CUNA wrote Monday in support of a bill it says provides a “much needed and long overdue” modernization of Bank Secrecy Act (BSA) reporting thresholds. The Financial Reporting Threshold Modernization Act was introduced by Rep. Barry Loudermilk (R-Ga.).
“In 1970, few ordinary consumer financial transactions exceeded $10,000—the current (and original 1970- designed) trigger for financial institutions to file Currency Transaction Reports (CTRs),” CUNA President/CEO Jim Nussle wrote.
“Nearly half a century later, however, the retail sticker price of even the most basic automobile exceeds $10,000, meaning credit unions engaged in the business of providing cooperative credit vehicle loans to member-owners need to investigate and fulfill burdensome paperwork requirements to inform the government of what they already know to be not suspicious activity—diverting resources from the business of lending and also obscuring actual suspicious financial activity from law enforcement,” he added.
Specifically, Loudermilk’s bill would increase: