Removing Barriers Blog

Introduced: Financial Reporting Threshold Modernization Act
Posted March 24, 2021 by CUNA Advocacy
Representatives Barry Loudermilk (R-GA), Tom Emmer (R-MN), Anthony Gonzalez (OH) and Andy Barr (R-KY) reintroduced the CUNA-supported Financial Reporting Threshold Modernization Act.  If enacted, this legislation would provide much-needed relief for financial institutions by increasing the antiquated Currency Transaction Report (CTR) threshold of $10,000 to an updated $30,000. The legislation would also increase the dollar amount thresholds for filing Suspicious Activity Reports (SARs) from $5,000 to $10,000 for most financial institutions and $2,000 to $3,000 for money services businesses.  
Updating these thresholds will remove a burdensome paperwork reporting requirement for credit unions on activity that they already know is not suspicious. The goal of this legislation is to narrowly tailor when and how reports of suspicious financial activity are triggered in order to reduce reporting that is of little value to law enforcement while still maintaining financial inclusion. 

CUNA sent a letter supporting this legislation.