments concerning the application of subchapter II of 
chapter 53, United States Code, sections 8(s) and 21 
of the Federal Deposit Insurance Act, and section 
206(q) of the Federal Credit Union Act to financial 
institutions.’’. 
(3) EFFECTIVE
DATE.—The Federal banking 
agencies, the National Credit Union Administration 
Board, the Financial Institutions Examination 
Council, and the Secretary of the Treasury shall com-
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•HR 3505 RH2 
mence the discussions and consultations required 
under the amendments made by this subsection as 
soon as practicable after the date of the enactment of 
this Act. 
(c) REVIEW OF AND REPORT ON ADDITIONAL REGU-
LATORY OR LEGISLATIVE CHANGES.— 
(1) REVIEW REQUIRED.—Before the end of the 6- 
month period beginning on the date of the enactment 
of this Act, the Secretary of the Treasury shall con-
duct a review of the potential inconsistencies in, or 
redundancies among, the regulations pertaining to the 
application of the requirements of subchapter II of 
chapter 53, United States Code, sections 8(s) and 21 
of the Federal Deposit Insurance Act, and section 
206(q) of the Federal Credit Union Act to financial 
institutions. 
(2) REPORT TO CONGRESS AND THE FINANCIAL 
INSTITUTIONS EXAMINATION COUNCIL.—Upon comple-
tion of the review under paragraph (1), the Secretary 
of the Treasury shall promptly submit a report on the 
findings and conclusions of the Secretary with respect 
to the review to the Committee on Financial Services 
of the House of Representatives and the Committee on 
Banking, Housing, and Urban Affairs of the Senate, 
together with such recommendations for legislative
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•HR 3505 RH2 
and administrative actions as the Secretary may de-
termine to be appropriate, and shall transmit a copy 
of such report to the members of the Financial Insti-
tutions Examination Council. 
(d) REFORM OF APPLICATION OF MONETARY TRANS-
ACTION RECORDKEEPING AND REPORTING REQUIREMENTS 
TO FINANCIAL INSTITUTIONS.—Before the end of the 9- 
month period beginning on the date of the submission of 
the report to Congress under subsection (c)(2), the Secretary 
of the Treasury shall prescribe regulations implementing 
appropriate changes to regulations within the jurisdiction 
of the Secretary to remedy redundancies or inconsistencies 
identified in the review by, and included in the rec-
ommendations of, the Secretary under subsection (c). 
SEC. 703. ADDITIONAL REFORMS RELATING TO MONETARY 
TRANSACTION 
AND 
RECORDKEEPING 
RE-
QUIREMENTS APPLICABLE TO FINANCIAL IN-
STITUTIONS. 
(a) NOTIFICATION OF OFFICERS AND DIRECTORS OF 
FINANCIAL INSTITUTIONS.—Before the end of the 6-month 
period beginning on the date of the enactment of this Act, 
the Secretary of the Treasury shall— 
(1) review any regulation, guideline, or guidance 
of the Secretary, any Federal banking agency, or the 
National Credit Union Administration Board that
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•HR 3505 RH2 
serves as the basis for any requirement to provide no-
tice to any officer or director of a depository institu-
tion of any suspicious activity report submitted by 
the depository institution to the Secretary and any 
such agency or Board; 
(2) modify or eliminate any such requirement of 
the Secretary that the Secretary determines is not 
necessary to achieve the purposes of section 5318(g) of 
title 31, United States Code; and 
(3) make a recommendation to any Federal 
banking agency or the National Credit Union Admin-
istration Board to modify or eliminate any such re-
quirement of such agency or Board that the Secretary 
determines is not necessary to achieve the purposes of 
section 5318(g) of title 31, United States Code. 
(b) ELIMINATION OF UNNECESSARY VERIFICATION RE-
QUIREMENTS APPLICABLE TO THE PURCHASE OF FINAN-
CIAL INSTRUMENTS.—Before the end of the 9-month period 
beginning on the date of the enactment of this Act, the Sec-
retary of the Treasury shall— 
(1) review all verification of customer identity 
requirements as they relate to the purchases of mone-
tary instruments by customers of depository institu-
tions, including the regulations codified in section
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•HR 3505 RH2 
103.29(a)(ii) of title 31, Code of Federal Regulations; 
and 
(2) modify or eliminate any customer identity 
requirement related to the purchases of monetary in-
struments by customers of depository institutions 
codified in section 103.29(a)(ii) of title 31, Code of 
Federal Regulations, that the Secretary determines is 
unnecessary. 
(c) ELIMINATION OF RECURRING FILINGS OF SUS-
PICIOUS ACTIVITY REPORTS ON A SINGLE TRANSACTION.— 
Before the end of the 9-month period beginning on the date 
of the enactment of this Act, the Secretary of the Treasury, 
as appropriate, shall prescribe regulations, or issue other 
forms of guidance, that eliminate the need for depository 
institutions to file recurring suspicious activity reports on 
the same transaction unless there has been a subsequent 
change in any pattern of activity involving any person who 
was connected with the transaction. 
(d) ELECTRONIC ACKNOWLEDGEMENT
OF CERTAIN 
ELECTRONIC FILINGS.—Before the end of the 1-year period 
beginning on the date of the enactment of this Act, the Di-
rector of the Financial Crimes Enforcement Network shall 
put into effect a system for promptly furnishing an elec-
tronic acknowledgement of receipt to any institution that 
files a form with FinCEN under subchapter II of chapter
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•HR 3505 RH2 
53 of title 31, United States Code, through the Network’s 
electronic filing system. 
SEC. 704. STUDY BY COMPTROLLER GENERAL. 
(a) STUDY REQUIRED.—The Comptroller General of 
the United States shall conduct a study on methods and 
practices which would— 
(1) reduce the overall number of currency trans-
action reports filed with the Secretary of the Treasury 
under section 5313(a) of title 31, United States Code, 
while ensuring that the needs of the Secretary, the Fi-
nancial Crimes Enforcement Network, law enforce-
ment agencies, and financial institution regulatory 
agencies continue to be met; 
(2) improve financial institution utilization of 
the current exemption provisions; and 
(3) mitigate the difficulties in the current imple-
mentation of such exemption provisions that limit the 
utility of the exemption process for financial institu-
tions. 
(b) REPORT.—Before the end of the 6-month period be-
ginning on the date of the enactment of this Act, the Comp-
troller General shall submit a report to the Committee on 
Financial Services of the House of Representatives and the 
Committee on Banking, Housing, and Urban Affairs of the 
Senate on the findings and conclusions of the Comptroller
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•HR 3505 RH2 
General with respect to the study conducted under sub-
section (a) and such recommendations for legislative and 
administrative action as the Comptroller General may de-
termine to be appropriate. 
SEC. 705. FEASIBILITY STUDY REQUIRED. 
(a) IN GENERAL.—For the purpose of simplifying, and 
increasing compliance with, the various recordkeeping and 
reporting requirements under subchapter II of chapter 53 
of title 31, United States Code, chapter 2 of title I of Public 
Law 91—508, and section 21 of the Federal Deposit Insur-
ance Act, and regulations prescribed under such provisions 
of law, the Secretary of the Treasury (hereafter in this sec-
tion referred to as the ‘‘Secretary’’) shall conduct a study 
on the feasibility of developing and implementing interfaces 
and templates for use in electronic communications between 
financial institutions (as defined in section 5312 of title 
31, United States Code) and the Secretary, the Financial 
Crimes Enforcement Network, and other Federal financial 
institution regulatory agencies. 
(b) FACTORS TO BE CONSIDERED.—In conducting the 
study required under subsection (a), the Secretary shall take 
into account— 
(1) any procedures required to be maintained by 
financial institutions under regulations prescribed 
pursuant to section 5318(a)(2) of title 31 of the
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•HR 3505 RH2 
United States Code and the manner in which the use 
of interfaces and templates which might be developed 
could lessen the burden of complying with such proce-
dures; and 
(2) any exemptions prescribed by the Secretary 
under paragraph (5) or (6) of such section 5318(a) 
and the manner in which interfaces and templates 
which might be developed could be programmed to re-
flect any such exemption for a financial institution, 
transaction, or class of transactions. 
(c) PROTOTYPE AND REPORT REQUIRED.— 
(1) IN GENERAL.—Before the end of the 1-year 
period beginning on the date of the enactment of this 
Act, the Secretary shall submit a report to the Con-
gress containing a detailed description of the findings 
and conclusions of the Secretary in connection with 
the study required under subsection (a), together with 
such recommendations for legislative or administra-
tive action as the Secretary may determine to be ap-
propriate. 
(2) PROTOTYPE.—Any recommendation on the 
feasibility of developing and implementing interfaces 
and templates for use in electronic communications 
shall be accompanied by prototypes of such interfaces 
and templates that demonstrate such feasibility.
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•HR 3505 RH2 
(d) DEFINITIONS.—For purposes of this section, the 
following definitions shall apply: 
(1) INTERFACE.—The term ‘‘interface’’ means 
the point and method of interaction between any 2 or 
more electronic data storage and communication sys-
tems that permits and facilitates active electronic 
communication between or among the systems, includ-
ing any procedures, codes, and protocols that enable 
the systems to interact. 
(2) TEMPLATE.—The term ‘‘template’’ means a 
preestablished layout model using word processing or 
other authoring software that ensures that data en-
tered into it will adhere to a consistent format and 
content scheme when used by all parties engaged in 
electronic communications among each other. 
SEC. 706. ANNUAL REPORT BY SECRETARY OF THE TREAS-
URY. 
(a) FINDINGS.—The Congress finds as follows: 
(1) Financial institutions have too little infor-
mation about money laundering and terrorist financ-
ing compliance in other markets. 
(2) The current Financial Action Task Force 
designation system does not adequately represent the 
progress countries are making in combatting money 
laundering.
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•HR 3505 RH2 
(3) Lack of information about the compliance of 
countries with anti-money laundering standards ex-
poses United States financial markets to excessive 
risk. 
(4) Failure to designate countries that fail to 
make progress in combatting terrorist financing and 
money laundering eliminates incentives for internal 
reform. 
(5) The Secretary of the Treasury has an affirm-
ative duty to provide to financial institutions and ex-
aminers the best possible information on compliance 
with anti-money laundering and terrorist financing 
initiatives in other markets. 
(b) REPORT.—Not later than March 1 of each year, 
the Secretary of the Treasury shall submit to the Congress 
a report that identifies the applicable standards of each 
country against money laundering and states whether that 
country is a country of primary money laundering concern 
under section 5318A of title 31, United States Code. The 
report shall include— 
(1) information on the effectiveness of each coun-
try in meeting its standards against money laun-
dering; 
(2) a determination of whether that the efforts of 
that country to combat money laundering and ter-
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•HR 3505 RH2 
rorist financing are adequate, improving, or inad-
equate; and 
(3) the efforts made by the Secretary to provide 
to the government of each such country of concern 
technical assistance to cease the activities that were 
the basis for the determination that the country was 
of primary money laundering concern. 
(c) DISSEMINATION OF INFORMATION IN REPORT.— 
The Secretary of the Treasury shall make available to the 
Federal Financial Institutions Examination Council for 
incorporation into the examination process, in consultation 
with Federal banking agencies, and to financial institu-
tions the information contained in the report submitted 
under subsection (a). Such information shall be made avail-
able to financial institutions without cost. 
(d) DEFINITION.—For purposes of this section, the 
term ‘‘financial institution’’ has the meaning given that 
term in section 5312(a)(2) of title 31, United States Code. 
SEC. 707. PRESERVATION OF MONEY SERVICES BUSI-
NESSES. 
(a) FINDINGS.—The Congress finds as follows: 
(1) Title III of the USA PATRIOT ACT pro-
vided United States law enforcement agencies with 
new tools to combat terrorist financing and money 
laundering.
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(2) The Financial Crimes Enforcement Network 
in the Department of the Treasury (hereafter in this 
section referred to as ‘‘FinCEN’’ ) has defined money 
services businesses to include the following 5 distinct 
types of financial services providers as well as the 
United States Postal Service: 
(A) Currency dealers or exchanges. 
(B) Check cashing services. 
(C) Issuers of travelers’ checks, money or-
ders, or stored value cards. 
(D) Sellers or redeemers of travelers’ checks, 
money orders, or stored value cards. 
(E) Money transmitters. 
(3) Money services businesses have had more dif-
ficulty in obtaining and maintaining banking serv-
ices since the passage of the USA PATRIOT ACT. 
(4) On March 30, 2005, FinCEN and the Fed-
eral banking agencies (as defined in section 3 of the 
Federal Deposit Insurance Act) issued a joint state-
ment recognizing the importance of ensuring that 
money services businesses that comply with the law 
have reasonable access to banking services. 
(5) On April 26, 2005, FinCEN offered guidance 
to money service businesses on obtaining and main-
taining banking services by identifying and explain-
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•HR 3505 RH2 
ing to money services businesses the types of informa-
tion and documentation they are expected to have, 
and to provide to, depository institutions when con-
ducting banking business. 
(6) At the same time, FinCEN and the Federal 
banking agencies have issued joint guidance to deposi-
tory institutions to— 
(A) clarify the requirements of subchapter 
II of chapter 53 of title 31, United States Code, 
and related provisions of law; and 
(B) set forth the minimum steps that depos-
itory institutions should take when providing 
banking services to money services businesses. 
(7) It is in the interest of the United States and 
its allies in the wars against terrorism and drugs to 
make certain that the international transfer of funds 
is done in a rules-based, formal, and transparent 
manner and that individuals are not forced into uti-
lizing informal underground methods due to a lack of 
services. 
(b) SENSE OF THE CONGRESS.—It is the sense of the 
Congress that depository institutions and money services 
businesses should follow the guidance offered by FinCEN 
for the purpose of giving money services businesses full ac-
cess to banking services and ensuring that money services
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•HR 3505 RH2 
businesses remain in the mainstream financial system and 
can be full players in providing important financial serv-
ices to their customers and be fully cooperative in the fight 
against terrorist financing and money laundering. 
TITLE VIII—CLERICAL AND 
TECHNICAL AMENDMENTS 
SEC. 801. CLERICAL AMENDMENTS TO THE HOME OWNERS’ 
LOAN ACT. 
(a) AMENDMENT TO TABLE OF CONTENTS.—The table 
of contents in section 1 of the Home Owners’ Loan Act (12 
U.S.C. 1461) is amended by striking the items relating to 
sections 5 and 6 and inserting the following new items: 
‘‘Sec. 5. Savings associations. 
‘‘Sec. 6. [Repealed.].’’. 
(b) CLERICAL AMENDMENTS TO HEADINGS.— 
(1) The heading for section 4(a) of the Home 
Owners’ Loan Act (12 U.S.C. 1463(a)) is amended by 
striking ‘‘(a) FEDERAL SAVINGS ASSOCIATIONS.—’’ 
and inserting ‘‘(a) GENERAL RESPONSIBILITIES OF 
THE DIRECTOR.—’’. 
(2) The section heading for section 5 of the Home 
Owners’ Loan Act (12 U.S.C. 1464) is amended to 
read as follows:
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‘‘SEC. 5. SAVINGS ASSOCIATIONS.’’. 
SEC. 802. TECHNICAL CORRECTIONS TO THE FEDERAL 
CREDIT UNION ACT. 
The Federal Credit Union Act (12 U.S.C. 1751 et seq.) 
is amended as follows: 
(1) In section 101(3), strike ‘‘and’’ after the 
semicolon. 
(2) In section 101(5), strike the terms ‘‘account 
account’’ and ‘‘account accounts’’ each place any such 
term appears and insert ‘‘account’’. 
(3) In section 107(a)(5)(E) (as so designated by 
section 303 of this Act), strike the period at the end 
and insert a semicolon. 
(4) In paragraphs (6) and (7) of section 107(a) 
(as so designated by section 303 of this Act), strike the 
period at the end and insert a semicolon. 
(5) In section 107(a)(7)(D) (as so designated by 
section 303 of this Act), strike ‘‘the Federal Savings 
and Loan Insurance Corporation or’’. 
(6) In section 107(a)(7)(E) (as so designated by 
section 303 of this Act), strike ‘‘the Federal Home 
Loan Bank Board,’’ and insert ‘‘the Federal Housing 
Finance Board,’’. 
(7) In section 107(a)(9) (as so designated by sec-
tion 303 of this Act), strike ‘‘subchapter III’’ and in-
sert ‘‘title III’’.
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(8) In section 107(a)(13) (as so designated by 
section 303 of this Act), strike the ‘‘and’’ after the 
semicolon at the end. 
(9) In section 109(c)(2)(A)(i), strike ‘‘(12 U.S.C. 
4703(16))’’. 
(10) In section 120(h), strike ‘‘the Act approved 
July 30, 1947 (6 U.S.C., secs. 6–13),’’ and insert 
‘‘chapter 93 of title 31, United States Code,’’. 
(11) In section 201(b)(5), strike ‘‘section 116 of’’. 
(12) 
In 
section 
202(h)(3), 
strike 
‘‘section 
207(c)(1)’’ and insert ‘‘section 207(k)(1)’’. 
(13) In section 204(b), strike ‘‘such others pow-
ers’’ and insert ‘‘such other powers’’. 
(14) In section 206(e)(3)(D), strike ‘‘and’’ after 
the semicolon at the end. 
(15) In section 206(f)(1), strike ‘‘subsection 
(e)(3)(B)’’ and insert ‘‘subsection (e)(3)’’. 
(16) In section 206(g)(7)(D), strike ‘‘and sub-
section (1)’’. 
(17) In section 206(t)(2)(B), insert ‘‘regulations’’ 
after ‘‘as defined in’’. 
(18) In section 206(t)(2)(C), strike ‘‘material af-
fect’’ and insert ‘‘material effect’’. 
(19) In section 206(t)(4)(A)(ii)(II), strike ‘‘or’’ 
after the semicolon at the end.
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(20) In section 206A(a)(2)(A), strike ‘‘regulator 
agency’’ and insert ‘‘regulatory agency’’. 
(21) In section 207(c)(5)(B)(i)(I), insert ‘‘and’’ 
after the semicolon at the end. 
(22) In the heading for subparagraph (A) of sec-
tion 207(d)(3), strike ‘‘TO’’ and insert ‘‘WITH’’. 
(23) In section 207(f)(3)(A), strike ‘‘category or 
claimants’’ and insert ‘‘category of claimants’’. 
(24) In section 209(a)(8), strike the period at the 
end and insert a semicolon. 
(25) In section 216(n), insert ‘‘any action’’ be-
fore ‘‘that is required’’. 
(26) In section 304(b)(3), strike ‘‘the affairs or 
such credit union’’ and insert ‘‘the affairs of such 
credit union’’. 
(27) In section 310, strike ‘‘section 102(e)’’ and 
insert ‘‘section 102(d)’’. 
SEC. 803. OTHER TECHNICAL CORRECTIONS. 
(a) Section 1306 of title 18, United States Code, is 
amended by striking ‘‘5136A’’ and inserting ‘‘5136B’’. 
(b) Section 5239 of the Revised Statutes of the United 
States (12 U.S.C. 93) is amended by redesignating the sec-
ond of the 2 subsections designated as subsection (d) (as 
added by section 331(b)(3) of the Riegle Community Devel-
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opment and Regulatory Improvement Act of 1994) as sub-
section (e). 
SEC. 804. REPEAL OF OBSOLETE PROVISIONS OF THE BANK 
HOLDING COMPANY ACT OF 1956. 
(a) IN GENERAL.—Section 2 of the Bank Holding 
Company Act of 1956 (12 U.S.C. 1841) is amended— 
(1) in subsection (c)(2), by striking subpara-
graphs (I) and (J); and 
(2) by striking subsection (m) and inserting the 
following new subsection: 
‘‘(m) [Repealed]’’. 
(b) TECHNICAL
AND CONFORMING AMENDMENTS.— 
Paragraphs (1) and (2) of section 4(h) of the Bank Holding 
Company Act of 1956 (12 U.S.C. 1843(h)) are each amend-
ed by striking ‘‘(G), (H), (I), or (J) of section 2(c)(2)’’ and 
inserting ‘‘(G), or (H) of section 2(c)(2)’’. 
TITLE IX—FAIR DEBT COLLEC-
TION PRACTICES ACT AMEND-
MENTS 
SEC. 901. EXCEPTION FOR CERTAIN BAD CHECK ENFORCE-
MENT PROGRAMS. 
(a) IN GENERAL.—The Fair Debt Collection Practices 
Act (15 U.S.C. 1692 et seq.) is amended— 
(1) by redesignating section 818 as section 819; 
and
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(2) by inserting after section 817 the following 
new section: 
‘‘§ 818. Exception for certain bad check enforcement 
programs operated by private entities 
‘‘(a) IN GENERAL.—If— 
‘‘(1) a State or district attorney establishes, 
within the jurisdiction of such State or district attor-
ney and with respect to alleged bad check violations 
that do not involve a check described in subsection (c), 
a pretrial diversion program for alleged bad check of-
fenders who agree to participate voluntarily in such 
program to avoid criminal prosecution and are not 
described in subsection (b); 
‘‘(2) a private entity, that is subject to an ad-
ministrative support services contract with a State or 
district attorney and operates under the direction, su-
pervision and control of such State or district attor-
ney, operates the pretrial diversion program described 
in paragraph (1); and 
‘‘(3) in the course of performing duties delegated 
to it by a State or district attorney under the con-
tract, the private entity referred to in paragraph 
(2)— 
‘‘(A) complies with the penal laws of the 
State;