Financial Reporting Threshold Modernization Act
Sponsored By: Representative Loudermilk
In Committee
Summary
This bill would raise and index reporting thresholds across key anti‑money laundering laws to reflect inflation. It would increase several dollar triggers for bank and cash reporting, update definitions for money services businesses, and require Treasury to modernize forms and report back to Congress.
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Bill Overview
Analyzed Economic Effects
4 provisions identified: 2 benefits, 0 costs, 2 mixed.
Higher cash reporting thresholds for banks
This bill would raise the cash transaction rules that banks and businesses use. Within 180 days the Treasury would change each $10,000 currency-transaction report (CTR) threshold to $30,000. The bill would also replace each $10,000 cash-reporting number for nonfinancial businesses with $30,000 and require the Treasury to update those dollar figures every 5 years using the CPI-U, rounded to the nearest $500. If enacted, banks and businesses would file far fewer CTRs and some single cash payments below $30,000 would no longer trigger reporting.
Higher thresholds for money service businesses
This bill would raise money services business (MSB) dollar triggers. Within 180 days the Treasury would change each $1,000 MSB threshold in the regulations to $3,000. Those MSB thresholds would then be updated every 5 years using the CPI-U and rounded to the nearest $500. If enacted, some small remittance and cash-transfer businesses and their customers would face fewer reporting or registration triggers.
Raised suspicious-activity report thresholds
This bill would raise some suspicious activity report (SAR) dollar triggers. Within 180 days each agency that issues SAR rules would change $5,000 thresholds to $10,000 and $2,000 thresholds to $3,000. Those SAR thresholds would be updated every 5 years using the CPI-U and rounded to the nearest $500. If enacted, financial institutions would file fewer SARs for smaller-dollar activity, but fewer reports could reduce some law-enforcement or fraud-detection signals.
Treasury review of AML forms
This bill would require the Treasury to review anti-money-laundering forms and reporting rules within 360 days. The review would cover forms and recordkeeping under the CTR, coins-and-currency, and SAR authorities and look at aggregation, prioritization, and automation. The Treasury would update forms as needed, complete related reviews from the Anti-Money-Laundering Act of 2020, and report recommendations to the House and Senate financial committees. If enacted, the review could reduce paperwork and improve automation, but it could also lead to new or different reporting requirements.
Sponsors & CoSponsors
Sponsor
Loudermilk
GA • R
Cosponsors
Barr
KY • R
Sponsored 3/3/2025
Rep. Downing, Troy [R-MT-2]
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
Rep. Collins, Mike [R-GA-10]
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
Soto
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
Rep. Rogers, Mike D. [R-AL-3]
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.
View on Congress.gov