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Oct 24, 2024 | 
kelleydrye.com | Matthew Luzadder
On Tuesday, the Consumer Financial Protection Bureau (CFPB) released the final version of the Personal Financial Data Rights Rule that requires many financial institutions, credit card issuers, and other financial service providers that facilitate payments (including mobile wallets and payment apps) to support new open banking standards and make account records accessible and portable.
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Mar 24, 2024 | 
mondaq.com | Matthew Luzadder |Wendy Mitman Clarke |Jeffrey Hunter |Aaron Rosenfeld
As discussed in our previous client advisory, earlier this
month, the U.S. District Court for the Northern District of Alabama
entered a final declaratory judgment concluding that the Corporate
Transparency Act ("CTA" or the "Act") exceeds
Constitutional limits on Congressional power.
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Mar 14, 2024 | 
mondaq.com | Matthew Luzadder |Wendy Mitman Clarke |Jeffrey Hunter |Aaron Rosenfeld
On March 1, 2024, the U.S. District Court for the Northern
District of Alabama ruled that the Corporate Transparency Act
("CTA") exceeded Congress's Constitutional authority,
and accordingly prohibited the Treasury Department from requiring
some small businesses to disclose personal details about their
owners back to the Department's enforcement arm. See, National Small Business United v.
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Jan 25, 2024 | 
mondaq.com | Matthew Luzadder |Wendy Mitman Clarke |Jeffrey Hunter |Aaron Rosenfeld
On January 1, 2024, the new beneficial ownership information
reporting requirements (BOIR) went into effect under the Corporate
Transparency Act (CTA). Among other things, beneficial ownership
reporting is intended to make it more difficult for criminals,
organized crime rings, and other illicit actors to hide their
identities and launder money through the United States financial
system.
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Jan 19, 2024 | 
jdsupra.com | Wendy Mitman Clarke |Jeffrey Hunter |Matthew Luzadder
On January 1, 2024, the new beneficial ownership information reporting requirements (BOIR) went into effect under the Corporate Transparency Act (CTA). Among other things, beneficial ownership reporting is intended to make it more difficult for criminals, organized crime rings, and other illicit actors to hide their identities and launder money through the United States financial system.
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Dec 18, 2023 | 
mondaq.com | Matthew Luzadder |Wendy Mitman Clarke |Jeffrey Hunter |Aaron Rosenfeld
The Corporate Transparency Act (CTA), which becomes effective on
January 1, 2024, creates novel obligations for millions of entities
to report beneficial ownership information (BOI) and certain other
information to the U.S. Treasury Department's Financial Crimes
Enforcement Network (FinCEN). This requirement extends to private
entities previously not otherwise subject to any such reporting
requirements.
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Dec 12, 2023 | 
jdsupra.com | Wendy Mitman Clarke |Jeffrey Hunter |Matthew Luzadder
The Corporate Transparency Act (CTA), which becomes effective on January 1, 2024, creates novel obligations for millions of entities to report beneficial ownership information (BOI) and certain other information to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). This requirement extends to private entities previously not otherwise subject to any such reporting requirements.
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Nov 16, 2023 | 
mondaq.com | Matthew Luzadder |Wendy Mitman Clarke |Aaron Rosenfeld |Jeffrey Hunter
Under the Corporate Transparency Act (CTA), which we have
previously written about, reporting companies are required to
report to the Financial Crimes Enforcement Network (FinCEN) certain
identifying information about themselves, as well their beneficial
owners and company applicants.
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Nov 13, 2023 | 
jdsupra.com | Wendy Mitman Clarke |Jeffrey Hunter |Matthew Luzadder
Under the Corporate Transparency Act (CTA), which we have previously written about, reporting companies are required to report to the Financial Crimes Enforcement Network (FinCEN) certain identifying information about themselves, as well their beneficial owners and company applicants.
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Oct 20, 2023 | 
jdsupra.com | Wendy Mitman Clarke |Jeffrey Hunter |Matthew Luzadder
The US Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) published its Small Entity Compliance Guide (the “Guide”) for the Corporate Transparency Act (the “CTA”) on September 18, 2023. The Guide is the Agency’s most comprehensive explanation of compliance with the beneficial ownership information (BOI) reporting rule.
