Title 12 — Banks and Banking
Chapter 21 — Financial Recordkeeping
§ 1958. Compliance
Statutory text
The Secretary shall have the responsibility to assure compliance with the requirements of this chapter and section 1829b of this title and may delegate such responsibility to the appropriate bank supervisory agency, or other supervisory agency. The Secretary may rely on examinations conducted by a State supervisory agency of a category of financial institution, if the Secretary determines that the category of financial institution is required to comply with this chapter and section 1829b of this title (and regulations prescribed under this chapter and section 1829b of this title), or the State supervisory agency examines the category of financial institution for compliance with this chapter and section 1829b of this title (and regulations prescribed under this chapter and section 1829b of this title).
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Pub. L. 91–508 title I § 128 · 84 Stat. 1114
Enacted · 12 U.S.C. § 1958
Pub. L. 91–508, title I, § 128, Oct. 26, 1970, 84 Stat. 1118
Source evidence
Code source credit
Pub. L. 91–508, title I, § 128, Oct. 26, 1970, 84 Stat. 1118Enacted provision · exact public law section
§ 128. Compliance The Secretary shall have the responsibility to assure compliance with the requirements of this title and may delegate such responsibility to the appropriate bank supervisory agency, or other supervisory agency.Money Remittances Improvement Act of 2014
Pub. L. 113–156 § 2(b) · 128 Stat. 1829
Substituted · 12 U.S.C. § 1958
Pub. L. 113–156 substituted “requirements of this chapter and section 1829b of this title” for “requirements of this chapter and sections 1730d and 1829b of this title”
Inserted · 12 U.S.C. § 1958
Pub. L. 113–156 inserted at end “The Secretary may rely on examinations conducted by a State supervisory agency of a category of financial institution, if the Secretary determines that the category of financial institution is required to comply with this chapter and section 1829b of this title (and regulations prescribed under this chapter and section 1829b of this title), or the State supervisory agency examines the category of financial institution for compliance with this chapter and section 1829b of this title (and regulations prescribed under this chapter and section 1829b of this title).”
Source evidence
Code amendment note
Pub. L. 113–156 substituted “requirements of this chapter and section 1829b of this title” for “requirements of this chapter and sections 1730d and 1829b of this title” and inserted at end “The Secretary may rely on examinations conducted by a State supervisory agency of a category of financial institution, if the Secretary determines that the category of financial institution is required to comply with this chapter and section 1829b of this title (and regulations prescribed under this chapter and section 1829b of this title), or the State supervisory agency examines the category of financial institution for compliance with this chapter and section 1829b of this title (and regulations prescribed under this chapter and section 1829b of this title).”Enacted provision · exact public law section
(b) Compliance With Reporting Requirements of Other Financial Institutions.— Section 128 of Public Law 91–508 (12 U.S.C. 1958) is amended— (1) by striking “this title” and inserting “this chapter and section 21 of the Federal Deposit Insurance Act (12 U.S.C. 1829b)”; and (2) by inserting at the end the following: “The Secretary may rely on examinations conducted by a State supervisory agency of a category of financial institution, if the Secretary determines that the category of financial institution is required to comply with this chapter and section 21 of the Federal Deposit Insurance Act (and regulations prescribed under this chapter and section 21 of the Federal Deposit Insurance Act), or the State supervisory agency examines the category of financial institution for compliance with this chapter and section 21 of the Federal Deposit Insurance Act (and regulations prescribed under this chapter and section 21 of the Federal Deposit Insurance Act).”.
3 of 3 references resolved to an enrolled provision
Editorial Notes
Amendments
2014—Pub. L. 113–156 substituted “requirements of this chapter and section 1829b of this title” for “requirements of this chapter and sections 1730d and 1829b of this title” and inserted at end “The Secretary may rely on examinations conducted by a State supervisory agency of a category of financial institution, if the Secretary determines that the category of financial institution is required to comply with this chapter and section 1829b of this title (and regulations prescribed under this chapter and section 1829b of this title), or the State supervisory agency examines the category of financial institution for compliance with this chapter and section 1829b of this title (and regulations prescribed under this chapter and section 1829b of this title).”
Statutory Notes and Related Subsidiaries
Effective Date
Section effective on first day of seventh calendar month which begins after , except that the Secretary of the Treasury may, by regulation, provide that this section be effective on any date not earlier than the publication of such regulations in the Federal Register and not later than first day of thirteenth calendar month which begins after , see section 401(a), (b) of Pub. L. 91–508, set out as a note under section 1951 of this title.
Consultation With State Agencies
Pub. L. 113–156, § 2(c), , 128 Stat. 1830, provided that: “In issuing rules to carry out section 5318(a)(6) of title 31, United States Code, and section 128 of Public Law 91–508 (12 U.S.C. 1958), the Secretary of the Treasury shall consult with State supervisory agencies.”
Credits
1970–2014 · 2 acts
Show as published
(Pub. L. 91–508, title I, § 128, , 84 Stat. 1118; Pub. L. 113–156, § 2(b), , 128 Stat. 1829.)