H.R. 147 — FinCEN Oversight and Accountability Act of 2025

This section directs the Secretary of the Treasury to keep the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs fully and currently informed of the activities of the Financial Crimes Enforcement Network (FinCEN), including any significant anticipated activity, and to promptly report any unlawful activity by FinCEN and any corrective action taken or planned to address and prevent such activity in the future.

This section establishes a transparency requirement for Treasury Department “controlling documents” that delegate authority to the Financial Crimes Enforcement Network (FinCEN) or its Director in implementing section 310 of title 31, United States Code, or the Bank Secrecy Act. It defines a controlling document as any record issued by the Secretary of the Treasury, Deputy Secretary, Under Secretary for Enforcement, or another Treasury officer or employee that delegates such authority. This section directs the Secretary of the Treasury to promptly provide the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs with: (1) all controlling documents in force on the date of enactment; (2) any controlling documents issued after enactment; and (3) any later changes to those documents, including revocations. It also requires the Secretary to make those documents and changes promptly available to the public, while allowing redaction of reasonably segregable portions that fall within an exemption under 5 U.S.C. § 552(b) (the Freedom of Information Act). This section defines the Bank Secrecy Act for purposes of the provision to include section 21 of the Federal Deposit Insurance Act (12 U.S.C. 1829b), chapter 2 of title I of Public Law 91-508 (12 U.S.C. 1951 et seq.), and subchapter II of chapter 53 of title 31, United States Code.

This section extends the period during which the Director of the Financial Crimes Enforcement Network (FinCEN) may be required to testify regarding the beneficial ownership information reporting regime under 31 U.S.C. § 5336 from 5 years to 10 years. (Thus, the testimony requirement would apply for an additional 5 years.)

This section revises the duties of the Financial Crimes Enforcement Network (FinCEN) under 31 U.S.C. § 310(g)(5)(A) by requiring it to hold an annual small business working group to (1) share information about the effectiveness of beneficial ownership information, (2) promote coordination between FinCEN and the small business community, and (3) provide guidance to small businesses about beneficial ownership reporting obligations. This section also prohibits the appropriation of any funds to carry out these amendments.