League advocates for an updated CTR threshold

Published by: Sean Brown

April 17, 2024 | Regulatory

Constantly increasing regulatory pressures put a strain on a credit union’s resources and ability to focus on what matters most: serving members; thus, the League is always looking for opportunities to lower the regulatory burden placed on financial institutions without sacrificing safety and security. In line with that goal, the League submitted a comment letter on the Financial Crimes Enforcement Network’s (FinCEN) request for information regarding the Currency Transaction Rate (CTR). The League strongly urged FinCEN to consider increasing the current $10,000 CTR filing threshold, as it was established in 1972 and has not been adjusted for inflation or changes in the financial services market. Credit unions are constantly looking to modernize, and the regulatory environment must follow suit; otherwise, financial institutions will be stuck operating under outdated, impractical laws and rules.

Contact Sean Brown for questions or assistance.

Sean Brown
Sean Brown Director, Regulatory Affairs E: sbrown@ohiocul.org
Contact Us

Other Movement News

Government Affairs

Chairman Brown touts Ohio credit unions in recent fee hearing

When credit unions speak up, Congress listens. Chairman Sherrod Brown (D-OH) proved that in a recent U.S. Senate Banking, Housing, and Urban Affairs Committee hearing. During the hearing, which aimed […]

Ohio shows united opposition to debit interchange rule

Cards, compliance, and cybersecurity all have a cost, and that is why the League submitted a comment letter expressing serious concern and vehement opposition to the Federal Reserve’s proposal to […]
Member Benefits

2024 Golf Classic returns Aug. 5 with new inclusive event

The annual Golf Classic is one of the largest fundraisers hosted by the Ohio Credit Union Foundation, with credit union champions coming together to support programs that improve communities across […]