ICBA expressed support for legislation to raise the currency transaction reporting and Suspicious Activity Reporting thresholds to $30,000 and $10,000, respectively.

Background: The $10,000 CTR threshold has not been adjusted since it was set in 1970, while SAR thresholds have not been adjusted since taking effect in 1992, so they capture more transactions than originally intended.

The Bill: In a letter to sponsors, ICBA said the Financial Reporting Modernization Act (H.R. 2040) would result in more useful information for law enforcement and allow community banks to direct more resources to their communities.