The House also voted last week for a bill that would vastly reduce the paperwork requirement for filing currency transaction reports made by credit unions and banks. The bill would exempt CTR requirements for an institution's so-called seasoned customers, those who have been customers for a year or longer. Credit unions and banks must file CTRs when someone deposits more than $10,000. The vast majority of CTRs, more than 90%, are filed for seasoned customers.
Similar language is also included in the House-passed regulatory relief bill, but not in the Senate bill. That bill must also be reconciled with a Senate version.
