H.R. 1799 · Where this bill is now
Waiting for a House vote
Approved by committee Mar 19, 2026; no House vote yet
What this bill does
In plain words · AI-written from the official summaryUpdates financial reporting thresholds for institutions
This bill raises the dollar amounts that trigger certain reporting requirements for banks and other financial institutions. These institutions currently report large cash transactions and suspicious activity to a government agency called FinCEN. The bill also sets up a system to automatically adjust these thresholds every five years based on inflation, and requires the Treasury Department to review whether the current reporting forms and procedures are working well.
How it affects you
This change mainly affects banks, credit unions, money services businesses, and other financial institutions that file these reports. For everyday people, the practical impact depends on your financial activities, but the official summary doesn't spell out direct effects on individuals. The bill does extend requirements for FinCEN leadership to report to Congress annually through 2031.
Read the official summary (Reported to House, Mar 19, 2026)
Financial Reporting Threshold Modernization Act
This bill increases the threshold amounts for certain reporting by financial institutions, adjusts these amounts periodically for inflation, and requires a review of specified financial forms and reporting requirements.
The bill increases the threshold dollar amounts above which financial institutions are required to file currency-transaction and suspicious-activity reports with the Financial Crimes Enforcement Network (FinCEN). The bill also increases the transaction threshold above which an entity must register with FinCEN as a money services business. Further, these amounts must be updated every five years to reflect the change in the consumer price index.
Treasury must review and report on the effectiveness and efficiency of the forms and requirements regarding domestic coin and currency transactions, foreign currency transactions, and anti-money laundering and combating the financing of terrorism measures, among other matters. Treasury must also make appropriate updates to such forms.
The bill also extends through 2031 the requirement that the director of FinCEN must be made annually available for testimony before congressional committees regarding certain FinCEN issues, including resources needed to implement beneficial ownership reporting requirements.
Written by AI (Claude) using only the official summary by the Congressional Research Service, the Library of Congress’s nonpartisan research staff. It can miss nuance, so check the official summary and the bill text for details.
1st SessionH. R. 1799
A BILL
Financial Reporting Threshold Modernization Act
Sponsor: Rep. Barry Loudermilk (R-GA-11) · Introduced Mar 3, 2025 · Finance and Financial Sector · 2 versions of the text
Sources: Congress.gov actions and votes · bill text from GovInfo · latest official action Mar 19, 2026: “Placed on the Union Calendar, Calendar No. 478.”