Treasury Secretary Scott Bessent announced that the department is working to increase thresholds for Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs). The initiative aims to reduce regulatory burdens on community banks.
The proposed changes involve adjusting reporting limits and considering the duration of customer relationships. Current SAR thresholds vary from no minimum to $25,000, while the CTR threshold remains above $10,000 in cash.
During a hearing before the House Financial Services Committee, Bessent discussed broader financial issues, including cybersecurity and stablecoins. He noted that Treasury has been coordinating with financial services on cybersecurity resilience for over six months.
Bessent expressed support for removing beneficial ownership information (BOI) reporting requirements for 33 million domestic small businesses. He suggested maintaining these requirements only for foreign entities.
The discussion also touched on digital assets, with Bessent stating that dollar-backed stablecoins can increase demand for U.S. Treasury bills. He also addressed concerns regarding meme coins, noting they function like other market assets.
