Depository Institution Money Laundering Amendments of 1990 - Amends the Bank Conservation Act, the Home Owners' Loan Act, the Federal Deposit Insurance Act, and the Federal Credit Union Act to authorize the appointment of a conservator for a depository institution convicted of money laundering offenses (including insured Federal and State savings associations and State banks). Exempts from conservatorship any such institution whose ownership or control has changed after commission of the offense and whose new owner or controlling person was not affiliated with it at the time of the offense.
Amends the Revised Statutes, the Home Owners' Loan Act, and the Federal Credit Union Act to prescribe guidelines for the revocation of depository institutions' charters and forfeiture of franchises upon conviction for money laundering offenses (including the conviction of senior level management for such offenses).
Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to prescribe guidelines for the termination of the insured status of State depository institutions, including State chartered credit unions, convicted of money laundering.
Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to require specified regulatory agencies to include in their annual reports to the Congress the identification of depository institutions convicted of money laundering offenses and the agencies' enforcement activities.
Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to require removal from office of institution-affiliated parties convicted of money laundering offenses and to prohibit their further participation in the affairs of any insured depository institution.
Amends Federal law regarding monetary transactions to authorize the Secretary of the Treasury to: (1) impose civil money penalties upon a financial institution for negligent violations of this Act or for a pattern of negligent violations; and (2) order a depository institution to request that its customers submit cash transaction reports.
Expresses the sense of the Congress that the States should: (1) establish uniform regulations and licensing requirements (meeting specified criteria) for non-depository institutions engaged in check cashing businesses; and (2) develop a model statute incorporating such uniform regulations.
Requires the Secretary to study and report to the Congress on the progress made by the States in enacting uniform legislation.
Amends the Federal Deposit Insurance Act to direct the Secretary to promulgate final regulations requiring insured depository institutions to maintain records of payment orders which: (1) involve international transactions; and (2) direct transfers of funds over wholesale transfer systems or on the books of any insured depository institution. Authorizes the Secretary to prohibit a financial institution from disclosing the existence of a Federal information targeting order.
Amends the Right to Financial Privacy Act to exempt a financial institution from civil liability for submitting in good faith a suspicious transaction report or for refusing to do business with the subject of such transaction report.
Amends the Bank Secrecy Act to require financial institutions to certify in writing under penalty of perjury their basis for requesting an exemption from cash transaction reporting requirements. Requires an annual update of such certification. Requires the Secretary to make currency transaction reports available to any State depository institution's supervisory agency.
Requires the Secretary to: (1) submit periodic status reports to the Congress regarding the use of currency transaction reports and related enforcement activities; and (2) establish an Advisory Group on Reports on Monetary Instruments Transactions to serve as a conduit between the Federal and private sectors regarding the status of currency transaction reporting activities.
Requires the Board of Governors of the Federal Reserve System to provide, at the Attorney General's request, information regarding the cash surplus reports of the Federal Reserve banks.
Requires the Secretary to establish a study group to evaluate: (1) the feasibility of electronic scanning of Federal Reserve notes; and (2) the impact of such scanning upon the rights of individuals to financial privacy.
Requires the Comptroller General to study and report to the Congress on the feasibility of a "Financial Crimes Enforcement Network" proposed to be established among Federal agencies and banking agencies.
Amends Federal law regarding monetary transactions to subject to certain cash reporting requirements any officer or office of either House of the Congress which provides check cashing or deposit services for Members of Congress.
Requires the Secretary of the Treasury to: (1) collect and maintain information on amounts and denominations of currency confiscated in connection with drug seizures and drug-related money laundering operations, as well as the total dollar amount of each denomination of such notes and currency; (2) develop a plan to collect the same information from State and local agencies; (3) report to the Congress on such plan, together with biannual summaries of the information collected; and (4) report to the Congress on the need for additional information regarding how frequently $50 and $100 notes are used in drug trafficking and other illegal activities, and the possible deterrent effect the withdrawal of such notes would have on such activities.
Placed on the Union Calendar, Calendar No. 273.
Rules Committee Resolution H. Res. 378 Reported to House. Rule provides for consideration of H.R. 3848 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit. Measure will be read by section. Bill is open to amendments. It shall be in order to consider the amendment in the nature of a substitute recommended by the Committee on Banking, Finance and Urban Affairs now printed in the bill as an original bill for the purpose of amendment under the five-minute rule and all points of order against said substitute for failure to comply with the provisions of clause 7 of rule XVI shall be waived.
Rule H. Res. 378 passed House.
Considered under the provisions of rule H. Res. 378.
Rule provides for consideration of H.R. 3848 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit. Measure will be read by section. Bill is open to amendments. It shall be in order to consider the amendment in the nature of a substitute recommended by the Committee on Banking, Finance and Urban Affairs now printed in the bill as an original bill for the purpose of amendment under the five-minute rule and all points of order against said substitute for failure to comply with the provisions of clause 7 of rule XVI shall be waived.
House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 378 and Rule XXIII.
The Speaker designated the Honorable William J. Hughes to act as Chairman of the Committee.
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GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate.
DEBATE - Mr. Annunzio asked unanimous consent that debate on the Torres amendment and all amendments thereto be limited to thirty-five minutes divided as follows: Fifteen minutes to be controlled by the majority and twenty minutes to be controlled by the minority. Agreed to without objection.
The House rose from the Committee of the Whole House on the state of the Union to report H.R. 3848.
The previous question was ordered pursuant to the rule.
The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union.
Passed/agreed to in House: On passage Passed by recorded vote: 406 - 0 (Roll no. 82).
Roll Call #82 (House)On passage Passed by recorded vote: 406 - 0 (Roll no. 82).
Roll Call #82 (House)The title of the measure was amended. Agreed to without objection.
Motion to reconsider laid on the table Agreed to without objection.
The Clerk was authorized to correct section numbers, punctuation, and cross references, and to make other necessary technical and conforming corrections in the engrossment of H.R. 3848.
Received in the Senate and read twice and referred to the Committee on Banking.
Committee on Banking. Hearings held. Hearings printed: S.Hrg. 101-905.
See also S. 3266.