The Financial Crimes Enforcement Network (FinCEN) announced plans to destroy Beneficial Ownership Information (BOI) data and issue a final rule following a significant push from members of Congress to protect small businesses. Owners who previously submitted this data under threat of fines and jail time had serious security concerns about potential leaks of their sensitive information. 

This victory for small business is the result of the persistent advocacy efforts of American small business owners and lawmakers. FinCEN’s announcement was just hours after congressional action from Sen. Jim Banks, Congressman Warren Davidson, and 85 others who urged FinCEN to destroy previously obtained small business data and expedite the final rule to exempt small businesses from having to file ownership information.   

Repealing the beneficial ownership reporting mandate has been a top priority for NFIB since the passage of the Corporate Transparency Act’s in 2021, which forced businesses with fewer than 20 employees and $5 million or less in annual revenue to register private information or face threats of up to two years in jail and $10,000 in fines. Small business owners’ data was then stored in new and untested online databases with significant cybersecurity concerns. Small business owners want their personal information destroyed and the Corporate Transparency Act repealed. 

For additional information on FinCEN’s BOI reporting rule and how it affects small businesses across the nation, see NFIB’s resources online.  

Take Action: Urge Congress to permanently repeal Beneficial Ownership Information reporting.