Following this week’s decision by the U.S. District Court for the Eastern District of Texas, the Financial Crimes Enforcement Network (FinCEN) announced that beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act are back in effect, with a new deadline of March 21, 2025 for most companies. The reporting requirements do not apply to credit unions, but credit unions would access BOI through the database.

The rule was scheduled to go into effect in January, but was blocked by the court issuing a nationwide injunction in December.

FinCEN will “assess its options to further modify deadlines, while prioritizing reporting for those entities that pose the most significant national security risks,” it said in a statement, adding it intends to initiate a process this year to revise the BOI reporting rule to “reduce burden for lower-risk entities.”