The CAI Board of Trustees approved filing a lawsuit to exempt and protect community associations from burdensome requirements outlined in the Corporate Transparency Act. The lawsuit against the U.S. Department of Treasury challenging the Corporate Transparency Act underscores CAI’s unwavering commitment to protecting the community association housing model and our members’ interests. However, this is not the only approach CAI is taking to seek an exemption for community associations from the Corporate Transparency Act’s filing requirements. We need you to take time today to reach out to your representatives in Congress and help us urge them to tell the Financial Crimes Enforcement Network (FinCEN) to use its authority to exempt community associations!
Click Here to Contact Your Member of Congress Today
FinCEN has the power to create regulations to implement the Corporate Transparency Act, and critically, review the current list of exemptions and adjust it as needed. Much like any federal agency, FinCEN has an established process for engaging on these kinds of reviews and adjusting regulations as needed. However, FinCEN has been so far unwilling to begin a formal review of the list of exemptions and add community associations. This is why we are asking you and your neighbors reach out to your elected representatives in Congress; funding for FinCEN and other federal agencies must come from Congress, and when Congress asks for something, FinCEN may listen.
CAI believes the Corporate Transparency Act filing requirements places an excessive burden on community associations, which operate differently from traditional corporations and small businesses. Noncompliance of filing could result in civil penalties of $500 per day and criminal penalties of up to $10,000 and up to 24 months (about 2 years) in prison. We need your help to get community associations exempted from the Corporate Transparency Act’s filing requirements!
Want to learn more about the Corporate Transparency Act and CAI’s multipronged approach to seeking an exemption for community associations?
Visit http://caionline.org/CTA to learn more!