ABA Banking Journal
No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
SUBSCRIBE
ABA Banking Journal
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
No Result
View All Result
No Result
View All Result
Home Compliance and Risk

Federal court blocks enforcement of beneficial ownership reporting rule

December 3, 2024
Reading Time: 1 min read
Helping business clients as beneficial ownership reporting deadline looms

Less than a month before a Jan. 1 deadline for businesses to report their beneficial owners to the Financial Crimes Enforcement Network, a federal judge in Texas has issued a preliminary injunction blocking enforcement of the requirement. The order states that covered companies nationwide do not need to comply with the Jan. 1 reporting deadline, unless the judge or a higher court reverses the order in the meantime.

The lawsuit, brought by the National Federation of Independent Business and several of its members, challenged the constitutionality of the Corporate Transparency Act, the 2021 bill that established a beneficial ownership information, or BOI, registry and the requirement for businesses to report. The plaintiffs argued that the CTA exceeded Congress’s authority to regulate interstate commerce, that it violates the First Amendment by compelling speech and infringing freedom of association and that it violates the Fourth Amendment by forcing the disclosure of private information.

By mid-November, as the initial Jan. 1 reporting deadline approached, only about a quarter of the estimated 32.5 million covered businesses had registered. According to newly released poll data from Wolters Kluwer, 37% of firms were waiting until closer to the deadline and 12% said they had insufficient resources to do the filing. Meanwhile, 9% of businesses believed they were not covered by the rule, and 32% were unsure whether the rule applied to them.

Tags: Bank Secrecy ActBeneficial ownershipFinCEN
ShareTweetPin

Related Posts

Hsu: Third-party risk management guidance offers flexibility for smaller banks

Banking agencies extend comment period for third-party risk management guidance

Compliance and Risk
November 13, 2026

The federal banking agencies extended by a month the comment periods for two proposed guidance documents on third-party risk management. ABA was among the groups that requested the extension.

Republican lawmakers urge Trump officials to preserve CDFI Fund

House passes bills on retirement plans, VA mortgage fees

Human Resources
November 13, 2026

The House passed an ABA-backed bill to allow 403(b) retirement plans to invest in bank collective investment trusts. Lawmakers also passed an unrelated bill to fund additional healthcare, education and job measures for veterans by raising VA mortgage...

New home sales rose in June

NAR: Existing home sales fell in October

Economy
November 13, 2026

Existing home sales decreased 5.5% to a seasonally adjusted annual rate of 3.75 million in October, according to the National Association of Realtors. The median existing home sales price increased 0.4% to $416,700.

ABA DataBank: Cattle shortage drives up beef prices

ABA DataBank: Cattle shortage drives up beef prices

Ag Banking
November 13, 2026

The U.S. cattle herd has shrunk to its smallest level in 75 years, according to USDA data.

CFPB issues decision on TILA preemption of state laws

CFPB seeks dismissal of lawsuit over changes to fair lending enforcement

Compliance and Risk
November 13, 2026

The CFPB is asking a federal court to dismiss a lawsuit brought by consumer groups and vendors to prevent the agency from removing disparate impact as a prohibited practice from Regulation B, which implements the Equal Credit Opportunity...

FOMC minutes: Persistent inflation clouds path forward

Fed announces 2027 pricing for payment services, FOMC schedule

Newsbytes
November 13, 2026

The Federal Reserve has announced upcoming pricing for payment services the Federal Reserve Banks provide to banks and credit unions. In addition, it announced the FOMC will hold eight meetings next year, with one dedicated to monetary policy...

NEWSBYTES

Banking agencies extend comment period for third-party risk management guidance

November 13, 2026

House passes bills on retirement plans, VA mortgage fees

November 13, 2026

NAR: Existing home sales fell in October

November 13, 2026

SPONSORED CONTENT

AI Is Changing the Rules of Banking Competition

AI Is Changing the Rules of Banking Competition

November 13, 2026
Banking Technology at a Strategic Crossroads

Banking Technology at a Strategic Crossroads

October 29, 2026
The Shift from Demographic Marketing

The Shift from Demographic Marketing

October 1, 2026
Meeting Ag Lending Goals Without Going It Alone

Meeting Ag Lending Goals Without Going It Alone

October 1, 2026

PODCASTS

Podcast: Cathy Owen on the road ahead for America’s banks

November 11, 2026

Podcast: Proactively managing the core provider relationship

October 22, 2026

Podcast: How community banks can keep farmers farming in turbulent times

October 14, 2026

American Bankers Association
1333 New Hampshire Ave NW
Washington, DC 20036
1-800-BANKERS (800-226-5377)
www.aba.com
About ABA
Privacy Policy
Contact ABA

ABA Banking Journal
About ABA Banking Journal
Media Kit
Advertising
Subscribe

© 2026 American Bankers Association. All rights reserved.

No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive

© 2026 American Bankers Association. All rights reserved.