The House of Representatives has overwhelming passed a bill that would eliminate what critics have called outdated and unnecessary requirements. Introduced by Rep. Jeb Hensarling, R-Texas, the Financial Services Regulatory Relief Act, contains a number of provisions that would affect the filing of reports by banks, credit unions, savings associations and the Federal Home Loan Bank System. 

Among other things, the bill – which had the support of industry and legislators -- would exempt certain customers from triggering the filing of cash transaction reports under the Bank Secrecy Act and raise the asset threshold from $250 million to $1 billion for banks to qualify for an 18-month examination cycle, rather than an annual one.