Legislation4 days ago
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To authorize implementation grants to community-based nonprofits to operate one-stop reentry centers.
HR8548Rep. Kamlager-Dove, Sydney [D-CA-37] (D-CA)
introduced
HR1799119th CongressWALLET
Financial Reporting Threshold Modernization Act
Sponsored By: Representative Loudermilk
In Committee
Summary
Modernize Bank Secrecy Act reporting thresholds to reflect inflation and strengthen illicit-finance detection. This bill would raise multiple cash and reporting thresholds and force periodic updates and reviews so reporting stays current with prices and policy goals.
Show full summary
- Banks and other financial firms would see the per-transaction Currency Transaction Report threshold rise from $10,000 to $30,000 within 180 days, with automatic five-year updates tied to the Consumer Price Index for All Urban Consumers (CPI-U) rounded to the nearest $500.
- Cash-heavy nonfinancial businesses would have their coins-and-currency reporting threshold raised from $10,000 to $30,000, with the same five-year CPI-U adjustment.
- Money Services Businesses and suspicious-activity reporting would change the MSB threshold from $1,000 to $3,000 and raise SAR triggers from $5,000 to $10,000 and $2,000 to $3,000, all subject to five-year inflation updates.
- The Treasury must complete a review of forms and reporting rules within 360 days and report findings and recommendations to the Senate Banking Committee and House Financial Services Committee, and the FinCEN-related reporting/testimony period is extended from 5 years to 10 years.
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Bill Overview
Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
Higher cash reporting cutoffs
If enacted, this bill would raise the cash transaction reporting rule banks follow from $10,000 to $30,000 within 180 days. It would also change cash-receipt reporting for nonfinancial businesses from $10,000 to $30,000 on enactment. Both sets of dollar amounts would be updated every five years using the CPI-U and rounded to the nearest $500.
Higher SAR and MSB cutoffs
If enacted, this bill would raise two Suspicious Activity Report dollar cutoffs within 180 days: all $5,000 thresholds would become $10,000 and all $2,000 thresholds would become $3,000. It would also raise a Money Services Business reporting cutoff from $1,000 to $3,000 within 180 days. All of these amounts would be updated every five years using the CPI-U and rounded to the nearest $500.
Treasury review of AML forms
If enacted, this bill would require the Treasury Secretary to review anti-money-laundering forms and reporting and recordkeeping rules within 360 days. The review must consult industry and law enforcement, analyze aggregation, prioritization, and automation, conduct required AMLA reviews, and include recommendations to Congress. The Secretary could update forms and requirements consistent with applicable law.
FinCEN reporting period extended
If enacted, this bill would change a FinCEN-related statutory period from five years to ten years upon enactment. The amendment would extend the timing referenced in the specified FinCEN provision.
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Sponsors & CoSponsors
Sponsor
Loudermilk
GA • R
Cosponsors
Barr
KY • R
Sponsored 3/3/2025
Downing
MT • R
Sponsored 3/3/2025
Moore (NC)
NC • R
Sponsored 3/3/2025
Rose
TN • R
Sponsored 3/6/2025
Bilirakis
FL • R
Sponsored 3/11/2025
Collins
GA • R
Sponsored 3/18/2025
Rep. Carter, Earl L. "Buddy" [R-GA-1]
GA • R
Sponsored 3/18/2025
Fulcher
ID • R
Sponsored 3/18/2025
Rep. Massie, Thomas [R-KY-4]
KY • R
Sponsored 3/18/2025
Rep. Begich, Nicholas J. [R-AK-At Large]
AK • R
Sponsored 6/3/2025
Rep. Soto, Darren [D-FL-9]
FL • D
Sponsored 9/11/2025
Rep. Fleischmann, Charles J. "Chuck" [R-TN-3]
TN • R
Sponsored 9/16/2025
Rep. Nunn, Zachary [R-IA-3]
IA • R
Sponsored 10/21/2025
Biggs (SC)
SC • R
Sponsored 11/12/2025
Rogers (AL)
AL • R
Sponsored 1/7/2026
Rep. Ezell, Mike [R-MS-4]
MS • R
Sponsored 2/3/2026
Hudson
NC • R
Sponsored 3/3/2026
Rep. Harshbarger, Diana [R-TN-1]
TN • R
Sponsored 3/9/2026
Maloy
UT • R
Sponsored 3/9/2026
Rep. Harrigan, Pat [R-NC-10]
NC • R
Sponsored 3/18/2026
Roll Call Votes
No roll call votes available for this bill.
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