Lenders Get Breathing Room on New Anti-Terrorist Law
April 29, 2002
Mortgage companies and settlement service providers got a break from complying with a new federal anti-terrorist law after the Department of the Treasury decided to hold off until it has evaluated the law’s applicability to those entities. In an April 23 announcement, the Treasury Department said it is deferring for six months the application of the Patriot Act to certain categories of financial institutions until it can develop regulations applicable to them.