Supporting CTR/SAR modernizations, MBL relief in House NDAA
The amendments process is underway for the House FY27 National Defense Authorization Act, and America’s Credit Unions wrote to the House Rules Committee Monday to urge inclusion of two potential amendments and express opposition to two others. The Rules Committee will review over 1,300 filed amendments to NDAA legislation.
In the letter, America’s Credit Unions expressed support for:
- Amendment 134 from Reps. Barry Loudermilk, R-Ga., and Darren Soto, D-Ill., to increase the Currency Transaction Report (CTR) filing threshold from $10,000 to $30,000 and increase the Suspicious Activity Report (SAR) reporting threshold from $5,000 to $10,000;
- Amendment 651 introduced by Reps. Vicente Gonzalez, D-Texas and Gil Cisneros, D-Calif. to exempt loans made to veteran-owned businesses from the statutory member business lending cap of 12.25% of assets.
The letter also voices strong opposition to amendments that would extend liability under the Electronic Funds Transfer Act (EFTA) to financial institutions for “fraudulently induced” transactions made by servicemembers; and suspend debit card surcharges for certain individuals with commissary privileges.
The House Rules Committee started meeting late yesterday to decide if any of these amendments would be included in the ones made in order for full House consideration.
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