Seasoned Customer CTR Exemption Act of 2007

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Passed the House without a recorded vote, then expired. It passed by voice vote or unanimous consent, which don't record how each member voted, but didn't become law before the 110th Congress ended.

R BachusSponsor

25 cosponsors · 10 D, 15 R

21 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

House Introduced Jan 9, 2007
House Passed Jan 23, 2007

Seasoned Customer CTR Exemption Act of 2007 - Amends federal money and finance law to: (1) repeal the 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…

What it does: CRS summary · Passed House without amendment · Jan 23, 2007

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

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.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Seasoned Customer CTR Exemption Act of 2007

Latest action (Jan 24, 2007): Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Policy area: Finance and Financial Sector · Origin: House · Introduced: Jan 9, 2007

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

House Introduced Jan 9, 2007
House Passed Jan 23, 2007

No recorded floor vote found.