Yesterday, IBAT sent a comment letter to Senators Tim Scott (R-SC), Elizabeth Warren (D-MA) and John Kennedy (R-LA) urging the Committee on Banking, Housing and Urban Affairs to pass the STREAMLINE Act.
The STREAMLINE Act, introduced by U.S. Senators on October 21, proposes to significantly increase the reporting thresholds for currency transaction reports (CTRs) and suspicious activity reports (SARs) under the Bank Secrecy Act (BSA), marking the first major update to these limits since the law’s enactment in 1970.
The bill would raise the reporting thresholds from $10,000 to $30,000 for CTRs, and from $5,000 or $2,000 to $10,000 and $3,000 for SARs, with future adjustments for inflation. It also calls for a review of reporting forms to reduce redundancy and improve automation while maintaining security.
As noted in the comment letter, “In Texas, where community banks provide critical capital to small businesses, families and local economies, outdated BSA thresholds impose unnecessary red tape that diverts resources from customer service and meaningful risk management. The STREAMLINE Act modernizes oversight, protects consumers and enables bankers to focus on serving customers while strengthening the fight against financial crime,” said IBAT President and CEO Christopher Williston.
