Banks and credit unions could receive some relief from filing nettlesome reports under the Bank Secrecy Act.
Long-awaited reform legislation is expected to be introduced in the House as early as Tuesday afternoon, a senior congressional aide said.
The Counter-Terrorism and Illicit Finance Act, sponsored by Reps. Blaine Luetkemeyer, R-Mo., and Steve Pearce, R-N.M., would triple the dollar threshold for filing currency transaction reports, to $30,000, and double it for suspicious activity reports, to $10,000.
The current thresholds have been untouched since Congress established them, in 1970 and 1996, respectively. Banks and credit unions have complained about the low reporting thresholds for years, arguing that they result in the filing of tens of thousands of reports where the value to law enforcement is dubious at best.
Read more in American Banker.