CathyA3 (Ohio)
Posts: 6,299
Posts: 6,299
Posted:
A couple items arrived in my inbox recently.
One is from Community Associations Institute, and it is calling on members and others to learn more information about the Corporate Transparency Act and its impact on most community associations incorporated in the U.S. They are asking people to help educate Congress about the unintended consequences of this law and urge them to delay implementation and exempt community associations from the requirements.⯠Quote from the email:
The CAI Ohio Legislative Action Committee is meeting with Senator Sherrod Brown (D-OH) staff this afternoon to discuss the critical importance of S.3625 - Protect Small Business and Prevent Illicit Financial Activity Act - being heard by the Senate Banking Committee. We urge you to reach out to Senator Brown TODAY about this important bill!
CAI has taken the position that it does not believeâŻthe Anti-Money Laundering Act and Corporate Transparency Act are intended to apply to community associations. Among other things, the organization has requested delay of the implementation of the Beneficial Ownership Information (BOI) reporting requirements by having Senators co-sponsor S.3625 - Protect Small Business and Prevent Illicit Financial Activity Act (introduced by Senator Tim Scott (R-SC)), the Senate companion of H.R. 5119 â Protect Small Business and Prevent Illicit Financial Activity Act, which was approved by the House on 12/12/23 by a vote of 420-1.
The email also noted that after the passage of H.R. 5119, a group of more than 80 Senators and Representatives sent a letter to FINCEN urging a one-year delay of all reporting requirements under the Corporate Transparency Act.
The second item is a letter from Senator Sherrod Brown in the response to a letter I sent several months ago discussing the unintended consequences of the Corporate Transparency Act and urging Congress to delay implementation of the law until lawmakers can decide whether community association should be exempt from the reporting requirements.
His letter was a mixture of information and politicking (not surprising). He talked in general terms about his position as Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, and he notes that The Committee has jurisdiction over a diverse set of issues, including banking, financial markets, monetary policy, housing, urban development, mass transit, and international trade.
No actionable information yet, unfortunately, but I hope people have gotten the attention of the right legislators who can at least clarify whether or not community associations should be subject to the reporting requirements of the Corporate Transparency Act. Time to be squeaky wheels.
One is from Community Associations Institute, and it is calling on members and others to learn more information about the Corporate Transparency Act and its impact on most community associations incorporated in the U.S. They are asking people to help educate Congress about the unintended consequences of this law and urge them to delay implementation and exempt community associations from the requirements.⯠Quote from the email:
The CAI Ohio Legislative Action Committee is meeting with Senator Sherrod Brown (D-OH) staff this afternoon to discuss the critical importance of S.3625 - Protect Small Business and Prevent Illicit Financial Activity Act - being heard by the Senate Banking Committee. We urge you to reach out to Senator Brown TODAY about this important bill!
CAI has taken the position that it does not believeâŻthe Anti-Money Laundering Act and Corporate Transparency Act are intended to apply to community associations. Among other things, the organization has requested delay of the implementation of the Beneficial Ownership Information (BOI) reporting requirements by having Senators co-sponsor S.3625 - Protect Small Business and Prevent Illicit Financial Activity Act (introduced by Senator Tim Scott (R-SC)), the Senate companion of H.R. 5119 â Protect Small Business and Prevent Illicit Financial Activity Act, which was approved by the House on 12/12/23 by a vote of 420-1.
The email also noted that after the passage of H.R. 5119, a group of more than 80 Senators and Representatives sent a letter to FINCEN urging a one-year delay of all reporting requirements under the Corporate Transparency Act.
The second item is a letter from Senator Sherrod Brown in the response to a letter I sent several months ago discussing the unintended consequences of the Corporate Transparency Act and urging Congress to delay implementation of the law until lawmakers can decide whether community association should be exempt from the reporting requirements.
His letter was a mixture of information and politicking (not surprising). He talked in general terms about his position as Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, and he notes that The Committee has jurisdiction over a diverse set of issues, including banking, financial markets, monetary policy, housing, urban development, mass transit, and international trade.
No actionable information yet, unfortunately, but I hope people have gotten the attention of the right legislators who can at least clarify whether or not community associations should be subject to the reporting requirements of the Corporate Transparency Act. Time to be squeaky wheels.