Washington, D.C. (January 23, 2026) | – Rep. Barry Loudermilk (GA-11) issued the following statement following the Financial Reporting Threshold Modernization Act (H.R. 1799) Advancing Out of the House Committee on Financial Services.
“I am pleased that my legislation has passed out of committee, and I extend my sincere thanks to my colleagues for their support on this key issue. When Congress passed the Bank Secrecy Act of 1970, they did so with the clear intent to monitor significant and unusual financial transactions. As inflation increased, the 10K threshold that the Department of Treasury implemented five decades ago is now effectively outdated and includes incredible amounts of common transactions, such as used car purchases and small business cash deposits , exemplifying the need for modernization. Treasury must update these thresholds in order to properly align with the realities of the 21st Century.
“My bill simply raises the currency transaction reporting threshold from 10K to 30K, and indexes it to inflation. It would also update certain thresholds for suspicious activity reports, where such thresholds exist, and index them to inflation. These updates would reduce the compliance burden for banks and credit unions by sixty to eighty percent, reduce the need to report arbitrary cash transactions, and ensure law enforcement maintains access to this information as needed. Furthermore, raising these thresholds will enhance customer privacy and allow federal law enforcement and intelligence agencies to focus only on the data that really matters. Modern threats deserve modern approaches, to counter evolving risks, encourage proactive reporting and changes in money laundering and terrorist financing ecosystems. ”
Summary of the Financial Reporting Threshold Modernization Act:
• Raises the Currency Transaction Report (CTR) threshold from $10,000 to $30,000.
• Raises the Suspicious Activity Report (SAR) thresholds from $5,000 to $10,000
• Makes continuing adjustments for inflation, updating the CTR and SAR thresholds every five years.
• Aligns other reporting thresholds for money service businesses with the increase in the CTR and SAR thresholds, with proportionate increases where applicable.
• Requires Treasury, in consultation with private stakeholders and law enforcement, to review and submit a report to Congress on Bank Secrecy Act forms, reporting, and record-keeping requirements to ensure these forms remain effective and efficient.
Click here to read full bill text