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Higher Financial Transaction Reporting Thresholds

This act raises the amounts at which banks and businesses must report cash transactions and suspicious activities. This means fewer everyday transactions will be automatically reported, potentially reducing bureaucracy for citizens and businesses. The changes aim to focus attention on larger financial flows.
Key points
Cash transaction reporting limit increases from $10,000 to $30,000.
Suspicious activity reporting thresholds increase from $5,000 to $10,000 and from $2,000 to $3,000.
Money services business definition threshold increases from $1,000 to $3,000.
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Status:
Expired
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Additional Information
Financial Reporting Threshold Modernization Act
Print number: HR 2040
Sponsor: Rep. Loudermilk, Barry [R-GA-11]
Process start date: 2021-03-18
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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Summary & Status

Key Questions about Higher Financial Transaction Reporting Thresholds

A structured overview of the legislative process, official sources, status and civic context.

What is the official ID of this bill?

The official print number for this legislation is HR 2040.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-03-18.

What are the main provisions?

Key points include:

  • Cash transaction reporting limit increases from $10,000 to $30,000.
  • Suspicious activity reporting thresholds increase from $5,000 to $10,000 and from $2,000 to $3,000.
  • Money services business definition threshold increases from $1,000 to $3,000.

What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Loudermilk, Barry [R-GA-11].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

Analysis and Potential Impact of HR 2040

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge. Review our public AI processing logs for full transparency, and use Lustra to track active legislation for instant status push notifications.

CATEGORIES

Economy Courts and Law