U.S. House Approves BSA CTR Threshold Increase Posted by Association of Vermont Credit Unions on 9:45 AM

The House passed a CUNA-supported bill that would update part of the Bank Secrecy Act/Anti-money Laundering statutory framework, the Coordinating Oversight, Upgrading and Innovating Technology (COUNTER) Act (H.R. 2514), authored by Rep. Emmanuel Cleaver (D-Mo.). The bill passed with a voice vote. Specifically, the COUNTER Act would index the Currency Transaction Report (CTR) threshold for inflation every five years and further study the impact of Suspicious Activity Reports.

Currency Transaction Reports have been increasingly filed by credit unions, according to Vermont CU leaders meeting with Congressional office staff during last week's DC Hike the Hill by Vermont credit unions.  The $10k CTR threshold has not been updated since the Bank Secrecy Act was enacted in 1970, and this as well as other overdue efforts to address opportunities for modernization of the statutory framework.

Last week, the House passed by a vote of 249-173 the Corporate Transparency Act of 2019 (H.R. 2513), authored by Rep. Carolyn Maloney (D-N.Y.). This CUNA backed bill addresses the redundancies, unnecessary burdens, and opportunities for efficiencies within the BSA/AML statutory framework. Also included in the bill, through an amendment by Chairwoman Maxine Waters (D-Calif.) was H.R. 2514, authored by Rep. Emanuel Cleaver (D-Mo,).

The measure now goes to the Senate.