Corporate Transparency Act Threatens Privacy for Small Businesses

Corporate Transparency Act Threatens Privacy for Small Businesses

ELMORE CITY, OK (November 26, 2024) — The Corporate Transparency Act, which takes full effect on January 1, 2025, requires new reporting for America’s small business that threatens basic principles of privacy. 

Enacted January 1, 2021, when Congress overrode President Trump's veto, the law requires small businesses to report to the Financial Crimes Enforcement Network (FinCEN), personal information of individuals that beneficially own at least 25%.

With limited exceptions, small businesses with 20 or less employees (or $5 million or less in annual revenue) must report to FinCEN the name, address, date of birth, and valid photo I.D. of each beneficial owner (owning at least 25%).  Failure to comply by January 1, 2025, can result in fines of up to $10,000 and prison sentences of up to 2 years.

This unprecedented move will create a comprehensive database containing the identifying information of American small business owners.  All Federal agencies with law enforcement and security functions have quick access to this FinCEN database of small business owners.  Banks and regulators have full access.  Even foreign governments have easy access to this small business database if under an existing treaty or upon an “official request.”

Because of the minimal barriers to gain access to this small business owner database, there is a significant possibility for abuse.  In an interview with Michael Wilson, host of The Lone Star Conservative morning radio show on Patriot Talk 920 AM (Houston), Old Glory Bank CEO Mike Ring cautioned about the scope of the Corporate Transparency Act.

“What’s really disturbing about this one, and it’s not an accident, is they have created a system where foreign governments can easily access this upon request with one of their friends at the federal agencies,” said Ring. “So now, the entire world, including potential bad actors at foreign governments, will know who owns what little small business.”

With few exceptions, this new law targets small businesses with 20 or less full-time employees or annual revenue of $5 million or less.  “80 percent of all small businesses have less than 20 employees or less than $5 million in revenue,” said Ring.

Exempt companies include investment companies, investment advisors, banks, broker-dealers, insurance companies, political organizations, tax-exempt charitable organizations, and dormant companies.

“They don’t trust the little guy,” said Ring. “They don’t trust middle America. And they want the names of the owners of our little businesses out there.”

“No money launderer, no sex trafficker, no terrorist is going to file with FinCEN and give the names of their bad actors,” said Ring. “So, the only people who are going to comply with this are the law-abiding citizens, and it is clearly an affront on our privacy.”

Ring is urging Americans to reach out to their congressperson and President Trump to bring the issue to the forefront of the national conversation.

“Once this database exists, it can’t be undone,” said Ring. “It’s not going back. So, we have a very limited time.”

Host Michael Wilson of Patriot Talk 920 emphasized the importance of Americans engaging in the fight against governmental violations of privacy.  “While certainly it is going to be up to Congress and it is going to be up to the Treasury Secretary to fight these fights,” said Wilson, “the start is really going to be, ‘What are the people willing to do to fight for their right to privacy and to fight against the bureaucratic administrative state that is trying to violate those rights at every single turn?’”

Old Glory Bank Co-Founders John Rich and Dr. Ben Carson Take Over Tucker Carlson Podcast

Old Glory Bank Co-Founders John Rich and Dr. Ben Carson Take Over Tucker Carlson Podcast

“Old Glory Bank Co-Founders are making an impact in our community and culture,” states Old Glory Bank Co-Founder and CEO Mike Ring.

www.oldglorybank.com 

NASHVILLE, TENN. (August 2, 2024) -- Old Glory Bank, the pro-America full-service online community bank with customers in all 50 states, had two Co-Founders – John Rich and Dr. Ben Carson – appeared on the Tucker Carlson Show on July 16th and July 25th.

John Rich joined Tucker Carlson, newly minted as the #1 show on Spotify, to discuss the impact of Christianity in our culture and how his faith has influenced his music. Rich states, “It’s a perilous thing to bear the name of Jesus Christ in this world.” Rich calls fellow Christians to humble themselves and repent, quoting 2 Chronicles 7:14, “If my people, who are called by my name, will humble themselves and pray and seek my face and turn from their wicked ways, then I will hear from Heaven and forgive their sins and heal their land.”

Dr. Ben Carson joined the Tucker podcast to talk about the American Cornerstone Institute and to remind folks about his new book, The Perilous Fight:  Overcoming our Culture’s War on the American Family, which is available for only $17.99 at store.oldglorybank.com.  As stated by Dr. Carson, “there have always been people who have not been happy with the United States and the way that we do things.” He adds, “We’ve got to understand that part of the goal to overcome us is to divide us on the basis of race, age, income, gender, political affiliation, religion… because a house divided against itself cannot stand… we are neighbors, coworkers, friends, and colleagues. We are not enemies.”

have always been people who have not been happy with the United States and the way that we do things,” mentions Carson. He adds, “We’ve got to understand that part of the goal to overcome us is to divide us on the basis of race, age, income, gender, political affiliation, religion... because a house divided against itself cannot stand... we are neighbors, coworkers, friends, and colleagues. We are not enemies.”

“Old Glory Bank’s co-founders are making an impact in our community and culture,” states Old Glory Bank Co-Founder and CEO Mike Ring. Ring adds, “Old Glory Bank’s mission is to serve the hard-working people of America who founded this great nation, and it’s not an accident that God brought these great co-founders together to create and build Old Glory Bank.”

Old Glory Bank Expands Old Glory Alliance to Include Political Fundraising and Introduces Victory Checking Accounts for Political Organizations

Old Glory Bank Expands Old Glory Alliance to Include Political Fundraising and Introduces Victory Checking Accounts for Political Organizations

“When donations are made with Old Glory Pay, there is no fee and quick settlement -- exactly what political organizations need,” states Old Glory Bank Co-Founder and CEO Mike Ring.

www.oldglorybank.com

NASHVILLE, TENN. (July 25, 2024) - Old Glory Bank, the pro-America online community bank, announces the expansion of Old Glory Alliance to include political organizations. Old Glory Alliance is Old Glory Bank’s pro-America fundraising platform that will never cancel law-abiding causes for political reasons.

Old Glory Alliance accepts Old Glory Pay (plus other major credit cards), so donors will now be able to contribute to a political organization using a Bank that actually values their values. Old Glory Pay is Old Glory Bank’s proprietary, closed-loop digital payment solution that honors PSL – Privacy, Security, Liberty. There is no merchant fee when donors make contributions via Old Glory Pay. “When donations are made with Old Glory Pay, there is no fee and quick settlement -- exactly what political organizations need,” states Old Glory Bank Co-Founder and CEO Mike Ring.

“At Old Glory Bank, we believe that the strength of America lies in the voices of its people,” says Collin Kingma, Old Glory Alliance product manager. “Donors shouldn’t have to fear being de- banked for supporting certain political candidates, and political organizations shouldn’t be charged excessive processing fees for receiving donations,” continues Mr. Kingma.

“Old Glory Bank’s goal is to bring technology, digital payments, and secure mobile banking to the political sphere,” says Ring. “Political Organizations can now quickly open a Victory Checking Account at Old Glory Bank and start a political donation page on Old Glory Alliance. Instead of the weeks it may take at other financial institutions, Political Organizations can be banking at Old Glory Bank and lawfully accepting donations in days,” adds Ring. “Old Glory Alliance and Victory Checking Accounts exist to make the political process quicker, safer, and more efficient for political organizations and donors who believe that their bank has no business in their politics,” concludes Ring.

RECENTLY NAMED "AMERICA'S MOST PRO-2A BANK," OLD GLORY BANK TAKING A STRONG 2A STAND AT UPCOMING DALLAS NRA MEETING

RECENTLY NAMED "AMERICA'S MOST PRO-2A BANK," OLD GLORY BANK TAKING A STRONG 2A STAND AT UPCOMING DALLAS NRA MEETING

NASHVILLE, TENN. (May 16, 2024) — Old Glory Bank is proud to announce it will join patriots from around the nation by exhibiting at the upcoming 2024 NRA Annual Meetings & Exhibits in Dallas, Texas, held May 17 to 19, 2024. This announcement comes as country superstar John Rich declares Old Glory Bank to be “the most pro-Second Amendment bank in America.”

“Supporting the Second Amendment and all those Americans who lawfully operate within the firearms industry is something we are proud to do,” says Old Glory Bank Chief Strategy Officer Eric Ohlhausen. “At a time when too many banks are canceling the accounts of companies and individuals in the 2A space, we are doing the opposite. After all, our mission statement is, and will always be, the United States Constitution.”

Ohlhausen also decries the widely reported occurrences of America’s big banks having voluntarily provided private transaction data to government agencies to build shadow databases of firearms owners as potential bad actors.

“What other banks are doing is un-American,” Ohlhausen adds. “They are overstepping their bounds and doing for the government what the government isn’t allowed to do itself.”

Ohlhausen noted that all Americans should be worried about this rampant cancel culture infecting the banking industry. “When one American is canceled, we all are,” he points out.

Old Glory Bank is the pro-America online bank based in Elmore City, Oklahoma, that has carved a solid and powerful niche among freedom-loving Americans due to its stance on standing up for American rights and values. The bank boasts customers in all fifty states, offering consumer and business checking and savings accounts, as well as home loans; its proprietary payment platform called Old Glory Pay, a 100-percent private alternative to PayPal; and a unique way to deposit cash into your online account at nearly 90,000 retail locations across the country.

“Exhibiting at the NRA Annual Meeting was never a question for us,” Ohlhausen states. “We proudly stand with Americans who believe in freedom and fairness. And, last I checked, the Second Amendment is still part of the Constitution.”

Old Glory Bank will be at Booth 6008 in Dallas’s Kay Bailey Hutchinson Convention Center. Learn more about the bank at OldGloryBank.com. 

BOOK YOUR TICKET TO BANKING FREEDOM: OLD GLORY BANK PARTNER LARRY ELDER OFFERS COMPLIMENTARY COPIES OF HIS BOOK TO NEW BANK CUSTOMERS

BOOK YOUR TICKET TO BANKING FREEDOM: OLD GLORY BANK PARTNER LARRY ELDER OFFERS COMPLIMENTARY COPIES OF HIS BOOK TO NEW BANK CUSTOMERS

NASHVILLE, TENN. (February 5, 2024) – New customers at Old Glory Bank are in for a pleasant surprise when they open a Freedom Spending account with the nation’s #1 pro-America bank because, for a limited time, these customers who activate their debit card will also receive a complimentary copy of Bank’s co-founder Larry Elder’s new book, “As Goes California: My Mission to Rescue the Golden State and Save the Nation."

“We’re committed to restoring freedom across this land, from the institutions of finance and commerce to the halls of government,” said Larry Elder, a nationally respected author and radio and television host. “So now those choosing banking freedom with Old Glory Bank will also receive this tremendous resource for understanding the challenges weighing on our nation.”

Larry Elder is joined by Country Music Superstar John Rich, Former HUD Secretary Dr. Ben Carson, and former Oklahoma Governor Mary Fallin-Christensen, among others, as co-founders at Old Glory Bank.

"Larry Elder’s book is a must-read for those who want to understand how we can protect and preserve our constitutional form of government," added Governor Fallin. "That’s why we’re proud to help spread Larry’s insights to our new customers in all 50 states."

For a limited time, customers who open a new Freedom Spending account at www.oldglorybank.com and activate their new debit card within seven days of receipt will be eligible for a copy of Larry Elder’s new book, “As Goes California: My Mission to Rescue the Golden State and Save the Nation” while supplies last. Eligible users will receive a coupon code emailed to them once their card has been activated, good for one free book, and free shipping from the Old Glory Bank store. See full terms and conditions here.

---

 About Old Glory Bank

Old Glory Bank is an FDIC-insured chartered bank that offers the best mobile banking solutions for consumers and businesses, from sea to shining sea.  Old Glory Bank is committed to serving those who feel marginalized for believing in the greatness of America. Old Glory Bank was co-founded by some of the leading voices supporting freedom and love of country, including former Secretary of Housing and Urban Development, Dr. Ben Carson; Radio and Television Host Larry Elder; country music superstar, TV host, entrepreneur, and songwriter, John Rich; and former two-term Governor of Oklahoma, Mary Fallin-Christensen. Visit www.oldglorybank.com. We Stand with You. No Matter Where You Stand. Member FDIC.

To speak with one of Old Glory Bank’s Senior Leaders or Co-Founders, contact Ms. Jules Wortman at jwortman@wortmanworks.com or Kim Doster at Kim@YosemiteStrategies.com.

OLD GLORY BANK UNVEILS NEW SMALL-BUSINESS CHECKING ACCOUNT WITH NO OPENING DEPOSIT REQUIRED

NASHVILLE, TENN. (November 14, 2023) —Old Glory Bank is furthering its commitment to small business with the introduction of Liberty Small Business Checking, an account that requires no opening deposit. 

“Big banks have turned their backs on small business in America,” notes John Kingma, Old Glory Bank Chief Product Officer and Chief of Business Banking. “Old Glory Bank has made a commitment to small business, first with a guarantee never to cancel a lawful business for what they believe. And now, with our new checking account that understands the challenges of running a small business.”

Liberty Small Business Checking becomes the third checking account from Old Glory Bank to serve small business through its industry best mobile banking. According to Carol Ritchie, Business Banking Relationship Manager at Old Glory Bank, “a small business can now benefit from our great mobile banking for no monthly fee if they maintain an average daily balance of just $500.  Otherwise, the monthly fee is only $5.00.”

Ritchie points out that Old Glory Bank is unveiling its Liberty Small Business Checking to support Small Business Saturday. Small Business Saturday is an annual event that was created to encourage consumers to shop locally in person and online at small businesses. Says Ritchie, “Old Glory Bank is the FDIC insured community bank for all of America and supports the small businesses that make America great.” Added Kingma, “Old Glory Bank openly supports those industries that many big banks run from, including small businesses that manufacture, distribute, and sell firearms and related accessories.”

Old Glory Bank is currently taking applications for business accounts at oldglorybank.com/business-accounts.