; and (2) to support the implementation of responsible innovation and new technology, in a manner that complies with the requirements of the Bank Secrecy Act. (d) FinCEN lab The Innovation Lab established under subsection (a) within the Department of the Treasury shall be a lab within the Financial Crimes Enforcement Network. (e) Financial agency defined In this section, the term financial agency means the Department of the Treasury, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission. . (b) Clerical amendment The table of contents for chapter 53 of title 31, United States Code, is amended by inserting after the item relating to section 5326 the following: 5327. Innovation Labs. . 303. Innovation Council (a) Establishment There is established the Innovation Council (hereinafter in this section referred to as the Council ), which shall consist of each Director of an Innovation Lab established under section 302 and the Director of the Financial Crimes Enforcement Network. (b) Chair The Director of the Innovation Lab of the Department of the Treasury shall serve as the Chair of the Council. (c) Duty The members of the Council shall coordinate on activities related to innovation under the Bank Secrecy Act (as defined under section 5312 of title 31, United States Code). (d) Meetings The meetings of the Council— (1) shall be at the call of the Chair, but in no case may the Council meet less than quarterly; (2) may include open and closed sessions, as determined necessary by the Council