Washington D.C. (March 4, 2025) | Rep. Barry Loudermilk (GA-11) issued the following statement after he reintroduced the Financial Reporting Threshold Modernization Act (H.R. 1799) to update the Domestic Currency Transaction Report (CTR) threshold from $10,000 to $30,000, and ensure it is periodically adjusted for inflation in the 119th Congress. Updating this threshold will protect privacy, reduce compliance costs, and realign the threshold with Congressional intent.
“When Congress passed the Bank Secrecy Act of 1970, they did so with the clear intent to monitor significant and unusual financial transactions. Due to the forces of inflation, the $10,000 threshold that the Department of Treasury implemented in the 1970s is now grossly outdated and captures millions of commonplace transactions, like used car purchases and small business cash deposits. It is imperative that Treasury updates these BSA thresholds to meet the realities of the 21st Century.
“My bill simply raises the current threshold from $10,000 to $30,000, and indexes it to inflation. This would reduce the compliance burden for banks and credit unions by 60 to 80 percent, while ensuring law enforcement still has access to this tool when needed. Furthermore, raising this threshold will enhance customer privacy and allow federal law enforcement and intelligence agencies to focus on the data that really matters.”
Rep. Troy Downing (MT-2) stated, “To protect rural communities, it is critical that financial regulation not discriminate against smaller institutions. For too long, financial institutions have been required to report cash transactions on an arbitrary basis without adjustment for inflation, resulting in unnecessary compliance burdens for firms, especially community banks. Congressman Loudermilk’s legislation rights this wrong, and I am proud to lend it my unwavering support.”
“America’s Credit Unions is proud to support Rep. Loudermilk’s legislation to appropriately modernize the CTR threshold and reduce the reporting burden on credit unions. With economic changes and rise in inflation since the threshold was established in 1972, it no longer serves the goals and original intent. If the current threshold was adjusted for inflation, it would exceed $75,000 – proof that the dollar amount requiring a CTR has shifted from a useful reporting tool to an unnecessary burden. We look forward to working on modernization priorities for the credit union industry with policymakers,” said Carrie Hunt, Chief Advocacy Officer, America’s Credit Unions.
Summary of the Financial Reporting Threshold Modernization Act:
- Raises the Currency Transaction Report (CTR) threshold raised from $10,000 to $30,000.
- Makes continuing adjustments for inflation, updating the CTR threshold every five years.
- Aligns other reporting thresholds for money service businesses with the increase in the CTR threshold, with proportionate increases where applicable.
To read the full bill text, click here.
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