Financial Reporting Threshold Modernization Act

Summary

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.

Summary from the Congressional Research Service. How we handle summaries

Where it stands

Out of committee and scheduled for a vote by the full chamber.

House Committee on Financial Services · U.S. House of Representatives

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Cosponsors

Full history

1. Mar 19, 2026

   Introduced

   Placed on the Union Calendar, Calendar No. 478.

   U.S. House

2. Mar 19, 2026

   Placed on the Union Calendar, Calendar No. 478.

3. Mar 19, 2026

   Placed on the Union Calendar, Calendar No. 478.

4. Mar 19, 2026

   Placed on the Union Calendar, Calendar No. 478.

5. Mar 19, 2026

   Reported out of committee

   Reported (Amended) by the Committee on Financial Services. H. Rept. 119-556.

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