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 to FCC: Protect critical calls to bank customers

FCC releases draft order to protect fraud alerts

Compliance and Risk
September 9, 2026

The Federal Communications Commission released a draft order that would rewrite the agency’s “revoke all” rule – an action that ABA has long advocated. The FCC will vote on the draft order at its Sept. 30 open meeting.

ABA, associations seek data behind FHFA credit score modernization effort

Fannie Mae, Freddie Mac expand VantageScore availability to all lenders

Mortgage
September 9, 2026

Fannie Mae and Freddie Mac will now allow all lenders the option to use VantageScore 4.0 to assess the creditworthiness of single-family mortgages.

FDIC vice chairman: Don’t blame regulatory tailoring bill for bank closures

Hill: FDIC on track to issue stablecoin rulemaking by year’s end

Newsbytes
September 9, 2026

The FDIC plans to issue a final rulemaking before the end of the year to establish an application process and prudential requirements for stablecoin issuers under its jurisdiction, although likely not until after the OCC issues its own...

Senators introduce new version of SAFE Act

Government report finds cannabis banking in limbo amid regulatory uncertainty

Community Banking
September 9, 2026

The number of banks and credit unions reporting that they provided services to cannabis-related businesses has remained relatively unchanged since 2019, with several representatives from financial institutions citing regulatory risk as the reason they didn't provide services to...

ABA urges accounting standards body to appropriately scale objectives, inspections

ABA urges accounting standards body to appropriately scale objectives, inspections

Newsbytes
September 9, 2026

As the Public Company Accounting Oversight Board considers modernizing its standard-setting and enforcement operations, the board should ensure its objectives are proportionate to the risks they address and guarantee that bank audits are not selected for inspection more...

FDIC proposes tying agency regulatory thresholds to inflation

End the static around bank asset thresholds

Community Banking
September 9, 2026

The past year's progress on indexing regulatory thresholds to inflation or economic growth, on Capitol Hill and at the federal banking agencies, has been substantial—but is far from complete.

NEWSBYTES

FCC releases draft order to protect fraud alerts

September 9, 2026

Fannie Mae, Freddie Mac expand VantageScore availability to all lenders

September 9, 2026

Hill: FDIC on track to issue stablecoin rulemaking by year’s end

September 9, 2026

SPONSORED CONTENT

Banking Technology at a Strategic Crossroads

Banking Technology at a Strategic Crossroads

September 8, 2026
Taming AI Agent Sprawl: A Playbook for Consumer Lending

Taming AI Agent Sprawl: A Playbook for Consumer Lending

September 1, 2026
Grow Public Deposits Without the Operational Burden End Fragment

Grow Public Deposits Without the Operational Burden End Fragment

September 1, 2026
Could Your Bank Absorb the Hidden Cost of Running Legacy Systems?

Could Your Bank Absorb the Hidden Cost of Running Legacy Systems?

August 20, 2026

PODCASTS

Podcast: Banking the brave new world of college athletics

August 4, 2026

Podcast: Tactics for meaningful strategic planning

July 28, 2026

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

July 23, 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.