ABA Applauds Senate Introduction of STREAMLINE Act

“We applaud Chairman Scott, Senator Kennedy, and all of the co-sponsors for introducing the STREAMLINE Act to modernize the Bank Secrecy Act by increasing the outdated reporting thresholds for Currency Transaction Reports and Suspicious Activity Reports.

“For decades, banks have been required to file CTRs for cash transactions over $10,000—a rule born in 1972 that hasn’t been adjusted for inflation. In today’s financial landscape, this requirement is not only outdated—it’s inefficient, ineffective, and increasingly counterproductive, resulting in a flood of data with minimal law enforcement utility and growing privacy concerns for bank customers.

"Consistent with our strong support for common-sense BSA reforms that Treasury has advanced to allow banks to focus on real illicit finance risks such as fraud, we welcome this important effort to streamline and simplify complex reporting requirements to allow banks to focus on more targeted, risk-based efforts to combat financial crime and give law enforcement better tools to pursue real threats. We urge the Senate to move this critically important legislation forward and stand ready to work with lawmakers to ensure the STREAMLINE Act becomes law.”

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $25 trillion banking industry, which is composed of small, regional and large banks that together employ approximately 2.1 million people, safeguard $19.7 trillion in deposits and extend $13.1 trillion in loans.

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