WASHINGTON—The Defense Credit Union Council (DCUC) has sent a letter to Sens. Tim Scott (R-S.C.) and John Kennedy (R-La.) in support of their Streamlining Transaction Reporting and Ensuring Anti-Money Laundering Improvements for a New Era Act (STREAMLINE Act).
As the CU Daily reported here, the legislation would modernize the Bank Secrecy Act’s reporting requirements for currency transaction reports (CTRs) and suspicious activity reports (SARs) by raising reporting limits.
DCUC said the bill is “much-needed legislation.”
“This bill’s commonsense reforms will reduce outdated regulatory burdens while preserving essential anti-money laundering safeguards, ultimately allowing credit unions to better serve servicemembers and their communities,” wrote DCUC Chief Advocacy Officer Jason Stverak in the letter.
When the Bee Gees Were Topping Charts
In addition, DCUC noted in the letter that thresholds for these reports have not been updated since the 1970s and the 1990s, respectively, “leaving them significantly out of date after decades of inflation. Low thresholds mean financial institutions are responsible for reporting transactions well below the intended level, with 20.5 million CTRs filed in 2022 alone.”
“Moreover, the high number of reports has not led to a corresponding number of law enforcement actions,” DCUC continued. “In 2023 fewer than 3% of CTRs from the past decade were reviewed by authorities.” DCUC expressed its concern that the volume of reports makes it harder for authorities to identify genuine illicit activity.
Cuts ‘Unnecessary Reporting’
The STREAMLINE Act, DCUC said, helps cut unnecessary reporting by conservatively increasing the thresholds and indexing them to inflation, adjusting every five years, which would assist community banks and credit unions that are strained for time and resources.
“Each report consumes staff time and resources that could be better spent on serving members or strengthening anti-fraud programs,” Stverak wrote. “By updating the thresholds to more sensible levels, S. 3017 will allow these credit unions to devote more resources to their members’ needs while still focusing on truly suspicious activities.”
Stverak Named to Top 100 List
Separately, Stverak has been named by the National Institute for Lobbying & Ethics (NILE) to its list of 2025 Top Lobbyist Award winners.
“Established in 2020, NILE created this annual recognition to honor exceptional lobbying professionals through a strictly merit-based process,” the organization said. “This year, we received a record number of nominations, each accompanied by impressive letters of recommendation from colleagues, clients, former and current Members of Congress, high-ranking government officials, and former Cabinet secretaries—underscoring the high caliber of professionals who make up the advocacy community. With over 50,000 state and federal lobbyists across the country, being named one of only 100 Top Lobbyists is an impressive and well-earned accomplishment that highlights the extraordinary contributions of these individuals to the profession.”
Stverak was honored in the association category.
Partnership With Aries Fraud Solutions
Separately, the Defense Credit Union Council (DCUC) said it has partnered with Aries Fraud Solutions to enhance card security, reduce fraud and deliver innovative tools and resources to credit unions nationwide.
The announcement was made last week during the 2025 DCUC Midwest Subcouncil Conference in Oklahoma City, Okla., by Lon Varns, Aries Fraud Solutions president/CEO, and DCUC President/CEO Anthony Hernandez.
“We’re proud to partner with DCUC in bringing next-generation fraud prevention to credit unions nationwide,” said Varns in a statement. “Our mission is to make card security stronger and simpler, empowering credit unions to protect their members to the fullest capacity, especially those who serve our nation.”
Aries Fraud Solutions said it is redefining card security and identity theft prevention for financial institutions.
Savings Offered
Through this, any current or prospective DCUC member can unlock exclusive annual savings on the Obscurity Card solution equal to the full amount of their DCUC membership dues, for as long as they remain members of both organizations, the organizations said.
