FOR IMMEDIATE RELEASE
ICBA Commends Bachus-Frank Bill To Reduce Currency Transaction Reporting
H.R. 5341 Would Balance Law Enforcement with Reduced Burden
Washington, D.C. (May 18, 2006)—The Independent Community Bankers of America (ICBA) commends Rep. Spencer Bachus (R-Ala.) and Rep. Barney Frank (D-Mass.) for introducing bipartisan legislation, the Seasoned Customer Currency Transaction Reporting (CTR) Exemption Act of 2006 (H.R. 5341), that balances the needs of law enforcement with the concerns of community banks about excessive and unnecessary regulations.
"ICBA believes this bill is an important step towards eliminating unnecessary reports and appreciates this subcommittee's commitment to moving legislation that would reduce the regulatory burden on community banks by creating the seasoned customer exemption to the CTR requirement," says Robert Rowe, ICBA regulatory counsel, in testimony before the House Subcommittee on Financial Institutions and Consumer Credit.
ICBA has long believed that exempting seasoned customers from CTRs without being required to renew the exemption annually will eliminate currency transaction reports that have little value for law enforcement. Passage and implementation of H.R. 5341 would result in substantial savings to community banks and increase the time employees can spend on customers' financial needs.
ICBA and the nation's community banks are committed to supporting the federal government's efforts to prevent money laundering, terrorist financing and other fraudulent activities, but believe that it is critical to focus resources where the risks are greatest. Bankers across the country continue to identify the Bank Secrecy Act as the most burdensome area of compliance. ICBA looks forward to working closely with Rep. Bachus, Rep. Frank and Congress to find solutions that reduce the BSA compliance burden while still meeting the needs of law enforcement.
For ICBA's complete testimony, go to www.icba.org.