WASHINGTON – The House last week approved legislation to exempt financial institutions from filing currency transaction reports for "seasoned customers." Under a suspension of the rules, the House unanimously passed the Seasoned Customer CTR Exemption Act of 2006 (H.R. 5341) sponsored by Financial Institutions and Consumer Credit Subcommittee Chairman Spencer Bachus (R-Ala.). The bill would eliminate the requirement to file a CTR for currency transactions over $10,000 in a single business day solely for customers that regularly do business with the financial institution. The language had originally been included as a provision in the House regulatory relief package, but ultimately came up against opposition from law enforcement. A provision to study this possibility is included in the current regulatory relief legislation. CUNA and NAFCU were unsure how many credit unions this might impact or what the cost savings for credit unions might be.