President Signs Money Remittances Improvement Act of 2014
President Barack Obama signed into law a bill, titled the "Money Remittances Improvement Act of 2014" (Public Law No. 113-156), that authorizes the Secretary of the Treasury to utilize state examinations conducted by a state supervisory agency, rather than federal reporting requirements, for certain financial institutions.
Specifically, the new law authorizes the Secretary of the Treasury, with respect to compliance and reporting requirements, to rely upon examinations conducted by a state supervisory authority if: (i) the institution is required to comply with federal requirements; and (ii) the state supervisory agency examines the category for compliance with federal requirements. The law requires the Secretary of the Treasury to consult with state supervisory agencies when issuing rules to implement the new law.