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<p class="MsoNormal">I registered to attend and would be happy to participating in the drafting of the comments. Here is another webinar that might be of interest:
<a href="https://event.on24.com/wcc/r/4505507/30D77BB08E1A89B22B7370A72FEC156B?partnerref=Pardot">
Corporate Transparency Act: A Discussion with FinCEN (on24.com)</a><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:7.5pt;font-family:"Verdana",sans-serif;color:silver">__________________________________________________</span><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#1F497D"><br>
</span><b><span style="font-size:9.0pt;font-family:"Verdana",sans-serif;color:#113D6D">Megan Powell</span></b><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#1F497D"><br>
</span><span style="font-size:7.5pt;font-family:"Verdana",sans-serif;color:#113D6D">Director of Underwriting - Direct Division<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:7.5pt;font-family:"Verdana",sans-serif;color:#113D6D"><br>
<img border="0" width="211" height="53" style="width:2.2013in;height:.5555in" id="Picture_x0020_1" src="cid:image001.jpg@01DA6A67.3352EFA0" alt="Description: https://www.firstam.com/assets/email/images/fa-logo-signature.jpg"><br>
</span><span style="font-size:7.5pt;font-family:"Verdana",sans-serif;color:#002060">First American Title Insurance Company<br>
Madison Centre</span><span style="font-size:7.5pt;font-family:"Verdana",sans-serif;color:#113D6D"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:7.5pt;font-family:"Verdana",sans-serif;color:#002060">920 Fifth Avenue, Suite 1250<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:7.5pt;font-family:"Verdana",sans-serif;color:#002060">Seattle, WA 98104<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:7.5pt;font-family:"Verdana",sans-serif;color:#113D6D"><br>
Direct: 206-615-3285<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:7.5pt;font-family:"Verdana",sans-serif;color:#113D6D">Mobile: 206-375-3491<br>
Email: </span><a href="mailto:mpowell@firstam.com"><span style="font-size:7.5pt;font-family:"Verdana",sans-serif">mpowell@firstam.com</span></a><span style="font-size:7.5pt;font-family:"Verdana",sans-serif;color:#113D6D">
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<br>
</span><span style="font-size:7.5pt;font-family:"Verdana",sans-serif;color:#003366">A member of the
</span><a href="http://www.firstam.com/"><span style="font-size:7.5pt;font-family:"Verdana",sans-serif">First American Financial Corporation</span></a><span style="font-size:7.5pt;font-family:"Verdana",sans-serif;color:#003366"><br>
family of companies | </span><a href="http://www.firstam.com/investor"><span style="font-size:7.5pt;font-family:"Verdana",sans-serif">NYSE: FAF</span></a><span style="font-size:7.5pt;font-family:"Verdana",sans-serif;color:#113D6D"><o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal"><b>From:</b> Legislativecommittee1 <legislativecommittee1-bounces@washingtonlandtitle.com>
<b>On Behalf Of </b>Maureen Pfaff<br>
<b>Sent:</b> Wednesday, February 28, 2024 3:35 PM<br>
<b>To:</b> Holland, Sean <Sean.Holland@fnf.com>; 1 WLTA Legislative Committee <legislativecommittee1@washingtonlandtitle.com><br>
<b>Subject:</b> [External] Re: [Legislativecommittee1] ALTA Call on FinCEN proposed rules - March 7; need volunteers to work on WLTA response<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Aptos",sans-serif;color:black">Sean,<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Aptos",sans-serif;color:black"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Aptos",sans-serif;color:black">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.<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Aptos",sans-serif;color:black"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Aptos",sans-serif;color:black">Thanks,
<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Aptos",sans-serif;color:black">Maureen<o:p></o:p></span></p>
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<p class="MsoNormal"><b><span style="color:black">From:</span></b><span style="color:black"> Legislativecommittee1 <<a href="mailto:legislativecommittee1-bounces@washingtonlandtitle.com">legislativecommittee1-bounces@washingtonlandtitle.com</a>> on behalf of
Holland, Sean <<a href="mailto:Sean.Holland@fnf.com">Sean.Holland@fnf.com</a>><br>
<b>Sent:</b> Wednesday, February 28, 2024 9:15 AM<br>
<b>To:</b> 1 WLTA Legislative Committee <<a href="mailto:legislativecommittee1@washingtonlandtitle.com">legislativecommittee1@washingtonlandtitle.com</a>><br>
<b>Subject:</b> [Legislativecommittee1] ALTA Call on FinCEN proposed rules - March 7; need volunteers to work on WLTA response</span>
<o:p></o:p></p>
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<p class="MsoNormal" align="center" style="text-align:center"><span style="color:black"><a href="https://urldefense.com/v3/__http:/www.zixcorp.com/get-started/__;!!L1aKtqoz4WY!f9VUYyzlgh5lRIiygzIMC41IOi-1lzxVoLbu-Q6FYf9QDPK2nIg6-1NMnZM0dk13UyrD3qO-B8kCFuClaDZ9$" target="_blank"><span style="font-size:10.0pt;font-family:"Lato",sans-serif;color:white;text-decoration:none">This
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<p class="xmsonormal">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:<o:p></o:p></p>
<p class="xmsonormal"> <o:p></o:p></p>
<p class="xmsonormal" style="margin-left:.5in">FinCEN aggregate cost estimates suggest that first year costs will be between<o:p></o:p></p>
<p class="xmsonormal" style="margin-left:.5in">approximately $267.3 million and $476.2 million and that the current dollar value of the<o:p></o:p></p>
<p class="xmsonormal" style="margin-left:.5in">aggregate costs in subsequent years will be between approximately $245.0 million and $453.9<o:p></o:p></p>
<p class="xmsonormal" style="margin-left:.5in">million annually. FinCEN also invites public comment on these estimates.<o:p></o:p></p>
<p class="xmsonormal"> <o:p></o:p></p>
<p class="xmsonormal">Any comments on the proposed rules must be submitted by April 16.<o:p></o:p></p>
<p class="xmsonormal"> <o:p></o:p></p>
<p class="xmsonormal">JP and I are both planning on being on the March 7 call “ALTA Insights: Learn How Proposed Real Estate Money Laundering Rule Impacts You.” If you are interested, you can register for the call (it’s free) at
<a href="https://urldefense.com/v3/__https:/portal.alta.org/events/event-details/?id=b3ae2f48-20d0-ee11-92bc-6045bdba0692__;!!L1aKtqoz4WY!f9VUYyzlgh5lRIiygzIMC41IOi-1lzxVoLbu-Q6FYf9QDPK2nIg6-1NMnZM0dk13UyrD3qO-B8kCFlw8OHs2$">
<span style="color:#0563C1">https://portal.alta.org/events/event-details/?id=b3ae2f48-20d0-ee11-92bc-6045bdba0692</span></a>
<o:p></o:p></p>
<p class="xmsonormal"> <o:p></o:p></p>
<p class="xmsonormal">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.<o:p></o:p></p>
<p class="xmsonormal"> <o:p></o:p></p>
<p class="xmsonormal"><b>Sean Holland</b><o:p></o:p></p>
<p class="xmsonormal">VP | Underwriting Counsel<o:p></o:p></p>
<p class="xmsonormal">Washington & Montana<o:p></o:p></p>
<p class="xmsonormal">Fidelity National Title Group<o:p></o:p></p>
<p class="xmsonormal">701 Fifth Avenue, Suite 2700<o:p></o:p></p>
<p class="xmsonormal">Seattle, Washington 98104<o:p></o:p></p>
<p class="xmsonormal">Mobile: 206-308-6823<o:p></o:p></p>
<p class="xmsonormal"><a href="mailto:Sean.Holland@fnf.com">Sean.Holland@fnf.com</a><o:p></o:p></p>
<p class="xmsonormal"> <o:p></o:p></p>
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