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CORPORATE TRANSPARENCY
CHANGED DIRECTION
 More good news! Yesterday, the new Secretary of Treasury, Scott Bessent, announced the Treasury Department would no longer enforce the CTA against U.S citizens and domestic companies.
The Treasury Department is drafting an emergency rule to narrow the scope of the Corporate Transparency Act to foreign companies only.
This is a victory for common sense. It means HOA boards no longer need to provide their personal information to the Financial Crimes Enforcement Network.
WILDFIRE DEVASTATION
AND INSURANCE FALLOUT
 Last month wildfires destroyed 16,240 homes and commercial properties including condominium associations and planned developments. Loses are estimated between $95 billion and $164 billion, with insured losses estimated at $75 billion.
Associations statewide already had trouble finding insurance. The Los Angeles fires will make it even harder, and premiums will increase significantly.
Join industry experts Adrian Adams from ADAMS|STIRLING, and Michael Berg and Terri Guest from LaBarre Oksnee Insurance as they discuss:
- The insurance market and what the future holds.
- Board responsibilities and potential liability when insurance is not available or too expensive.
- Special assessments when buying insurance.
- Amending CC&Rs to give flexibility when buying insurance.
- Board responsibility in hardening their association against wildfires.
- CC&R damage and destruction provisions--should they be amended?
The webinar will held Tuesday, March 4, from 12:00 noon to 1 p.m.
Been receiving your new letter for several years and it's been a great resource for HOA information and keeping managers, board members and residents informed. Thank you. -Bill Leming
Maybe FinCEN should have used a little forward thinking before coming up with this half-cocked rule in the first place. Another agency that needs trimming. –Richard S.
RESPONSE: Thank goodness the Treasury Department is under new leadership.
To be honest, many board members will quit than reveal their personal information. –Ron Z.
RESPONSE: It was a huge overreach by Treasury. That is now over.
FinCEN…bureaucratic nonsense for small businesses and HOAs. -Sybil B.
Cannot thank you enough or helping us keep up with this Transparency Act. We have been so confused regarding the this ever changing Act. Finally!! By March 21, 2025, we will have an “interim final” rule!!! Hahaha. Keep tracking it for us. Maybe soon we will get an “ultimate, temporary, non- permanent, short-term, provisional, momentary, fleeting, transient, evanescent, fugacious FINAL” rule!!! Really appreciate your Newsletters and your Webinars. Very beneficial to our board. -Sue L.
RESPONSE: The final, final rule should be issued soon.
Government is just too big. Volunteering for a board should not put board members on the hook for volunteering. Thanks for keeping us update on the ongoing stuff. –Mimi G.
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DISCLAIMER. Our newsletter provides commentary, not legal advice. Boards needing legal advice should have an attorney review the facts and law for their particular situation. We serve as corporate counsel to California associations.
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