The House voted 336-71 Tuesday to add a Bank Secrecy Act (BSA) modernization amendment to the House version of the FY2021 National Defense Authorization Act (NDAA). CUNA joined other organizations to call for its inclusion in a letter sent Monday.

The amendment contains legislation from Reps. Carolyn Maloney (D-N.Y.) and Emanuel Cleaver (D-Mo.) to index the Currency Transaction Report (CTR) threshold for inflation every five year, as well as study the impact of Suspicious Activity Reports (SARs).

The CTR threshold, currently set at $10,000, hasn’t been updated since the BSA was enacted in 1970.

It would also modernize Treasury authorities and certain anti-money laundering requirements, which CUNA believes will allow financial institutions to better assist law enforcement in its effort to detect and deter financial crime and terrorism.

The FY2021 NDAA is being considered on the House floor this week.