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House passes bill to index CTR thresholds with inflation


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.

"We thank the House for passing this legislation that strikes a balance between tracking money laundering and terrorist financing and costs to credit unions and other financial institutions," said CUNA President/CEO Jim Nussle. "The 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,).

CUNA sent a letter to Speaker of the House Nancy Pelosi (D-Calif.) and House Minority Leader Kevin McCarthy (R-Calif.) noting support for both pieces of legislation.

CUNA remains fully supportive of the legislation and will continue to engage the Senate as the process moves further.


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