Press Releases

Rep. Loudermilk’s Bill to Increase Consumer Privacy and Modernize Financial Reporting Gains Support

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Washington, November 1, 2018 | comments
Rep. Loudermilk's bill, the Financial Reporting Threshold Modernization Act, raises the currency transaction report (CTR) threshold from $10,000 to $30,000, which, in some instances, will reduce regulatory paperwork on small community banks and credit unions by almost 80 percent.

Here's what some business associations are saying about the bill:

National Association of Federally-Insured Credit Unions: "Credit unions are committed to combating criminal activity throughout our financial system. Representative Loudermilk’s bill will help ensure credit unions are able to focus more closely on catching illegal activity rather than being bogged down by stacks of paperwork and compliance exams. We thank Representative Loudermilk for his efforts to modernize the current BSA/AML regime."

Brad Thaler
Vice President of Legislative Affairs
NAFCU

The Independent Community Bankers of America: "ICBA and the nation’s community banks support quality over quantity in their efforts to combat money laundering and terrorist financing. Rep. Barry Loudermilk’s (R-Ga.) Financial Reporting Threshold Modernization Act (H.R. 6850) would update Bank Secrecy Act reporting thresholds that are significantly outdated and capture far more transactions than originally intended. ICBA strongly supports this common-sense legislation to improve the value of information reported to law enforcement while reducing paperwork burdens on community banks."

Rebeca Romero Rainey
President and CEO
ICBA

Credit Union National Association: "We thank Rep. Loudermilk for introducing the Financial Reporting Threshold Modernization Act. Nearly half of all credit unions have fewer than five full-time employees with at least two employees devoted to compliance functions related to the Bank Secrecy Act, impeding credit unions’ ability to engage in ordinary lending and consumer finance. Given these challenges to the industry, it’s clear that Congress must change the current system to best meet the needs of American consumers and credit union members."

Jim Nussle
President and CEO
CUNA

Electronic Transactions Association: "We applaud Rep. Loudermilk’s bill to modernize our nation’s laws for fighting money laundering. The market has changed and we must ensure the tools for fighting criminal activities stay current. H.R. 6850 represents a large step forward in helping deter financial crimes."

Scott Talbott
Senior Vice President Government Relations
ETA

Summary of H.R. 6850:

The Bank Secrecy Act of 1970 has not been updated in almost five decades and has resulted in burdensome paperwork on community banks, credit unions, payment processors, and other vital companies. Rep. Loudermilk’s bill to fix this problem does the following:

• Raises currency transaction report threshold from $10,000 to $30,000
• Raises suspicious activity report threshold from $5,000 to $10,000 for financial institutions
• Raises suspicious activity reporting threshold from $2,000 to $3,000 for money services businesses (MSBs)
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