I think they still use a cutoff of "top 2%" on any one of several aptitude tests as the cutoff for admission. That equates to about 132, which by most standards is just about the beginning of the "gifted" range. The problem is that not everyone scores the same on all tests, so anyone who wants to get in badly enough and is usually in the top 5% on tests can probably find one where they'll just make the 2% cutoff.
The reason the SATs and GREs were not used after a certain point is that they shifted from being aptitude (IQ) tests to proficiency (acquired knowledge) tests.
I've taken several IQ tests over my lifetime. In school I usually scored somewhere between 134 and 139. (We took several in my High School psych classes.)
I've taken 3 tests over the last 5 years and my score has steadily dropped. My last score was 127.
So, during the Obama administration I am actually getting dumber.
No, I am not joking.