Legislation to modernize financial reporting thresholds would ease credit union compliance burdens and has support from America’s Credit Unions and The League of Credit Unions and Affiliates. Rep. Barry Loudermilk, R-Ga., introduced the Financial Reporting Threshold Modernization Act (H.R. 1799).

Specifically, H.R. 1799 would: 

• Raise the CTR threshold from $10,000 to $30,000; 
• Make continuing adjustments for inflation, updating the CTR threshold every five years; and 
• Aligns other reporting thresholds for money service businesses with the increase in the CTR threshold, with proportionate increases where applicable.

“America’s Credit Unions is proud to support Rep. Loudermilk’s legislation to appropriately modernize the CTR threshold and reduce the reporting burden on credit unions. With economic changes and rise in inflation since the threshold was established in 1972, it no longer serves the goals and original intent,” said Carrie Hunt, Chief Advocacy Officer, America’s Credit Unions. “If the current threshold was adjusted for inflation, it would exceed $75,000 – proof that the dollar amount requiring a CTR has shifted from a useful reporting tool to an unnecessary burden. We look forward to working on modernization priorities for the credit union industry with policymakers.”

"The $10,000 reporting threshold for CTR has never been adjusted since implementation in 1972. A modest increase to $30,000 would reduce the number of annual CTR filings be nearly 80%, providing extreme reporting relief for financial institutions,” said Grace Colvin, vice president of federal advocacy and strategy at The League of Credit Unions and Affiliates. “The League is proud and grateful to work with Congressman Loudermilk to adjust outdated reporting thresholds to ensure credit unions can focus on compliance and service to their members and communities."

America’s Credit Unions previously wrote to Financial Crimes Enforcement Network Director Andrea Gacki in support of raising CTR and other thresholds.