CUNA/League-supported BSA-relief Bill Re-introduced in House

Rep. Barry Loudermilk (R-GA) Wednesday re-introduced legislation which would reform the Bank Secrecy Act (BSA) and provide some relief to credit unions by raising thresholds for currency transaction (CTR) and suspicious activity reports (SAR), the Financial Reporting Threshold Modernization Act (H.R. 388).

The legislation would increase the BSA's CTR threshold from $10,000 to $30,000, the SAR threshold (for most financial institutions) from $5,000 to $10,000, and the threshold for money services businesses from $2,000 to $3,000.

Loudermilk had introduced this same bill this past fall during the 115th Congress.