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Corporate Transparency Act: Beneficial-Ownership Reporting Requirements End for Community Associations
On August 11, 2026, the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) issued a final rule permanently removing beneficial ownership information (BOI) reporting requirements for U.S. companies and individuals under the Corporate Transparency Act (CTA). According to FinCEN, the rule takes effect when it is published in the Federal Register, and the agency will establish a process to delete information previously reported by U.S. persons from its beneficial ownership database.
The Community Associations Institute (CAI) reports that this applies to associations: "Community association board members no longer must report personal information to the federal government under the Corporate Transparency Act." Per CAI, board members are among the U.S. persons whose previously reported information will be deleted, and under the final rule boards do not need to file beneficial ownership reports or update information already submitted to FinCEN. CAI states the change "removes a compliance burden that had raised privacy concerns for volunteer leaders" (CAI summary here).
CAI also notes the final rule changes how the CTA is applied but does not repeal the law — Congress would need to act to remove the statute entirely. According to CAI, a repeal bill, H.R. 425 (the Repealing Big Brother Overreach Act), was approved in an amended form by the House Financial Services Committee in April and awaits consideration by the full House.
Sources: FinCEN announcement and CAI's summary.
This post is provided for general informational purposes only and is not legal, financial, or other professional advice See our Terms.
Corporate Transparency Act: Beneficial-Ownership Reporting Requirements End for Community Associations
On August 11, 2026, the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) issued a final rule permanently removing beneficial ownership information (BOI) reporting requirements for U.S. companies and individuals under the Corporate Transparency Act (CTA). According to FinCEN, the rule takes effect when it is published in the Federal Register, and the agency will establish a process to delete information previously reported by U.S. persons from its beneficial ownership database.
The Community Associations Institute (CAI) reports that this applies to associations: "Community association board members no longer must report personal information to the federal government under the Corporate Transparency Act." Per CAI, board members are among the U.S. persons whose previously reported information will be deleted, and under the final rule boards do not need to file beneficial ownership reports or update information already submitted to FinCEN. CAI states the change "removes a compliance burden that had raised privacy concerns for volunteer leaders" (CAI summary here).
CAI also notes the final rule changes how the CTA is applied but does not repeal the law — Congress would need to act to remove the statute entirely. According to CAI, a repeal bill, H.R. 425 (the Repealing Big Brother Overreach Act), was approved in an amended form by the House Financial Services Committee in April and awaits consideration by the full House.
Sources: FinCEN announcement and CAI's summary.
This post is provided for general informational purposes only and is not legal, financial, or other professional advice See our Terms.