The House Financial Services Committee yesterday advanced three bills supported by the American Bankers Association, covering regulatory tailoring for community banks, reauthorization of the Terrorism Risk Insurance Program, and raising Bank Secrecy Act reporting thresholds.
The Community Bank Regulatory Tailoring Act (H.R 7056) would adjust and index several key community and mid-size bank thresholds to nominal GDP after a one-time increase to account for past inaction. “Modernizing these thresholds would better align statutory requirements and the actual size, complexity, and risk profiles of the banking industry,” ABA said in a letter submitted ahead of the hearing.
The committee voted 33-21 to advance the bill.
The TRIA Program Reauthorization Act (H.R. 7128) would extend the Terrorism Risk Insurance Program by seven years and raise the dollar threshold for declaring an act of terrorism a major event from $5 million to $25 million. The committee voted 51-2 to advance the bill. (Read the ABA letter.)
The Financial Reporting Threshold Modernization Act (H.R. 1799) would raise the CTR reporting threshold from $10,000 to $30,000 and index the revised threshold to inflation every five years. The legislation would also raise certain SAR thresholds, including from $5,000 to $10,000. The committee voted 30-24 to advance the legislation. (Read a joint ABA and state bankers associations letter on the legislation.)
