Banks have to file a report with the government any time someone deposits or withdraws more than $10,000 in cash — a threshold set in 1970 that has never been adjusted for inflation. This bill triples it to $30,000 and ties future updates to inflation, so the number would adjust every five years. It also raises the cash threshold for nonfinancial businesses from $10,000 to $30,000 and bumps related thresholds for suspicious activity reports and money services businesses. Supporters say the paperwork is outdated and burdens small businesses; opponents worry it weakens efforts to detect money laundering and drug trafficking.
Congressional Summary
Financial Reporting Threshold Modernization ActThis 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
Details
- Congress
- 119th
- Chamber
- House
- Status
- summarized
- Action
- Reported to House
- Action Date
- 2026-03-19
- Date Added
- 2026-04-19