ICBA supports community bank bills being considered today by House panel

Ahead of today’s House Financial Services Committee markup of various legislation, ICBA signaled support for two bills that would adjust thresholds for community banks.

Pro-Community Bank Bills:

• ICBA submitted a letter encouraging committee members to advance the Financial Reporting Threshold Modernization Act (H.R. 1799), which would raise the currency transaction reporting and Suspicious Activity Reporting thresholds, and the Community Bank Regulatory Tailoring Act (H.R. 7056), which would raise certain monetary thresholds for community bank regulatory requirements.

• In a separate letter to committee members on H.R. 7056, ICBA noted the bill would index various asset-based, bank-regulatory thresholds to nominal GDP for community banks and said it would work with Congress to enact the bill into law.

More on Thresholds: H.R. 1799 would raise the CTR and SAR thresholds to $30,000 and $10,000, respectively, and index the CTR threshold for inflation every five years prospectively.

Past ICBA Advocacy: In a March letter of support and September statement for the record for a House subcommittee hearing, ICBA expressed strong support for H.R. 1799, noting that addressing CTR and SAR filing requirements will help ensure community bank resources are better directed toward community lending.