; and (2) by inserting after subsection (c) the following: (d) No-Action letters with respect to specific conduct (1) In general The Director of FinCEN shall issue regulations to establish a process for the issuance of a no-action letter by FinCEN in response to an inquiry from a person or group of persons concerning the application of the Bank Secrecy Act, the USA PATRIOT Act, or any other anti-money laundering and counter terrorist financing law or regulation to specific conduct, which shall include a statement as to whether or not FinCEN has any intention of taking an enforcement or other regulatory action against the person or group with respect to such conduct. (2) Consultation In issuing the regulations described under paragraph (1), the Secretary shall consult with the Federal functional regulators and such other Federal departments and agencies as the Secretary determines appropriate. (3) Reliance on no-action letter (A) Liability Notwithstanding any other provisions of law, except for paragraph (5)(B), a person described under subparagraph (B) who relies upon a no-action letter issued under this subsection in accordance with the provisions and findings of such letter shall not, as a result, be subject to any regulatory action or civil or criminal penalty under the Bank Secrecy Act, the USA PATRIOT Act, or any other anti-money laundering and counter terrorist financing law or regulation with respect to the activity covered in the no-action letter. (B) Persons covered A person described in this paragraph is— (i) any person involved in the specific conduct that is the subject of the no-action letter