Threshold modernization bills advance

January 23, 2026

Reporting threshold modernizations important to credit unions moved forward as the House Financial Services Committee voted to advance two bills Thursday. America’s Credit Unions wrote in support of both bills in advance of to the markup, while urging the committee to reject any amendments establishing a national credit card rate cap or altering the credit card interchange system.

"We appreciate the Committee’s work during today’s markup to advance bipartisan legislation that modernizes outdated thresholds and reduces unnecessary regulatory burden on community-based financial institutions," said Scott Simpson, America's Credit Unions president/CEO. "While a national credit card rate cap amendment was raised during the markup, it was not advanced. That outcome reflects a growing understanding that hard price controls are not an effective way to improve affordability for consumers. Rate caps do not eliminate the underlying costs of providing credit. They simply shift those costs and restrict access, particularly for working families and consumers with thin or imperfect credit histories. We urge lawmakers to remain focused on policies that expand access to fair, affordable credit and avoid proposals that risk undermining the very consumers they are intended to help.” 

The bills advanced include:

  • Rep. Barry Loudermilk’s, R-Ga., Financial Reporting Threshold Modernization Act (H.R. 1799) to update the Currency Transaction Report (CTR) threshold to $30,000 (up from $10,000), increase the Suspicious Activity Report threshold to $10,000 (up from $5,000), and ensure the CTR threshold is periodically adjusted for inflation. It passed 30-24; and
  • Rep. Andy Barr’s, R-Ky., The Community Bank Regulatory Tailoring Act (H.R. 7056) to update asset thresholds in the Federal Credit Union Act and other areas of financial law (by a 33-21 vote). This includes raising:
    • The asset threshold for small credit unions to $34 million (up from $10 million);
    • The asset threshold for the large credit union audit requirement to $2 billion (up from $500 million); and
    • Thresholds under the Dodd-Frank Act, Home Mortgage Disclosure Act, and Federal Home Loan Bank Act.

An amendment to cap credit card interest rates at 10% was offered to H.R. 7056 by Ranking Member Rep. Maxine Waters, D-Calif., but it was ruled not germane to the underlying legislation and not adopted. America’s Credit Unions was in the room during the markup and worked league partners in spearheading industry efforts to ensure that the rate cap amendment did not advance.

America’s Credit Unions continues to work with House members to move H.R. 1799 and H.R. 7056 forward and prevent any forward movement on credit card interest rate caps.