December 15, 2021
In This Issue:
- FinCEN Issues Notice of Proposed Rulemaking for Corporate Transparency Act Regarding Beneficial Ownership Reporting
- When Termination Option Fee Deadlines Fall on Holidays
- ICYMI: The Intersection of Federal Bankruptcy Code With Texas Homestead Law
- Alanna McCargo Confirmed as Ginnie Mae President
- Powell Declares Inflation Big Threat as Fed Signals Rate Hikes
FinCEN 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).
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Review the NPRM »
Review the Factsheet »
TLTA Editor's Note: In last week's Dateline we reported that 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. The FinCEN announcement that we reported last week is in addition to and different from the beneficial ownership announcement noted above.
Learn more about the ANPRM related to new real estate sector reporting requirements for cash transactions in last week's Dateline.
When Termination Option Fee Deadlines Fall on Holidays
Texas Realtors | Dec. 15, 2021
When calculating deadlines, TREC and Texas REALTORS contracts use calendar days, not business days. Although calculating deadlines for the delivery of the earnest money and the termination option fee uses calendar days, the One to Four Family Residential Contract (Resale) (TXR 1601) allows that if the final day for delivery of those funds falls on a weekend or legal holiday, the deadline is moved to the next day that is not a weekend or legal holiday. The rest of the contract deadlines do not change if the final day falls on a weekend or holiday.
Watch a Texas Realtors Video on How to Calculate Deadlines During Holidays »
ICYMI: The Intersection of Federal Bankruptcy Code With Texas Homestead Law
Rayni Scott, TLTA Judiciary Committee Member | Nov. 30, 2021
While we are currently experiencing a booming real estate market in Texas, at some point it is probable a title company will experience a customer who is in bankruptcy. The purpose of this article is to provide some highlights of how the United States Bankruptcy Code and the Federal Rules of Bankruptcy Procedure intersect with Texas Homestead law.
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TLTA Editor's Note: This new article from TLTA Judiciary Committee member Rayni Scott is part of an ongoing series produced by the committee to provide judiciary-related insights for TLTA members. The Judiciary Committee, which is chaired by Leslie Johnson, is responsible for recommending to our board of directors TLTA's position on court decisions that could affect the defense of title companies and title agents.
Alanna McCargo Confirmed as Ginnie Mae President
HousingWire | Dec. 15, 2021
The U.S. Senate confirmed Alanna McCargo late Tuesday evening, by voice vote, as president of Ginnie Mae.
The position has been unfilled on a permanent basis since 2017. Ginnie Mae, which is part of the Department of Housing and Urban Development, oversees guarantees totaling around $2.1 trillion of privately issued mortgage-backed securities, according to Ginnie Mae’s most recent unpaid principal balance report.
Bob Broeksmit, president of the Mortgage Bankers Association, issued a statement applauding McCargo’s confirmation, noting that her “experience, knowledge of housing issues, and strong working relationships with a wide array of stakeholders will serve her well in this position.”
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Powell Declares Inflation Big Threat as Fed Signals Rate Hikes
Bloomberg | Dec. 15, 2021
Federal Reserve Chair Jerome Powell signaled on Wednesday that inflation is now enemy No. 1 to keeping the U.S. economic expansion on track and returning the labor market to something approaching ebullient pre-pandemic levels.
In an abrupt policy pivot, the Fed sped up the drawdown of its asset-purchase program and laid out a road map for a series of interest-rate increases over coming years, starting with three hikes in 2022. Powell also raised the possibility that the central bank might begin to withdraw liquidity from the financial system before too long by reducing its massive balance sheet.
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