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Sean,</div>
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I registered for the call as well. I will work on some comments that I can submit personally or which can be used in the WLTA response.</div>
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Thanks,
<div>Maureen</div>
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<div id="divRplyFwdMsg" dir="ltr"><font face="Calibri, sans-serif" style="font-size:11pt" color="#000000"><b>From:</b> Legislativecommittee1 <legislativecommittee1-bounces@washingtonlandtitle.com> on behalf of Holland, Sean <Sean.Holland@fnf.com><br>
<b>Sent:</b> Wednesday, February 28, 2024 9:15 AM<br>
<b>To:</b> 1 WLTA Legislative Committee <legislativecommittee1@washingtonlandtitle.com><br>
<b>Subject:</b> [Legislativecommittee1] ALTA Call on FinCEN proposed rules - March 7; need volunteers to work on WLTA response</font>
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<p class="x_MsoNormal"><span style="">Yesterday’s SLRAC call covered FinCEN’s proposed rules (attached). The reporting requirements currently applying in 69 counties subject to Geographic Targeting Orders would be imposed on transactions nation-wide. FinCEN
recognizes that the proposed rules would impose staggering burdens on title companies. This is what FinCEN says on page 90 about the potential economic impact of the rules:</span></p>
<p class="x_MsoNormal"><span style=""> </span></p>
<p class="x_MsoNormal" style="margin-left:.5in"><span style="">FinCEN aggregate cost estimates suggest that first year costs will be between</span></p>
<p class="x_MsoNormal" style="margin-left:.5in"><span style="">approximately $267.3 million and $476.2 million and that the current dollar value of the</span></p>
<p class="x_MsoNormal" style="margin-left:.5in"><span style="">aggregate costs in subsequent years will be between approximately $245.0 million and $453.9</span></p>
<p class="x_MsoNormal" style="margin-left:.5in"><span style="">million annually. FinCEN also invites public comment on these estimates.</span></p>
<p class="x_MsoNormal"><span style=""> </span></p>
<p class="x_MsoNormal"><span style="">Any comments on the proposed rules must be submitted by April 16.</span></p>
<p class="x_MsoNormal"><span style=""> </span></p>
<p class="x_MsoNormal"><span style="">JP and I are both planning on being on the March 7 call “ALTA Insights: Learn How Proposed Real Estate Money Laundering Rule Impacts You.” If you are interested, you can register for the call (it’s free) at
<a href="https://portal.alta.org/events/event-details/?id=b3ae2f48-20d0-ee11-92bc-6045bdba0692">
<span style="color:#0563C1">https://portal.alta.org/events/event-details/?id=b3ae2f48-20d0-ee11-92bc-6045bdba0692</span></a>
</span></p>
<p class="x_MsoNormal"><span style=""> </span></p>
<p class="x_MsoNormal"><span style="">We could use at least a couple of volunteers to participate in preparing comments for the WLTA to submit. In particular, I hope some agent members will consider submitting their own comments outlining the burden these
proposed rules would impose on their businesses.</span></p>
<p class="x_MsoNormal"> </p>
<p class="x_MsoNormal"><b><span style="">Sean Holland</span></b></p>
<p class="x_MsoNormal"><span style="">VP | Underwriting Counsel</span></p>
<p class="x_MsoNormal"><span style="">Washington & Montana</span></p>
<p class="x_MsoNormal"><span style="">Fidelity National Title Group</span></p>
<p class="x_MsoNormal"><span style="">701 Fifth Avenue, Suite 2700</span></p>
<p class="x_MsoNormal"><span style="">Seattle, Washington 98104</span></p>
<p class="x_MsoNormal"><span style="">Mobile: 206-308-6823</span></p>
<p class="x_MsoNormal"><span style=""><a href="mailto:Sean.Holland@fnf.com">Sean.Holland@fnf.com</a></span></p>
<p class="x_MsoNormal"><span style=""> </span></p>
<p class="x_MsoNormal"> </p>
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