Title: Financial Reporting Threshold Modernization Act
Policy area: Finance and Financial Sector

Summary:
Financial Reporting Threshold Modernization Act
This 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.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2040 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 2040

   To update thresholds for certain currency transaction reports and 
          suspicious activity reports, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 18, 2021

 Mr. Loudermilk (for himself, Mr. Barr, Mr. Emmer, and Mr. Gonzalez of 
    Ohio) introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
   To update thresholds for certain currency transaction reports and 
          suspicious activity reports, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Financial Reporting Threshold 
Modernization Act''.

SEC. 2. UPDATING THRESHOLDS FOR CERTAIN CURRENCY TRANSACTION REPORTS 
              AND SUSPICIOUS ACTIVITY REPORTS.

    (a) Thresholds for Certain Currency Transaction Reports.--
            (1) In general.--Not later than the end of the 180-day 
        period beginning on the date of the enactment of this Act, the 
        Secretary of the Treasury shall revise regulations issued with 
        respect to section 5313 of title 31, United States Code, to 
        update each $10,000 threshold amount in such regulations to 
        $30,000.
            (2) Threshold for reports relating to coins and currency 
        received in nonfinancial trade or business.--Section 5331 of 
        title 31, United States Code, is amended by striking 
        ``$10,000'' each place such term appears in heading or text and 
        inserting ``$30,000''.
    (b) Thresholds for Suspicious Activity Reports.--Not later than the 
end of the 180-day period beginning on the date of the enactment of 
this Act, each Federal department or agency that issues regulations 
with respect to reports on suspicious transactions described under 
section 5318(g) of title 31, United States Code, shall update each 
$5,000 threshold amount in such regulations to $10,000 and each $2,000 
threshold amount in such regulation to $3,000.
    (c) Updating the Money Services Business Definition Thresholds.--
Not later than the end of the 180-day period beginning on the date of 
the enactment of this Act, the Secretary of the Treasury shall revise 
section 1010.100(ff) of title 31, Code of Federal Regulations, to 
update each $1,000 threshold amount in such regulations to $3,000.
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