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Code · BILL · 113th Congress · H.R. 1694 (Introduced in House) — To allow the Secretary of the Treasury to rely on State examinations for certain financial institutions, and for othe... · Sec. 2

Sec. 2. Compliance authority for certain reporting requirements

318 words·~1 min read·/bill/113/hr/1694/ih/section-2

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Section 5318(a) of title 31, United States Code, is amended— in paragraph (5), by striking and at the end; by redesignating paragraph
(6)as paragraph (7); and by inserting after paragraph
(5)the following: rely on examinations conducted by a State supervisory agency of a category of financial institution, if the Secretary determines that, under the laws of the State— the category of financial institution is required to comply with this subchapter and regulations prescribed under this subchapter; or the State supervisory agency is authorized to ensure that the category of financial institution complies with this subchapter and regulations prescribed under this subchapter; and . Section 128 of Public Law 91–508 ( 12 U.S.C. 1958 ) is amended— by striking this title and inserting this chapter and section 21 of the Federal Deposit Insurance Act ( ; and 12 U.S.C. 1829b ) 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 under the laws of the State, 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 is authorized to ensure that the category of financial institution complies 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). . 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. Section 310(b)(2)(E) of title 31, United States Code, is amended by striking Federal regulatory agencies and inserting Federal and foreign regulatory agencies .
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  • Pub. L. 91-508
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Sec. 2
Compliance authority for certain reporting requirements
U.S.C.§ 1958
U.S.C.§ 1829b
Pub. L.Pub. L. 91-508
Cites 3Cited by 0 across 0 sources
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