NDAA amendment needed to reduce compliance burden on credit unions
America’s Credit Unions is urging the House Rules Committee to support adding an amendment that updates the Currency Transaction Reports (CTR) and Suspicious Activity Report (SAR) thresholds to the FY26 National Defense Authorization Act (NDAA). In a letter sent Tuesday, President/CEO Jim Nussle urged the House Rules Committee to back the amendment from Rep. Barry Loudermilk, R-Ga., as it considers the NDAA.
The amendment would increase the CTR filing threshold to $30,000 (up from the current $10,000) and increase the SAR reporting threshold to $10,000 (up from the current $5,000) among other steps. Increasing the thresholds is a strong priority for credit unions.
“This change in the reporting threshold will significantly reduce the compliance burden on credit unions, allowing them to serve their members better while still allowing law enforcement to review on significant transactions that could offer various security concerns,” Nussle wrote, adding that the CTR threshold hasn’t been updated since 1972 and would be more than $75,000 today if adjusted for inflation.
The amendment includes the text of Loudermilk’s bill, H.R. 1799, to update the thresholds, which was introduced in March with strong America’s Credit Unions and league support. America’s Credit Unions also attended a Treasury roundtable on modernizing the thresholds last month and followed up the request in a letter to Treasury Secretary Scott Bessent.
