The Financial Crimes Enforcement Network (FinCEN) is seeking public comment on a proposal to require mortgage brokers to file suspicious activity reports with the federal agency. FinCEN is in charge of the government's anti-money laundering efforts and it recently turned its attention to detecting loan modification scams and foreclosure rescue scams. "FinCEN believes that new regulations requiring non-bank residential mortgage lenders and originators to adopt anti-money laundering programs and report suspicious transactions could augment FinCEN's initiatives in these areas," the agency's director James Freis said. The agency is issuing an advance notice of proposed rulemaking for a 30-day comment period.
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