House Financial Services Committee Unanimously Passes Bill to Index CTR Thresholds for Inflation

The House Financial Services Committee Thursday passed a bill with Bank Secrecy Act/Anti-Money Laundering (BSA/AML) relief for credit unions. The Coordinating Oversight, Upgrading and Innovating Technology and Examiner Reform (COUNTER) Act (H.R. 2514) passed the committee with a 55-0 vote.

Rep. Emmanuel Cleaver (D-Mo.) successfully added an amendment to the COUNTER Act to index the Currency Transaction Report (CTR) thresholds for inflation and further study the impact of Suspicious Activity Reports (SARs). During the hearing, Rep. Barry Loudermilk (R-Ga.) and other members of the committee expressed support for credit unions and acknowledged the need for increasing the CTR threshold.

“Today’s vote was an important first step, and we thank Representatives Cleaver and Loudermilk for working with Chairwoman Waters to advance this legislation,” CUNA Chief Advocacy Officer Ryan Donovan added. “The dollar amount thresholds included in the BSA/AML for Currency Transaction Reports and Suspicious Activity Reports have not been updated since the law was originally enacted in 1970, and we look forward to working with House and Senate leaders on both sides of the aisle to pass legislation that reduces credit unions’ burden, improving the services they provide to members across the country.” 

CUNA has written to Congress about the need for BSA/AML modernizations in recent months, and supports a bill from Loudermilk that would raise reporting thresholds for SARs and CTRs.