,i  #aacth ,,congress  #ast ,session    
,h4 ,r4 #afid  ,,in ,,the ,,house ,,of  
,,representatives  ,april #bd1 #bjac    
,mr4 ,ellison 7for himself1 ,mr4        
,paulsen1 and ,mr4 ,duffy7 introduced   
the following bill2 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 institutions1 and for other   
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,money ,remittances 
,improvement ,act of #bjac4  #b4        
,compliance authority for certain       
reporting requirements  7a7 ,compliance 
with reporting requirements on monetary 
instrument transactions ,section        
#ecah7;a7 of title #ca1 ,united ,states 
,code1 is amended--  7#a7 in paragraph  
7#e71 by striking and at the end2  7#b7 
by redesignating paragraph 7#f7 as      
paragraph 7#g72 and  7#c7 by inserting  
after paragraph 7#e7 the following3     
7#f7 rely on examinations conducted by a

 ,state supervisory agency of a category
 of financial institution1 if the       
,secretary determines that1 under the   
laws of the ,state--  7,a7 the category 
of financial institution is required to 
comply with this subchapter and         
regulations prescribed under this       
subchapter2 or  7,b7 the ,state         
supervisory agency is authorized to     
ensure that the category of financial   
institution complies with this          
subchapter and regulations prescribed   
under this subchapter2 and  4  7b7      
,compliance with reporting requirements 
of other financial institutions ,section
 #abh of ,public ,law #ia-ejh 7#ab      
,u4,s4,c4 #aieh7 is amended--  7#a7 by  
striking this title and inserting this  
chapter and section #ba of the ,federal 
,deposit ,insurance ,act 7#ab ,u4,s4,c4 
#ahbi;b72 and  7#b7 by inserting at the 
end the following3 ,the ,secretary may  
rely on examinations conducted by a     
,state supervisory agency of a category 
of financial institution1 if the        

,secretary determines that under the    
laws of the ,state1 the category of     
financial institution is required to    
comply with this chapter and section #ba
 of the ,federal ,deposit ,insurance    
,act 7and regulations prescribed under  
this chapter and section #ba of the     
,federal ,deposit ,insurance ,act71 or  
the ,state supervisory agency is        
authorized to ensure that the category  
of financial institution complies with  
this chapter and section #ba of the     
,federal ,deposit ,insurance ,act 7and  
regulations prescribed under this       
chapter and section #ba of the ,federal 
,deposit ,insurance ,act744  7c7        
,consultation with ,state agencies ,in  
issuing rules to carry out section      
#ecah7;a77#f7 of title #ca1 ,united     
,states ,code1 and section #abh of      
,public ,law #ia-ejh 7#ab ,u4,s4,c4     
#aieh71 the ,secretary of the ,treasury 
shall consult with ,state supervisory   
agencies4  7d7 ,information sharing     
,section #caj7;b77#b77;,e7 of title #ca1

 ,united ,states ,code1 is amended by   
striking ,federal regulatory agencies   
and inserting ,federal and foreign      
regulatory agencies4