Summary of HR 6029: Exemption for Crime Stopper Organizations

Bill Number: HR 6029

Introduced: November 12, 2025

Status: Introduced in House

Committee: Financial Services

Purpose and Intent

The primary purpose of HR 6029 is to amend the Bank Secrecy Act (BSA) to provide an exemption for certain transactions involving cash reward payments made by crime stopper organizations. This legislation aims to facilitate the operations of these nonprofit organizations by reducing regulatory burdens associated with currency transaction reporting.

Key Provisions

• Amendment to the Bank Secrecy Act:
  
  The bill proposes an amendment to Section 5313(d) of Title 31 of the United States Code. It specifically allows the Secretary of the Treasury to exempt depository institutions from the reporting requirements of subsection (a) for transactions related to cash rewards offered by crime stopper organizations.

• Scope of Exemption:
  
  The exemption applies to transactions between depository institutions and nonprofit organizations that are providing cash rewards in exchange for information about crimes. This means that when a crime stopper organization pays out a reward, the financial institution involved will not be required to file a currency transaction report for that specific transaction.

Who Would Be Affected

• Crime Stopper Organizations:
  
  Nonprofit organizations that operate crime stopper programs will benefit from this exemption, allowing them to process cash reward payments more efficiently without the need for extensive reporting.

• Depository Institutions:
  
  Banks and other financial institutions will have reduced compliance obligations when handling transactions related to cash rewards, potentially streamlining their operations.

Procedural Aspects

• Legislative Process:
  HR 6029 was introduced in the House of Representatives and has been referred to the Committee on Financial Services for further consideration. As of now, no further actions have been recorded beyond the introduction.

Conclusion

HR 6029 seeks to support crime stopper organizations by easing the regulatory requirements they face when making cash reward payments. By exempting these transactions from certain reporting obligations under the Bank Secrecy Act, the bill aims to enhance the effectiveness of crime prevention efforts while ensuring that financial institutions can operate with less regulatory burden.