WASHINGTON—Reps. Blaine Luetkemeyer (R-MO) and Patrick McHenry (R-NC) has written to the Treasury Department to express concerns regarding the Financial Crimes Enforcement Network (FinCEN) notice of proposed rulemaking (NPRM) implementing beneficial ownership information reporting requirements.
Luetkeymeyer is calling on the agency to go back to the statutory framework and revise the NPRM accordingly.
In the letter, the congressmen stated the rulemaking is "too complex, too broad, and significantly deviates from Congressional intent." In addition, the lawmakers also demand the rulemaking's impact on small businesses be minimal.
‘Will Take Hours’
“Understanding the NPRM in its current form will take hours for many small reporting companies to understand,” the letter states. “As a result, these entities will more likely than not require the help of an attorney, CPA, or other individual(s) to navigate their reporting obligation.”
NAFCU noted FinCEN recently published a statement providing detailed next steps and an update on the reporting requirement earlier this month.