On February 14, the House Financial Services Committee (HFSC) held a hearing, titled “Oversight of the Financial Crimes Enforcement Network (FinCEN) and the Office of Terrorism and Financial Intelligence (TFI)” with Department of Treasury officials. Members focused their attention largely on FINCEN’s beneficial ownership criteria. However, the questions related to the rule’s impact on small business, with Republicans inquiring about compliance costs on small businesses, while Democrats offered support for FINCEN’s extensive education outreach to businesses regarding compliance.
SFA has a task force devoted to how FINCEN’s Beneficial Ownership rule impacts securitization. If you would like to join SFA’s Corporate Transparency Act Task Force, please fill out this join form or email Committees@StructuredFinance.org