WASHINGTON–The nation’s biggest banks are pushing the Trump administration to cut numerous regulations, including the $10,000 threshold at which financial institutions must file anti-money laundering (AML) reports, by raising that figure to $75,000.

“There has been receptivity to our concerns,” Kevin Fromer, head of the Financial Services Forum, which represents the largest global banks, told Reuters about the push for changes to AML reporting and other requests for reduced regulation. “We’re at the early stages of that conversation.”

The report noted that AML has been cited by lobby groups as contributing to “debanking,” or when a bank closes an individual’s account. President Trump alleged earlier this year that conservatives were being “debanked.”

‘Quite Onerous’

“The requirements that we have … under the anti money-laundering laws and the various sanctions regimes, the general laws globally are quite onerous,” Kathryn Ruemmler, chief legal officer and general counsel with Goldman Sachs told a conference this month, according to Reuters. 

The banking industry, and to a lesser extent credit unions, have long complained that the limit is outdated and generates unnecessary filings. Financial institutions and their trade groups have told Treasury, which oversees the AML rules and reporting, they would like to see limits as high as $100,000 before reports have to be filed. 

Former NCUA Chair Supports Move

According to Reuters, among those who has endorsed the higher limit is Rodney Hood, the former chairman of NCUA who is now the acting head of the Office of the Comptroller of the Currency, which monitors national banks. Hood told Reuters in a statement that the current limit is “outdated and burdensome,” and backed an increase among other rule changes..

In addition to the changes to AML rules, the largest financial institutions and their trade groups are also pressing the Trump administration to cut reporting requirements on some transactions, limit regulators’ enforcement powers, speed up deal approvals and overhaul capital rules, according to Reuters.