FinCEN–SBA Coordination on Beneficial Ownership Registration Act

# FinCEN–SBA Coordination on Beneficial Ownership Registration Act Summary **What the Bill Would Do:** This bill would require the Financial Crimes Enforcement Network (FinCEN) and the Small Business Administration (SBA) to coordinate and share information about beneficial ownership registration. Beneficial ownership refers to identifying the real people who actually own or control a business, rather than just the business entity itself. The bill aims to improve coordination between these two federal agencies so they can better track and verify who truly owns small businesses. **Who It Affects and Key Provisions:** The legislation would primarily affect small business owners, as well as FinCEN and SBA operations.

It addresses implementation of the Corporate Transparency Act, a 2021 law that requires most businesses to report their beneficial owners to FinCEN. By mandating coordination between FinCEN and the SBA, the bill seeks to streamline the process and reduce duplicative reporting requirements for business owners while improving government efficiency in combating financial crimes and beneficial ownership fraud. **Current Status:** The bill is currently in committee (as of the 119th Congress) and has not yet advanced to a full congressional vote. It was introduced by Representative Nydia Velázquez, a Democrat from New York.