In This Issue
Housing Issues Update
Administration Announces New Steps in Rental Housing "Junk Fees"
Money Laundering and Terrorist Financing
New FinCEN Director Named
Housing Issues Update
Administration Announces New Steps in Rental Housing "Junk Fees"
The White House and Department of Housing and Urban Development (HUD) announced new steps in their efforts to raise awareness on “junk fees” in rental housing. This is a follow up to their initial “Blueprint for a Tenant’s Bill of Rights,” and included no policy action items from either the Administration or HUD. The White House’s announcement cited three new action steps, which included:
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Commitments from private companies (Zillow, Apartments.com, and AffordableHousing.com) to provide transparency in the fees associated with renting properties. This includes things like application fees, running credit reports, and more.
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Newly announced research from HUD on policy solutions for state and local legislators to address “junk fees.”
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A list of states that have already taken steps to address “junk fees” in a variety of ways.
NAR will continue to monitor this topic and will provide updates as they arise.
President Biden's Fact Sheet on "Junk Fees" in Rental Housing
Jeremy Green, jgreen@nar.realtor, 312-329-8404
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Money Laundering and Terrorist Financing
New FinCEN Director Named
Last week, Treasury Secretary, Janet Yellen announced the appointment of Andrea Gacki as the new Director of the Financial Crimes Enforcement Network (FinCEN). Director Gacki previously served as the Treasury Department's Director of Foreign Assets Control (OFAC) and was responsible for oversight and implementation of many national security priorities, including working to combat illicit finance threats. Director Gacki will be responsible to implementation of the upcoming beneficial ownership rule which goes into effect on January 1, 2024, and she will be responsible for FinCEN's forthcoming regulations for the real estate sector as it relates to non-financed real estate transactions, and continued implementation the Corporate Transparency Act, and the Anti-money Laundering Act.
NAR will continue to provide anti-money laundering and FinCEN updates.
Christie DeSanctis, CDeSanctis@nar.realtor, 202-383-1102
Nia Duggins, nduggins@nar.realtor, 202-383-1085
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