"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."
"In early December, Magistrate Judge Samuel Horovitz filed a report in which he recommended that the court grant FinCEN's cross-motion for summary judgment, which would result in the AML Rule being upheld. FNF filed an objection to this report in late December. Judge Berger ultimately agreed with Magistrate Judge Horovitz and supported FinCEN's argument that the rule was statutorily authorized by the Bank Secrecy Act, and that the rule was the result of reasoned decision-making by FinCEN."
FNF filed a lawsuit in May 2025 naming FinCEN and its director Andrea Gacki, and the Department of the Treasury and Secretary Scott Bessent as defendants. FNF contends the AML rule is arbitrary and capricious and will cause irreparable harm. The rule requires title firms to report detailed information on all-cash home purchases, including names, addresses, dates of birth, citizenship status, ID numbers of all involved persons including minors, payment details, and information about trusts and purchasing entities. Magistrate Judge Samuel Horovitz recommended granting FinCEN's cross-motion for summary judgment, and Judge Berger agreed the rule is authorized by the Bank Secrecy Act and resulted from reasoned decision-making. FinCEN postponed implementation from December 1, 2025 to March 1, 2026 to reduce business burden and ensure effective regulation. FNF did not return a request for comment.
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