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Code · BILL · 114th Congress · H.R. 1389 (Introduced in House) — To improve the mortgage finance system and the regulation of financial institutions, and for other purposes. · Sec. 6

Sec. 6. Streamlining currency transaction reporting

337 words·~2 min read·/bill/114/hr/1389/ih/section-6

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Section 5313(e) of title 31, United States Code, is amended to read as follows: Before the end of the 270-day period beginning on the date of the enactment of this subsection, the Secretary of the Treasury shall issue final rules that exempt any depository institution from filing a report pursuant to this section with respect to a transaction for the payment, receipt, or transfer of monetary instruments between the depository institution and a qualified customer of the depository institution.
For purposes of this section, the term qualified customer , with respect to a depository institution, has such meaning as the Secretary of the Treasury shall prescribe, which shall include any person that— has maintained a deposit account with the depository institution for at least 2 months, except the Secretary may prescribe a shorter period by rule; and has engaged, using such account, in any currency transactions that would otherwise be subject to the reporting requirements of subsection (a).
The Secretary of the Treasury shall issue rules requiring a depository institution to file a one-time notice of the designation for exemption of each qualified customer of the depository institution. The Secretary shall by rule prescribe the form, manner, content, and timing of the qualified customer designation notice. Such notice shall include sufficient information to identify the qualified customer and the accounts of the customer. The Secretary may suspend, reject, or revoke any qualified customer designation notice, in accordance with criteria prescribed by the Secretary by rule.
The Secretary may establish conditions, in accordance with criteria prescribed by rule, under which a designation of exemption received under this section shall continue to be valid, with respect to the qualified customer for whom a depository institution secured such designation, if such depository institution merges with or is acquired by another depository institution. . Not later than the end of the 60-day period beginning on the date of the enactment of this Act, the Secretary shall issue final regulations to raise the threshold amount under subsection
(a)to at least $20,000.
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