WASHINGTON, D.C. (September 10, 2025) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, released the following statement from NFIB President Brad Close in response to the Financial Crimes Enforcement Network (FinCEN) announcement that they will destroy the data previously submitted by U.S. small business owners who were forced to comply with the Corporate Transparency Act’s unconstitutional and invasive Beneficial Ownership Information (BOI) reporting rule, and that FinCEN will issue a final rule by the end of the year.

“FinCEN’s announcement that they will destroy the unconstitutionally collected BOI data of America’s small businesses and issue a final rule by the end of the year is a major win for Main Street. NFIB has strongly advocated for FinCEN to provide long-term relief by expediting the final rule, and to destroy the BOI data of small businesses, as they have now promised to do. We thank Senator Jim Banks, Congressman Warren Davidson, and members of Congress for their leadership to protect America’s small businesses.”

FinCEN’s announcement came hours after Congressional action led by Sen. Jim Banks, Congressman Warren Davidson, and 85 other members of Congress who urged FinCEN to delete the data previously submitted and expedite the final rule that would exempt U.S. small businesses from Beneficial Ownership Information (BOI) reporting requirements.

In April, NFIB began calling on Congress not only to fully repeal the BOI law, but to destroy the data already submitted by small business owners. Since then, NFIB launched an issue campaign including new radio, billboard, and digital ads in multiple states that urge lawmakers to codify into law President Trump’s order that American small businesses are exempt from the unconstitutional and invasive Beneficial Ownership Information (BOI) reporting rule, fully repeal the BOI law, and require FinCEN to destroy all BOI data already submitted by U.S. small businesses.

For over six years, NFIB has fought against Beneficial Ownership Information reporting regulations in Congress, executive branch agencies, and the federal courts, working to permanently block and repeal it. Without Congressional leadership to repeal or exempt U.S. businesses, 32 million small businesses nationwide could once again be subjected to this unnecessary, invasive, and unconstitutional mandate. Those who fail to comply would be subject to criminal and civil penalties of up to two years in federal prison and up to $10,000.