In 2025, the Financial Crimes Enforcement Network (“FinCen”) issued a temporary rule with respect to the Corporate Transparency Act (“CTA”), pausing the requirement for U.S. companies and persons to submit beneficial ownership information (“BOI”) to FinCen. The rule was intended to serve as a temporary interim rule until a permanent rule was adopted.
At the time the temporary rule was adopted, the HOA industry breathed a sigh of relief and tried to forget the entire ordeal. Nevertheless, there were still many concerns pertaining to the unknown destiny of a colossal amount of personal information still contained in the FinCen files. Such information included, but was not limited to, copies of individuals’ driver’s licenses, addresses, and birthdays.
But the days of uncertainty are no more! On August 11, 2026, FinCen announced the adoption of a final rule removing all registration requirements from companies and persons, including associations and board members. FinCen further announced in a press statement that it would be deleting previously reported information that is currently being stored in its database.
Generally speaking, the final rule provided permanent exemptions for board members (as well as other persons) from beneficial ownership registrations, including the requirement to update such information. The final rule also provides that FinCen will implement a process for deleting previously reported information stored in its files.
Please reach out to an Altitude attorney if you have any questions about the FinCen final rule or the CTA, at 303.432.9999 or [email protected] if you have questions.