New FinCEN Rule Struck Down in Court

Breaking news! The new FinCEN law we’ve been telling you about is no longer in effect.

Yesterday, the United States District Court for the Eastern District of Texas struck down FinCEN’s Residential Real Estate Reporting Rule. This is the federal rule that would have required title companies to collect and report information on certain non-financed residential real estate transactions involving business entities or trusts.

As of now, we are no longer collecting FinCEN reporting information for transactions. If that information was already collected for a file that has not yet closed, it will not be reported to FinCEN.

This may not be the end of the story. FinCEN may appeal the decision and could seek a stay of the court’s order. We will continue to watch this closely and keep you informed of any new developments.

But for now, the rule has been vacated by the court and is no longer in effect.

Read the order here.