House Republicans echo bank complaints on Fincen rule
American Banker House Financial Services Committee chair Patrick McHenry, R-N.C., and House Small Business Committee chair Roger Williams, R-Texas, asked the Financial Crimes Enforcement Network to urge the agency to develop its implementation framework for a beneficial ownership database it has been tasked with developing to help businesses comply with the 2021 Corporate Transparency Act.
Bloomberg News
WASHINGTON Republicans on the House Financial Services Committee criticized the Financial Crimes Enforcement Network for what they said was a lack of clarity in its beneficial ownership reporting rule.
Chair of the House Financial Services Committee Rep. Patrick McHenry, R-N.C., and chair of the House Committee on Small Business Rep. Roger Williams, R-Texas, and Rep. Blaine Luetkemeyer, R-Mo., raised concerns that there has not been enough information disseminated to small businesses, who will need to comply with the rule when it goes into effect at the beginning of 2024.
