,i  #aae? ,,congress  #b;d ,session  ,h4
 ,r4 #fhfa  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,septemb] #bj1        
#bjah,mr4 ,zeld9 introduc$ ! foll[+     
bill2 :i* 0 ref]r$ to ! ,committee on   
,f9ancial ,s]vices  ,a ,,bill  ,to am5d 
title #ca1 ,unit$ ,/ates ,code1 )       
respect to ,fin,c,e,n no-action lett]s1 
& = o!r purposes4  #a4 ,fin,c,e,n       
no-action lett]s ,section #caj ( title  
#ca1 ,unit$ ,/ates ,code1 is am5d$--    
7#a7 by r$esignat+ subsection 7d7 z     
subsection 7e72 &  7#b7 by ins]t+ aft]  
subsection 7c7 ! foll[+3  7d7           
,no-,action lett]s ) respect to specific
 conduct  7#a7 ,9 g5]al ,! ,director (  
,fin,c,e,n %all issue regulations to    
e/abli% a process = ! issuance ( a      
no-action lett] by ,fin,c,e,n 9 response
 to an inquiry f a p]son or gr\p (      
p]sons conc]n+ ! application ( ! ,bank  
,secrecy ,act1 ! ,,usa ,,patriot ,act1  
or any o!r anti-money laund]+ & c\nt]   
t]rori/ f9anc+ law or regulation to     
specific conduct1 :i* %all include a    

/atem5t z to :e!r or n ,fin,c,e,n has   
any int5tion ( tak+ an en=cem5t or o!r  
regulatory action aga9/ ! p]son or gr\p 
) respect to su* conduct4  7#b7         
,consultation ,9 issu+ ! regulations    
describ$ "u p>agraph 7#a71 ! ,secret>y  
%all consult ) ! ,f$]al functional      
regulators & su* o!r ,f$]al dep>tm5ts & 
ag5cies z ! ,secret>y det]m9es          
appropriate4  7#c7 ,reliance on         
no-action lett]  7,a7 ,liability        
,not)/&+ any o!r provisions ( law1      
except = p>agraph 7#e77;,b71 a p]son    
describ$ "u subp>agraph 7,b7 :o relies  
^u a no-action lett] issu$ "u ?is       
subsection 9 accordance ) ! provisions &
 f9d+s ( su* lett] %all n1 z a result1  
be subject to any regulatory action or  
civil or crim9al p5alty "u ! ,bank      
,secrecy ,act1 ! ,,usa ,,patriot ,act1  
or any o!r anti-money laund]+ & c\nt]   
t]rori/ f9anc+ law or regulation )      
respect to ! activity cov]$ 9 !         
no-action lett]4  7,b7 ,p]sons cov]$ ,a 
p]son describ$ 9 ?is p>agraph is-- 7i7  

any p]son involv$ 9 ! specific conduct t
 is ! subject ( ! no-action lett]2 &    
7ii7 any p]son involv$ 9 conduct :i* is 
indi/+ui%able 9 all its mat]ial aspects 
f ! specific conduct t is ! subject ( ! 
no-action lett]4  7#d7 ,fees  7,a7 ,9   
g5]al ,! ,director ( ,fin,c,e,n %all    
develop a sy/em to *>ge a fee = ea*     
reque/ = a no-action lett] made "u ?is  
subsection 9 an am\nt suffici5t1 9 !    
aggregate1 to pay = ! co/ ( c>ry+ out   
?is subsection4 ,su* sy/em %all provide 
= a l[] fee = small bus9ess conc]ns &   
small f9ancial in/itutions comp>$ to o!r
 p]sons4  7,b7 ,notice & comm5t ,n lat] 
?an #de days aft] ! date ( ! enactm5t ( 
?is p>agraph1 ! ,director ( ,fin,c,e,n  
%all publi% a description ( ! fee sy/em 
describ$ 9 subp>agraph 7,a7 9 ! ,f$]al  
,regi/] & %all solicit comm5ts f !      
public = a p]iod ( #fj days aft]        
publication4  7,c7 ,f9alization ,!      
,director ( ,fin,c,e,n %all publi% a    
f9al description ( ! fee sy/em &        
implem5t su* fee sy/em n lat] ?an #cj   

days aft] ! end ( ! public comm5t p]iod 
describ$ 9 subp>agraph 7,b74  7#e7      
,modify+ or resc9d+ a no-action lett]   
7,a7 ,9 g5]al ,! ,director ( ,fin,c,e,n 
may modify or resc9d any no-action lett]
 issu$ "u ?is subsection if-- 7i7 9     
light ( *anges 9 /atute1 regulations1 or
 policy ! lett] no long] sets =? !      
int]pretation ( ,fin,c,e,n ) respect to 
! cont5t ( ! lett]2 or  7ii7 any fact or
 /atem5t submitt$ 9 ! orig9al inquiry is
 f\nd to be mat]ially inaccurate or     
incomplete4  7,b7 ,no reliance on       
resc9d$ lett] ,p>agraph 7#c7 %all n     
apply to ! any actions tak5 aft] ! date 
t a no-action lett] is resc9d$4  7,c7   
,retroactive modification or rescission 
,a no-action lett] may be modifi$ or    
resc9d$ retroactively only ) respect to 
"o or m p>ties to ! orig9al inquiry &   
only if ! ,director ( ,fin,c,e,n        
det]m9es t--  7i7 a fact or /atem5t 9 ! 
orig9al inquiry 0 mat]ially inaccurate  
or incomplete2  7ii7 ! reque/or fail$ to
 notify 9 writ+ ,fin,c,e,n ( a mat]ial  

*ange to any fact or /atem5t 9 ! orig9al
 reque/2 or  7iii7 a p>ty to ! orig9al  
inquiry act$ 9 bad fai? :5 rely+ ^u !   
no-action lett]4  7,d7 ,notice (        
modification & rescission ,9 ! case t ! 
,director ( ,fin,c,e,n modifies or      
resc9ds a no-action lett] "u ?is        
subsection1 ! ,director ( ,fin,c,e,n    
%all--  7i7 provide notice ( su*        
modification or rescission2  7ii7       
e/abli% a reasonable "t p]iod1 ( n less 
?an #ij days1 9 :i* impact$ p]sons may  
update _! anti-money laund]+ programs or
 processes to a*ieve compliance ) !     
,bank ,secrecy ,act1 ! ,,usa ,,patriot  
,act1 or any o!r anti-money laund]+ &   
c\nt] t]rori/ f9anc+ law or regulation4 
7#f7 ,def9itions ,= purposes ( ?is      
subsection3 7,a7 ,bank ,secrecy ,act ,! 
t]m ,bank ,secrecy ,act means--  7i7    
section #ba ( ! ,f$]al ,deposit         
,insurance ,act2  7ii7 *apt] #b ( title 
,i ( ,public ,law #ia-ejh2 &  7iii7     
sub*apt] ,,ii ( *apt] #ec ( ?is title4  
7,b7 ,f$]al functional regulator ,! t]m 

,f$]al functional regulator has ! mean+ 
giv5 t t]m "u section #ecab ( title #ca1
 ,unit$ ,/ates ,code4  7,c7 ,small      
bus9ess conc]n ,! t]m small bus9ess     
conc]n has ! mean+ giv5 "u section #c ( 
! ,small ,bus9ess ,act4  4