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 Newsbytes

DOJ asks Supreme Court to weigh in on BOI injunction

January 1, 2025
Reading Time: 2 mins read
U.S. Supreme Court vacates Ninth Circuit preemption decision

The back-and-forth legal battle over enforcement of the Corporate Transparency Act and its requirement for businesses to report their beneficial ownership information continued into the final days of 2024. On Dec. 31, the U.S. Department of Justice fired the latest volley, with an emergency application with the Supreme Court for a stay of the injunction originally issued by the District Court for the Eastern District of Texas.

On Dec. 23, the Fifth Circuit Court of Appeals lifted a nationwide injunction issued by the district court judge earlier in December in a Texas lawsuit challenging the CTA, which requires covered businesses to report their beneficial ownership information to Treasury’s Financial Crimes Enforcement Network. Three days later, on Dec. 26, “in order to preserve the constitutional status quo while the merits panel considers the parties’ weighty substantive arguments,” the panel of Fifth Circuit judges that will consider the merits of the government’s appeal of the preliminary injunction vacated that decision and once again enjoined enforcement of the reporting rule and CTA, putting the reporting requirement on hold once again.

DOJ’s New Year’s Eve filing asked the high court to stay the district court’s injunction, reasoning that the government “is likely to succeed on the merits of respondents’ claim” and that CTA’s reporting requirements are important to the federal response to money laundering, tax fraud and the financing of terrorism, falling “comfortably within Congress’s authority under the Commerce Clause to regulate economic activities that substantially affect interstate commerce.”

In the alternative, DOJ asked the court to narrow the “district court’s vastly overbroad injunction,.” limiting it only to plaintiffs in this case. If the Supreme Court decides to act, its decision could affect lower courts’ ability to issue nationwide injunctions affecting non-plaintiffs.

The litigation is separate from another matter currently pending before the Eleventh Circuit. Independent from this nationwide injunction, also exempt from any filing deadlines are members of the National Small Business Association, in which an injunction applying to its members in a separate lawsuit remains in place. As FinCEN notes on its website, several other federal courts are also considering CTA challenges, including the District of Oregon, the Western District of Michigan and the Eastern District of Virginia.

According to recent poll data from Wolters Kluwer, as of mid-November, only about a quarter of the estimated 32.5 million covered businesses had registered. Thirty-seven percent 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. FinCEN reported that as of Dec. 2, nearly 10 million businesses had reported their beneficial ownership information to FinCEN.

Despite the government’s appeal to the Supreme Court, at this time, reporting companies are still not required to report.

Tags: Anti-money launderingBeneficial ownershipFinCENTerrorism financing
ShareTweetPin

Related Posts

OCC to merge community bank, large bank supervision departments

OCC proposes new requirements for releasing confidential information

Compliance and Risk
August 3, 2026

The OCC is proposing to restructure its processes for making bank information available for public review, according to an agency announcement.

Regulators take issue with discrimination definition in proposed appraisal standards

ABA, associations give recommendations for improving home appraisal regulations

Mortgage
August 3, 2026

ABA and two associations offered federal regulators several recommendations to improve the integrity of residential property valuations, as recently directed by President Trump.

ABA Data Bank: Economic sentiment improves in chemical manufacturing sector

ISM: Manufacturing sector expanded in July

Economy
August 3, 2026

The U.S. manufacturing sector expanded in July for the seventh consecutive month. The ISM Manufacturing PMI registered 55.6% in July, a 2.3 percentage point increase from the June figure and the highest reading since May 2022.

Fed releases agenda for upcoming conference on large bank capital requirements

Fed proposes to update rules on lending to bank insiders

Commercial Lending
July 31, 2026

For the first time in nearly 50 years, the Federal Reserve is proposing to comprehensively update the regulation governing extensions of credit to bank “insiders,” such as board directors, executives and major shareholders.

Consumer Sentiment declined in April

Final: Consumer sentiment rose in July

Economy
July 31, 2026

The University of Michigan Consumer Sentiment Index increased 11.5% in July compared to the month prior, landing at 55.2, according to final results for the month. Sentiment was down 10.5% year over year.

ABA faults banking regulators for confusing CRA rule rollout

FDIC, OCC propose to narrow Community Reinvestment Act scope

Community Banking
July 31, 2026

The FDIC and OCC proposed a series of amendments to Community Reinvestment Act regulations to “refocus” on the law’s objective of getting banks to meet the credit needs of their communities, including narrowing the list of qualifying activities...

NEWSBYTES

OCC proposes new requirements for releasing confidential information

August 3, 2026

ABA, associations give recommendations for improving home appraisal regulations

August 3, 2026

ISM: Manufacturing sector expanded in July

August 3, 2026

SPONSORED CONTENT

Relationship Banking at Scale: Why Banks Need The Digital Sales & Service Platform

Relationship Banking at Scale: Why Banks Need The Digital Sales & Service Platform

August 1, 2026
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

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

Is Your Bank’s Wealth Business Built to Last?

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.