US Congress House Bill 3700 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 3-0)
Status: Introduced on December 11 2013 - 25% progression, died in committee
Action: 2013-12-11 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

Building Community Financial Institutions' Capacity to Combat Money Laundering Act - Establishes the BSA Compliance Fund. Requires deposit into the Fund of: (1) 25% of all civil money penalties imposed upon domestic financial institutions for violations related to mandatory reports and recordkeeping on monetary instruments transactions, and (2) 25% of any civil fine paid by a domestic financial institution for violations of other federal law with respect to actions for which a civil money penalty is also imposed for prohibited monetary transactions. Instructs the Secretary of the Treasury to: (1) use the Fund to make grants to community financial institutions with under $10 billion in assets to improve their compliance with statutory requirements governing reports and recordkeeping on monetary instruments transactions, and (2) give grant priority to institutions located in counties that have 20% or more of residents living below the federal poverty line.

Building Community Financial Institutions' Capacity to Combat Money Laundering Act

Rep. Ruben Hinojosa [D-TX]

Rep. Carol Shea-Porter [D-NH]

Rep. Filemon Vela [D-TX]

Date	Chamber	Action
2013-12-11	House	Referred to the House Committee on Financial Services.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/house-bill/3700/all-info
Text	https://www.congress.gov/113/bills/hr3700/BILLS-113hr3700ih.pdf