CUNA
  • Advocacy
    • Priorities we’re fighting for
    • Actions you can take
  • News
  • Learn
  • Compliance
  • Shop
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • COVID-19
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact
Learn More about Member Value

News

Member Benefits
Learn more
Learn more about the benefits of membership.
Home » House passes BSA modernization bill w/ CTR threshold adjustment
Policy & Issues

House passes BSA modernization bill w/ CTR threshold adjustment

October 22, 2019

The House passed the CUNA-supported Corporate Transparency Act of 2019 (H.R. 2513) Tuesday, a bill offering Bank Secrecy Act/Anti-money laundering updates. CUNA urged House leadership this week to support the bill, and also noted its support for an amendment to the bill from Rep. Maxine Waters (D-Calif.), chairwoman of the House Financial Services Committee.

H.R. 2513 addresses redundancies, unnecessary burdens, and opportunities for efficiencies within the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) statutory framework.

“Credit unions fully support law enforcement’s ability to track financial criminal activity, but it’s also important to strike a balance between compliance costs and benefits to the government,” said CUNA President/CEO Jim Nussle. “We support this bill’s efforts to address many of the more burdensome parts of BSA/AML compliance, and thank the House members for their support. We look forward to engaging and moving this bill forward.”

The successful Waters amendment adds the text of the Coordinating Oversight, Upgrading and Innovating Technology and Examiner Reform (COUNTER) Act (H.R. 2514), which was passed by the House Financial Services Committee unanimously in May.

Specifically, it would index the Currency Transaction Report (CTR) thresholds for inflation and further study the impact of Suspicious Activity Reports (SARs).

Credit Union Magazine - Winter 2020

Winter 2020

Credit Union Magazine’s Winter 2020 edition features CUNA’s 2021 lending outlook, CEO insights on adjusting to the pandemic, and board recruitment strategies.
Digital Edition •  Subscribe

Trending

  • Compliance: 2020 Year in Review, Checklist now available

  • NCUA proposes raising threshold for ‘complex’ CUs

  • 5 fraud predictions for 2021

Tweets by CUNA_News

Polls

Will you ask employees to receive the coronavirus vaccine?

View Results
More

Champion of America’s Credit Unions

Credit Union National Association is the only national association that advocates on behalf of all of America’s credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • About
  • Careers
  • Contact Us
  • Recommended Websites
  • Privacy Policy

Resources for

  • CUNA Board Members
  • Credit Union Advocates
  • Leagues
  • Press
  • Vendors