On Friday, March 21, 2025, the United States Financial Crimes Enforcement Network (“FinCEN”) issued for publication in the Federal Register an “interim final rule” (the “Revised Rule”) that effectively exempts all domestic...more
As we previously announced, last week FinCEN confirmed that it would halt enforcement actions in relation to the Corporate Transparency Act (“CTA”) while it developed revised regulations that would prioritize reporting for...more
Having only announced its extended March 21, 2025 deadline to file beneficial ownership information reports under the Corporate Transparency Act (“CTA”) last week, on February 27, 2025, FinCEN confirmed that it would “not...more
On February 18, 2025, in a widely expected decision, the Eastern District of Texas, in the case of Smith v. United States Dep't of the Treasury, 2025 WL 41924 (E.D. Tex.), and following the decision of the U.S. Supreme Court...more
Following the myriad nominations, acting appointments and Executive Orders by the new Administration, many clients and friends have requested advice regarding legal and regulatory changes that might be forthcoming in the...more
As we previously reported, on January 23, 2025, the Supreme Court of the United States ruled in favor of the U.S. government in relation to the Corporate Transparency Act (“CTA”) – granting an emergency application to...more
2/12/2025
/ Appeals ,
Beneficial Owner ,
Corporate Transparency Act ,
Department of Justice (DOJ) ,
Effective Date ,
Filing Deadlines ,
FinCEN ,
Preliminary Injunctions ,
Reporting Requirements ,
SCOTUS ,
U.S. Treasury
On January 23, 2025, the Supreme Court of the United States ruled in favor of the U.S. government in relation to the Corporate Transparency Act (“CTA”) – granting an emergency application to overturn the nationwide...more
As we previously reported, on December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction against enforcement of the Corporate Transparency Act (“CTA”). Texas Top Cop...more
12/31/2024
/ Appeals ,
Beneficial Owner ,
Business Entities ,
Compliance ,
Corporate Transparency Act ,
Filing Deadlines ,
Filing Requirements ,
FinCEN ,
Preliminary Injunctions ,
Reporting Requirements ,
Stays ,
Time Extensions
On December 23, 2024, the United States Court of Appeals for the Fifth Circuit granted the government’s emergency motion and stayed the temporary nationwide injunction that prohibited enforcement of the Corporate Transparency...more
12/27/2024
/ Appeals ,
Beneficial Owner ,
Business Entities ,
Compliance ,
Corporate Transparency Act ,
Filing Deadlines ,
Filing Requirements ,
FinCEN ,
Preliminary Injunctions ,
Regulatory Requirements ,
Reporting Requirements ,
Stays ,
Time Extensions
On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction against 31 U.S.C. § 5336 and the enforcement of the beneficial ownership information reporting rule...more
On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction against 31 U.S.C. § 5336 and the enforcement of the beneficial ownership information reporting rule...more
12/9/2024
/ Appeals ,
Beneficial Owner ,
Business Entities ,
Corporate Governance ,
Corporate Transparency Act ,
Department of Justice (DOJ) ,
FinCEN ,
Pending Litigation ,
Preliminary Injunctions ,
Regulatory Requirements ,
Reporting Requirements
In an evolving (and somewhat disjointed) process, FinCEN has been providing guidance to persons and entities that are responsible for filing required beneficial ownership information (“BOI”) reports to FinCEN, as well as to...more
Following consideration of comments received from an Advanced Notice of Proposed Rulemaking, on February 16, 2024, FinCEN issued a proposed rule (the “Proposed Rule”) that for the first time would require non-financed...more
3/18/2024
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Anti-Money Laundering ,
Beneficial Owner ,
Cash Transactions ,
Compliance ,
Corporate Transparency Act ,
Covered Transactions ,
Financial Crimes ,
FinCEN ,
Geographic Targeting Order ,
Money Laundering ,
Popular ,
Proposed Rules ,
Real Estate Investments ,
Real Estate Transactions ,
Recordkeeping Requirements ,
Reporting Requirements ,
Residential Real Estate Contracts ,
Suspicious Activity Reports (SARs)
Pursuant to the adoption of comprehensive revisions to the U.S. anti-money laundering statutes as part of the Defense Appropriations Act of 2021 (the “Defense Act”), on September 30, 2022, the Financial Crimes Enforcement...more
1/8/2024
/ Anti-Money Laundering ,
Beneficial Owner ,
Compliance ,
Corporate Transparency Act ,
Customer Due Diligence (CDD) ,
Filing Deadlines ,
Final Rules ,
Financial Institutions ,
FinCEN ,
Foreign Corporations ,
Legal Entities ,
NDAA ,
Penalties ,
Publicly-Traded Companies ,
Reporting Requirements
Pursuant to the adoption of comprehensive revisions to the U.S. anti-money laundering statutes as part of the Defense Appropriations Act of 2021 (the “Defense Act”), on September 30, 2022, the Financial Crimes Enforcement...more
On March 7, 2022, the Financial Crimes Enforcement Network (“FinCEN”) issued an alert (the “FinCEN Alert”) urging financial institutions to proactively guard against possible attempts to evade recently implemented sanctions...more
3/10/2022
/ Biden Administration ,
BSA/AML ,
Compliance ,
Economic Sanctions ,
Executive Orders ,
Financial Institutions ,
FinCEN ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
Suspicious Activity Reports (SARs) ,
Ukraine
Pursuant to the adoption of comprehensive revisions to the U.S. anti-money laundering statutes as part of the Defense Appropriations Act of 2021 (the “Defense Act”), on December 8, 2021, the Financial Crimes Enforcement...more
1/14/2022
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Beneficial Owner ,
Corporate Transparency Act ,
Customer Due Diligence (CDD) ,
Filing Requirements ,
Financial Institutions ,
FinCEN ,
Legal Entities ,
Proposed Regulation ,
Reporting Requirements
On November 23, 2021, the Office of the Comptroller of the Currency (the “OCC”), the Federal Deposit Insurance Corporation (the “FDIC”) and the Federal Reserve Board (the “Prudential Regulators”) exercised their collective...more
12/13/2021
/ Bank Service Company Act ,
Banking Sector ,
Banks ,
Compliance ,
Data Breach ,
FDIC ,
Federal Reserve ,
Final Rules ,
Notice Requirements ,
OCC ,
Prudential Regulation Authority (PRA)
This is the first of several Alerts that will address the two pending infrastructure bills currently being considered by Congress. While there remain several procedural steps for either initiative to become law, we believe...more
In an effort to achieve an agreement before the expiration of many of the CARES Act1 economic relief measures, on December 21, 2020, the U.S. Congress passed the Economic Aid to Hard-Hit Small Businesses, Nonprofits and...more
On November 30, 2020, the ICE Benchmark Administration Limited (commonly referred to as “ICE”) announced its plan to extend the date that most U.S. LIBOR values would cease being computed and announced from December 31, 2021...more
Because of the devastating effect that the COVID-19 pandemic has had on the entire U.S. economy, the federal Bank Regulators have warned of the possibility that small, medium and large banks may soon be forced to recognize...more
11/11/2020
/ Bank Holding Company ,
Banking Sector ,
Business Closures ,
Business Interruption ,
Capital Losses ,
Capital Requirements ,
Commercial Loans ,
Coronavirus/COVID-19 ,
Default ,
Enforcement ,
Fiduciary Duty ,
Financial Institutions ,
Financial Regulatory Agencies ,
GAAP ,
Regulatory Requirements ,
Risk Assessment ,
Risk Management ,
Strategic Planning
Immediately prior to his departure as the Comptroller of the Currency , Joseph Otting finalized the OCC’s restructuring of its version of the Community Reinvestment Act’s implementing regulations (the “CRA Amendments”) -...more
Due to economic uncertainty caused by COVID-19, Congress created the Paycheck Protection Program (the “PPP”) under sections 1102 and 1106 of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The PPP...more
In this dystopian environment we find ourselves in, the downturn in the U.S. economy will soon begin to ripple through the banking industry. Although the Federal Reserve appears to have acted prudently by establishing credit...more