Dozens of state regulators may have trouble absorbing new anti-money laundering oversight duties for nonbank mortgage lenders should Congress approve a plan forwarded by the Obama administration.
The costs associated with new federal rules requiring mortgage firms to adopt anti-money laundering programs could drive some nonprofit lenders out of the market, companies say.
The U.S. Treasury Department said Monday it plans to close a "regulatory gap" by requiring non-bank mortgage lenders to report suspicious activity to the country's financial intelligence unit.
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