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FinCEN-SBA Cooperation: Simplifying Business Ownership Reporting for Small Businesses

This new law aims to simplify beneficial ownership reporting for small businesses. Through increased cooperation between government agencies, business owners will receive better support and access to information, helping them avoid scams and penalties. This initiative seeks to enhance national financial security by combating the concealment of identities for illicit activities.
Key points
Easier Compliance for Small Businesses: FinCEN and SBA will collaborate to provide clear information and support to small businesses regarding beneficial ownership reporting.
Information Accessibility: Key information will be available in English, Spanish, and other languages, as well as on the websites of both agencies.
Combating Scams: A plan will be implemented to identify and counter scams related to beneficial ownership reporting, and businesses will be educated on these schemes.
Town Halls and Webinars: In-person town halls and webinars featuring FinCEN staff will be organized to help businesses understand and comply with the new requirements.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_3829
Sponsor: Rep. Velázquez, Nydia M. [D-NY-7]
Process start date: 2025-06-06
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

FinCEN–SBA Coordination on Beneficial Ownership Registration Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_3829.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2025-06-06.

What are the main provisions?

Key points include:

  • Easier Compliance for Small Businesses: FinCEN and SBA will collaborate to provide clear information and support to small businesses regarding beneficial ownership reporting.
  • Information Accessibility: Key information will be available in English, Spanish, and other languages, as well as on the websites of both agencies.
  • Combating Scams: A plan will be implemented to identify and counter scams related to beneficial ownership reporting, and businesses will be educated on these schemes.
  • Town Halls and Webinars: In-person town halls and webinars featuring FinCEN staff will be organized to help businesses understand and comply with the new requirements.
What is the specific legal status?

The current status is Introduced.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Velázquez, Nydia M. [D-NY-7].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-22.

CATEGORIES

Economy Courts and Law