COMMUNITY BANKERS ASSOCIATION OF GEORGIA
  • HOME
  • ABOUT CBA
    • Board of Directors
    • CBA Committees
    • LEAD Division
    • Office Directions & Hours
    • Our Team
    • Privacy Policy
    • Remembering Julian Hester
  • MEMBERSHIP
    • Member Login
    • Associate Members >
      • Associate Member Benefits & Application
      • Associate Member Directory >
        • Company Listing Update
    • Bank Members >
      • Member Benefits
      • Member Bank Directory >
        • Bank Listing Update
      • Lifetime Service Awards
    • Preferred Service Providers
    • ADVERTISING & SPONSORSHIP OPPORTUNITIES
    • Resources >
      • CBA Legal Hotline
      • CBA Career Center
      • CBA Wellness Solutions
      • April is Community Banking Month
      • Marketing Resources
      • Useful Websites
  • PROFESSIONAL DEVELOPMENT
    • Community Bankers College
    • Programs >
      • Calendar
      • Programs by Functional Category
      • Webinars
      • Banker Regulatory Forum
      • Barret School of Banking
      • Community Bank Leadership Academy
      • Compliance Professionals Package
      • Connect (Convention)
      • Executive Channel
      • HR & Talent Development League
      • WINSPIRE - Women in Banking
    • Resources >
      • Cancellation Policies & Facility Maps
      • Compliance Resources
      • Disaster & Pandemic Support & Preparedness
      • FDIC Regulatory Calendar
      • Financial Literacy
      • Speakers
    • Scholarships/Student Development >
      • Julian & Jan Hester Scholarship
      • McNair Scholarship
      • Walraven Scholarship
      • Rise Up - College Student Development Program
  • PUBLICATIONS
    • Advocacy Update
    • Education Buzz
    • eNewsletter - CBA Today
    • Georgia Communities First Magazine
    • Georgia Financial Directory
    • Innovation Circuit
    • Peachy Posts
    • Swaggin Wagon Adventures
  • ADVOCACY
    • Programs >
      • Clay Shoot
      • TopGolf Tournaments
      • Town Hall Talks
    • Advocacy Fund >
      • T-Shirt Advocacy Fundraiser
      • Corporate Donations
      • Individual Donations
    • Advocacy Update
    • ICBA Plan for Prosperity
    • Locate Your Legislator
    • Priority Legislation SB 157 >
      • SB 157 Survey
    • SBA/PPP Resources >
      • THE CARES ACT & SBA LENDING
      • Paycheck Protection Program
      • PSP & Associate Member Support During Covid-19
    • Silent Auction Items

ADVOCACY UPDATE




​SPONSORED BY: 
Picture

Currency Transaction Report Threshold:  By:  Colin Carr, Legislative Director, Congressman Barry Loudermilk

5/13/2019

0 Comments

 
Picture
Currency transaction report threshold: On May 8-9, Congressman Loudermilk took an active role in the Financial Services Committee’s markup of eight pieces of legislation, including a bill to reform the Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance regime. As you may know, he has sponsored a bill that would increase the BSA’s currency transaction report (CTR) threshold from $10,000 to $30,000, increase the suspicious activity report (SAR) threshold from $5,000 to $10,000 for depository institutions, and increase the SAR threshold from $2,000 to $3,000 for money services businesses.
 
The original BSA/ AML reform bill that was considered in the markup did not include any provisions to address these thresholds, so Congressman Loudermilk worked with Members from both parties to find common ground on the issue. It became clear that the SAR threshold is much more of a sticking point than the CTR threshold, so he proposed an amendment that would have phased in an increase to the CTR threshold for depository institutions over time from $10,000 to $20,000 and then from $20,000 to $30,000. The amendment also proposed a Government Accountability Office (GAO) study to analyze the usefulness of CTRs and whether the threshold should be raised, and a similar study on SARs.
 
Most committee members from the majority have long maintained that they will not support any threshold increases, so Congressman Loudermilk negotiated a compromise and withdrew his amendment. The compromise would (1) index the CTR threshold to inflation for depository institutions starting at the current threshold of $10,000, (2) require the GAO to study how to improve the usefulness of CTRs which Congressman Loudermilk proposed in his original amendment, and (3) require FinCEN to conduct a study on reducing SAR reporting burden, including the possibility of a shorter form SAR for known or trusted customers. The BSA/ AML reform bill ultimately passed the committee with these provisions included by a unanimous vote of 55-0. This is significantly less than what Congressman Loudermilk would like to do on the thresholds, and he will continue to find ways to advance his bill, but he views this compromise as a small step in the right direction. You can listen to his statements at the markup here and here.

0 Comments



Leave a Reply.

    Author
    Picture
    Lori Godfrey
    EVP, Chief of Staff, Government & Regulatory Relations
    View my profile on LinkedIn
    Tracking Document

    Update Archives

    January 2023
    November 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    October 2021
    April 2021
    March 2021
    February 2021
    January 2021
    June 2020
    March 2020
    February 2020
    January 2020
    May 2019
    March 2019
    February 2019

    2017-2019
    CBA ADVOCACY OVERVIEW

    Subscribe

    * indicates required
    Email Categories

    RSS Feed

Picture
Picture
 Copyright © Community Bankers Association of Georgia.  All Rights Reserved.
1640 Powers Ferry Road SE, Building 28, Suite 100  |  Marietta, GA 30067
Phone: (770) 541-4490  |  (800) 648-8215  |  cba@cbaofga.com | Privacy Policy | sitemap
Picture
Picture
Member ICBA
Picture
  • HOME
  • ABOUT CBA
    • Board of Directors
    • CBA Committees
    • LEAD Division
    • Office Directions & Hours
    • Our Team
    • Privacy Policy
    • Remembering Julian Hester
  • MEMBERSHIP
    • Member Login
    • Associate Members >
      • Associate Member Benefits & Application
      • Associate Member Directory >
        • Company Listing Update
    • Bank Members >
      • Member Benefits
      • Member Bank Directory >
        • Bank Listing Update
      • Lifetime Service Awards
    • Preferred Service Providers
    • ADVERTISING & SPONSORSHIP OPPORTUNITIES
    • Resources >
      • CBA Legal Hotline
      • CBA Career Center
      • CBA Wellness Solutions
      • April is Community Banking Month
      • Marketing Resources
      • Useful Websites
  • PROFESSIONAL DEVELOPMENT
    • Community Bankers College
    • Programs >
      • Calendar
      • Programs by Functional Category
      • Webinars
      • Banker Regulatory Forum
      • Barret School of Banking
      • Community Bank Leadership Academy
      • Compliance Professionals Package
      • Connect (Convention)
      • Executive Channel
      • HR & Talent Development League
      • WINSPIRE - Women in Banking
    • Resources >
      • Cancellation Policies & Facility Maps
      • Compliance Resources
      • Disaster & Pandemic Support & Preparedness
      • FDIC Regulatory Calendar
      • Financial Literacy
      • Speakers
    • Scholarships/Student Development >
      • Julian & Jan Hester Scholarship
      • McNair Scholarship
      • Walraven Scholarship
      • Rise Up - College Student Development Program
  • PUBLICATIONS
    • Advocacy Update
    • Education Buzz
    • eNewsletter - CBA Today
    • Georgia Communities First Magazine
    • Georgia Financial Directory
    • Innovation Circuit
    • Peachy Posts
    • Swaggin Wagon Adventures
  • ADVOCACY
    • Programs >
      • Clay Shoot
      • TopGolf Tournaments
      • Town Hall Talks
    • Advocacy Fund >
      • T-Shirt Advocacy Fundraiser
      • Corporate Donations
      • Individual Donations
    • Advocacy Update
    • ICBA Plan for Prosperity
    • Locate Your Legislator
    • Priority Legislation SB 157 >
      • SB 157 Survey
    • SBA/PPP Resources >
      • THE CARES ACT & SBA LENDING
      • Paycheck Protection Program
      • PSP & Associate Member Support During Covid-19
    • Silent Auction Items