ICBA and other groups called on Senate leaders to include "beneficial ownership" disclosure relief in the 2021 National Defense Authorization Act.
The ICBA-advocated amendment would create a secure registry at the Financial Crimes Enforcement Network and require certain small businesses to disclose their beneficial owners when they are formed or there is a change in ownership structure.
The amendment would relieve community banks of the burden of collecting this information from their customers. Similar ICBA-advocated legislation—the Corporate Transparency Act (H.R. 2513)—passed the House in October.