On August 11, 2026, the U.S. Department of the Treasurery’s Financial Crimes Enforcement Network, FinCEN, issued a Final Rule permanently removing beneficial ownership information (“BOI”) reporting requirements under the Corporate Transparency Act (“CTA”) for U.S. companies and individuals, including community association board members. The Final Rule takes effect upon publication in the Federal Register.
This Final Rule makes permanent what had, until now, been a temporary reprieve. As NowackHoward previously reported, FinCEN’s March 2025 Interim Final Rule had lifted CTA reporting obligations for U.S. citizens, domestic reporting companies, and their beneficial owners – including Georgia homeowner and condominium associations and their boards of directors. FinCEN’s new Final Rule confirms that exemption is now permanent, not temporary.
FinCEN also announced it will establish a process to delete beneficial ownership information previously submitted by U.S. citizens, including community association board members, from its BOI database.
This is a welcome, lasting relief for our clients and the countless volunteer leaders serving community associations across the country. While NowackHoward fully support efforts to prevent money laundering and terrorist financing, which is the intended purpose of the CTA, applying the CTA to community associations was an unintended and burdensome consequence of the legislation.
What Does This Mean?
- Homeowner and condominium associations in Georgia and throughout the U.S. are now **permanently** exempt from CTA reporting requirements.
- Boards do not need to file beneficial ownership reports or updated information previously submitted to FinCEN.
- Individuals who obtained FinCEN identifiers do not need to update or correct information they previously provided.
- FinCEN will implement a process to delete beneficial ownership information it reasonably believes was submitted by U.S. citizens, including community association board members.
- Certain foreign entities registered to do business in the U.S. remain subject to the CTA’s reporting requirements.
- The Final Rule changes how the CTA is applied – it does not repeal the underlying statute. Only Congress can remove the CTA from federal law entirely.
Our Message
NowackHoward continues to closely monitor the pending litigation and legislation involving the CTA. While this Final Rule is a significant and permanent win, the CTA itself remains in the books. Rep. Warren Davidson’s H.R. 425, the Repealing Big Brother Overreach Act would repeal the CTA outright and require FinCEN to delete BOI data within 90 days of enactment. The bill now has 191 cosponsors and was approved by the House Financial Services Committee in April; it awaits consideration by the full House. The Community Associations Institute continues to urge advocates to support the legislation, and we encourage your Board to do the same.
If your Board of Directors has questions about the Final Rule, the full text is available through the Federal Register, and FinCEN’s press release is available here.
If your community association needs legal guidance on this or other matters, turn to NowackHoward. Our team of experienced HOA attorneys is dedicated to the practice of community association law and can help navigate all types of HOA legal issues. With a reputation as a top law firm in this field, we’ve earned recognition for our outstanding services. Trust us to help support your association.
