FinCEN published a Small Entity Compliance Guide to assist the small business community in complying with the beneficial ownership information (BOI) reporting rule, intended to help businesses determine if they are required to report their beneficial ownership information.  

CUNA supports a beneficial ownership information database as a “significant opportunity to improve the quality and timelines of BOI information for law enforcement and financial institutions,” but believes FinCEN ‘s interpretation is too narrow and is counter to Congressional intent.