The Financial Crimes Enforcement Network (FinCEN) will publish a proposed rule that would require reports and recordkeeping on certain transfers of real estate properties to specified legal entities and trusts. The proposal does not cover transfers made directly to individuals.
The proposed rule describes when a report must be filed, who must file a report, what information must be provided, and when a report is due.
FinCEN issued an advance notice of proposed rulemaking on this topic in December 2021. NAFCU and CUNA—prior to the merger to form America’s Credit Unions—expressed concerns with its overly broad scope and urged FinCEN not to place any additional regulatory requirements on credit unions.
America’s Credit Unions is analyzing the proposal and will submit detailed feedback. Comments are due to FinCEN within 60 days of publication in the Federal Register, which is scheduled to occur on Feb. 16.