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February 2, 2026
Over 100 businesses join a coalition to support destroying sensitive data
What it means: Over 100 trade associations joined a coalition urging the Treasury Department to destroy sensitive data from beneficial owners that was unconstitutionally collected and finalize the rule exempting US businesses from beneficial ownership reporting. This data poses security risks and privacy concerns for 32 million small businesses across the country.
Our take: The data collected has sensitive personal information that the Financial Crimes Enforcement Network (FinCEN) must delete to protect the security of small businesses. Congress must also repeal the Corporate Transparency Act to prevent this burdensome reporting mandate from returning under a future Administration.
Take Action: Share your story with lawmakers to help destroy sensitive data and protect small business security!
Though U.S. small businesses are currently exempt from reporting their Beneficial Ownership Information (BOI), sensitive data from millions of small business owners remains in a federal database. This data, stored in untested online databases, poses a significant cybersecurity risk for small businesses and must be permanently destroyed.
The message is stronger together, so NFIB joined a coalition with over 100 organizations and sent a letter to U.S. Secretary of the Treasury Scott Bessent calling for an immediate purge of all previously collected data from small businesses and to put forth a final rule permanently exempting small businesses.
Fighting back against BOI reporting has been an ongoing battle since enactment of the Corporate Transparency Act in 2021, which forced businesses with fewer than 20 employees and $5 million or less in annual revenue to register sensitive data under threat of civil and criminal penalties. Many small businesses had already filed before the exemption and remain at risk without action from Congress.
Take Action: Urge Congress to permanently repeal Beneficial Ownership Information reporting.
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NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.
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