NATSO on January 20, 2026, joined more than 100 trade associations in a letter urging the U.S. Department of Treasury to purge the Corporate Transparency Act database of beneficial ownership information (BOI) submitted by domestic businesses that are no longer required to report.
Congress in 2021 enacted into law the CTA, which established a new framework for the reporting, maintenance and disclosure of beneficial ownership information to enable national security, intelligence and law enforcement efforts to counter money laundering, the financing of terrorism and other illicit activity. The framework required millions of small businesses, including nearly every employer with 20 or fewer employees, to report to FinCEN certain personal information of their beneficial owners and update that information periodically throughout the life of the business.
The Treasury Department in February 2025 announced that it was ceasing enforcement of the CTA while it crafted new regulations. An Interim Final Rule removed the BOI reporting requirements under the CTA for U.S. companies and persons.
Although the Administration narrowed the scope of CTA to apply exclusively to foreign entities, some 16 million domestic entities had complied with the CTA’s reporting requirements before Treasury corrected course. For millions of law-abiding domestic companies that had already complied sensitive personal data remains stored by FinCEN, creating ongoing cybersecurity and privacy risks despite serving no legitimate government purpose.
Mainstreet businesses representing a broad swath of the U.S. economy have called for swift action to purge the data and urged the agency to quickly promulgate the final rule exempting U.S. businesses from the reporting requirement. Currently 12 federal lawsuits are challenging the law’s constitutionality.
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