H.R. 6688 · 110th Congress
Seasoned Customer CTR Exemption Act of 2008
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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Seasoned Customer CTR Exemption Act of 2008 - Amends federal money and finance law to: (1) repeal certain discretionary exemptions of depository institutions from currency transaction reporting (CTR) requirements; and (2) instruct the Secretary of the Treasury to prescribe regulations that exempt any depository institution from filing certain mandatory…
What it does: CRS summary · Introduced in House · Jul 31, 2008
Seasoned Customer CTR Exemption Act of 2008 - Amends federal money and finance law to: (1) repeal certain discretionary exemptions of depository institutions from currency transaction reporting (CTR) requirements; and (2) instruct the Secretary of the Treasury to prescribe regulations that exempt any depository institution from filing certain mandatory reports of currency transactions 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; and (2) has maintained a deposit account with the depository institution for at least two months, or 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) set conditions under which exempt qualified customers of an insured depository institution that is 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.
Revises certain mandatory exemptions from CTR requirements. Requires the Secretary to exempt a depository institution from domestic CTR requirements without requiring the depository institution to either file a notice of designation of exemption, or to annually review the information supporting the exemption, with respect to transactions between the depository institution and specified categories of entities.
Specifies additions to such categories of entities.
Permits a depository institution to elect to report such exempted transactions without being subject to any penalty, liability, enforcement remedy, or supervisory criticism for such reporting.
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 2008
Latest action (Jul 31, 2008): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jul 31, 2008
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.