On Aug. 11, the U.S. Treasury Department’s Financial Crimes Enforcement Network issued a final rule removing requirements for U.S. companies and U.S. persons, including community association board members, to report beneficial ownership information to FinCEN under the Corporate Transparency Act. The final rule will be effective pending publication in the Federal Register. 

In this press statement, FinCEN also announced it will delete previously reported information by U.S. persons, including community association board members, who had previously disclosed personal information to the department, now exempt from the reporting requirements, from the beneficial ownership information database.

These changes are regulatory interpretations and exemptions under the CTA, not a repeal of the federal act. The CTA remains on the books, and the final rule is a binding Treasury regulation that alters how the law is applied in practice. The statute remains in federal law unless Congress explicitly repeals it. The Treasury Department cannot repeal the statute by itself. If Congress wants to remove the CTA entirely, it needs to pass and enact legislation to repeal it. 

H.R. 425 was introduced by Ohio Rep. Warren Davidson last year. This important bill proposes to repeal the CTA in its entirety. While the CTA remains law, the risk of enforcement still exists. H.R. 425 would put a definitive end to the act and its potential threats to community associations. 

CAI is thrilled to report that this bill was amended and approved by the House Financial Services Committee on April 21, 2026. The positive amendment adopted will not only have this bill fully repeal the CTA, but will also require FinCEN to delete data from BOI filings for Americans and entities that are not reporting companies within 90 days of the bill's adoption.

This bill will now be sent to the floor of the House of Representatives for consideration. We need you to continue to contact to your Representative using this webpage to urge them to support H.R. 425 and to protect community association board members in private data and information in your state. 

Learn more about the CTA and CAI’s ongoing multipronged approach to seek an exemption for community associations at www.caionline.org/CTA.

If you have any questions about the CTA, please contact CAI’s Government & Public Affairs team at government@caionline.org.