U.S. House Committee advances bill to significantly reduce financial reporting workloads

Posted by Ryan Fitzgerald on January 23, 2026

On Thursday, the House Financial Services Committee advanced two bills which would reduce certain regulatory and compliance requirements for credit unions. The Community Bank Regulatory Tailoring Act (H.R. 7056) and the Financial Reporting Threshold Modernization Act (H.R. 1799) each passed markup, clearing the way for potential votes on the House floor.

H.R. 7056 increases a range of statutory thresholds, tying them to nominal GDP growth to account for inflation. Significantly for credit unions, the bill would:

• Raise the small credit union threshold from $10 million to $34 million.
• Raise the large credit union audit requirement from $500 million to $2 billion under the Dodd-Frank Act, the Home Mortgage Disclosure Act and the Federal Home Loan Bank Act.
• Raises the asset threshold for institutions subject to CFPB supervision from $10 Billion to $50 Billion.
• Raises the asset threshold for institutions subject to the Durbin Amendment from $10 Billion to $21 Billion.

H.R. 1799 would increase the threshold for Currency Transaction Reports (CTR) from $10,000 to $30,000, and for Suspicious Activity Reports (SAR) from $5,000 to $10,000. These thresholds were set in 1970 and 1992 respectively, but have not been adjusted for inflation, leading to a significant increase in reporting demands, particularly for smaller credit unions.

Raising the CTR/SAR thresholds will reduce the daily reporting workload for credit unions and community banks by an estimated 50-60% and focus the resources available for tackling significant cases of fraud.

Credit Card Rate Cap Amendment Fails

An attempt by Rep. Maxine Waters to add the credit card rate cap as an amendment to H.R. 7056 failed during yesterday’s markup, as it was ruled not germane to the subject of the bill. This underscores how important it will be to continue to engage on these issues moving forward as the credit card rate cap moves into congressional debate.

Next Steps

The GoWest team is looking into rumors around negotiations and how our pushback impacted the rate cap discussion. Ryan Fitzgerald, GoWest’s SVP, Advocacy, will be on the ground in Washington, D.C. next week to gain a more in-depth, face-to-face understanding of the political lay of the land on this issue. Stay tuned for additional updates from your GoWest team.

As credit unions know well, the burden of compliance and the quickening pace of regulatory change, combined with the current affordability paradigms, could directly impact individual credit union member and broader access to capital. The GoWest Advocacy Team is working diligently to keep advancing legislation that will reduce credit unions’ regulatory and compliance burden and tear down operational barriers, while continuing to defend the current offerings that your members enjoy.

We will continue to update you on critical legislation and our efforts to promote pro-credit union legislation. If you have any questions about this hearing or federal legislation, please reach out to Ryan Fitzgerald or Evan Brandaw for more information.

Posted in Advocacy on the Move, Federal Advocacy.