The Financial Crimes Enforcement Network on Monday announced it would not enforce the Corporate Transparency Act against the plaintiffs in a federal court matter pursuant to an injunction issued by the Northern District of Alabama. The federal district court ruled that the CTA was unconstitutional and enjoined FinCEN from collecting BOI from the plaintiffs, including members of the National Small Business Association, which had challenged the law. FinCEN said those individuals and entities, which include NSBA members as of March 1, do not need to report BOI to FinCEN at the present time.
Small Business Bank in Kansas closed by regulators
Kansas regulators closed Small Business Bank in Lenexa, Kansas, and appointed the FDIC as receiver. The Farmers State Bank of Oakley, Kansas, agreed to assume substantially all deposits and purchase certain assets.
