Reports

Not later than 30 days after the date on which the Director and Administrator enter into a memorandum of understanding under section 4(b), and every 30 days thereafter, the Director and the Administrator shall jointly submit to the Committees on Small Business and Entrepreneurship and Banking, Housing, and Urban Affairs of the Senate and the Committees on Small Business and Financial Services of the House of Representatives a report that includes the following: (1) For the 30-day period preceding the date of the report— (A) a description of the actions taken under the memorandum of understanding to provide outreach to reporting companies that are required to, but have failed to, comply with beneficial ownership requirements; (B) the estimated number of reporting companies that have received covered information or other assistance relating to beneficial ownership requirements from the Administration or FinCEN as a result of actions taken pursuant to the memorandum of understanding; and (C) the number of reporting companies in compliance with beneficial ownership requirements. (2) A description of the actions the Director and the Administrator plan to take under the memorandum of understanding during the 30-day period following the date of the report to provide covered information to reporting companies that have failed to comply with beneficial ownership requirements.