HR 5341 · 109th Congress 2005–2007, ended

Seasoned Customer CTR Exemption Act of 2006

Introduced May 10, 2006 Originated House Sponsor Spencer Bachus R-AL

Fact sheet

Latest action · Jun 28, 2006 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedMay 10, 2006
  2. Passed HouseJun 27, 2006
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

(This measure has not been amended since it was reported to the House on June 19, 2006. The summary of that version is repeated here.)

Seasoned Customer CTR Exemption Act of 2006 - Amends federal money and finance law to: (1) repeal the current authority of the Secretary of the Treasury to exempt a depository institution from currency transaction reporting (CTR) requirements with respect to transactions between the depository institution and a qualified business customer; and (2) instruct the Secretary to prescribe regulations that exempt a depository institution from filing a CTR if the transaction is with a qualified customer.

Defines qualified customer as any person that: (1) is incorporated or organized under federal or state law, including a sole proprietorship, or is registered as and eligible to do business within the United States or a state; (2) has maintained a deposit account with the depository institution for at least 12 months; and (3) has engaged, using such account, in multiple currency transactions subject to federal CTR requirements.

Requires such regulations to require a depository institution to file a one-time notice of designation of exemption for each of its qualified customers.

Authorizes the Secretary to: (1) suspend, reject, or revoke any qualified customer exemption notice; and (2) establish conditions under which exempt qualified customers of an insured depository institution merged with or acquired by another insured depository institution will continue to be treated as designated exempt qualified customers of the surviving or acquiring institution.

Requires the Secretary to submit a three-year review and report evaluating implementation of this Act.

Requires the Secretary to review every five years: (1) the continuing appropriateness, relevance, and utility of each threshold amount or denomination established for any mandatory CTR; (2) adjust such amount for inflation, if any; and (3) report to Congress the review findings and conclusions, together with an explanation for any adjustment, or lack of adjustment, of any threshold amount or denomination.

Cosponsors 22

Members who signed on, in the order they did. Signatures ran from May 10, 2006 to May 19, 2006, with 18 there on the day it was introduced.

SeatCosponsorSigned on
D-ALArtur DavisOriginalMay 10, 2006
D-MABarney FrankOriginalMay 10, 2006
D-NYCarolyn B. MaloneyOriginalMay 10, 2006
D-NYCarolyn McCarthyOriginalMay 10, 2006
R-CTChristopher ShaysOriginalMay 10, 2006
D-ORDarlene HooleyOriginalMay 10, 2006
D-FLDebbie Wasserman SchultzOriginalMay 10, 2006
D-KSDennis MooreOriginalMay 10, 2006
R-KYGeoff DavisOriginalMay 10, 2006
R-TXJeb HensarlingOriginalMay 10, 2006
D-UTJim MathesonOriginalMay 10, 2006
R-ILJudy BiggertOriginalMay 10, 2006
R-TXRandy NeugebauerOriginalMay 10, 2006
R-AZRick RenziOriginalMay 10, 2006
D-TXRuben HinojosaOriginalMay 10, 2006
Show all 22 cosponsors

Actions 16

Everything that happened, newest first.

  1. Jun 28, 2006Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  2. Jun 27, 2006Considered under suspension of the rules. (consideration: CR H4576-4582)
  3. Jun 27, 2006DEBATE - The House proceeded with forty minutes of debate on H.R. 5341.
  4. Jun 27, 2006Motion to reconsider laid on the table Agreed to without objection.
  5. Jun 27, 2006Mr. Bachus moved to suspend the rules and pass the bill, as amended.
  6. Jun 27, 2006On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4576-4577)
  7. Jun 27, 2006Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H4576-4577)
  8. Jun 19, 2006Placed on the Union Calendar, Calendar No. 282.
  9. Jun 19, 2006Reported (Amended) by the Committee on Financial Services. H. Rept. 109-506.
  10. May 24, 2006Committee Consideration and Mark-up Session Held.
  11. May 24, 2006Ordered to be Reported (Amended) by Voice Vote.
  12. May 19, 2006Subcommittee Hearings Held.
  13. May 19, 2006Subcommittee on Financial Institutions and Consumer Credit Discharged.
  14. May 16, 2006Referred to the Subcommittee on Financial Institutions and Consumer Credit.
  15. May 10, 2006Introduced in House
  16. May 10, 2006Referred to the House Committee on Financial Services.

Subjects

Assigned by the Library of Congress. Policy area: Finance and Financial Sector.

Text 2

Each version as it was printed, newest first.

  1. Jun 19, 2006Reported in House
  2. May 10, 2006Introduced in House

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.