Regulatory Updates

Calling attention to the Corporate Transparency Act’s limited scope of reporting for beneficial ownership information that now only applies to foreign entities, two U.S. Senators have urged the Department of the Treasury for a revision.

As part of an information collection request on behalf of the Office of Management and Budget, the Treasury Department’s Financial Crimes Enforcement Network is gathering public commentary on the upcoming residential real estate rule.

Garris Horn Co-Managing Partner John Levonick speaks on the Consumer Financial Protection Bureau’s withdrawal of its proposed data broker rule, which would have broadened Fair Credit Reporting Act definitions of consumer reporting agencies and consumer reports for supervisory purposes. 

During its fourth year of enforcing the California Consumer Financial Protection Law, the state’s Department of Financial Protection and Innovation issued 202 public consumer financial protection actions, up 12 percent from 2023.

In a comprehensive announcement impacting multifamily mortgage loans, Fannie Mae announced new requirements for title underwriters, title agents and their commitments to borrowers.

In a public notice to all title insurers, underwriters and controlled escrow companies operating in the state, California Insurance Commissioner Ricardo Lara issued a reminder of rate setting and filing requirements.

In a letter addressed to Office of Management and Budget Director Russ Vought, the American Land Title Association recommended the repeal of the Treasury Department’s “Anti-Money Laundering Regulations for Residential Real Estate Transfers” final rule.

Citing stagnant funding in recent years and the crucial nature of their essential functions, federal judges are asking Congress for $9.4 billion in funding for FY 2026, a 9.3 percent increase in appropriations.

In a joint letter to federal agency heads, the Federal Trade Commission and Department of Justice announced their intention to compile a list of regulations that hinder competition and innovation, in accordance with the president’s executive order calling for a reduction in anti-competitive regulatory barriers.