August 16, 2026 | Mark Luis Foster
Our long national HOA nightmare is finally over. From Treasury.gov:
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is issuing a final rule that permanently removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information to FinCEN under the Corporate Transparency Act. The final rule became effective on August 14, 2026. FinCEN today also announced that it will delete previously reported information by U.S. persons—now exempt from the reporting requirements—from the beneficial ownership information database.
Yay! As we know, this was a major thorn in our HOA side throughout 2024 when this was all bubbling, as it required HOA board leaders (volunteers and members of non-profit corporations) to give up their personal information just for being on a board. Now after several lawsuits and a change in Administration, it’s a nothing-burger.
Here’s more on the “final rule”:
- adopts the exemptions set out in the interim final rule issued in March 2025, making the rollback of beneficial ownership reporting by U.S. companies permanent;
- exempts U.S. persons who have obtained FinCEN IDs from any obligation to update or correct the information they originally provided to FinCEN to obtain their FinCEN IDs;
- eliminates the requirement for foreign companies to report U.S. person “company applicants” (i.e., the individuals who helped those foreign companies register to do business in the United States);
- exempts foreign pooled investment vehicles registered in the United States from reporting the beneficial ownership information of a U.S person in control of the investment vehicle; and
- confirms that FinCEN will delete information about any individuals—company applicants, beneficial owners, or recipients of a FinCEN ID—that FinCEN reasonably believes is a U.S. person (e.g., the information is linked to a U.S. passport or U.S. driver’s license).
There’s also a FAQ document that they have created, and you can access it HERE.
Good news for all of us.
