143
transaction recordkeeping and reporting require-
ments 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 
established pursuant to such regulations, and 
the examination standards for reviewing such 
procedures, are congruent and reasonably uni-
form (taking into account differences in the
144
form and function of the institutions subject to 
such requirements).’’. 
(B) FEDERAL CREDIT UNION ACT.—Sec-
tion 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 
agencies and the Secretary of the Treasury; and 
‘‘(B) take such action as may be necessary 
to ensure that the requirements for procedures 
established pursuant to such regulations, and 
the examination standards for reviewing such 
procedures, are congruent and reasonably uni-
form (taking into account differences in the 
form and function of the institutions subject to 
such requirements).’’. 
(2) 
EXAMINATION
STANDARDS
AND
DIS-
PUTES.—Section 1006 of the Federal Financial In-
stitutions Examination Council Act of 1978 (12 
U.S.C. 3305) is amended by adding at the end the 
following new subsection:
145
‘‘(h) MONETARY
TRANSACTION
RECORDKEEPING 
AND REPORTING REQUIREMENTS.—The Council and the 
Secretary 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 
section 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 sec-
tion 206(q) of the Federal Credit Union Act to fi-
nancial 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 
commence 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.
146
(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 enact-
ment of this Act, the Secretary of the Treasury shall 
conduct 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 sec-
tion 206(q) of the Federal Credit Union Act to fi-
nancial institutions. 
(2) REPORT TO CONGRESS AND THE FINANCIAL 
INSTITUTIONS EXAMINATION COUNCIL.—Upon com-
pletion of the review under paragraph (1), the Sec-
retary of the Treasury shall promptly submit a re-
port on the findings and conclusions of the Secretary 
with respect to the review to the Committee on Fi-
nancial Services of the House of Representatives and 
the Committee on Banking, Housing, and Urban Af-
fairs of the Senate, together with such recommenda-
tions for legislative and administrative actions as the 
Secretary may determine to be appropriate, and 
shall transmit a copy of such report to the members 
of the Financial Institutions Examination Council.
147
(d) REFORM OF APPLICATION OF MONETARY TRANS-
ACTION RECORDKEEPING
AND REPORTING REQUIRE-
MENTS TO FINANCIAL INSTITUTIONS.—Before the end of 
the 9-month period beginning on the date of the submis-
sion of the report to Congress under subsection (c)(2), the 
Secretary of the Treasury shall prescribe regulations im-
plementing appropriate changes to regulations within the 
jurisdiction of the Secretary to remedy redundancies or 
inconsistencies identified in the review by, and included 
in the recommendations 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 guid-
ance of the Secretary, any Federal banking agency, 
or the National Credit Union Administration Board 
that serves as the basis for any requirement to pro-
vide notice to any officer or director of a depository 
institution of any suspicious activity report sub-
148
mitted 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 Ad-
ministration Board to modify or eliminate any such 
requirement of such agency or Board that the Sec-
retary determines is not necessary to achieve the 
purposes of section 5318(g) of title 31, United 
States Code. 
(b) ELIMINATION OF UNNECESSARY VERIFICATION 
REQUIREMENTS APPLICABLE TO THE PURCHASE OF FI-
NANCIAL INSTRUMENTS.—Before the end of the 9-month 
period beginning on the date of the enactment of this Act, 
the Secretary of the Treasury shall—
(1) review all verification of customer identity 
requirements as they relate to the purchases of mon-
etary instruments by customers of depository institu-
tions, including the regulations codified in section 
103.29(a)(ii) of title 31, Code of Federal Regula-
tions; and