‘‘(3) RESOLVING
DUPLICATIVE
OR
INCON-
SISTENT REGULATIONS OR ORDERS.—The Commis-
sion shall take all available measures under current 
law to resolve any duplicative or inconsistent existing 
regulation or order with any proposed regulation or 
order before issuing a final regulation or order. 
‘‘(4) REPORT TO CONGRESS.—Not later than 
the end of the 60-day period beginning on the date 
the Commission makes a determination under para-
graph (2), the Commission shall issue a report to 
the Congress containing recommendations made by 
the Commission, including any recommendations of 
Federal laws or regulations that should be repealed 
or amended, so that the Congress may repeal or 
amend any conflicting, inconsistent, duplicative, or 
outdated laws or regulations. 
‘‘(5) LIMITATION ON JUDICIAL REVIEW.—Not-
withstanding any other provision of law, a court may 
not compel action or hold unlawful and set aside any 
action solely on the basis of compliance or non-
compliance with the requirements of this subsection. 
‘‘(6) DEFINITIONS.—For purposes of this sub-
section, the terms ‘regulation’ and ‘order’ shall have 
the meaning given those terms, respectively, by the 
Commission, and the term ‘other Federal regulations 
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and orders’ shall mean regulations and orders of the 
Federal financial regulators (as defined under sec-
tion 9(c)(6) of the Federal Deposit Insurance Act), 
other than the Commission.’’. 
(g) COMMODITY FUTURES TRADING COMMISSION.— 
Section 2(a) of the Commodity Exchange Act (7 U.S.C. 
2(a)) is amended by adding at the end the following: 
‘‘(A) IN GENERAL.—Before issuing a regu-
lation or order the Commission shall assess 
other Federal regulations and orders to deter-
mine the interaction between the proposed regu-
lation or order and other Federal regulations 
and orders. 
‘‘(B) CONSIDERATIONS.—In making a de-
termination of the interaction between the pro-
posed regulation or order and other Federal 
regulations, the Commission shall evaluate the 
following: 
‘‘(i) Whether the proposed regulation 
or order is in conflict with other Federal 
regulations or orders. 
‘‘(ii) Whether the proposed regulation 
or order is inconsistent with other Federal 
regulations or orders. 
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‘‘(iii) Whether the proposed regulation 
or order is duplicative of other Federal 
regulations or orders. 
‘‘(iv) Whether other Federal regula-
tions or orders are outdated. 
‘‘(C) RESOLVING DUPLICATIVE OR INCON-
SISTENT REGULATIONS OR ORDERS.—The Com-
mission shall take all available measures under 
current law to resolve any duplicative or incon-
sistent existing regulation or order with any 
proposed regulation or order before issuing a 
final regulation or order. 
‘‘(D) REPORT
TO
CONGRESS.—Not later 
than the end of the 60-day period beginning on 
the date the Commission makes a determination 
under subparagraph (B), the Commission shall 
issue a report to the Congress containing rec-
ommendations made by the Commission, includ-
ing any recommendations of Federal laws or 
regulations that should be repealed or amended, 
so that the Congress may repeal or amend any 
conflicting, inconsistent, duplicative, or out-
dated laws or regulations. 
‘‘(E) LIMITATION ON JUDICIAL REVIEW.— 
Notwithstanding any other provision of law, a 
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court may not compel action or hold unlawful 
and set aside any action solely on the basis of 
compliance or noncompliance with the require-
ments of this paragraph. 
‘‘(F) DEFINITIONS.—For purposes of this 
paragraph, the terms ‘regulation’ and ‘order’ 
shall have the meaning given those terms, re-
spectively, by the Commission, and the term 
‘other Federal regulations and orders’ shall 
mean regulations and orders of the Federal fi-
nancial regulators (as defined under section 
9(c)(6) of the Federal Deposit Insurance Act), 
other than the Commission.’’. 
(h) TREATMENT OF JOINT RULEMAKINGS.—In the 
case of a joint rulemaking with respect to which an assess-
ment and determination is required pursuant to an 
amendment made under this section, the agencies shall 
jointly make such assessment and determination and shall 
submit a single report with respect to such determination. 
SEC. 5. LONGER EXAMINATION CYCLE FOR HIGHLY RATED 
COMMUNITY BANKS. 
Section 10(d) of the Federal Deposit Insurance Act 
(12 U.S.C. 1820(d)) is amended— 
(1) in paragraph (4)— 
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(A) in subparagraph (A), by striking 
‘‘$500,000,000’’ 
and 
inserting 
‘‘$1,000,000,000’’; and 
(B) in subparagraph (C)(ii), by striking 
‘‘$100,000,000’’ and inserting ‘‘$200,000,000’’; 
and 
(2) in paragraph (10)— 
(A) by striking ‘‘$100,000,000’’ and in-
serting ‘‘$200,000,000’’; and 
(B) by striking ‘‘$500,000,000’’ and in-
serting ‘‘$1,000,000,000’’. 
SEC. 6. STREAMLINING CURRENCY TRANSACTION REPORT-
ING. 
(a) QUALIFIED CUSTOMER EXEMPTION.—Section 
5313(e) of title 31, United States Code, is amended to 
read as follows: 
‘‘(e) DISCRETIONARY EXEMPTION FOR QUALIFIED 
CUSTOMERS.— 
‘‘(1) IN GENERAL.—Before the end of the 270- 
day period beginning on the date of the enactment 
of this subsection, the Secretary of the Treasury 
shall issue final rules that exempt any depository in-
stitution from filing a report pursuant to this section 
with respect to a transaction for the payment, re-
ceipt, or transfer of monetary instruments between 
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the depository institution and a qualified customer 
of the depository institution. 
‘‘(2) QUALIFIED
CUSTOMER
DEFINED.—For 
purposes of this section, the term ‘qualified cus-
tomer’, with respect to a depository institution, has 
such meaning as the Secretary of the Treasury shall 
prescribe, which shall include any person that— 
‘‘(A) has maintained a deposit account 
with the depository institution for at least 2 
months, except the Secretary may prescribe a 
shorter period by rule; and 
‘‘(B) has engaged, using such account, in 
any currency transactions that would otherwise 
be subject to the reporting requirements of sub-
section (a). 
‘‘(3) RULEMAKING.— 
‘‘(A) IN GENERAL.—The Secretary of the 
Treasury shall issue rules requiring a deposi-
tory institution to file a one-time notice of the 
designation for exemption of each qualified cus-
tomer of the depository institution. 
‘‘(B) FORM AND CONTENT OF DESIGNA-
TION NOTICE.—The Secretary shall by rule pre-
scribe the form, manner, content, and timing of 
the qualified customer designation notice. Such 
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notice shall include sufficient information to 
identify the qualified customer and the accounts 
of the customer. 
‘‘(C) AUTHORITY OF SECRETARY.— 
‘‘(i) IN
GENERAL.—The Secretary 
may suspend, reject, or revoke any quali-
fied customer designation notice, in accord-
ance with criteria prescribed by the Sec-
retary by rule. 
‘‘(ii) 
CONDITIONS.—The 
Secretary 
may establish conditions, in accordance 
with criteria prescribed by rule, under 
which a designation of exemption received 
under this section shall continue to be 
valid, with respect to the qualified cus-
tomer for whom a depository institution se-
cured such designation, if such depository 
institution merges with or is acquired by 
another depository institution.’’. 
(b) FILING THRESHOLD.—Not later than the end of 
the 60-day period beginning on the date of the enactment 
of this Act, the Secretary shall issue final regulations to 
raise the threshold amount under subsection (a) to at least 
$20,000. 
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SEC. 7. FINANCIAL CRIMES ENFORCEMENT NETWORK 
DATA ACCOUNTABILITY METRICS. 
(a) IN GENERAL.—Section 310 of title 31, United 
States Code, is amended— 
(1) in subsection (b)(2)— 
(A) by redesignating subparagraph (J) as 
subparagraph (K); and 
(B) by inserting after subparagraph (I) the 
following new subparagraph: 
‘‘(J) Report annually to the Committee on 
Financial Services of the House of Representa-
tives and the Committee on Banking, Housing, 
and Urban Affairs of the Senate on how the 
data access service described in subparagraph 
(B) and the information collected by the service 
is used to detect and prevent money laundering, 
terrorist financing, and other financial crimes, 
including— 
‘‘(i) information on the number of in-
vestigations and prosecutions originated 
because of, and supported by, access to the 
information collected by the service; and 
‘‘(ii) an identification and analysis of 
information collected by the service which 
is not used that the Director believes 
should be eliminated to reduce reporting 
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requirements and increase effectiveness 
and efficiency.’’; and 
(2) in subsection (c)— 
(A) in paragraph (1)(C), by striking ‘‘; 
and’’ and inserting a semicolon; 
(B) by redesignating paragraph (2) as 
paragraph (3); and 
(C) by inserting after paragraph (1) the 
following new paragraph: 
‘‘(2) for appropriate metrics to monitor, track, 
assess, and report on access to information con-
tained in the data access service maintained by 
FinCEN, including: 
‘‘(A) identifying, tracking, and measuring 
how such information is used and the law en-
forcement results obtained as a consequence of 
that use; and 
‘‘(B) assuring accountability by law en-
forcement agencies for the usefulness, security, 
and privacy of such information while reducing 
unnecessary regulatory burdens on reporters of 
information 
collected 
under 
subsection 
(b)(2)(B); and’’. 
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SEC. 8. EQUITABLE TREATMENT OF S CORPORATION 
BANKS. 
Section 171 of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act (12 U.S.C. 5371) is amend-
ed— 
(1) in subsection (a), by adding at the end the 
following new paragraphs: 
‘‘(8) S CORPORATION BANK.—The term ‘S cor-
poration bank’ means any insured depository institu-
tion operating as an S corporation (as defined in 
section 1361(a) of the Internal Revenue Code (26 
U.S.C. 1361(a))). 
‘‘(9) CAPITAL
CONSERVATION
BUFFER.—The 
term ‘capital conservation buffer’ means the require-
ments relating to capital conservation and counter-
cyclical capital buffers provided under sections 3.11, 
217.11, and 324.11 of title 12, Code of Federal Reg-
ulations.’’; 
(2) in subsection (b)(5)— 
(A) in subparagraph (B), by striking ‘‘; 
or’’ and inserting a semicolon; 
(B) in subparagraph (C), by striking the 
period at the end and inserting ‘‘; or’’; and 
(C) by adding at the end the following new 
subparagraph: 
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‘‘(D) any S corporation bank as described 
in paragraph (8).’’; and 
(3) by adding at the end of subsection (b) the 
following new paragraph: 
‘‘(8) CAPITAL REQUIREMENTS FOR S CORPORA-
TIONS.— 
‘‘(A) IN
GENERAL.—Not later than 180 
days after the date of enactment of this Act, 
the appropriate Federal banking agencies shall, 
with regard to the treatment of dividend dis-
tributions required under the capital conserva-
tion buffer for a S corporation bank, issue final 
regulations authorizing such banks to make 
such distributions for payment of taxes arising 
from the activities of such bank. 
‘‘(B) REQUIREMENTS.—The regulations 
issued under subparagraph (A) shall take into 
consideration the fact that the income of an S 
corporation bank is calculated prior to consider-
ation of distributions for payment of taxes aris-
ing from S corporation bank activities.’’. 
Æ 
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