Earlier today, more than 100 trade associations urged Treasury to take immediate action to protect small business owners from unnecessary privacy and cybersecurity risks stemming from the Corporate Transparency Act (CTA).

The letter was led by the Main Street Employers Coalition and calls on Treasury to purge the CTA database of beneficial ownership information submitted by domestic entities that are no longer required to file. It also asks Treasury to quickly finalize the rule formally exempting U.S. businesses from the reporting requirement.

As the letter makes clear, the CTA was designed to combat illicit finance, not to warehouse sensitive personal …

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Breaking news from the Eleventh Circuit Court of Appeals. In a 3-0 decision issued this morning, a three-judge panel reversed our landmark district court ruling that the Corporate Transparency Act (CTA) was unconstitutional.

Readers will remember that district court victory as huge win for Main Street. It not only paved the way for additional successful court challenges, it also freed FinCEN to focus on new rules that limited the CTA’s scope significantly.

Unfortunately, today’s ruling goes in the other direction. Writing for the Eleventh Circuit, Judge Brasher concluded that the CTA falls within Congress’s power under the Commerce Clause:

We …

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Earlier this week we covered the latest effort in Congress to make things right when it comes to the Corporate Transparency Act. That starts with deleting the beneficial owner database that’s not just unnecessary but actively puts millions of Americans’ sensitive information at risk.

Thanks in large part to Congressman Warren Davidson, who chairs the Financial Services Committee’s Subcommittee on National Security, Illicit Finance, and International Financial Institutions, we now have a bit more clarity on where things stand. At a hearing convened Tuesday, FinCEN Director Andrea Gacki offered the following response to a question from the panel:

Along with …

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Couple important developments to report on the Corporate Transparency Act front.

First, around 90 members of Congress yesterday sent a letter to Treasury Secretary Scott Bessent urging that the CTA database be purged entirely. It makes clear:

As Congress works to provide long-term relief from the CTA, we urge the Department of Treasury and FinCEN to promulgate a final rule that exempts U.S. businesses from the CTA. We also acknowledge that millions of U.S. small businesses have already registered with FinCEN. This data must be immediately destroyed to protect the privacy of small business owners.

The letter underscores the reality that …

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