It is unconscionable to require a neutral third party in a non-financed residential real estate transaction—particularly involving an entity—to report non-public financial information to the federal government. Settlement agents do not originate or control the funds, nor do they operate as investigative bodies.

In practice, these transactions do not involve “little brown bags of cash.” Funds are transmitted through regulated financial channels such as Fedwire, cashier’s checks, and other verified instruments—systems already subject to federal oversight and traceability. Imposing this reporting burden on settlement professionals ignores both the reality of how funds move and the limits of their role.