On 14 August 2026, FinCEN published a final rule that permanently removes beneficial ownership reporting for companies formed in the United States. Not a delay, not an interim rule, not an enforcement pause — a final rule, effective the day it was published.
After two and a half years of deadlines that moved, injunctions that were granted and stayed, and a March 2025 interim rule that most owners never quite believed, this is the settled version.
If your company was formed in the US
You file nothing. No initial report, no updated report, no corrected report, ever. The definition of “reporting company” in the regulation now covers only entities formed under foreign law that have registered to do business in a US state or tribal jurisdiction. An entity created by filing with a US secretary of state is simply not in scope.
How we got here, briefly
The Corporate Transparency Act required most US companies to report their beneficial owners to FinCEN, starting in 2024. It was litigated immediately and hard. In March 2025 FinCEN issued an interim final rule exempting domestic companies, which left everyone in the awkward position of complying with something that might be revised.
The August 2026 rule finalizes that, and goes further than the interim version did. It also exempts US persons who were company applicants, not merely beneficial owners; it removes the obligation for US persons with FinCEN identifiers to keep them updated; and it revises the foreign pooled investment vehicle rule so that US persons exercising substantial control need not be reported.
Who still files
Foreign reporting companies — entities formed under the law of another country that have registered to do business in a US state. If that is you, the obligation is unchanged and current:
- Registered before 26 March 2025: the report was due 25 April 2025. If it was never filed, it is overdue now.
- Registered on or after 26 March 2025: 30 calendar days from the earlier of actual notice that the registration is effective, or the state’s first public notice of it.
- A change to previously reported information: 30 calendar days from the change.
What you report is the company’s own information, plus beneficial ownership details for any owner who is not a US person. US-person owners are exempt, and so are US-person company applicants.
The trap in that sentence
A foreign-formed company whose beneficial owners are all US persons still has to file a report. It simply files one with no owner information in it. FinCEN’s own summary language — “reporting companies do not need to report BOI of any U.S. persons” — reads to a lot of people as an excuse from filing altogether. The rule’s preamble is explicit that it is not: those companies are still obligated to file, the report just omits the owners.
What happens to what you already filed
FinCEN says it will delete previously reported information about US persons and US companies in a single sweep of the database. One sweep, once. No completion date has been given.
The detail worth noting: data submitted after 10 February 2027 that contains US-person beneficial ownership information will not be deleted. If you are a foreign reporting company filing after that date, do not include US-person owner details you are not required to report — it will stay.
Your bank will still ask who owns the company
This is the single most common misunderstanding following the headlines, and it is worth being clear about because it produces a frustrating conversation at a bank counter.
Two separate rules were always in play. Reporting to FinCEN was an obligation on your company. Collecting ownership information when you open an account is an obligation on the bank, under the Customer Due Diligence rule. That rule has not been amended since 2017, and the Corporate Transparency Act specifically forbids the Treasury Secretary from repealing it.
So expect to give names, addresses, dates of birth and identification numbers for anyone owning 25% or more, and for whoever controls the business. The bank is not behind on the news; it is following a different rule.
Is this actually final?
The rule is final and in force. Three things are still moving, none of which changes what you do today:
- Two petitions are pending at the Supreme Court — from the Eleventh Circuit, which upheld the Act’s constitutionality in December 2025, and a petition for certiorari before judgment out of the Fifth Circuit. Both attack the statute, not the August 2026 rule. Even a ruling against the Act would not by itself revive domestic reporting, because FinCEN’s exemption would still stand.
- A repeal bill is sitting in the House. H.R. 425 would repeal domestic reporting by statute and direct FinCEN to delete the data. It was approved by the House Financial Services Committee in late April 2026, 26 to 25, and has not had a floor vote.
- The Customer Due Diligence rule is next. FinCEN says in the rule’s preamble that it is legally required to modify the CDD rule now that the reporting rule is settled, and that it can turn to it. No proposal and no timeline have been published. That is the rulemaking to watch, because it governs what your bank asks you.
If you filed a BOI report and have since been wondering whether you need to keep it current: if your company was formed in the US, no. There is nothing to update, and nothing to correct. That really is the end of it.
Sources
- Final rule: Beneficial Ownership Information Reporting Requirement Revision, 91 FR 52508, published and effective 14 August 2026. Interim final rule: 90 FR 13688, 26 March 2025.
- Current regulation text: 31 CFR 1010.380, eCFR. Bank obligation: 31 CFR 1010.230; non-repeal provision at Corporate Transparency Act s. 6403(d).
- FinCEN BOI page and FAQs, updated 11 August 2026. Note that FinCEN’s FAQ page still carries legacy 90-day language for 2024 registrants; the regulation controls.
- Litigation and legislation: Supreme Court dockets 25-1201 and 25-1290; H. Rept. 119-701 on H.R. 425. Checked 9 September 2026 — this is an area that has moved repeatedly, so confirm the position before relying on it.