Seasoned Customer CTR Exemption Act of 2007

Bill: 110-hr-323
Sponsor: Rep. Bachus, Spencer [R-AL-6]
Introduced: 2007-01-09 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative procedure
Bank deposits
Bank records
Coins and coinage
Commerce
Congressional reporting requirements
Crime and Law Enforcement
Crime prevention
Department of the Treasury
Financial institutions
Government Operations and Politics
Government paperwork
Law
Money
Money laundering

Summary:
action_date: 2007-01-09
text: 
Seasoned Customer CTR Exemption Act of 2007 - Amends federal money and finance law to: (1) repeal the authority of the Secretary of the Treasury to exempt a depository institution from currency transaction reporting (CTR) requirements with respect to transactions between the depository institution and a qualified business customer; and (2) instruct the Secretary to prescribe regulations that exempt a depository institution from filing a CTR if the transaction is with a qualified customer.
 
Defines qualified customer as any person that: (1) is incorporated or organized under federal or state law, including a sole proprietorship, or is registered as and eligible to do business within the United States or a state; (2) has maintained a deposit account with the depository institution for at least 12 months; and (3) has engaged, using such account, in multiple currency transactions subject to federal CTR requirements.
 
Requires such regulations to require a depository institution to file a one-time notice of designation of exemption for each of its qualified customers.
 
Authorizes the Secretary to: (1) suspend, reject, or revoke any qualified customer exemption notice; and (2) establish conditions under which exempt qualified customers of an insured depository institution merged with or acquired by another insured depository institution will continue to be treated as designated exempt qualified customers of the surviving or acquiring institution.
 
Requires the Secretary to submit a three-year review and report evaluating implementation of this Act.
 
Requires the Secretary to review every five years: (1) the continuing appropriateness, relevance, and utility of each threshold amount or denomination established for any mandatory CTR; (2) adjust such amount for inflation, if any; and (3) report to Congress the review findings and conclusions, together with an explanation for any adjustment, or lack of adjustment, of any threshold amount or denomination.

action_date: 2007-01-23
text: 

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

 
Seasoned Customer CTR Exemption Act of 2007 - Amends federal money and finance law to: (1) repeal the authority of the Secretary of the Treasury to exempt a depository institution from currency transaction reporting (CTR) requirements with respect to transactions between the depository institution and a qualified business customer; and (2) instruct the Secretary to prescribe regulations that exempt a depository institution from filing a CTR if the transaction is with a qualified customer.
 
Defines qualified customer as any person that: (1) is incorporated or organized under federal or state law, including a sole proprietorship, or is registered as and eligible to do business within the United States or a state; (2) has maintained a deposit account with the depository institution for at least 12 months; and (3) has engaged, using such account, in multiple currency transactions subject to federal CTR requirements.
 
Requires such regulations to require a depository institution to file a one-time notice of designation of exemption for each of its qualified customers.
 
Authorizes the Secretary to: (1) suspend, reject, or revoke any qualified customer exemption notice; and (2) establish conditions under which exempt qualified customers of an insured depository institution merged with or acquired by another insured depository institution will continue to be treated as designated exempt qualified customers of the surviving or acquiring institution.
 
Requires the Secretary to submit a three-year review and report evaluating implementation of this Act.
 
Requires the Secretary to review every five years: (1) the continuing appropriateness, relevance, and utility of each threshold amount or denomination established for any mandatory CTR; (2) adjust such amount for inflation, if any; and (3) report to Congress the review findings and conclusions, together with an explanation for any adjustment, or lack of adjustment, of any threshold amount or denomination.


Legislative actions:
action_date: 2007-01-24
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2007-01-23
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2007-01-23
text: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H848-849)
action_date: 2007-01-23
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H848-849)
action_date: 2007-01-23
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 323.
action_date: 2007-01-23
text: Considered under suspension of the rules. (consideration: CR H848-851)
action_date: 2007-01-23
text: Mr. Frank (MA) moved to suspend the rules and pass the bill.
action_date: 2007-01-09
text: Referred to the House Committee on Financial Services.
action_date: 2007-01-09
text: Introduced in House
action_date: 2007-01-09
text: Introduced in House