Financial Reporting Threshold Modernization Act

This bill updates financial reporting thresholds to reflect inflation, primarily affecting banks and other financial institutions that file currency transaction reports and suspicious activity reports. It raises the $10,000 threshold for large cash transactions to $60,000, the $5,000 threshold for suspicious activity reports to $10,000, and the $1,000 threshold for money services businesses to $3,000. All thresholds will now automatically adjust annually based on the Consumer Price Index to prevent future inflation-related outdated values. The changes aim to modernize reporting requirements while reducing unnecessary paperwork for institutions handling routine transactions.