According to news reports this morning, several ABA-opposed provisions are still in play as revenue-raising measures in the Senate’s highway spending reauthorization bill, even though the bill failed to advance on a procedural motion on Tuesday. The measures the industry objects to include a substantial cut to the dividends paid on Federal Reserve Bank stock to Fed member banks with over $1 billion in assets and an extended increase in the guarantee fees charged by Fannie Mae and Freddie Mac. ABA continues to urge bankers to call their senators opposing the measures.
FinCEN to exempt U.S. companies from beneficial ownership reporting
FinCEN posted an interim final rule removing the requirement for U.S. companies and persons to report beneficial ownership information to the agency under the Corporate Transparency Act.