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FinCEN defends nationwide residential real estate rule; members call for more evidence and time for title companies
Summary
FinCEN officials told the House committee the residential real estate rule grew out of a decade of geographic targeting orders used by law enforcement and said the data supports prosecutions, while members warned of high compliance costs for title companies and asked for more outreach and possible delay.
FinCEN told the House Financial Services subcommittee that the agency—s residential real estate reporting rule enshrines a tool—formerly a temporary geographic targeting order—that law enforcement has repeatedly renewed over the past decade.
"Across 10 years, we have seen an incredible thirst among law enforcement for this information and this information being used in active and successful law enforcement prosecutions," Director Andrea Gacki said when members asked why a temporary geographic targeting order became a permanent residential real estate rule. The rule will require certain entities involved in non-financed residential real estate purchases by legal entities to…
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