Title: FinCEN Exam Delegation Study
Policy area: Finance and Financial Sector

Summary:
FinCEN Exam Delegation Study
This bill requires the Department of the Treasury to brief specified congressional committees on Treasury's delegation of examination authority under the Bank Secrecy Act. The Bank Secrecy Act's aim is to deter and detect money laundering, terrorist financing, and other financial crimes by requiring financial institutions to keep records and report suspicious activity. Examinations of these financial institutions are delegated to and performed by financial regulatory agencies.
The briefing must include how frequently agencies are able to examine entities under their authority, the resources available to agencies to perform their responsibilities, and whether examiners have sufficient training and support.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6328 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 6328

  To require the Secretary of the Treasury to conduct a briefing with 
   respect to the delegation of examination authority under the Bank 
             Secrecy Act by the Secretary of the Treasury.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           December 20, 2021

 Mr. Cleaver introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To require the Secretary of the Treasury to conduct a briefing with 
   respect to the delegation of examination authority under the Bank 
             Secrecy Act by the Secretary of the Treasury.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``FinCEN Exam Delegation Study''.

SEC. 2. BRIEFING ON DELEGATION OF EXAMINATION AUTHORITY UNDER THE BANK 
              SECRECY ACT.

    (a) In General.--Not later than one year after the date of the 
enactment of this Act, the Secretary of the Treasury shall, after 
consultation with State bank supervisors, Federal financial regulators, 
and other relevant stakeholders, conduct a briefing for the Committee 
on Financial Services of the House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the Senate with respect to 
the delegation of examination authority under the Bank Secrecy Act by 
the Secretary of the Treasury.
    (b) Contents.--The briefing conducted by the Secretary of the 
Treasury pursuant to subsection (a) shall address--
            (1) the current status of the delegation of examination 
        authority under the Bank Secrecy Act by the Secretary of the 
        Treasury, including with respect to the mission of the Bank 
        Secrecy Act;
            (2) how frequently, on average, agencies delegated exam 
        authority under the Bank Secrecy Act by the Secretary are able 
        to examine entities for which they have delegated authorities;
            (3) whether agencies delegated examination authority under 
        the Bank Secrecy Act by the Secretary of the Treasury have 
        appropriate resources to perform such delegated 
        responsibilities; and
            (4) whether the examiners within agencies delegated 
        examination authority under the Bank Secrecy Act by the 
        Secretary of the Treasury have sufficient training and support 
        to perform delegated responsibilities.
    (c) Definitions.--In this section:
            (1) Bank secrecy act.--The term ``Bank Secrecy Act'' 
        means--
                    (A) section 21 of the Federal Deposit Insurance Act 
                (12 U.S.C. 1829b);
                    (B) section 123 of Public Law 91-508; and
                    (C) subchapter II of chapter 53 of title 31, United 
                States Code.
            (2) Federal financial regulators.--The term ``Federal 
        financial regulators'' means the Board of Governors of the 
        Federal Reserve System, the Federal Deposit Insurance 
        Corporation, the National Credit Union Administration Board, 
        the Comptroller of the Currency, the Commodity Futures Trading 
        Commission, the Securities and Exchange Commission, and the 
        Commissioner of the Internal Revenue Service.
            (3) State bank supervisors.--The term ``State bank 
        supervisors'' has the meaning given the term in section 3 of 
        the Federal Deposit Insurance Act (12 U.S.C. 1813).
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