Compliance & Regulatory Update: April 5, 2023

FinCEN Guidance on Beneficial Ownership Information (BOI) Rule: The Corporate Transparency Act (CTA), part of the Anti-Money Laundering Act of 2020, requires uniform beneficial ownership information reporting for certain types of corporations, limited liability companies, and other similar entities to FinCEN to collect that information​. 

​CFPB Final Rule on Small Business Lending Reporting: The final rule under Section 1071 (Dodd-Frank Bill) issued March 30, 2023, requires higher volume lenders to collect and report data earlier than smaller volume commercial lenders (gross revenue $5M or less in preceding year).

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