Hundreds of our fellow land title professionals from across the country went to Capitol Hill to spotlight issues that are important to all of us in the industry. Fortune Title Agency wanted our local real estate community to know about this effort too. This year, the American Land Title Association focused on two issues: wire fraud and beneficial ownership legislation.
Specifically, attendees asked lawmakers to sign a letter to the Federal Reserve Board urging its members to strengthen the country’s wire transfer system to better protect our customers against wire fraud. In addition, the industry is asking for support of H.R. 2513. This bill, according to ALTA, requires LLCs to file reports with the Financial Crimes Enforcement Network (FinCEN) on their beneficial ownership at the time the LLC is created. Enacting such a law would help us as a title company when it comes to reporting cash transactions.
The Fortune Title family believes that a strong industry at the state and national levels benefit our local partners and customers, and we are committed to staying up to date on everything title for you!