Georgia U.S. Rep. Barry Loudermilk (R-11) has introduced a bill to update specific reporting thresholds in the Bank Secrecy Act (BSA). CUNA wrote in support of this bill, H.R. 388, which would raise reporting thresholds for institutions filing Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs). Something of note for credit unions to remove compliance burdens, as well as focus SARs and CTRs more on high-dollar items.
The thresholds in BSA have been in place for almost 50 years and an increase is warranted by just inflation alone. H.R. 388 would increase the threshold for filing a CTR to $30,000 (up from the current $10,000) and for filing a SAR to $10,000 and $3,000 (up from $5,000 and $2,000, respectively). If you would like to express your thanks to Rep. Loudermilk you can contact his office here or tweet thanks to him at @RepLoudermilk.
