WASHINGTON, D.C. (Sept. 30, 2022) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, released the following statement regarding the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) final rule on beneficial ownership under the Corporate Transparency Act:
“NFIB is disappointed that the rule does not seek to minimize the impact on small businesses or provide the clarity needed by small businesses to comply,” said Jeff Brabant, NFIB Director of Federal Government Relations. “FinCEN failed to strike a balance on which businesses must report, what information must be reported, and when the information must be reported. At the same time, under this rule, many small businesses will not know if they need to register with FinCEN, with the prospect of civil and criminal penalties hanging over their head for non-compliance. This will inevitably lead to small businesses contracting out the reporting requirements with consultants at a significant cost. As FinCEN further extends regulatory reach into small business surveillance, Congress must increase oversight and accountability from the agency.”
