Legislation to increase CTR filing threshold will reduce burden on credit unions

As the House Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions tackles fraud prevention today, America’s Credit Unions offered support for legislation to increase the currency transaction report (CTR) threshold, introduced by Rep. Barry Loudermilk, R-Ga.

The Financial Reporting Threshold Modernization Act, H.R. 1799, would update the threshold from $10,000 to $30,000, and ensure it is periodically adjusted for inflation. The subcommittee is expected to discuss the legislation today.