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and the regulatory environment must follow suit; otherwise, financial institutions will be stuck operating under outdated, impractical laws and rules.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
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