Below is a list of current federal issues.
Bank Secrecy Act (BSA) Reforms
H.R. 6068 – The Counter Terrorism and Elicit Finance Act introduced by Representatives Leutkemeyer (R-MO) and Pearce (R-NM) would:
- Raise the Currency Transaction Report (CTR) to $30,000 (up from the current $10,000) and the Suspicious Activity Report (SAR) threshold to $10,000 (up from the current $5,000);
- Require a formal review of BSA reporting requirements with an eye toward reducing regulatory burdens and ensure the information collected has a “high degree of usefulness” to law enforcement;
- Recognize the growing role of artificial intelligence in BSA compliance;
- Empower the Treasury Department to actively coordinate AML policy and examinations; and
- Solidify processes regarding Treasury’s Financial Crimes Enforcement Network’s No-Action Letters.
Community Reinvestment Act (CRA)
On September 26, 2018 Senator Elizabeth Warren (D-MA) introduced S. 3503 – American Housing and Economic Mobility Act of 2018. The bill would do the following:
- Aim to reduce the cost of housing by creating incentives for local governments to eliminate unnecessary land-use restrictions;
- Create two new programs: One meant to offer down payment assistance to those communities often denied mortgages, and another to support those families whose housing wealth was destroyed by the financial crisis;
- Plan to hold financial institutions accountable for providing access to credit by extending CRA; and
- Seek to strengthen anti-discrimination laws and improve the housing voucher program.
- Section 203 of the bill would subject credit unions to the Community Reinvestment Act (CRA). Since the enactment of the CRA, credit unions have been excluded.