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Rhode Island Attorney General · October 28, 2026 · Primary source

Attorney General Neronha, coalition sue Trump Administration for enabling fraud and corruption

Score 40PRIMARYregulatoryState AGRI

Summary

A coalition of 21 state attorneys general, led by Rhode Island AG Peter Neronha, filed a lawsuit on October 27, 2026, challenging FinCEN rules that exempted 99.9% of businesses from beneficial ownership reporting requirements under the Corporate Transparency Act. The complaint alleges violations of the APA, Separation of Powers, and the Take Care Clause, and seeks vacatur of FinCEN's final rule and an injunction against a planned February 10, 2027, data purge of previously submitted ownership information. The lawsuit targets FinCEN rules issued March 26, 2025, and finalized August 14, 2026.

What this may mean

If the coalition prevails and FinCEN's exemptions are vacated, broadly defined entities including LLCs and corporations commonly used in healthcare private equity structures, MSOs, and joint ventures would be required to reinstate beneficial ownership reporting to FinCEN. The February 10, 2027, data purge deadline is a concrete operational date at issue in the injunction request. Healthcare-adjacent private equity structures previously relying on the exemptions would face renewed disclosure obligations to Treasury if the rule is struck down.

Informational only. Not legal, medical, financial, or other professional advice. Always consult a qualified professional familiar with your specific facts before relying on any item.

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