December 22, 2021

TLTA Editor's Note: While TLTA's office will be open during normal business hours every day next week except New Year's Eve, we will not distribute a new edition of Dateline next week. However, if we see breaking news of which you should be aware next week, we will be sure to share that news with you. Dateline's weekly distribution schedule will resume the first week of the new year. More info on holiday hours at TLTA and the Texas Department of Insurance can be found below. Happy holidays, all!

In This Issue:

  • Holiday Hours at Texas Department of Insurance and TLTA
  • ICYMI: Recent FinCEN News of Interest to Title Insurance Industry
  • Biden Nominates Sandra Thompson as FHFA Director

Holiday Hours at Texas Department of Insurance and TLTA

TLTA | Dec. 22, 2021
If you're looking for assistance through the end of the year, please be aware of the following holiday closures at TDI and TLTA.
 
Texas Department of Insurance (TDI)
Dec. 23: Closed
Dec. 24: Closed
Dec. 31: Open 8 a.m. to Noon
 
Texas Land Title Association (TLTA)
 Dec. 23: Closed
Dec. 24: Closed
Dec. 31: Closed
 

ICYMI: Recent FinCEN News of Interest to Title Insurance Industry

TLTA | Dec. 22, 2021

FinCEN News Issues Notice of Proposed Rulemaking for Corporate Transparency Act Regarding Beneficial Ownership Reporting

National Law Review | Dec. 11, 2021
FinCEN has issued a notice of proposed rulemaking (NPRM) regarding how the agency is planning to implement the Corporate Transparency Act (CTA). The NPRM came out on December 8, 2021, accompanied by an explanatory factsheet. Congress passed the CTA on January 1, 2021 in order to require U.S. companies to disclose beneficial ownership information.
 
Reporting Requirements: Reporting companies will have to file a Beneficial Ownership Information (BOI) Report. FinCEN has not yet said how to do this, but will likely issue a form and instructions that reporting companies will then file with FinCEN.  Reporting companies must report each beneficial owner’s (1) name, (2) birthdate, (3) address, and (4) a unique identifying number from an acceptable identification document (and the image of such document).
 
Read More » 
Review the NPRM »
Review the Factsheet »
 

FinCEN Requests Comments on Potential Rulemaking Related to New Real Estate Sector Reporting Requirements for Cash Transactions

U.S. Department of Justice | Dec. 8, 2021
The Financial Crimes Enforcement Network (FinCEN) announced an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on a potential rule to address the vulnerability of the U.S. real estate market to money laundering and other illicit activity. 
 
FinCEN encourages the public to submit written comments in response to the ANPRM. Diverse viewpoints and substantive suggestions will help FinCEN develop a proposed regulation that appropriately balances the need to address the vulnerabilities of the real estate market with any potential costs such measures may impose.
Comments will be accepted for 60 days following publication in the Federal Register.
 
Read FinCEN Press Release »
 
TLTA Editor's Note: TLTA is reviewing this proposal and will determine whether to make formal comments. Many TLTA members are aware of the current FinCEN Geographically Targeted Orders (GTOs) effecting 12 metropolitan areas in the US, including some in Texas. These orders require title insurance companies in these areas to file reports on all-cash purchases of residential real properties through LLC or entities if the transaction exceeds $300,000. FinCEN is contemplating rulemaking that would expand these reporting requirements to any all-cash deal— including those by real persons in addition to those purchased by entities for commercial as well as residential —with no geographical limitations.

Additionally, FinCEN is contemplating adding additional duties for title agents handling escrow monies that banks currently are required to perform: According to FinCEN, “[t]his ANPRM seeks public comment on whether FinCEN should impose a similar [to the current GTO’s for title insurance companies], ongoing, and expanded reporting requirements through regulations...including, for example, potentially promulgating Bank Secrecy Act record keeping and reporting requirements for 'persons involved in real estate settlements and closings.'"  
 

Biden Nominates Sandra Thompson as FHFA Director

The Hill | Dec. 14, 2021
President Biden on Tuesday nominated acting Federal Housing Finance Agency (FHFA) Director Sandra L. Thompson to be the regulator’s full-time leader.

The FHFA was created in 2008 to be the overseer and conservator of Fannie Mae and Freddie Mac — two government-sponsored enterprises that purchase home loans from banks and mortgage lenders and sell those loans as mortgage-backed securities. The FHFA also oversees the Federal Home Loan Bank system.
 
Read More » 


In addition to live webinars held throughout the year, you have access to our library of more than 80 On-Demand webinars and videos  covering the title industry topics you need to earn continuing education credits and stay ahead of the curve on the latest industry trends!