House Financial Services Committee to mark up threshold modernization bills
The House Financial Services Committee is considering two bills today that would help credit unions by providing important modernizations and asset threshold revisions. Sent in advance of today’s markup, America’s Credit Unions’ letter shared support of the bill while also encouraging the committee to reject any amendments establishing a credit card rate cap.
The two bills being marked up include:
- The Financial Reporting Threshold Modernization Act (H.R. 1799) would update the Currency Transaction Report (CTR) threshold to $30,000 (up from $10,000), increase the SAR threshold to $10,000 (up from $5,000), and ensure the CTR threshold is periodically adjusted for inflation. Rep Barry Loudermilk, R-Ga., introduced the bill;
- The Community Bank Regulatory Tailoring Act (H.R. 7056) would update asset thresholds in the Federal Credit Union Act and other areas of financial law, including raising the threshold for small credit unions to $34 million (up from $10 million) and raising the asset threshold for the large credit union audit requirement to $2 billion (up from $500 million), and others under the Dodd-Frank Act, the Home Mortgage Disclosure Act and the Federal Home Loan Bank Act. Rep. Andy Barr, R-Ky., introduced the bill.
The letter urged the committee to also reject any extraneous amendments that may seek to establish a new national rate cap on credit cards or bring government interference to the credit card interchange system.
“These efforts to impose price controls would do nothing to help consumers or increase affordability,” it states. “These amendments would ultimately harm access to credit for many consumers and weaken data security of card networks, while having negative impacts on community financial institutions, such as credit unions, and the consumers they serve.
The markup is scheduled to begin today at 10 a.m. Eastern