[Report No. 119–556]
March 3, 2025
Mr. Loudermilk (for himself, Mr. Barr, Mr. Downing, and Mr. Moore of North Carolina) introduced the following bill; which was referred to the Committee on Financial Services
March 19, 2026
Additional sponsors: Mr. Rose, Mr. Bilirakis, Mr. Collins, Mr. Carter of Georgia, Mr. Fulcher, Mr. Massie, Mr. Begich, Mr. Soto, Mr. Fleischmann, Mr. Nunn of Iowa, Mrs. Biggs of South Carolina, Mr. Rogers of Alabama, Mr. Ezell, Mr. Hudson, Mrs. Harshbarger, Ms. Maloy, and Mr. Harrigan
March 19, 2026
Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed
Strike out all after the enacting clause and insert the part printed in italic
For text of introduced bill, see copy of bill as introduced on March 3, 2025
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) Currency transaction reports
The Secretary of the Treasury shall—
(A)
not later than the end of the 180-day period beginning on the date of the enactment of this Act, revise regulations issued with respect to sections 5313 and 5315 of title 31, United States Code, to update each $10,000 threshold amount in such regulations to $30,000; and
(B)
every 5 years, update each such threshold amount to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor, which shall be rounded to the nearest $500.
(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—
(A)
by striking $10,000
each place such term appears in heading or text and inserting $30,000
; and
(B)
by adding at the end the following:
(e) Updates for inflation
Every 5 years, the Secretary of the Treasury shall update each dollar figure under this section to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor, which shall be rounded to the nearest $500.
(b) Thresholds for suspicious activity reports
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—
(1)
not later than the end of the 180-day period beginning on the date of the enactment of this Act, update each $5,000 threshold amount in such regulations to $10,000 and each $2,000 threshold amount in such regulation to $3,000; and
(2)
every 5 years, update each such threshold amount to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor, which shall be rounded to the nearest $500.
(c) Updating the money services business definition thresholds
The Secretary of the Treasury shall—
(1)
not later than the end of the 180-day period beginning on the date of the enactment of this Act, 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; and
(2)
every 5 years, update each such threshold amount to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor, which shall be rounded to the nearest $500.
(d) Review and report
Not later than 360 days after the date of enactment of this Act, the Secretary of the Treasury shall, in consultation with private sector stakeholders and law enforcement—
(1)
review the forms and reporting and recordkeeping requirements issued pursuant to sections 5313, 5315, and 5318 of title 31, United States Code, which shall include an analysis on the aggregation, prioritization, and automation of those forms and requirements, to ensure that such forms and reporting requirements are effective and efficient in identifying illicit finance activity;
(2)
update the forms and requirements described in paragraph (1) as the Secretary of the Treasury determines necessary and consistent with section 5318(g)(5) of title 31, United States Code;
(3)
conduct the reviews and submit the reports required under sections 6204, 6205, and 6216 of the Anti-Money Laundering Act of 2020 (division F of the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021; 134 Stat. 4569; 31 U.S.C. 5313 note, 31 U.S.C. 5311 note); and
(4)
submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report that—
(A)
summarizes the results of the review conducted under paragraph (1); and
(B)
includes recommendations for updating the forms and requirements described in paragraph (1).
Sec. 3. Testimony by the director of FinCEN
Section 5336(c)(11)(A) of title 31, United States Code, is amended by striking 5 years
and inserting 10 years
.