FinCEN Exam Delegation Study

Hozzl · 2023-03-08T19:58:39Z

Explore the details of House Bill 6328 FinCEN Exam Delegation Study currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

3/8/2023, 7:58 PM

Summary of Bill HR 6328

Bill 117 hr 6328, also known as the FinCEN Exam Delegation Study, is a piece of legislation currently being considered by the US Congress. The bill aims to conduct a study on the delegation of examination authority by the Financial Crimes Enforcement Network (FinCEN) to certain financial institutions.

The study would assess the effectiveness of FinCEN's delegation of examination authority, including the impact on the ability of financial institutions to comply with anti-money laundering and counter-terrorism financing regulations. It would also evaluate the resources and expertise of financial institutions in conducting these examinations.

Additionally, the bill would require the Comptroller General of the United States to submit a report to Congress detailing the findings of the study and any recommendations for improving the delegation of examination authority by FinCEN. Overall, the FinCEN Exam Delegation Study bill seeks to provide Congress with valuable information on the effectiveness of FinCEN's delegation of examination authority and potential areas for improvement in combating financial crimes.

Congressional Summary of HR 6328

FinCEN Exam Delegation Study

This bill requires the Department of the Treasury to brief specified congressional committees on Treasury's delegation of examination authority under the Bank Secrecy Act. The Bank Secrecy Act's aim is to deter and detect money laundering, terrorist financing, and other financial crimes by requiring financial institutions to keep records and report suspicious activity. Examinations of these financial institutions are delegated to and performed by financial regulatory agencies.

The briefing must include how frequently agencies are able to examine entities under their authority, the resources available to agencies to perform their responsibilities, and whether examiners have sufficient training and support.

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Current Status of Bill HR 6328

Bill HR 6328 is currently in the status of Bill Introduced since December 20, 2021. Bill HR 6328 was introduced during Congress 117 and was introduced to the House on December 20, 2021. Bill HR 6328's most recent activity was Referred to the House Committee on Financial Services. as of December 20, 2021

Bipartisan Support of Bill HR 6328

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 6328

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HR 6328

FinCEN Exam Delegation StudyFinCEN Exam Delegation StudyTo require the Secretary of the Treasury to conduct a briefing with respect to the delegation of examination authority under the Bank Secrecy Act by the Secretary of the Treasury.

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