FinCEN Exam Delegation Study

Bill: 117-hr-6328
Sponsor: full_name: Rep. Cleaver, Emanuel [D-MO-5]
Introduced: 2021-12-20
Policy area: Finance and Financial Sector
Latest action: action_date: 2021-12-20
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2021-12-20
action_desc: Introduced in House
text: <p><strong>FinCEN Exam Delegation Study </strong></p> <p>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. </p> <p>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.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 6328 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.

1. Short title This Act may be cited as the FinCEN Exam Delegation Study . 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 ).