Seasoned Customer CTR Exemption Act of 2006
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.
- IntroducedMay 10, 2006
- Passed HouseJun 27, 2006
- Passed SenateNot reached
- To the PresidentNot reached
- 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; 18 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-AL | Artur Davis | Original | May 10, 2006 |
| D-MA | Barney Frank | Original | May 10, 2006 |
| D-NY | Carolyn B. Maloney | Original | May 10, 2006 |
| D-NY | Carolyn McCarthy | Original | May 10, 2006 |
| R-CT | Christopher Shays | Original | May 10, 2006 |
| D-OR | Darlene Hooley | Original | May 10, 2006 |
| D-FL | Debbie Wasserman Schultz | Original | May 10, 2006 |
| D-KS | Dennis Moore | Original | May 10, 2006 |
| R-KY | Geoff Davis | Original | May 10, 2006 |
| R-TX | Jeb Hensarling | Original | May 10, 2006 |
| D-UT | Jim Matheson | Original | May 10, 2006 |
| R-IL | Judy Biggert | Original | May 10, 2006 |
| R-TX | Randy Neugebauer | Original | May 10, 2006 |
| R-AZ | Rick Renzi | Original | May 10, 2006 |
| D-TX | Ruben Hinojosa | Original | May 10, 2006 |
| R-NJ | Scott Garrett | Original | May 10, 2006 |
| R-NC | Walter B. Jones | Original | May 10, 2006 |
| D-MO | Wm. Lacy Clay | Original | May 10, 2006 |
| R-NC | Patrick T. McHenry | May 17, 2006 | |
| R-TX | Ron Paul | May 17, 2006 | |
| R-FL | Tom Feeney | May 17, 2006 | |
| D-NY | Steve Israel | May 19, 2006 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred May 10, 2006Markup May 24, 2006Reported Jun 19, 2006 |
| Consumer Protection and Financial Institutions Subcommittee | Referred May 16, 2006Hearings May 19, 2006Discharged May 19, 2006 | |
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Jun 28, 2006 |
Actions 15
Everything that happened, newest first.
- Jun 28, 2006Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Jun 27, 2006Mr. Bachus moved to suspend the rules and pass the bill, as amended.
- Jun 27, 2006Considered under suspension of the rules. (consideration: CR H4576-4582)
- Jun 27, 2006DEBATE - The House proceeded with forty minutes of debate on H.R. 5341.
- 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)
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| House | Debate and remarks H4576–H4582Text printed H4576 | Carolyn B. Maloney D-NY, Jeb Hensarling R-TX, Spencer Bachus R-AL | Jun 27, 2006 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Committee report
Congressional Budget Office cost estimates 2
- Jun 16, 2006H.R. 5341, Seasoned Customer CTR Exemption Act of 2006<p>Cost estimate for the bill as ordered reported by the House Committee on Financial Services on May 24, 2006</p>
- Jun 16, 2006H.R. 5341, Seasoned Customer CTR Exemption Act of 2006Cost estimate for the bill as ordered reported by the House Committee on Financial Services on May 24, 2006
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 109-95 | H.R. 5341, THE SEASONED CUSTOMER CTR EXEMPTION ACT OF 2006140 pages | Financial Services Committee | May 18, 2006 |
Titles 4
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend section 5313 of title 31, United States Code, to reform certain requirements for reporting cash transactions, and for other purposes.
- Short Titles as Introduced
- Seasoned Customer CTR Exemption Act of 2006
- Short Titles as Reported to House
- Seasoned Customer CTR Exemption Act of 2006
- Short Titles as Passed House
- Seasoned Customer CTR Exemption Act of 2006
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative procedure
- Bank deposits
- Bank records
- Coins and coinage
- Commerce
- Congressional reporting requirements
- Crime and Law Enforcement
- Crime prevention
- Department of the Treasury
- Finance and Financial Sector
- Financial institutions
- Government Operations and Politics
- Government paperwork
- Law
- Money
- Money laundering
Text 4
Each version as it was printed, newest first.
- Jun 28, 2006Referred in Senate
- Jun 27, 2006Engrossed in House
- Jun 19, 2006Reported in House
- May 10, 2006Introduced in House
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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.