FinCEN Issues Final Rule Permanently Exempting Community Associations from Corporate Transparency Act Reporting
On August 11, 2026, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a final rule removing reporting requirements for community association board members under the Corporate Transparency Act (CTA). Thanks to the advocacy of CAI, board members are no longer subject to this legislation, which was intended to combat money laundering.
Under this ruling, community association board members are now permanently exempt from beneficial ownership information (BOI) reporting requirements. Additionally, FinCEN will implement a process to delete previously reported personal information submitted by now-exempt U.S. persons from its database.
For more information, contact our office.