Rep. Barry Loudermilk, whose 11th Congressional District includes part of the northern portion of Cobb County, reintroduced legislation to raise the cash limit used to monitor for suspicious financial transactions from $10 thousand to $30 thousand, and to adjust that number periodically for inflation.
In his email newsletter, he writes, “When Congress passed the Bank Secrecy Act of 1970, they did so with the clear intent to monitor significant and unusual financial transactions. Due to the forces of inflation, the $10,000 threshold that the Department of Treasury implemented in the 1970s is now grossly outdated and captures millions of commonplace transactions, like used car purchases and small business cash deposits. Treasury must update these BSA thresholds to meet the realities of the 21st Century.
“My bill simply raises the current threshold from $10,000 to $30,000, and indexes it to inflation. This would reduce the compliance burden for banks and credit unions by 60 to 80 percent, while ensuring law enforcement still has access to this tool when needed. Furthermore, raising this threshold will enhance customer privacy and allow federal law enforcement and intelligence agencies to focus on the data that really matters.”
The bill, which is supported by the credit union industry, can be read by following this link.