Housing Co-ops Sue Treasury to Halt Corporate Transparency Act

A coalition of housing cooperatives hit the US Treasury Department Wednesday with a lawsuit over the Corporate Transparency Act, alleging its beneficial ownership reporting requirements are unconstitutional.

The Midwest Association of Housing Cooperatives, and dozens of Michigan coops and coop association groups, filed their complaint Tuesday against Treasury Secretary Janet Yellen and Director of Financial Crimes Enforcment Andrea Gacki in the US District Court for the Eastern District of Michigan.

The filing says the CTA is a “law enforcement dragnet of sweeping proportions” that exceeds Congress’ constitutional authority under the constitution and violates free speech and other constitutional protections.

“The ...