• Marine Retailers Exempt from Burdensome Regulations
WASHINGTON, April 1, 2025 – The Marine Retailers Association of the America (MRAA) announced today that on March 21, 2025 the Financial Crimes Enforcement Network (FinCEN) issued an interim final rule which removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act. While the interim final rule provides relief for MRAA members and small businesses, the MRAA Government Relations Team will pursue a durable and lasting solution to ensure that this relief is not temporary.
Updates & Comments
The interim final rule put forth by FinCEN is a welcome update in the long saga of CTA implementation and enforcement, which has been marred by court ordered stays and various legal decisions. In our last update, on March 3, we highlighted that previously, FinCEN had extended the BOI reporting deadline to March 21, and announced that no enforcement actions would be taken until an interim final rule became effective. The March 21 interim final rule removes the BOI reporting requirements, providing major relief for MRAA members and small businesses. The U.S. Treasury Department is currently taking public comment on the interim rule and the MRAA will join other trade associations in submitting comments to support the interim rule’s relief for small businesses.
“We are very pleased to see that FinCEN’s interim final rule exempted U.S. businesses and persons from reporting BOI under the CTA,” said Mike Sayre, MRAA Government Relations Manager. “The MRAA has been working tirelessly to educate members of Congress and the administration bout the negative impacts this would have on our members, and we feel the interim final rule reflects lawmakers hearing our concerns and providing relief for U.S. small businesses.”
The MRAA, as part of the Main Street business community coalition, joined over 100 trade associations on a letter to Secretary of Treasure, Scott Bessent, applauding the interim rule and noting our support for the relief to small businesses. To read the letter, click here. Despite the interim final rule removing the BOI reporting requirement, additional action is needed to ensure a durable and lasting solution that is not subject to reversal, and possible expansion, from a different administration. To ensure that this relief for marine retailers remains, the MRAA will continue to work with its champions on Capitol Hill to repeal the CTA by passing the Repealing Big Brother Overreach Act (H.R. 425/S. 100).
“While we are glad to see that the interim final rule provides immediate relief for marine retailers and small businesses, our work here is not done,” said Chad Tokowicz, MRAA Government Relations Manager. “The MRAA will continue to monitor activity in the courts and spend time on Capitol Hill to garner support for the Repealing Big Brother Overreach Act, which would effectively overturn the CTA. We are dedicated to finding a long-term solution for our members to ensure that BOI reporting is never a burden for marine retailers. The MRAA Government Relations Team has your back and is fighting to ensure that you can continue to run your businesses without onerous regulations and requirements put on you from the federal government.”
For now, marine retailers can disregard the CTA, BOI reporting and the associated penalties, allowing them to focus on getting ready for spring commissioning and helping customers make lasting memories on the water.
About the Marine Retailers Association of the Americas
At the Marine Retailers Association of the Americas, we believe that for the marine industry to thrive, the retail organizations that interact with the boaters in their community must thrive. With that in mind, MRAA works to create a strong and healthy boating industry by uniting those retailers, providing them with opportunities for improvement and growth, and representing them with a powerful voice. For more information, visit MRAA.com or contact us at 763-315-8043.
