"In a response to FNF's objections filed on Tuesday, the defendants argue that the magistrate judge rightly concluded that FinCEN's Residential Real Estate Reporting Rule was statutorily authorized by the Bank Secrecy Act, and that the rule was the result of reasoned decision-making by FinCEN. As a result of these assertions, the defendants argue that none of FNF's objections to the magistrate judge's conclusions should be sustained."
"At times, the objections even misconstrue the Report apparently deliberately to make it seem less reasonable than it is, the defendants wrote in their filing. Contrary to Plaintiffs' unsupported objections, the Report reflects a careful, thorough and correct analysis of the issues presented in the briefs and reflected in an extensive record. In contrast to how the report was viewed by the plaintiffs, which said that it concluded that every unmonitored financial transaction is suspicious under the new rule,"
FNF filed a May 2025 lawsuit naming FinCEN, its director Andrea Gacki, the Department of the Treasury and Secretary Scott Bessent as defendants. FNF alleges the Residential Real Estate Reporting Rule is arbitrary and capricious and will cause irreparable harm. The rule requires title firms to report details on all-cash home purchases, including names, addresses, dates of birth, citizenship status, ID numbers (including minors), payment details, and information about trusts and purchasing entities. Defendants contend the magistrate judge correctly found statutory authorization under the Bank Secrecy Act and that FinCEN engaged in reasoned decision-making. Defendants argue FNF's objections lack merit and that the rule helps prevent exploitation of unmonitored transactions.
Read at www.housingwire.com
Unable to calculate read time
Collection
[
|
...
]