Financial Reporting Threshold Modernization Act

This bill raises the dollar amounts that trigger certain bank and business reports to the government. The main idea is to update old thresholds so routine, low-risk transactions don’t create extra paperwork. It also requires these amounts to keep up with inflation over time. Within 180 days of becoming law, agencies must update their rules to reflect the new amounts, and then adjust them every five years for inflation using the Consumer Price Index.

Key changes:

• Bank cash transaction reports: threshold moves from $10,000 to $30,000, with updates every five years for inflation.
• Businesses receiving cash (not banks): the cash reporting trigger becomes $30,000, also updated every five years for inflation.
• Suspicious activity reports: thresholds increase (for example, from $5,000 to $10,000 and from $2,000 to $3,000, depending on the rule).
• Money services businesses (like check cashers and money transmitters): key definition threshold rises from $1,000 to $3,000.

What this means for you: everyday cash transactions are less likely to trigger reports, which could reduce paperwork for banks and small businesses while still keeping tools to spot truly suspicious activity up to date.