The FBAR requirement is not new. It's been around for decades. FBAR is part of the Bank Secrecy Act form 1970. The problem is the $10K threshold is not indexed

The FBAR requirement is not new. It's been around for decades. FBAR is part of the Bank Secrecy Act form 1970. The problem is the $10K threshold is not indexed for inflation. The reason the fines are so high is to catch criminals & tax evaders. If you have a couple of hundred in the bank you don't have a filing requirement anyway.