HR-1799 — Financial Reporting Threshold Modernization Act

YourVoice.Now Summary

Civil LibertiesCriminal Justice & Due ProcessCorporate BenefitsTransparency & Accountability

Your bank would report cash deposits only above $30,000, not $10,000 — more privacy, less data for the government.

Civil Liberties

Privacy for large cash deposits — reporting threshold triples

Today your bank must send the government a report every time you move more than $10,000 in cash. Treasury would have 180 days after the bill became law to raise that line to $30,000.

Privacy for big cash purchases — reporting threshold triples

This covers cash you hand to a business, such as a car dealer, jeweler, or contractor. The business reports payments over $10,000 today, and would report only those over $30,000.

Privacy on suspicious deposits — banks flag at $10,000, not $5,000

Banks file a separate report when a deposit looks like it could be illegal. The bill raises the size that triggers one from $5,000 to $10,000, and from $2,000 to $3,000 at money-transfer shops.

Criminal Justice & Due Process

Cash transactions reported to investigators — bank reports start at $30,000

Treasury keeps these cash reports in a database that federal agents search when tracing drug money or fraud. Tripling the limit means fewer transactions land in it.

Corporate Benefits

Small check-cashing shops skip federal registration — limit rises to $3,000

A shop that cashes checks or sells money orders must sign up with Treasury once it handles over $1,000 for one customer in a day. At $3,000, smaller shops would skip that step and the money-laundering rules that come with it.

Reporting limits rise with inflation — updated every five years

Every five years, Treasury would raise each dollar limit to keep up with prices, rounded to the nearest $500. Today a limit stays frozen until Congress votes to change it.

Transparency & Accountability

Financial-crimes agency chief testifying to Congress — extended through 2031

The head of FinCEN, the Treasury unit that tracks financial crime, must answer questions from House and Senate committees each year. That duty was set to end in 2026; the bill would run it through 2031.

Treasury review of cash-reporting rules — report to Congress within 360 days

Treasury would have to check whether these forms really catch illegal cash, asking both police and the firms that file them. It must also finish reviews a 2020 law already ordered.

More about this bill

If you move more than $10,000 in cash at a bank, the bank reports it to the Treasury Department. This bill would raise that line to $30,000. Most everyday cash deposits would no longer be written up. Treasury would have 180 days to make the change once the bill became law. The same $30,000 line would cover cash you hand a business, like a car dealer or a contractor. Banks would also wait until $10,000, instead of $5,000, before filing a report on a deposit that looks suspicious. Every five years, all these limits would rise with inflation. Fewer reports mean less paperwork for banks and businesses. They also mean investigators tracing drug money or fraud would see fewer transactions.

Congressional Summary

This bill increases the threshold amounts for certain reporting by financial institutions, adjusts these amounts periodically for inflation, and requires a review of specified financial forms and reporting requirements.The bill increases the threshold dollar amounts above which financial institutions are required to file currency-transaction and suspicious-activity reports with the Financial Crimes Enforcement Network (FinCEN). The bill also increases the transaction threshold above which an entity must register with FinCEN as a money services business. Further, these amounts must be updated every five years to reflect the change in the consumer price index.Treasury must review and report on the effectiveness and efficiency of the forms and requirements regarding domestic coin and currency transactions, foreign currency transactions, and anti-money laundering and combating the financing of terrorism measures, among other matters. Treasury must also make appropriate updates to such forms.The bill also extends through 2031 the requirement that the director of FinCEN must be made annually available for testimony before congressional committees regarding certain FinCEN issues, including resources needed to implement beneficial ownership reporting requirements.

Legislative Subjects

Administrative law and regulatory proceduresBanking and financial institutions regulationBusiness recordsCurrencyDepartment of the TreasuryFraud offenses and financial crimes

Details

Congress: 119th
Chamber: House
Status: summarized
Action: Placed on the Union Calendar, Calendar No. 478.
Action Date: 2026-03-19
Date Added: 2026-04-19
Source: Congress.gov →

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