Are Credit Unions Exempt From The Corporate Transparency Act?

There are 23 separate exemptions from the CTA's beneficial ownership reporting requirement. The exemptions are listed in order in FinCEN's Final Rule at 31 CFR 1010.380 and take effect on January 1, 2024.

CTA Exemptions Generally

In general, the CTA exempts companies that already report their beneficial ownership to the U.S. government under a separate legal framework. FinCEN's Final Rule addresses each exemption separately in subsection 1010.380(c)(2).

Exemption Number 4 - Credit Unions

Subsection 1010.380(c)(2)(iv) of the Final Rule exempts:

(iv) Credit union. Any Federal credit union or State credit union, as those terms are defined in Section 101 of the Federal Credit Union Act (12 U.S.C. 1752).