Last week, the House Financial Services Committee advanced several bills to address community bank regulatory burden, including:
- The Financial Reporting Threshold Modernization Act (H.R. 1799), which would raise the currency transaction reporting and Suspicious Activity Reporting thresholds. If approved by the Senate, the new thresholds would be $30,000 for CTRs and $10,000 and $3,000 for certain SARs.
- The Community Bank Regulatory Tailoring Act (H.R. 7056), which would raise certain monetary thresholds for community bank regulatory requirements.
During the markup, Ranking Member Maxine Waters (D-CA) offered an ICBA-opposed amendment to H.R. 7056 that would have imposed a 10 percent rate cap on credit cards. The amendment was ruled non-germane and was withdrawn without a vote.
