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The Financial Crimes Enforcement Network (FinCEN) Wednesday finalized a rule to provide “newly formed” reporting companies – those formed during the 2024 calendar year – 90 days to report their beneficial ownership information (BOI) to FinCEN. Credit unions are not considered reporting companies under the Corporate Transparency Act (CTA), but are currently required to obtain and verify their members’ BOI to satisfy customer due diligence (CDD) requirements.

Reporting companies created before Jan. 1, 2024, have until Jan. 1, 2025, to report BOI to FinCEN; however, those companies created on or after Jan. 1, 2024, were initially only provided 30 days to report. The final rule provides some relief for companies formed in 2024, but those formed in 2025 and beyond will have only 30 days to report BOI.

While credit unions are not reporting companies and are not required to report BOI, businesses that are members of credit unions are covered by the regulation. There is no requirement for credit unions to verify whether member businesses have reported their BOI to FinCEN. Another FinCEN rulemaking, the “BOI Access” rule, will describe how credit unions may access a company’s BOI once it has been reported to FinCEN – a proposed rule on that topic was published in December 2022, but a final rule has not yet been adopted.

FinCEN has resources for reporting BOI available online. NAFCU, as well as lawmakers, have raised concerns about the report used to collect BOI.