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

Supreme Court lifts barrier to beneficial ownership information collection

January 24, 2025
Reading Time: 1 min read
Supreme Court overturns legal test for deferring to agency interpretations

U.S. Supreme Court in Washington, D.C.

The U.S. Supreme Court yesterday ordered a stay of a nationwide injunction preventing enforcement of the Corporate Transparency Act and its requirement for businesses to report their beneficial ownership information to the Financial Crimes Enforcement Network. However, other injunctions remain in effect, and FinCEN said today that reporting companies are not required to file BOI at this time.

In the case reviewed by the Supreme Court — Texas Top Cop Shop vs. Garland — the plaintiffs challenged the constitutionality of the CTA, which requires covered businesses to report their BOI to FinCEN. In December, the Fifth Circuit Court of Appeals reviewed the case and lifted a nationwide injunction previously issued by a district court judge in Texas. However, three days later, “in order to preserve the constitutional status quo while the merits panel considers the parties’ weighty substantive arguments,” a panel of Fifth Circuit judges vacated that decision and once again enjoined enforcement of the reporting rule and CTA, putting the reporting requirement on hold once again.

The Justice Department appealed to the Supreme Court for a stay of the Fifth Circuit injunction. The high court granted that request, which allows the CTA to be enforced while the courts weigh the merits of the case.

The Texas Top Cop Shop lawsuit is one of several legal challenges to the CTA. FinCEN noted that a separate nationwide order issued by a different federal judge in Texas —  Smith v. U.S. Department of the Treasury —  remains in place, so “reporting companies are not currently required to file beneficial ownership information with FinCEN despite the Supreme Court’s action in Texas Top Cop Shop.”

ShareTweetPin

Related Posts

ABA unveils key policy priorities for 2025

Bankers: Local lending at risk if stablecoin payment of interest loophole isn’t closed

Community Banking
July 28, 2026

Warning of the potential fallout for banks and the communities they serve, bank leaders from across the U.S. are urging Senate leaders to use the Clarity Act to close a loophole that allows digital asset service providers to...

ABA survey: Americans strongly support prohibiting crypto companies from offering yield-like rewards for holding stablecoin

ABA, associations ask agencies to commit to reproposing conflicting Genius Act rules

Compliance and Risk
July 28, 2026

As the various federal banking agencies race to establish separate regulations for stablecoin issuers, they should be open to reproposing any rule that conflicts with a regulation put forward by another agency, ABA and three banking associations said.

New York Fed: Public expects home prices to rise at rapid rate

Growth in home prices ticked up in May

Economy
July 28, 2026

Home prices increased 1.1% in May compared to the same month a year ago, up from a 0.9% rise the previous month, according to the S&P Cotality Case-Shiller Index.

ABA highlights banker comments seeking stronger ‘know your customer’ rules for originating providers

ABA highlights banker comments seeking stronger ‘know your customer’ rules for originating providers

Compliance and Risk
July 28, 2026

In a new comment letter, ABA highlighted the dozens of bankers who wrote to the Federal Communications Commission in support of stronger “know your customer” requirements for voice service providers that originate calls.

OCC sees need for regulatory reform in bank merger process

Bank acquisitions announced in four states

Community Banking
July 28, 2026

First Financial to buy Finward in Indiana, proposed acquisitions announced of banks in Oregon, New Mexico and North Carolina.

Consumer sentiment declined in June

ABA DataBank: Consumer confidence slips in July

Economy
July 28, 2026

For banks, according to ABA's team of economists, deteriorating confidence could mean weaker demand for consumer credit in the second half of the year.

NEWSBYTES

Bankers: Local lending at risk if stablecoin payment of interest loophole isn’t closed

July 28, 2026

ABA, associations ask agencies to commit to reproposing conflicting Genius Act rules

July 28, 2026

Growth in home prices ticked up in May

July 28, 2026

SPONSORED CONTENT

Why Your Systems Keep Slowing Down — and What to Do About It

Examiners Are Now Looking at Your Non-Core Systems

June 11, 2026
Your Floorplan Audit and Your Credit Decision Are Weeks Apart. That Gap Has a Price.

Your Floorplan Audit and Your Credit Decision Are Weeks Apart. That Gap Has a Price.

June 1, 2026
A Modern Blueprint for Serving High-Net-Worth Families

A Modern Blueprint for Serving High-Net-Worth Families

May 28, 2026
Why Your Systems Keep Slowing Down — and What to Do About It

AI Is in Your Bank. Is Your Cloud Contract Governing It?

May 20, 2026

PODCASTS

Podcast: Tactics for meaningful strategic planning

July 28, 2026

Podcast: Why it might be time to revisit a key FDIC ratio

July 23, 2026

Podcast: Understanding the 2025 Home Mortgage Disclosure Act data

July 8, 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.