On December 23, 2024, a three-judge panel of the Fifth Circuit Court of Appeals lifted U.S. District Judge Amos Mazzant’s nationwide block of the Corporate Transparency Act.
Bad news came down the wire for small business owners on Monday, December 23, 2024, when a three-judge panel lifted the nationwide block of the Corporate Transparency Act, which we’ve discussed recently on our blog. Judge Mazzant of the US District Court for the Eastern District of Texas granted a preliminary injunction against the CTA, ruling that it falls outside of Congress's powers. That injunction is now lifted, and the CTA is back.
Old Glory Bank stands with small business owners in protecting their Privacy, Security, and Liberty. The CTA requires that all beneficial owners of a business must be documented, including personal details such as name, address, birthday, and social security number, in an effort to combat money laundering and other illegal financial activities. As we all know, bad guys don’t obey laws, so this one only makes legitimate business owners more vulnerable to exploitation and harassment.
Mike Ring, President and CEO of Old Glory Bank, and a 30-year corporate lawyer, states, “Judge Mazzant, a District Court Judge in the great State of Texas, got it right in his 79-page thoughtful opinion, and a three-judge panel on the Fifth Circuit Court of Appeals, just got it wrong in their 6-page opinion. The Corporate Transparency Act is unconstitutional under the Commerce Clause, and the 4th Amendment, and American small businesses should not be required to populate a list of their 25% owners for domestic and international governments to go fishing. Fortunately, we have a Constitution with equal branches of government, and elections have consequences.”
Ring adds a call to action: “Everyone, contact your Senator, House Representative, and the future Secretary Scott Bessent, and tell them to pause and repeal the Corporate Transparency (Spying) Act NOW!”
In response to this week’s ruling, FinCEN has extended the reporting deadline to January 23, 2025, amounting to only a few weeks left for more than 32 million business owners to comply with the law, or face hefty fines and possible criminal charges.
Read more about the latest on the CTA. Then contact your government leaders and demand that they repeal the CTA!
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