DCUC Statement on FinCEN Final Rule, Beneficial Ownership Reporting Requirements

By DCUC Staff — August 11, 2026

WASHINGTON, DC — Today, the Defense Credit Union Council (DCUC) issued the following statement in support of the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issuing of a final rule that permanently removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information to FinCEN under the Corporate Transparency Act:

“This final rule is an important recognition that America’s financial institutions, small businesses, and military-connected communities need regulatory frameworks that are both effective and practical. DCUC will continue advocating for policies that protect national security and the integrity of our financial system while ensuring credit unions can focus their resources on serving the financial needs of their members, our military, and their families,” says Anthony Hernandez, DCUC President/CEO, Ret. U.S. Air Force Colonel. DCUC’s Chief Advocacy Officer, Jason Stverak adds, “This is common-sense regulatory relief that recognizes a simple fact: more paperwork does not automatically produce greater financial security. America can aggressively combat money laundering, fraud, terrorist financing, and other illicit activity without forcing millions of law-abiding small businesses to continually prove to the federal government that they are not criminals. Credit unions know firsthand the cost of regulatory requirements that accumulate over time. Every new reporting mandate requires technology, compliance resources, employee time, and ultimately money that could otherwise be devoted to serving members. Those costs matter, particularly for smaller credit unions and the small businesses, military entrepreneurs, veterans, and military families they serve. DCUC has consistently called for a modern, risk-based BSA/AML framework that focuses government and financial-institution resources where genuine threats exist. We should judge our financial-crime framework by whether it stops criminals and protects national security, not by the number of forms filed, databases created, or records collected. FinCEN’s decision should also reinforce a broader regulatory principle: information should not be collected simply because the government has the ability to collect it. As Treasury implements the final rule and addresses previously submitted information, legitimate law-enforcement and national-security requirements must remain protected. Effective regulation is not synonymous with more regulation. The objective should be smarter regulation, and today’s action moves us closer to that goal.”

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Originally reported by DCUC.