Press Releases

Washington D.C. (June 14, 2024) | This week, Rep. Barry Loudermilk (GA-11) reintroduced the Financial Reporting Threshold Modernization Act (H.R. 8686) to raise the Currency Transaction Report (CTR) threshold from $10,000 to $60,000, and ensure it is periodically adjusted for inflation. Updating this threshold will reduce the compliance and filing burden for the smallest of our country’s community banks and credit unions.

“When Congress passed the Bank Secrecy Act of 1970, they did so with the clear intent to capture large and unusual transactions. Due to the forces of inflation, the $10,000 threshold that the Department of Treasury implemented in the 1970s now captures ordinary things like used car purchases and small business cash deposits. It’s long past time for Treasury to update their BSA thresholds for the 21st century.

My bill simply raises the current threshold from $10,000 to $60,000 to reduce major regulatory burdens on small community banks and credit unions. Raising this threshold will also result in increased privacy for banking customers, while not jeopardizing law enforcement’s ability to detect and investigate possible crimes.”

BACKGROUND

Summary of H.R. 8686, the Financial Reporting Threshold Modernization Act: 

• Raises the Currency Transaction Report (CTR) threshold raised from $10,000 to $60,000.
• Raises the Suspicious Transaction Report (SAR) threshold from $5,000 to $10,000 for financial institutions. 
• Raises Suspicious Activity Reporting (SAR) from $2,000 to $3,000 for money services businesses (MSBs)
• Makes continuing, periodic adjustment to inflation.

To read the full bill text, click here. 

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