Question of the Week: CU Reporting BOI

Question:    

Does my credit union need to report its own beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN)?  

Answer:

No. Please see FinCEN’s BOI Reporting Requirements FAQs. The table on page 6 lists 23 types of entities that are exempt from the reporting requirement. Exemption No. 4 is a credit union.