The Washington Report

The Financial Crime Enforcement Network’s (FinCEN) Beneficial Ownership Information reporting rule and requirements as mandated by the Corporate Transparency Act (CTA) are back in effect. A Texas federal court in the Smith et al. v. U.S. Department of Treasury case lifted the injunction halting FinCEN’s actions related to the Beneficial Ownership Information Reporting Rule. The Texas federal court’s actions are in alignment with the Supreme Court’s decision in the Texas Top Cop Shop, Inc. order lifting a nationwide injunction related to the CTA. Actions by the Supreme Court and the Texas federal court will now allow FinCEN to proceed with further implementation and enforcement of the Beneficial Ownership Information Reporting Rule.

FinCEN has announced that it is extending the compliance deadline to March 21, 2025, for reporting companies and entities to file initial BOI reports or to update and correct a BOI report. FinCEN is providing entities with additional time due to current litigation. FinCEN has also noted that it “intends to initiate a process this year to revise the BOI reporting rule to reduce burden for lower-risk entities, including many U.S. small businesses.”

Visit FinCEN's Beneficial Ownership Information page to find FinCEN’s impact statement regarding the current litigation and update. FinCEN also issued this notice regarding compliance with the law and new deadlines for reporting. 

NAR will continue to provide insight and updates as it relates to the Beneficial Ownership Information Reporting Rule and the Corporate Transparency Act (CTA).

fincen.gov

fincen.gov/boi

On February 18, 2025, the National Association of REALTORS®, in partnership with Michigan REALTORS®, Manufactured Housing Institute (MHI), National Apartment Association (NAA), and the National Multifamily Housing Council (NMHC), filed an amicus brief with the Supreme Court of the United States advocating for the protection of protect private property rights and the ability of property owners to receive compensation due to excessive government regulations.

The amicus brief supports petitioners’ Writ of Certiorari in The Gym 24/7 Fitness, LLC v. The State of Michigan, which challenges the decades-old Penn Central regulatory takings test and the Tahoe-Sierra test. NAR and our industry partners highlight concerns that Penn Central leaves property owners powerless to challenge excessive regulation and deters property owners from bringing meritorious takings claims to court. Further, the brief argues that Penn Central incentivizes excessive regulation, which in turn exacerbates the affordable housing crisis. The brief also advocates for the Court to clarify the Tahoe-Sierra test, which as is stands, fails to shield property owners from total regulatory takings and allows governments to deprive property owners of all economic use of their property so long as the government does it temporarily.

Should the petitioner’s Writ of Certiorari be granted, the Court has the opportunity to transform legal precedent by which regulatory takings are scrutinized and provide citizens with a clearer path to protecting private property rights under the 5th Amendment.

Amicus Brief of NAR, MHI, NAA, NMHC, Michigan REALTORS®

Petition for Writ of Certiorari - The Gym 24/7 Fitness, LLC v. The State of Michigan

The National Association of Realtors is closely monitoring the ongoing discussions regarding potential budget reductions aimed at making HUD more efficient by eliminating waste, duplicative programs, and abuse. Our advocacy team is actively engaging with the administration to advocate for solutions that address the current housing crisis and support programs that help Americans achieve the dream of homeownership. We remain committed to strengthening fair housing programs that promote equal access to housing opportunities for all. As real estate makes up one-fifth of the U.S. economy, ensuring a strong and stable housing market remains critical to the nation’s economic well-being.