#fincen

#fincen

In the lawsuit, FNF claims that the rule, which was promulgated under the Biden administration, is arbitrary and capricious, and that the rule will cause irreparable harm. The rule requires title firms to report specific details on all-cash home purchase transactions. These include the names, addresses, dates of birth, citizenship status and ID numbers of all people involved including minors, payment details and information about trusts and entities that are purchasing the property.

The GTOs (FinCEN's geographic targeting orders) came in 2017. They started off kind of slow five boroughs in New York and a few counties in Florida. Fast forward to the current GTO, it affects transactions in 11 states, plus Washington, D.C., and about 58 or 59 counties or boroughs. The FinCEN reporting that is now going to be required is all 50 states plus the District of Columbia, about 3,600 recording jurisdictions. That gives you the magnitude of how much this will impact the industry.

The group of Democrats, which included Senate Banking ranking member Ruben Gallego (AZ), Kirsten Gillibrand (NY), and Catherine Cortez Masto (NV), stated in the first page of the document that digital assets legislation should be guided by certain values, include "protecting financial privacy while denying bad actors access to the financial system." In the fifth section of the framework, they outlined what this looks like. The outline included the following points: