The Treasury Department's Financial Crimes Enforcement Network issued a final rule permanently removing the requirement for U.S. companies and U.S. persons to report beneficial ownership information to FinCEN under the Corporate Transparency Act. Processing ContentFinCEN also announced it would delete previously reported information by U.S. persons — now exempt from the reporting requirements — from the beneficial ownership information database. Companies had pushed for the existing information to be deleted for the companies that had reported. Treasury is eliminating a burdensome reporting requirement for millions of law-abiding business owners without compromising our national security." Some groups, such as the National Federation of Independent Business, have sought to force FinCEN to delete the existing reports altogether.