127
5313(d) of title 31, United States Code, and 
regulations prescribed under such section). 
(B) AUTHORIZED
REVIEW
OF
DISCRE-
TIONARY
EXEMPTIONS.—The modification or 
elimination of regulations relating to reviews of 
discretionary exemptions that are affected by 
the amendments made by subsection (b)(1) and 
the consideration of the conditions or cir-
cumstances under which any review under sec-
tion 5313(e)(5)(A) of title 31, United States 
Code, of an existing discretionary exemption 
should take place. 
(C) RISK-BASED
ASSESSMENT
OF
NEW 
CUSTOMERS.—The feasibility of establishing a 
risk-based assessment system for determining 
when to allow any exemption under section 
5313(e) of title 31, United States Code, with 
respect to new business customers. 
(D) RECERTIFICATION OF DISCRETIONARY 
EXEMPTIONS.—The modification or elimination 
of any requirement for any mandatory refiling, 
on a fixed schedule, for the continuation of any 
discretionary exemption of a qualified business 
customer under section 5313(e) of title 31, 
United States Code, unless a change occurs in
128
the conditions or circumstances surrounding the 
transactions or the business covered by the 
original exemption. 
(E) CHANGES
IN
CONDITIONS
AND
CIR-
CUMSTANCES.—The modification of the criteria 
for determining when a new exemption is re-
quired due to changes in the conditions or cir-
cumstances surrounding the transactions or the 
business covered by the original exemption. 
(F) NOTICE AND DISAPPROVAL.—The es-
tablishment of a notice and disapproval system 
under which a request for an exemption from 
the currency transaction reporting requirement 
under section 5313(e) would be deemed to have 
been approved, subject to the Secretary’s au-
thority to revoke any exemption, by the end of 
a specified time period unless disapproved by 
the Secretary or a designee of the Secretary be-
fore the end of such period, subject to such con-
ditions and limitations as may be appropriate. 
(G) REVOCATION
PROCESS.—The estab-
lishment of a clear process for—
(i) the acquisition of additional infor-
mation by the Secretary from depository
129
institutions relating to exemptions granted 
under such section 5313(e); and 
(ii) the revocation of any such exemp-
tion. 
(3) REPORT TO CONGRESS.—Upon completion 
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 re-
spect 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 and administrative actions as the Sec-
retary may determine to be appropriate. 
(d) REFORM OF CTR EXEMPTION PROCESS.—Before 
the end of the 9-month period beginning on the date of 
the submission of the report to Congress under subsection 
(c)(3), the Secretary of the Treasury shall prescribe regu-
lations implementing appropriate changes to the currency 
transaction report exemption process consistent with the 
review and recommendations of the Secretary under sub-
section (c).
130
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 
regulations implementing monetary transaction record-
keeping and reporting enforcement programs under sec-
tion 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 Sec-
retary of the Treasury and the Federal banking agen-
cies—
(1) increase the difficulty depository institutions 
have in complying with congressional intent in cre-
ating such enforcement programs, 
(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 require-
ments apply such requirements inconsistently.
131
(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 
form and function of the institutions subject to 
such requirements).’’.
132
(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 (12 U.S.C. 
3305) is amended by adding at the end the following 
new subsection:
133
‘‘(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.
134
(c) REVIEW OF AND REPORT ON ADDITIONAL REGU-
LATORY OR LEGISLATIVE CHANGES.—
(1) REVIEW REQUIRED.—Before the end of the 
3-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.
135
(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-
136
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
137
(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
TRANS-
ACTION.—Before the end of the 9-month period beginning 
on the date of the enactment of this Act, the Secretary 
of the Treasury 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 6-month 
period beginning on the date of the enactment of this Act, 
the Director of the Financial Crimes Enforcement Net-
work shall put into effect a system for promptly furnishing 
an electronic acknowledgement of receipt to any institu-
tion that files a form with FinCEN under subchapter II 
of chapter 53 of title 31, United States Code, through the 
Network’s electronic filing system.
138
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 
transaction 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 Financial Crimes Enforcement Net-
work, law enforcement agencies, and financial insti-
tution regulatory agencies continue to be met; 
(2) improve financial institution utilization of 
the current exemption provisions; and 
(3) mitigate the difficulties in the current im-
plementation of such exemption provisions that limit 
the utility of the exemption process for financial in-
stitutions. 
(b) REPORT.—Before the end of the 6-month period 
beginning on the date of the enactment of this Act, the 
Comptroller General shall submit a report to the Com-
mittee on Financial Services of the House of Representa-
tives and the Committee on Banking, Housing, and Urban 
Affairs of the Senate on the findings and conclusions of 
the Comptroller General with respect to the study con-
ducted under subsection (a) and such recommendations
139
for legislative and administrative action as the Comp-
troller General may determine 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 chap-
ter 53 of title 31, United States Code, chapter 2 of title 
I of Public Law 91—508, and section 21 of the Federal 
Deposit Insurance Act, and regulations prescribed under 
such provisions of law, the Secretary of the Treasury 
(hereafter in this section referred to as the ‘‘Secretary’’) 
shall conduct a study on the feasibility of developing and 
implementing interfaces and templates for use in elec-
tronic 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 regu-
latory 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 
United States Code and the manner in which the
140
use of interfaces and templates which might be de-
veloped could lessen the burden of complying with 
such procedures; 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 
reflect any such exemption for a financial institu-
tion, 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 
Congress containing a detailed description of the 
findings and conclusions of the Secretary in connec-
tion with the study required under subsection (a), 
together with such recommendations for legislative 
or administrative action as the Secretary may deter-
mine to be appropriate. 
(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 inter-
faces and templates that demonstrate such feasi-
bility.
141
(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 
systems that permits and facilitates active electronic 
communication between or among the systems, in-
cluding any procedures, codes, and protocols that en-
able 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. 
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.].’’.
142
(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
ASSOCIA-
TIONS.—’’ and inserting ‘‘(a) GENERAL RESPON-
SIBILITIES 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: 
‘‘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.
143
(5) In section 107(a)(7)(D) (as so designated 
by section 303 of this Act), strike ‘‘the Federal Sav-
ings 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 
section 303 of this Act), strike ‘‘subchapter III’’ and 
insert ‘‘title III’’. 
(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 ‘‘under 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’’.
144
(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 ‘‘regula-
tions’’ after ‘‘as defined in’’. 
(18) In section 206(t)(2)(C), strike ‘‘material 
affect’’ and insert ‘‘material effect’’. 
(19) In section 206(t)(4)(A)(ii)(II), strike ‘‘or’’ 
after the semicolon at the end. 
(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 section 207(c)(8)(D)(ii)(I), insert a 
closing parenthesis after ‘‘Act of 1934’’. 
(23) In the heading for subparagraph (A) of 
section 207(d)(3), strike ‘‘TO’’ and insert ‘‘WITH’’. 
(24) In section 207(f)(3)(A), strike ‘‘category 
or claimants’’ and insert ‘‘category of claimants’’. 
(25) In section 209(a)(8), strike the period at 
the end and insert a semicolon.
145
(26) In section 216(n), insert ‘‘any action’’ be-
fore ‘‘that is required’’. 
(27) In section 304(b)(3), strike ‘‘the affairs or 
such credit union’’ and insert ‘‘the affairs of such 
credit union’’. 
(28) 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 second of the 2 subsections designated as subsection 
(d) (as added by section 331(b)(3) of the Riegle Commu-
nity Development and Regulatory Improvement Act of 
1994) as subsection (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]’’.
146
(b) TECHNICAL AND CONFORMING AMENDMENTS.—
Paragraphs (1) and (2) of section 4(h) of the Bank Hold-
ing Company Act of 1956 (12 U.S.C. 1843(h)) are each 
amended by striking ‘‘(G), (H), (I), or (J) of section 
2(c)(2)’’ and inserting ‘‘(G), or (H) of section 2(c)(2)’’.
Æ