Regulatory Updates

The U.S. Treasury’s Financial Crimes Enforcement Network has issued a geographic targeting order for money services businesses across two states to address cartel-related money laundering and other illicit activities along the southwestern border.

A new Federal Trade Commission task force will work to combat deceptive and unfair labor market practices, including no-poach, non-solicitation or no-hire agreements and noncompete agreements.

During his confirmation to run the Federal Housing Finance Agency, Bill Pulte fielded questions about his plans for achieving his top priority, “to strengthen and safeguard the housing finance system,” as well the potential end to the long-running conservatorship of the government-sponsored enterprises.

Texas Attorney General Ken Paxton announced he was opening an investigation into a Chinese artificial intelligence company for violations of the Texas Data Privacy and Security Act.

Although injunctions preventing enforcement of the Corporate Transparency Act have been lifted, the U.S. Treasury announced it will be limiting the act’s scope to foreign reporting companies only.

Institutions subject to the Corporate Transparency Act will need to begin filing beneficial ownership information (BOI) in March following the latest court ruling on the matter, according to the Financial Crimes Enforcement Network. The D.C. District Court stayed the last injunction preventing enforcement of BOI requirements intended to help mitigate illicit business operations.

The U.S. Department of Justice on Feb. 6 filed an appeal against the district court decision currently halting enforcement of the Corporate Transparency Act’s Beneficial Ownership Information reporting requirement by the Financial Crimes Enforcement Network.

Scott Turner, former member of the Texas House of Representatives, promised to take a “fresh look” at Housing and Urban Development operations while expanding policies from the first Trump administration.