H.R. 5341: Seasoned Customer CTR Exemption Act of 2006

109th Congress · introduced 2006-05-10 · Finance and Financial Sector · Latest: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

federal

Follow this bill, step by step

Where it came from: introduced 2006-05-10 · official record
Who proposed it: Rep. Bachus, Spencer [R-AL-6] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Seasoned Customer CTR Exemption Act of 2006

Plain summary

(This measure has not been amended since it was reported to the House on June 19, 2006. The summary of that version is repeated here.) Seasoned Customer CTR Exemption Act of 2006 - Amends federal money and finance law to: (1) repeal the current authority of the Secretary of the Treasury to exempt a depository institution from currency transaction reporting (CTR) requirements with respect to transactions between the depository institution and a qualified business customer; and (2) instruct the Secretary to prescribe regulations that exempt a depository institution from filing a CTR if the transaction is 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; (2) has maintained a deposit account with the depository institution for at least 12 months; and (3) 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) establish conditions under which exempt qualified customers of an insured depository institution 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. Requires the Secretary to submit a three-year review and report evaluating implementation of this Act. Requires the Secretary to review every five years: (1) the continuing appropriateness, relevance, and utility of each threshold amount or denomination established for any mandatory CTR; (2) adjust such amount for inflation, if any; and (3) report to Congress the review findings and conclusions, together with an explanation for any adjustment, or lack of adjustment, of any threshold amount or denomination.

Congressional Research Service summary (Passed House amended), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Seasoned Customer CTR Exemption Act of 2006

Source: Congressional Research Service summary (Passed House amended)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Bachus, Spencer [R-AL-6] · 22 cosponsors

Cost estimate: CBO cost estimate: H.R. 5341, Seasoned Customer CTR Exemption Act of 2006 (2006-06-16); CBO cost estimate: H.R. 5341, Seasoned Customer CTR Exemption Act of 2006 (2006-06-16)

Cosponsors on this site

Debbie Wasserman Schultz (D-FL)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (2)

Exemption: A rule that removes certain people, property or activities from a tax or requirement.
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Passed House amended)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-109hr5341.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/109/hr>

Record fed-us-cong109-hr5341 · catalog fed-us-congress-bills-cong109 · updated 2026-11-15 by psicol fed-bills-cong109