Removing Barriers Blog

House passes CUNA-supported H.R. 2513, Corporate Transparency Act
Posted October 23, 2019 by CUNA Advocacy

Yesterday, the House passed H.R. 2513, the Corporate Transparency Act of 2019 by a vote of 249-173, authored by Representative Carolyn Maloney (D-NY).  This CUNA backed legislation addresses the redundancies, unnecessary burdens, and opportunities for efficiencies within the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) statutory framework. 

Also included in the bill, through an amendment by Chairwoman Waters (D-CA) was H.R. 2514, the COUNTER Act of 2019, authored by Representative Emanuel Cleaver (D-MO).  The COUNTER Act, also supported by CUNA, indexes for inflation every 5-years after enactment the Currency Transaction Reporting (CTR) threshold and further reviews the Suspicious Activity Reporting (SAR) threshold. 

Prior to the vote on the House Floor, CUNA wrote to Speaker Pelosi and Leader McCarthy noting support for both pieces of legislation.  

In the letter, CUNA wrote "Credit unions support efforts to track money laundering and terrorist financing, but also believe it is important to strike the right balance between the compliance costs to financial institutions, like credit unions, and the benefits to the federal government. As such, we support, H.R. 2513, which addresses the redundancies, unnecessary burdens, and opportunities for efficiencies within the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) statutory framework."