"The rule requires title firms to report specific details on all-cash home purchase transactions, including names, addresses, dates of birth, citizenship status, and ID numbers of all people involved, including minors."
"U.S. District Judge Jeremy Kernodle of the Eastern District of Texas stated that the fact some bad actors have conducted non-financed real estate transactions does not make such transactions categorically suspicious."
"FinCEN's own estimates indicated that the rule would have covered between 800,000 and 850,000 transfers annually at a compliance cost of up to $690 million."
FNF filed a lawsuit against FinCEN and its director, claiming a new rule requiring detailed reporting on all-cash home purchases is arbitrary and capricious. The rule mandates title firms to report extensive personal information about all parties involved in transactions. A federal judge in Texas struck down the rule, stating FinCEN exceeded its authority under the Bank Secrecy Act. The judge emphasized that not all non-financed transactions are suspicious and highlighted the significant compliance costs associated with the rule.
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