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Congress·In Progress·about 1 month ago

Congress Proposes Raising Cash Reporting Limits for Banks from $10,000 to $30,000

Also known as: Financial Reporting Threshold Modernization Act

Impact Analysis

Scores: 1 = low, 5 = highSentiment: -5 to +5 (net benefit)

Key Points

  • This bill, introduced by Representative Loudermilk, would change the rules for when banks and businesses must report large cash transactions to the government. Currently, banks must report any cash deal over $10,000, but this plan would raise that limit to $30,000.
  • The bill also raises the limits for reporting "suspicious" activity. For example, some reports that are currently required for $5,000 transactions would only be triggered once they hit $10,000. This is intended to reduce the amount of paperwork for financial institutions and small businesses.
  • To keep the rules current, these dollar limits would be updated every five years to account for inflation. This ensures that as prices for things like cars or equipment go up, the reporting rules stay realistic and don't trap everyday purchases in government databases.
  • The plan also triples the threshold for businesses that handle money transfers, moving the reporting requirement from $1,000 to $3,000. This affects businesses like check-cashing stores and money-wiring services.
  • If passed, the Treasury Department would have 180 days to update these regulations. The goal is to focus law enforcement on truly large or suspicious crimes rather than smaller, routine transactions that have become more common as the value of the dollar has changed over time.
Economy Finance

Milestones

3 milestones4 actions
Jan 22, 2026House

Ordered to be Reported (Amended) by the Yeas and Nays: 30 - 24.

Jan 22, 2026House

Committee Consideration and Mark-up Session Held

Mar 3, 2025House

Referred to the House Committee on Financial Services.

Mar 3, 2025

Introduced in House

Related News

4 articles
Associated Press·11 months ago

IRS crime fighting arm announces modernization program as financial crimes use more tech

The AP reports on the IRS's new CI-FIRST program and notes that Rep. Barry Loudermilk has sponsored the Financial Reporting Threshold Modernization Act to raise CTR and SAR thresholds to $30,000 and $10,000, despite data showing many reports are currently filed below those levels.

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Crowdfund Insider·about 1 month ago

Here Is The List Of Bills Being Reviewed In House Financial Services Committee Markup Hearing

This article outlines the legislative agenda for the House Financial Services Committee, specifically identifying H.R. 1799, the Financial Reporting Threshold Modernization Act, and its goal to update automatic currency transaction report thresholds from $10,000 to $30,000.

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ABA Banking Journal·about 1 month ago

House committee advances three ABA-backed bills

The House Financial Services Committee advanced the Financial Reporting Threshold Modernization Act (H.R. 1799) in a 30-24 vote. The bill would raise CTR thresholds to $30,000 and SAR thresholds to $10,000, with five-year inflation indexing, a move supported by the banking industry.

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Source Information

Document Type

Congressional Bill

Official Title

Financial Reporting Threshold Modernization Act

Bill NumberHR 1799
Congress119th Congress
ChamberHouse of Representatives
Latest ActionOrdered to be Reported (Amended) by the Yeas and Nays: 30 - 24.

Sponsor

Cosponsors

(16)
D: 1R: 15

Analysis generated by AI. While we strive for accuracy, this should not be considered legal or professional advice. Always verify information with official government sources.