Trump Administration Scales Back Enforcement of Corporate Transparency Law That HOAs Opposed

The federal government won't force homeowners associations and many other kinds of businesses to disclose details about their true owners, something advocates claimed could have raised HOA fees.The Treasury Department said this week it wouldn't require most U.S. companies to report information on their beneficial owners to the Financial Crimes Enforcement Network. The law would've impacted homeowners associations and companies that own real estate—amid a broad swath of 32 million American business entities. Enacted as part of the Corporate Transparency Act, the government initially pushed the law to deter money laundering.The CTA required those business entities to report names, addresses and other info on their beneficial owners to the government. That's typically someone who owns more than 25% of a company or exercises "substantial control" over its operations.But the CTA spawned dozens of lawsuits around the country, including from people who owned their own homes through LLCs. These individuals argued their entities don't have a profit motive, and so money laundering concerns don't apply.HOA groups, meanwhile, worried they'd need to continually report info on shifting HOA board...