NW Atlanta News

Rep. Barry Loudermilk of Georgia has reintroduced the Financial Reporting Threshold Modernization Act, also known as H.R. 1799, in an effort to update financial reporting requirements. The proposed legislation aims to raise the Domestic Currency Transaction Report (CTR) threshold from $10,000 to $30,000 and ensure periodic adjustments for inflation.

"When Congress passed the Bank Secrecy Act of 1970, they did so with the clear intent to monitor significant and unusual financial transactions," said Rep. Loudermilk. He emphasized that inflation has rendered the current $10,000 threshold outdated and it now captures routine transactions such as used car purchases and small business cash deposits.

Loudermilk's bill seeks to "reduce the compliance burden for banks and credit unions by 60 to 80 percent" while maintaining law enforcement access when necessary. He noted that increasing the threshold would enhance customer privacy and allow federal agencies to focus on more relevant data.

Rep. Troy Downing of Montana expressed his support for the legislation, highlighting its importance for rural communities. "For too long, financial institutions have been required to report cash transactions on an arbitrary basis without adjustment for inflation," he stated.

Carrie Hunt, Chief Advocacy Officer at America's Credit Unions, also endorsed the bill. She pointed out that if adjusted for inflation since its establishment in 1972, the current threshold would exceed $75,000.

The Financial Reporting Threshold Modernization Act proposes several changes: raising the CTR threshold from $10,000 to $30,000; adjusting it every five years for inflation; and aligning other reporting thresholds accordingly.