Financial Reporting Threshold Modernization Act

Summary

Financial Reporting Threshold Modernization Act This bill increases the threshold amounts for certain reporting by financial institutions, adjusts these amounts periodically for inflation, and requires a review of specified financial forms and reporting requirements. The bill increases the threshold dollar amounts above which financial institutions are required to file currency-transaction and suspicious-activity reports with the Financial Crimes Enforcement Network (FinCEN). The bill also increases the transaction threshold above which an entity must register with FinCEN as a money services business. Further, these amounts must be updated every five years to reflect the change in the consumer price index. Treasury must review and report on the effectiveness and efficiency of the forms and requirements regarding domestic coin and currency transactions, foreign currency transactions, and anti-money laundering and combating the financing of terrorism measures, among other matters. Treasury must also make appropriate updates to such forms. The bill also extends through 2031 the requirement that the director of FinCEN must be made annually available for testimony before congressional committees regarding certain FinCEN issues, including resources needed to implement beneficial ownership reporting requirements.

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Timeline

1. 3 March 2025

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 3 March 2025

   Introduced

   Introduced in House

   Source: IntroReferral

3. 3 March 2025

   Introduced

   Introduced in House

   Source: IntroReferral

4. 22 January 2026

   Vote

   Ordered to be Reported (Amended) by the Yeas and Nays: 30 - 24.

   Source: Committee

5. 22 January 2026

   Committee

   Committee Consideration and Mark-up Session Held

   Source: Committee

6. 19 March 2026

   Calendars

   Placed on the Union Calendar, Calendar No. 478.

   Source: Calendars

7. 19 March 2026

   Reported

   Reported (Amended) by the Committee on Financial Services. H. Rept. 119-556.

   Source: Committee

8. 19 March 2026

   Reported

   Reported (Amended) by the Committee on Financial Services. H. Rept. 119-556.

   Source: Committee

Votes

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Versions

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Documents

3 official files

• Reported in House

  Reported in House · EN · 19 March 2026

  ViewDownloadOpen at official source

• Reported to House

  summary · EN · 19 March 2026

  Open at official source

• Introduced in House

  Introduced in House · EN · 3 March 2025

  ViewDownloadOpen at official source

Sponsors

• Barry Loudermilk · R · Sponsor
• Andy Barr · R · Sponsor
• Rep. Downing, Troy [R-MT-2] · R · Sponsor
• Rep. Moore, Tim [R-NC-14] · R · Sponsor
• John Rose · R · Cosponsor
• Gus Bilirakis · R · Cosponsor
• Mike Collins · R · Cosponsor
• Earl Carter · R · Cosponsor
• Russ Fulcher · R · Cosponsor
• Thomas Massie · R · Cosponsor
• Rep. Begich, Nicholas J. [R-AK-At Large] · R · Cosponsor
• Darren Soto · D · Cosponsor
• Charles Fleischmann · R · Cosponsor
• Zachary Nunn · R · Cosponsor
• Rep. Biggs, Sheri [R-SC-3] · R · Cosponsor
• Mike Rogers · R · Cosponsor
• Mike Ezell · R · Cosponsor
• Richard Hudson · R · Cosponsor
• Diana Harshbarger · R · Cosponsor
• Celeste Maloy · R · Cosponsor
• Rep. Harrigan, Pat [R-NC-10] · R · Cosponsor
• · hsba00 · Standing

Related records

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