Money Remittances Improvement Act of 2014

Bill: 113-hr-4386
Sponsor: full_name: Rep. Ellison, Keith [D-MN-5]
Introduced: 2014-04-03
Policy area: Finance and Financial Sector
Subjects: Accounting and auditing

Administrative law and regulatory procedures

Bank accounts, deposits, capital

Banking and financial institutions regulation

Business records

Department of the Treasury

Federal officials

Fraud offenses and financial crimes

Intergovernmental relations

State and local government operations
Latest action: action_date: 2014-08-08
text: Became Public Law No: 113-156.

Summaries:
action_date: 2014-04-03
action_desc: Introduced in House
text: <p>Money Remittances Improvement Act of 2014 - Authorizes the Secretary of the Treasury, with respect to compliance with reporting requirements for monetary instrument transactions of financial institutions, to rely upon examinations conducted by a state supervisory agency of a category of financial institution if: (1) the category is required to comply with federal requirements, or (2) the state supervisory agency examines the category for compliance with federal requirements.</p> <p>Instructs the Secretary to consult with state supervisory agencies when issuing rules to implement this Act.</p>

action_date: 2014-05-06
action_desc: Passed House without amendment
text: <p><b>(This measure has not been amended since it was introduced. The summary of that version is repeated here.)</b></p> <p>Money Remittances Improvement Act of 2014 - Authorizes the Secretary of the Treasury, with respect to compliance with reporting requirements for monetary instrument transactions of financial institutions, to rely upon examinations conducted by a state supervisory agency of a category of financial institution if: (1) the category is required to comply with federal requirements, or (2) the state supervisory agency examines the category for compliance with federal requirements.</p> <p>Instructs the Secretary to consult with state supervisory agencies when issuing rules to implement this Act.</p>

action_date: 2014-08-01
action_desc: Passed Senate without amendment
text: <p><b>(This measure has not been amended since it was introduced. The summary of that version is repeated here.)</b></p> <p>Money Remittances Improvement Act of 2014 - Authorizes the Secretary of the Treasury, with respect to compliance with reporting requirements for monetary instrument transactions of financial institutions, to rely upon examinations conducted by a state supervisory agency of a category of financial institution if: (1) the category is required to comply with federal requirements, or (2) the state supervisory agency examines the category for compliance with federal requirements.</p> <p>Instructs the Secretary to consult with state supervisory agencies when issuing rules to implement this Act.</p>

action_date: 2014-08-08
action_desc: Public Law
text: <p><b>(This measure has not been amended since it was introduced. The summary of that version is repeated here.)</b></p> <p>Money Remittances Improvement Act of 2014 - Authorizes the Secretary of the Treasury, with respect to compliance with reporting requirements for monetary instrument transactions of financial institutions, to rely upon examinations conducted by a state supervisory agency of a category of financial institution if: (1) the category is required to comply with federal requirements, or (2) the state supervisory agency examines the category for compliance with federal requirements.</p> <p>Instructs the Secretary to consult with state supervisory agencies when issuing rules to implement this Act.</p>

tv_txt: I 113th CONGRESS 2d Session H. R. 4386 IN THE HOUSE OF REPRESENTATIVES April 3, 2014 Mr. Ellison (for himself, Mr. Paulsen , Mr. Duffy , Mr. Hinojosa , Mrs. Carolyn B. Maloney of New York , Mr. Pittenger , Mr. Cramer , Mr. Smith of Washington , and Mr. King of New York ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To allow the Secretary of the Treasury to rely on State examinations for certain financial institutions, and for other purposes.

1. Short title This Act may be cited as the Money Remittances Improvement Act of 2014 . 2. Compliance authority for certain reporting requirements (a) Compliance with reporting requirements on monetary instrument transactions Section 5318(a) of title 31, United States Code, is amended— (1) in paragraph (5), by striking and at the end; (2) by redesignating paragraph (6) as paragraph (7); and (3) by inserting after paragraph (5) the following: (6) rely on examinations conducted by a State supervisory agency of a category of financial institution, if the Secretary determines that— (A) the category of financial institution is required to comply with this subchapter and regulations prescribed under this subchapter; or (B) the State supervisory agency examines the category of financial institution for compliance with this subchapter and regulations prescribed under this subchapter; and . (b) Compliance with reporting requirements of other financial institutions Section 128 of Public Law 91–508 ( 12 U.S.C. 1958 ) is amended— (1) by striking this title and inserting this chapter and section 21 of the Federal Deposit Insurance Act ( 12 U.S.C. 1829b ) ; and (2) by inserting at the end the following: The Secretary may rely on examinations conducted by a State supervisory agency of a category of financial institution, if the Secretary determines that the category of financial institution is required to comply with this chapter and section 21 of the Federal Deposit Insurance Act (and regulations prescribed under this chapter and section 21 of the Federal Deposit Insurance Act), or the State supervisory agency examines the category of financial institution for compliance with this chapter and section 21 of the Federal Deposit Insurance Act (and regulations prescribed under this chapter and section 21 of the Federal Deposit Insurance Act). . (c) Consultation with State agencies In issuing rules to carry out section 5318(a)(6) of title 31, United States Code, and section 128 of Public Law 91–508 ( 12 U.S.C. 1958 ), the Secretary of the Treasury shall consult with State supervisory agencies.

tv_txt: I 113th CONGRESS 2d Session H. R. 4386 IN THE HOUSE OF REPRESENTATIVES AN ACT To allow the Secretary of the Treasury to rely on State examinations for certain financial institutions, and for other purposes.

1. Short title This Act may be cited as the Money Remittances Improvement Act of 2014 . 2. Compliance authority for certain reporting requirements (a) Compliance with reporting requirements on monetary instrument transactions Section 5318(a) of title 31, United States Code, is amended— (1) in paragraph (5), by striking and at the end; (2) by redesignating paragraph (6) as paragraph (7); and (3) by inserting after paragraph (5) the following: (6) rely on examinations conducted by a State supervisory agency of a category of financial institution, if the Secretary determines that— (A) the category of financial institution is required to comply with this subchapter and regulations prescribed under this subchapter; or (B) the State supervisory agency examines the category of financial institution for compliance with this subchapter and regulations prescribed under this subchapter; and . (b) Compliance with reporting requirements of other financial institutions Section 128 of Public Law 91–508 ( 12 U.S.C. 1958 ) is amended— (1) by striking this title and inserting this chapter and section 21 of the Federal Deposit Insurance Act ( 12 U.S.C. 1829b ) ; and (2) by inserting at the end the following: The Secretary may rely on examinations conducted by a State supervisory agency of a category of financial institution, if the Secretary determines that the category of financial institution is required to comply with this chapter and section 21 of the Federal Deposit Insurance Act (and regulations prescribed under this chapter and section 21 of the Federal Deposit Insurance Act), or the State supervisory agency examines the category of financial institution for compliance with this chapter and section 21 of the Federal Deposit Insurance Act (and regulations prescribed under this chapter and section 21 of the Federal Deposit Insurance Act). . (c) Consultation with State agencies In issuing rules to carry out section 5318(a)(6) of title 31, United States Code, and section 128 of Public Law 91–508 ( 12 U.S.C. 1958 ), the Secretary of the Treasury shall consult with State supervisory agencies.

Passed the House of Representatives May 6, 2014. Karen L. Haas, Clerk.

tv_txt: IIB 113th CONGRESS 2d Session H. R. 4386 IN THE SENATE OF THE UNITED STATES May 7, 2014 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT To allow the Secretary of the Treasury to rely on State examinations for certain financial institutions, and for other purposes.

1. Short title This Act may be cited as the Money Remittances Improvement Act of 2014 . 2. Compliance authority for certain reporting requirements (a) Compliance with reporting requirements on monetary instrument transactions Section 5318(a) of title 31, United States Code, is amended— (1) in paragraph (5), by striking and at the end; (2) by redesignating paragraph (6) as paragraph (7); and (3) by inserting after paragraph (5) the following: (6) rely on examinations conducted by a State supervisory agency of a category of financial institution, if the Secretary determines that— (A) the category of financial institution is required to comply with this subchapter and regulations prescribed under this subchapter; or (B) the State supervisory agency examines the category of financial institution for compliance with this subchapter and regulations prescribed under this subchapter; and . (b) Compliance with reporting requirements of other financial institutions Section 128 of Public Law 91–508 ( 12 U.S.C. 1958 ) is amended— (1) by striking this title and inserting this chapter and section 21 of the Federal Deposit Insurance Act ( 12 U.S.C. 1829b ) ; and (2) by inserting at the end the following: The Secretary may rely on examinations conducted by a State supervisory agency of a category of financial institution, if the Secretary determines that the category of financial institution is required to comply with this chapter and section 21 of the Federal Deposit Insurance Act (and regulations prescribed under this chapter and section 21 of the Federal Deposit Insurance Act), or the State supervisory agency examines the category of financial institution for compliance with this chapter and section 21 of the Federal Deposit Insurance Act (and regulations prescribed under this chapter and section 21 of the Federal Deposit Insurance Act). . (c) Consultation with State agencies In issuing rules to carry out section 5318(a)(6) of title 31, United States Code, and section 128 of Public Law 91–508 ( 12 U.S.C. 1958 ), the Secretary of the Treasury shall consult with State supervisory agencies.

Passed the House of Representatives May 6, 2014. Karen L. Haas, Clerk

tv_txt: I One Hundred Thirteenth Congress of the United States of America At the Second Session Begun and held at the City of Washington on Friday, the third day of January, two thousand and fourteen H. R. 4386 AN ACT To allow the Secretary of the Treasury to rely on State examinations for certain financial institutions, and for other purposes.

1. Short title This Act may be cited as the Money Remittances Improvement Act of 2014 . 2. Compliance authority for certain reporting requirements (a) Compliance with reporting requirements on monetary instrument transactions Section 5318(a) of title 31, United States Code, is amended— (1) in paragraph (5), by striking and at the end; (2) by redesignating paragraph (6) as paragraph (7); and (3) by inserting after paragraph (5) the following: (6) rely on examinations conducted by a State supervisory agency of a category of financial institution, if the Secretary determines that— (A) the category of financial institution is required to comply with this subchapter and regulations prescribed under this subchapter; or (B) the State supervisory agency examines the category of financial institution for compliance with this subchapter and regulations prescribed under this subchapter; and . (b) Compliance with reporting requirements of other financial institutions Section 128 of Public Law 91–508 ( 12 U.S.C. 1958 ) is amended— (1) by striking this title and inserting this chapter and section 21 of the Federal Deposit Insurance Act ( 12 U.S.C. 1829b ) ; and (2) by inserting at the end the following: The Secretary may rely on examinations conducted by a State supervisory agency of a category of financial institution, if the Secretary determines that the category of financial institution is required to comply with this chapter and section 21 of the Federal Deposit Insurance Act (and regulations prescribed under this chapter and section 21 of the Federal Deposit Insurance Act), or the State supervisory agency examines the category of financial institution for compliance with this chapter and section 21 of the Federal Deposit Insurance Act (and regulations prescribed under this chapter and section 21 of the Federal Deposit Insurance Act). . (c) Consultation with State agencies In issuing rules to carry out section 5318(a)(6) of title 31, United States Code, and section 128 of Public Law 91–508 ( 12 U.S.C. 1958 ), the Secretary of the Treasury shall consult with State supervisory agencies.

Speaker of the House of Representatives. Vice President of the United States and President of the Senate.