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December 2018 Compliance Journal: Regulatory Spotlight

The below article is the Regulatory Spotlight section of the December 2018 Compliance Journal. The full issue may be viewed by clicking here.

Agencies Propose Reduced Reporting for Covered Depository Institutions.

The Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) issued a proposed rule that would implement section 205 of the Economic Growth, Regulatory Relief, and Consumer Protection Act by: Expanding the eligibility to file the agencies’ most streamlined report of condition, the FFIEC 051 Call Report, to include certain insured depository institutions with less than $5 billion in total consolidated assets that meet other criteria; and, establishing reduced reporting on the FFIEC 051 Call Report for the first and third reports of condition for a year. OCC and FRB also are proposing similar reduced reporting for certain uninsured institutions that they supervise with less than $5 billion in total consolidated assets that otherwise meet the same criteria. Comments are due 01/18/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-19/pdf/2018-24587.pdf. Federal Register, Vol. 83, No. 223, 11/19/2018, 58432-58458.

Agencies Propose Amendments to Real Estate Appraisals Regulations.

The Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) issued a proposed rule to amend the agencies’ regulations requiring appraisals for certain real estate-related transactions. The proposed rule would increase the threshold level at or below which appraisals would not be required for residential real estate-related transactions from $250,000 to $400,000. Consistent with the requirement for other transactions that fall below applicable thresholds, regulated institutions would be required to obtain an evaluation of the real property collateral that is consistent with safe and sound banking practices. The proposed rule would make conforming changes to add transactions secured by residential property in rural areas that have been exempted from the agencies’ appraisal requirement pursuant to the Economic Growth, Regulatory Relief and Consumer Protection Act to the list of exempt transactions. The proposed rule would require evaluations for these exempt transactions. Pursuant to the Dodd-Frank Act, the proposed rule would amend the agencies’ appraisal regulations to require regulated institutions to subject appraisals for federally related transactions to appropriate review for compliance with the Uniform Standards of Professional Appraisal Practice. Comments are due 02/05/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-12-07/pdf/2018-26507.pdf. Federal Register, Vol. 83, No. 235, 12/06/2018, 63110-63127.  

Agencies Propose Amendments to Regulation CC.

The Bureau of Consumer Financial Protection (CFPB), and the Board of Governors of the Federal Reserve System are proposing amendments to Regulation CC, which implements the Expedited Funds Availability Act (EFA Act), and are also providing an additional opportunity for public comment on certain amendments to Regulation CC that FRB proposed in 2011. In the 2018 Proposal, the Agencies are proposing a calculation methodology for implementing a statutory requirement to adjust the dollar amounts in the EFA Act every five years by the aggregate annual percentage increase in the Consumer Price Index for Wage Earners and Clerical Workers (CPI–W) rounded to the nearest multiple of $25. The 2018 Proposal would also implement the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) amendments to the EFA Act, which include extending coverage to American Samoa, the Commonwealth of the Northern Mariana Islands, and Guam, and would make certain other technical amendments. With regard to reopening comments on the 2011 Funds Availability Proposal, FRB published proposed amendments to Regulation CC in the Federal Register on 03/25/2011, CFPB and FRB now have joint rulemaking authority and are reopening the comment period. Comments on the 2018 Proposal and the 2011 Funds Availability Proposal are due 02/08/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-12-10/pdf/2018-25746.pdf. Federal Register, Vol. 83, No. 236, 12/10/2018, 63431-63444.

CFPB Issues Semiannual Regulatory Agenda.

The Bureau of Consumer Financial Protection (CFPB) published an agenda as part of the Fall 2018 Unified Agenda of Federal Regulatory and Deregulatory Actions. CFPB reasonably anticipates having the regulatory matters identified in its agenda under consideration during the period from 10/01/2018 to 09/30/2019. The next agenda will be published in spring 2019 and will update the agenda through spring 2020. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-16/pdf/2018-24167.pdf. Federal Register, Vol. 83, No. 222, 11/16/2018, 58118-58121.  

CFPB Requests Comment on Information Collections.

  • CFPB announced it seeks comment on the information collection titled Consumer Leasing Act (Regulation M). CFPB also gave notice that it sent the collection to OMB for review. Comments are due 12/31/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-29/pdf/2018-25972.pdf. Federal Register, Vol. 83, No. 230, 11/29/2018, 61378-61379.
  • CFPB announced it seeks comment on the information collection titled Mortgage Acts And Practices (Regulation N). CFPB also gave notice that it sent the collection to OMB for review. Comments are due 12/31/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-29/pdf/2018-25973.pdf. Federal Register, Vol. 83, No. 230, 11/29/2018, 61376-61377.
  • CFPB announced it seeks comment on the information collection titled Mortgage Assistance Relief Services (Regulation O). CFPB also gave notice that it sent the collection to OMB for review. Comments are due 12/31/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-29/pdf/2018-25979.pdf. Federal Register, Vol. 83, No. 230, 11/29/2018, 61377-61378.
  • CFPB announced it seeks comment on the information collection titled Registration of Mortgage Loan Originators (Regulation G). CFPB also gave notice that it sent the collection to OMB for review. Comments are due 12/31/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-29/pdf/2018-25980.pdf. Federal Register, Vol. 83, No. 230, 11/29/2018, 61377.

FRB Finalizes Rule on Federal Reserve Bank Capital Stock.

The Board of Governors of the Federal Reserve System (FRB) is publishing a final rule that applies an inflation adjustment to the threshold for total consolidated assets in Regulation I. Federal Reserve Bank (Reserve Bank) stockholders that have total consolidated assets above the threshold receive a different dividend rate on their Reserve Bank stock than stockholders with total consolidated assets at or below the threshold. The Federal Reserve Act requires that FRB annually adjust the total consolidated asset threshold to reflect the change in the Gross Domestic Product Price Index, published by the Bureau of Economic Analysis (BEA). Based on the change in the Gross Domestic Product Price Index as of 09/27/2018, the total consolidated asset threshold will be $10,518,000,000 through 12/31/2019. The final rule is effective 01/01/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-20/pdf/2018-25266.pdf. Federal Register, Vol. 83, No. 224, 11/20/2018, 58466-58467. 

FRB Finalizes Amendments to Large Financial Institution Rating System.

FRB is adopting a new rating system for large financial institutions to align with FRB’s current supervisory programs and practices for these firms. The final rating system applies to bank holding companies and non-insurance, non-commercial savings and loan holding companies with total consolidated assets of $100 billion or more, and U.S. intermediate holding companies of foreign banking organizations established under Regulation YY with total consolidated assets of $50 billion or more. The rating system will assign component ratings for capital planning and positions, liquidity risk management and positions, and governance and controls, and introduces a new rating scale. FRB will assign initial ratings under the new rating system in 2019 for bank holding companies and U.S. intermediate holding companies subject to the Large Institution Supervision Coordinating Committee framework and in 2020 for all other large financial institutions. FRB is revising provisions in Regulations K and LL so they will remain consistent with certain features of the new rating system. The final rule is effective 02/01/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-21/pdf/2018-25350.pdf. Federal Register, Vol. 83, No. 225, 11/21/2018, 58724-58739.

FRB Finalizes Amendments to Regulation J.

FRB published final amendments to Regulation J. The amendments clarify and simplify certain provisions Regulation J, remove obsolete provisions, and align the rights and obligations of sending banks, paying banks, and Federal Reserve Banks with the FRB’s recent amendments to Regulation CC to reflect the virtually all-electronic check collection and return environment. The final rule also amends Regulation J to clarify that terms used in financial messaging standards, such as ISO 20022, do not confer legal status or responsibilities. The rule is effective 01/01/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-30/pdf/2018-25267.pdf. Federal Register, Vol. 83, No. 231, 11/30/2018, 61509-61523.

FRB Proposes Amendments to Equal Employment Opportunity Regulations.

FRB is proposing to revise and expand its equal employment opportunity regulation to adopt recent changes the Equal Employment Opportunity Commission (EEOC) had made to its rules. FRB’s proposed rule is intended to provide FRB employees, applicants for employment, and others with the same substantive and procedural rights generally guaranteed to others under Title VII of the Civil Rights Act of 1964, the Equal Pay Act, the Age Discrimination in Employment Act, and the Rehabilitation Act and thus to comply with the spirit of those laws. FRB’s proposed rule also clarifies provisions related to FRB employees’ right to bring a claim before the Merit System Protection Board and the Federal Labor Relations Board. Comments are due 12/17/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-15/pdf/2018-24613.pdf. Federal Register, Vol. 83, No. 221, 11/15/2018, 57343-57351.

FRB Proposes Prudential Standards for Large Bank Holding Companies and Savings and Loan Companies.

FRB issued a proposed rule that would establish risk-based categories for determining prudential standards for large U.S. banking organizations, consistent with section 401 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The proposal would also amend certain prudential standards, including standards relating to liquidity, risk management, stress testing, and single-counterparty credit limits, to reflect the risk profiles of banking organizations under each proposed category of standards and would apply prudential standards to certain large savings and loan holding companies using the same categories. In addition, the proposal would make corresponding changes to reporting forms. Separately, FRB, OCC and FDIC, are proposing amendments to the agencies’ capital and liquidity requirements based on the same categories. The proposal would not apply to foreign banking organizations, including to an intermediate holding company of a foreign banking organization. Comments are due 01/22/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-29/pdf/2018-24464.pdf. Federal Register, Vol. 83, No. 230, 11/29/2018, 61408-61460.

FRB Requests Comment on Interbank Settlement of Payments.

FRB is seeking input on potential actions that it could take to promote ubiquitous, safe, and efficient faster payments in the United States by facilitating real-time interbank settlement of faster payments. While FRB is not committing to any specific actions, potential actions include FRB developing a service for 24x7x365 real-time interbank settlement of faster payments; and a liquidity management tool that would enable transfers between Federal Reserve accounts on a 24x7x365 basis to support services for real-time interbank settlement of faster payments, whether those services are provided by the private sector or the Federal Reserve Banks. FRB is seeking input on whether these actions, separately or in combination, or alternative approaches, would help achieve ubiquitous, nationwide access to safe and efficient faster payments. Comments are due 12/14/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-15/pdf/2018-24667.pdf. Federal Register, Vol. 83, No. 221, 11/15/2018, 57351-57364.

FRB Requests Comment on Information Collections.

  • FRB announced it seeks comment on the information collection titled Domestic Branch Notification. FRB also gave notice that it sent the collection to OMB for review. Comments are due 01/29/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-30/pdf/2018-26087.pdf. Federal Register, Vol. 83, No. 231, 11/30/2018, 61636-61637.
  • FRB announced it seeks comment on the information collection titled Recordkeeping Provisions Associated with the Guidance on Sound Incentive Compensation Policies. FRB also gave notice that it sent the collection to OMB for review. Comments are due 01/29/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-30/pdf/2018-26088.pdf. Federal Register, Vol. 83, No. 231, 11/30/2018, 61637-61638.
  • FRB announced it seeks comment on the information collection titled Application to Become a Savings and Loan Holding Company or to Acquire a Savings Association or Savings and Loan Holding Company. FRB also gave notice that it sent the collection to OMB for review. Comments are due 01/29/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-30/pdf/2018-26089.pdf. Federal Register, Vol. 83, No. 231, 11/30/2018, 61635-61636.

FRB Issues Semiannual Regulatory Agenda.

FRB published an agenda as part of the Fall 2018 Unified Agenda of Federal Regulatory and Deregulatory Actions. FRB reasonably anticipates having the regulatory matters identified in its agenda under consideration during the period from 10/01/2018 to 09/30/2019. The next agenda will be published in spring 2019 and will update the agenda through spring 2020. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-16/pdf/2018-23934.pdf. Federal Register, Vol. 83, No. 222, 11/16/2018, 58158-58160.

FDIC Finalizes Amendments to Regulations Regarding Fiduciary Powers of State Savings Associations.

The Federal Deposit Insurance Corporation (FDIC) is adopting a final rule to rescind and remove regulations entitled Fiduciary Powers of State Savings Associations, from the Code of Federal Regulations, and to amend current FDIC regulations regarding consent to exercise trust powers to reflect the applicability of these parts to both State savings associations and State nonmember banks. The final rule is effective 01/01/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-26/pdf/2018-25659.pdf. Federal Register, Vol. 83, No. 227, 11/26/2018, 6033-60337.

FDIC Finalizes Amendments to Rules of Practice and Procedure.

FDIC is amending its rules of practice and procedure to remove duplicative, descriptive regulatory language related to civil money penalty (CMP) amounts that restates existing statutory language regarding such CMPs; codify Congress’s recent change to CMP inflation-adjustments in FDIC’s regulations; and direct readers to an annually published notice in the Federal Register for information regarding the maximum CMP amounts that can be assessed after inflation adjustments. These revisions are intended to simplify the CFR by removing unnecessary and redundant text and to make it easier for readers to locate the current, inflation-adjusted maximum CMP amounts by presenting these amounts in an annually published chart. Additionally, FDIC is correcting four errors and revising cross-references currently found in its rules of practice and procedure. The rule is effective 01/15/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-28/pdf/2018-25660.pdf. Federal Register, Vol. 83, No. 229, 11/28/2018, 61111-61116.

FDIC Issues Terminations of Receiverships.

FDIC as Receiver was charged with the duty of winding up the affairs of former depository institutions and liquidating all related assets. The Receiver has fulfilled its obligations and made all dividend distributions required by law. The Receiver has further irrevocably authorized and appointed FDIC-Corporate as its attorney-in-fact to execute and file any and all documents that may be required to be executed by the Receiver which FDIC-Corporate, in its sole discretion, deems necessary, including but not limited to releases, discharges, satisfactions, endorsements, assignments, and deeds. Effective on the termination dates listed in the final column of the chart in the notice, the Receiverships have been terminated, the Receiver has been discharged, and the Receiverships have ceased to exist as legal entities. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-12-07/pdf/2018-26539.pdf. Federal Register, Vol. 83, No. 235, 12/07/2018, 63162.

FDIC Requests Comment on Small-Dollar Lending.

FDIC is seeking comments and information from interested parties on small-dollar lending, including steps that can be taken to encourage FDIC-supervised financial institutions to offer small-dollar credit products that are responsive to customers’ needs and that are underwritten and structured prudently and responsibly. Comments are due 01/22/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-20/pdf/2018-25257.pdf. Federal Register, Vol. 83, No. 224, 11/20/2018, 58566-58568.

FDIC Requests Comment in Information Collections.

  • FDIC announced it seeks comment on the information collection titled Multi-to-Stock Conversion of State Savings Banks. FDIC also gave notice that it sent the collection to OMB for review. Comments are due 01/22/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-23/pdf/2018-25425.pdf. Federal Register, Vol. 83, No. 226, 11/23/2018, 59383-59385.
  • FDIC announced it seeks comment on the information collection titled Acquisition Services Information Requirements. FDIC also gave notice that it sent the collection to OMB for review. Comments are due 12/24/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-23/pdf/2018-25479.pdf. Federal Register, Vol. 83, No. 226, 11/23/2018, 59380-59382.
  • FDIC announced it seeks comment on the information collection titled Notices Required of Government Securities Dealers or Brokers. FDIC also gave notice that it sent the collection to OMB for review. Comments are due 01/22/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-23/pdf/2018-25520.pdf. Federal Register, Vol. 83, No. 226, 11/23/2018, 59382-59383.
  • FDIC announced it seeks comment on the information collection titled Furnisher Information Accuracy and Integrity (FACTA 312). FDIC also gave notice that it sent the collection to OMB for review. Comments are due 01/28/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-27/pdf/2018-25762.pdf. Federal Register, Vol. 83, No. 228, 11/27/2018, 60862-60863.
  • FDIC announced it seeks comment on the information collection titled Procedures for Monitoring Bank Protection Act Compliance. FDIC also gave notice that it sent the collection to OMB for review. Comments are due 02/08/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-12-10/pdf/2018-26584.pdf. Federal Register, Vol. 83, No. 236, 12/10/2018, 63507-63508.

OCC Requests Comment on Information Collections.

  • The Office of the Comptroller of the Currency (OCC) announced it seeks comment on the information collection titled Fiduciary Activities. OCC also gave notice that it sent the collection to OMB for review. Comments are due 01/14/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-13/pdf/2018-24612.pdf. Federal Register, Vol. 83, No. 219, 11/13/2018, 56400-56402.
  • OCC announced it seeks comment on the information collection titled Identity Theft Red Flags and Address Discrepancies under the Fair and Accurate Credit Transactions Act of 2003. OCC also gave notice that it sent the collection to OMB for review. Comments are due 01/14/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-13/pdf/2018-24615.pdf. Federal Register, Vol. 83, No. 219, 11/13/2018, 56402-56404.
  • OCC announced it seeks comment on the information collection titled Leveraged Lending. OCC also gave notice that it sent the collection to OMB for review. Comments are due 01/14/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-13/pdf/2018-24616.pdf. Federal Register, Vol. 83, No. 219, 11/13/2018, 56399-56400.
  • OCC announced it seeks comment on the information collection titled Funding and Liquidity Risk Management. OCC also gave notice that it sent the collection to OMB for review. Comments are due 02/04/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-12-04/pdf/2018-26251.pdf. Federal Register, Vol. 83, No. 233, 12/04/2018, 62671-62672.
  • OCC announced it seeks comment on the information collection titled Leasing. OCC also gave notice that it sent the collection to OMB for review. Comments are due 02/04/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-12-04/pdf/2018-26252.pdf. Federal Register, Vol. 83, No. 233, 12/03/2018, 62670-62671.
  • OCC announced it seeks comment on the information collection titled Annual Stress Test Rule. OCC also gave notice that it sent the collection to OMB for review. Comments are due 02/04/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-12-06/pdf/2018-26382.pdf. Federal Register, Vol. 83, No. 234, 12/06/2018, 62953-62954.

OCC Announces Renewal of Mutual Savings Association Advisory Committee Charter.

OCC has determined that the renewal of the charter of the OCC Mutual Savings Association Advisory Committee is necessary and in the public interest. OCC hereby gives notice of the renewal of the charter. The charter for the committee has been renewed for a two-year period that began on 09/19/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-14/pdf/2018-24723.pdf. Federal Register, Vol. 83, No. 220, 11/14/2018, 56914.

HUD Finalizes Manufactured Home Procedural and Enforcement Regulations.

The Department of Housing and Urban Development (HUD) issued a rulemaking revising the exemption for the manufacture of recreational vehicles to clarify which recreational vehicles qualify for an exemption from HUD’s Manufactured Home Construction and Safety Standards and Manufactured Home Procedural and Enforcement regulations. HUD is adopting a recommendation of the Manufactured Housing Consensus Committee (MHCC) but expanding the definition of recreational vehicle and modifying it to require certification with the updated ANSI standard, A119.5–15. The final rule is effective 01/15/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-16/pdf/2018-24950.pdf. Federal Register, Vol. 83, No. 222, 11/16/2018, 57677-57689.

HUD Requests Comment on Information Collections.

  • HUD announced it seeks comment on the information collection titled Legal Instructions Concerning Applications for Full Insurance Benefits—Assignment of Multifamily Mortgage to the Secretary. HUD also gave notice that it sent the collection to OMB for review. Comments are due 01/25/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-26/pdf/2018-25656.pdf. Federal Register, Vol. 83, No. 227, 11/26/2018, 60440-60441.
  • HUD announced it seeks comment on the information collection titled Multifamily Financial Management Template. HUD also gave notice that it sent the collection to OMB for review. Comments are due 12/26/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-26/pdf/2018-25653.pdf. Federal Register, Vol. 83, No. 227, 11/26/2018, 60442.
  • HUD announced it seeks comment on the information collection titled Standardized Form for Collecting Information Regarding Race and Ethnic Data. HUD also gave notice that it sent the collection to OMB for review. Comments are due 02/04/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-12-04/pdf/2018-26338.pdf. Federal Register, Vol. 83, No. 233, 12/04/2018, 62599-62600.

FEMA Issues Final Rules on Suspensions of NFIP Community Eligibility.

  • The Federal Emergency Management Agency (FEMA) issued a final rule which identifies communities in the state of Iowa, where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP) that are scheduled for suspension on the effective dates listed within the final rule because of noncompliance with the floodplain management requirements of the program. If FEMA receives documentation that the community has adopted the required floodplain management measures prior to the effective suspension date given in the final rule, the suspension will not occur and a notice of this will be provided by publication in the Federal Register on a subsequent date. The effective date of each community’s scheduled suspension is the third date listed in the third column of the tables in the final rule. The final rule may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-13/pdf/2018-24692.pdf. Federal Register, Vol. 83, No. 219, 11/13/2018, 56269-56271.
  • FEMA issued a final rule which identifies communities in the states of Iowa, and Minnesota, where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP) that are scheduled for suspension on the effective dates listed within the final rule because of noncompliance with the floodplain management requirements of the program. If FEMA receives documentation that the community has adopted the required floodplain management measures prior to the effective suspension date given in the final rule, the suspension will not occur and a notice of this will be provided by publication in the Federal Register on a subsequent date. The effective date of each community’s scheduled suspension is the third date listed in the third column of the tables in the final rule. The final rule may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-12-04/pdf/2018-26132.pdf. Federal Register, Vol. 83, No. 233, 12/04/2018, 62494-62496.

FEMA Issues Notice of Changes in Flood Hazard Determinations.

  • FEMA has issued a notice which lists communities in the states of Illinois, Indiana, Minnesota, and Wisconsin, where the addition or modification of Base Flood Elevations (BFEs), base flood depths, Special Flood Hazard Area (SFHA) boundaries or zone designations, or the regulatory floodway (hereinafter referred to as flood hazard determinations), as shown on the Flood Insurance Rate Maps (FIRMs), and where applicable, in the supporting Flood Insurance Study (FIS) reports, prepared by FEMA for each community, is appropriate because of new scientific or technical data. The flood hazard determinations will become effective on the dates listed in the table in the notice and revise the FIRM panels and FIS report in effect prior to the determination for the listed communities. From the date of the second publication of notification of these changes in a newspaper of local circulation, any person has ninety (90) days in which to request through the community that the Deputy Associate Administrator for Mitigation reconsider the changes. The flood hazard determination information may be changed during the 90-day period. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-30/pdf/2018-26004.pdf. Federal Register, Vol. 83, No. 231, 11/30/2018, 61659-61662.
  • FEMA has issued a notice which lists communities in the states of Illinois, Minnesota, and Nebraska, where the addition or modification of Base Flood Elevations (BFEs), base flood depths, Special Flood Hazard Area (SFHA) boundaries or zone designations, or the regulatory floodway (hereinafter referred to as flood hazard determinations), as shown on the Flood Insurance Rate Maps (FIRMs), and where applicable, in the supporting Flood Insurance Study (FIS) reports, prepared by FEMA for each community, is appropriate because of new scientific or technical data. The flood hazard determinations will become effective on the dates listed in the table in the notice and revise the FIRM panels and FIS report in effect prior to the determination for the listed communities. From the date of the second publication of notification of these changes in a newspaper of local circulation, any person has ninety (90) days in which to request through the community that the Deputy Associate Administrator for Mitigation reconsider the changes. The flood hazard determination information may be changed during the 90-day period. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-12-03/pdf/2018-26173.pdf. Federal Register, Vol. 83, No. 232, 12/03/2018, 62334-62335.

FEMA Issues Proposed Flood Hazard Determinations.

FEMA has requested comments on proposed flood hazard determinations, which may include additions or modifications of any Base Flood Elevation (BFE), base flood depth, Special Flood Hazard Area (SFHA) boundary or zone designation, or regulatory floodway on the Flood Insurance Rate Maps (FIRMs), and where applicable, in the supporting Flood Insurance Study (FIS) reports for communities in the state of Iowa. The FIRM and FIS report are the basis of the floodplain management measures that the community is required either to adopt or to show evidence of having in effect in order to qualify or remain qualified for participation in the National Flood Insurance Program (NFIP). Comments are due 02/21/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-23/pdf/2018-25525.pdf. Federal Register, Vol. 83, No. 226, 11/23/2018, 59398-59399.

FinCEN Announces Members of Combined Performance Review Board.

The Financial Crimes Enforcement Network (FinCEN) announced the members of the Combined Performance Review Board (PRB) for the Bureau of the Fiscal Service (BFS), the Bureau of Engraving and Printing (BEP), the United States Mint, the Alcohol and Tobacco Tax and Trade Bureau (TTB), and the Financial Crimes Enforcement Network (FinCEN). The Combined PRB reviews the performance appraisals of career senior executives who are below the level of bureau head and principal deputy in the bureaus, except for executives below the Assistant Commissioner/Executive Director level in the Bureau of Fiscal Service. The Combined PRB makes recommendations regarding proposed performance appraisals, ratings, bonuses, pay adjustments, and other appropriate personnel actions. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-20/pdf/2018-25303.pdf. Federal Register, Vol. 83, No. 224, 11/20/2018, 58688-58689.

Treasury Proposes Amendments to 401(k) Hardship Distributions Regulations.

The Department of the Treasury (Treasury) proposed amendments to the regulations relating to hardship distributions from section 401(k) plans. The amendments reflect statutory changes affecting section 401(k) plans, including recent changes made by the Bipartisan Budget Act of 2018. These regulations would affect participants in, beneficiaries of, employers maintaining, and administrators of plans that contain cash or deferred arrangements or provide for employee or matching contributions. Comments are due 01/14/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-14/pdf/2018-24812.pdf. Federal Register, Vol. 83, No. 220, 11/14/2018, 56763-56768.

Treasury Proposes Amendments to User Fees Relating to Enrolled Agents and Enrolled Retirement Plan Agents.

Treasury proposed amendments to the regulations relating to imposing user fees for enrolled agents and enrolled retirement plan agents. The proposed regulations remove the initial enrollment user fee for enrolled retirement plan agents because the IRS no longer offers initial enrollment as an enrolled retirement plan agent. The proposed regulations also increase the amount of the renewal user fee for enrolled retirement plan agents from $30 to $67. In addition, the proposed regulations increase the amount of both the enrollment and renewal user fee for enrolled agents from $30 to $67. The proposed regulations affect individuals who are or apply to become enrolled agents and individuals who are enrolled retirement plan agents. The Independent Offices Appropriations Act of 1952 authorizes charging user fees. Comments are due 01/18/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-19/pdf/2018-25210.pdf. Federal Register, Vol. 83, No. 223, 11/19/2018, 58202-58206.

Treasury Proposes Amendments of Basic Exclusion Amount for Estate and Gift Taxes.

Treasury issued proposed regulations addressing the effect of recent legislative changes to the basic exclusion amount used in computing Federal gift and estate taxes. The proposed regulations will affect donors of gifts made after 2017 and the estates of decedents dying after 2017. The proposed regulation would increase the basic exclusion amount by $5 million to $10 million as adjusted for inflation for decedents dying and gifts made after 12/31/2017, and before 01/01/2026. On 01/01/2026, the basic exclusion amount will revert to $5 million. Comments are due 02/21/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-23/pdf/2018-25538.pdf. Federal Register, Vol. 83, No. 226, 11/23/2018, 59343-59348.

Treasury Requests Comment on Information Collections.

  • Treasury announced it seeks comment on the information collection titled Notice Concerning Fiduciary Relationship/Notice Concerning Fiduciary Relationship of Financial Institution. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 12/31/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-30/pdf/2018-26039.pdf. Federal Register, Vol. 83, No. 231, 11/30/2018, 61722-61726.
  • Treasury announced it seeks comment on the information collection titled Trace Request for EFT Payments. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 12/31/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-30/pdf/2018-26064.pdf. Federal Register, Vol. 83, No. 231, 11/30/2018, 61726-61727.
  • Treasury announced it seeks comment on the information collection titled Information Reporting on Transactions With Foreign Trusts and on Large Foreign Gifts. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 02/01/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-12-03/pdf/2018-26161.pdf. Federal Register, Vol. 83, No. 232, 12/03/2018, 62403.
  • Treasury announced it seeks comment on the information collection titled Form 5304–SIMPLE, Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)—Not for Use With a Designated Financial Institution, Form 5305–SIMPLE; Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)—for Use With a Designated Financial Institution; SIMPLE IRA Plan Guidance(Notice 98–4). Treasury also gave notice that it sent the collection to OMB for review. Comments are due 02/04/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-12-06/pdf/2018-26470.pdf. Federal Register, Vol. 83, No. 234, 12/06/2018, 62956-62957.
  • Treasury announced it seeks comment on the information collection titled Taxation of Gain or Loss from Certain Nonfunctional Currency Transactions (Section 988 Transactions). Treasury also gave notice that it sent the collection to OMB for review. Comments are due 02/08/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-12-10/pdf/2018-26625.pdf. Federal Register, Vol. 83, No. 236, 12/10/2018, 63558.

Treasury Issues Semiannual Regulatory Agenda.

Treasury published an agenda as part of the Fall 2018 Unified Agenda of Federal Regulatory and Deregulatory Actions. Treasury reasonably anticipates having the regulatory matters identified in its agenda under consideration during the period from 10/01/2018 to 09/30/2019. The next agenda will be published in spring 2019 and will update the agenda through spring 2020. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-16/pdf/2018-24092.pdf. Federal Register, Vol. 83, No. 222, 11/16/2018, 58072-58073.

FHFA Finalizes Rule on Operation of the Financing Corporation.

The Federal Housing Finance Agency (FHFA) is adopting a final rule pertaining to the operation of the Financing Corporation (FICO), a vehicle established by one of FHFA’s predecessors to issue bonds, the proceeds of which were used to help fund the resolution of failed savings and loan associations during the 1980s. The last of those FICO bonds will mature in September 2019. By statute, FICO obtains the monies to pay the interest on those bonds by assessing depository institutions (FICO assessments) that are insured by the Federal Deposit Insurance Corporation (FDIC). The final rule addresses the manner in which FICO will conduct the 2019 FICO assessments, which will be the last of those assessments. Specifically, the final rule provides that all payments made by FDIC-insured depository institutions during 2019 are final, and that no adjustments to prior FICO assessments will be permitted after 03/26/2019, the projected date as of which the FDIC will finalize the amounts of the final collection for the 2019 FICO assessments. The rule is effective 01/07/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-12-07/pdf/2018-26449.pdf. Federal Register, Vol. 83, No. 235, 12/07/2018, 63054-63059.

SBA Issues Semiannual Regulatory Agenda.

The Small Business Administration (SBA) published an agenda as part of the Fall 2018 Unified Agenda of Federal Regulatory and Deregulatory Actions. SBA reasonably anticipates having the regulatory matters identified in its agenda under consideration during the period from 10/01/2018 to 09/30/2019. The next agenda will be published in spring 2019 and will update the agenda through spring 2020. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-16/pdf/2018-24165.pdf. Federal Register, Vol. 83, No. 222, 11/16/2018, 58094-58097.

SBA Extends Comment Period for Express Loan Programs Proposal.

SBA announced the extension of the current comment period for a proposed rulemaking originally published in the Federal Register on 09/28/2018 regarding Express loan programs and affiliation standards. The new comment due date is 12/18/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-16/pdf/2018-25037.pdf. Federal Register, Vol. 83, No. 222, 11/16/2018, 57693.

SBA Requests Comment on Information Collections.

  • SBA announced it seeks comment on the information collection titled Microloan Program Electronic Reporting System (MPERS) (MPERsystem). SBA also gave notice that it sent the collection to OMB for review. Comments are due 01/22/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-21/pdf/2018-25335.pdf. Federal Register, Vol. 83, No. 225, 11/21/2018, 58804-58805.
  • SBA announced it seeks comment on the information collection titled Borrower’s Progress Certification. SBA also gave notice that it sent the collection to OMB for review. Comments are due 01/22/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-21/pdf/2018-25348.pdf. Federal Register, Vol. 83, No. 225, 11/21/2018, 58805.
  • SBA announced it seeks comment on the information collection titled 8(a) Participant Benefits Report. SBA also gave notice that it sent the collection to OMB for review. Comments are due 01/22/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-23/pdf/2018-25511.pdf. Federal Register, Vol. 83, No. 226, 11/23/2018, 59440-59441.
  • SBA announced it seeks comment on the information collection titled Servicing Agent Agreement. SBA also gave notice that it sent the collection to OMB for review. Comments are due 01/22/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-23/pdf/2018-25513.pdf. Federal Register, Vol. 83, No. 226, 11/23/2018, 59441-59442.
  • SBA announced it seeks comment on the information collection titled Regional Innovation Clusters (RIC) Initiative Evaluation Study. SBA also gave notice that it sent the collection to OMB for review. Comments are due 01/22/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-23/pdf/2018-25514.pdf. Federal Register, Vol. 83, No. 226, 11/23/2018, 59441.
  • SBA announced it seeks comment on the information collection titled Request for Information Concerning Portfolio Financing. SBA also gave notice that it sent the collection to OMB for review. Comments are due 01/22/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-23/pdf/2018-25515.pdf. Federal Register, Vol. 83, No. 226, 11/23/2018, 59440.
  • SBA announced it seeks comment on the information collection titled Federal Cash Transaction Report; Financial Status Report Program Income Report Narrative Program Report. SBA also gave notice that it sent the collection to OMB for review. Comments are due 01/22/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-23/pdf/2018-25519.pdf. Federal Register, Vol. 83, No. 226, 11/23/2018, 59440.
  • SBA announced it seeks comment on the information collection titled Settlement Sheet. SBA also gave notice that it sent the collection to OMB for review. Comments are due 12/27/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-27/pdf/2018-25799.pdf. Federal Register, Vol. 83, No. 228, 11/27/2018, 60936-60937.

FSA Requests Comment on Information Collections.

The Farm Service Agency (FSA) announced it seeks comment on the information collection titled Servicing Minor Program Loans. FSA also gave notice that it sent the collection to OMB for review. Comments are due 01/14/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-13/pdf/2018-24641.pdf. Federal Register, Vol. 83, No. 219, 11/13/2018, 56274-56275.

FCIC Finalizes Forage Seeding Crop Insurance Regulations.

The Federal Crop Insurance Corporation (FCIC) ) amends the Common Crop Insurance Regulations, Forage Seeding Crop Insurance Provisions (Crop Provisions). The intended effect of this action is to update existing policy provisions and definitions to better reflect current agricultural practices and allow for variations in insurance provisions based on regionally-specific agronomic conditions and potential future expansions. The changes are to be effective for the 2020 and succeeding crop years. The final rule is effective 04/30/2019. However, FCIC will accept written comments on the final rule, comments are due 01/09/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-12-10/pdf/2018-26559.pdf. Federal Register, Vol. 83, No. 236, 12/10/2018, 63383-63389.

RBC Invites Applications for the Rural Economic Development Loan and Grant Programs for Fiscal Year 2019.

The Rural Business-Cooperative Service (RBC) issued a notice to invite applications for loans and grants under the Rural Economic Development Loan and Grant (REDLG) Programs for fiscal year (FY) 2019, subject to the availability of funding. The  notice is being issued in order to allow applicants sufficient time to leverage financing, prepare and submit their applications, and give RBC time to process applications within FY 2019. Successful applications will be selected by RBC for funding and subsequently awarded to the extent that funding may ultimately be made available through appropriations. An announcement on the website at http://www.rd.usda.gov/newsroom/noticessolicitation-applications-nosas will identify the amount received in the appropriations. All applicants are responsible for any expenses incurred in developing their applications. Important dates for applicants may be found in the “Supplementary Information” section of the notice. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-15/pdf/2018-24938.pdf. Federal Register, Vol. 83, No. 221, 11/15/2018, 57401-57406.

CFTC Issues Semiannual Regulatory Agenda.

The Commodity Futures Trading Commission (CFTC) published an agenda as part of the Fall 2018 Unified Agenda of Federal Regulatory and Deregulatory Actions. CFTC reasonably anticipates having the regulatory matters identified in its agenda under consideration during the period from 10/01/2018 to 09/30/2019. The next agenda will be published in spring 2019 and will update the agenda through spring 2020. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-16/pdf/2018-24166.pdfFederal Register, Vol. 83, No. 222, 11/16/2018, 58114-58115.

SEC Issues Semiannual Regulatory Agenda.

The Securities and Exchange Commission (SEC) published an agenda as part of the Fall 2018 Unified Agenda of Federal Regulatory and Deregulatory Actions. SEC reasonably anticipates having the regulatory matters identified in its agenda under consideration during the period from 10/01/2018 to 09/30/2019. The next agenda will be published in spring 2019 and will update the agenda through spring 2020. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-16/pdf/2018-23929.pdf. Federal Register, Vol. 83, No. 222, 11/16/2018, 58168-58172.  

FASB Issues Annual Report and Three-Year Plan.

The Federal Accounting Standards Advisory Board (FASB) has issued its Annual Report for Fiscal Year 2018 and Three-Year Plan. The Annual Report for Fiscal Year 2018 and Three-Year Plan is available on the FASAB website at http://www.fasab.gov/our-annual-reports/. Copies can be obtained by contacting FASB at (202) 512–7350. Comments are due 01/23/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-29/pdf/2018-25965.pdf. Federal Register, Vol. 83, No. 230, 11/29/2018, 61379.

FTC Proposes Military Credit Monitoring.

The Federal Trade Commission (FTC) published a proposed rule to implement the credit monitoring provisions applicable to active duty military consumers in section 302 of the Economic Growth, Regulatory Relief, and Consumer Protection Act, which amends the Fair Credit Reporting Act (FCRA). That section requires nationwide consumer reporting agencies to provide a free electronic credit monitoring service to active duty military consumers, subject to certain conditions. The proposed rule defines “electronic credit monitoring service,” “contact information,” “material additions or modifications to the file of a consumer,” and “appropriate proof of identity,” among other terms. It also contains requirements on how nationwide consumer reporting agencies must verify that an individual is an active duty military consumer. Comments are due 01/07/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-16/pdf/2018-24940.pdf. Federal Register, Vol. 83, No. 222, 11/16/2018, 57693-57701.

FCC Issues Semiannual Regulatory Agenda.

The Federal Communications Commission (FCC) published an agenda as part of the Fall 2018 Unified Agenda of Federal Regulatory and Deregulatory Actions. FCC reasonably anticipates having the regulatory matters identified in its agenda under consideration during the period from 10/01/2018 to 09/30/2019. The next agenda will be published in spring 2019 and will update the agenda through spring 2020. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-16/pdf/2018-24047.pdf. Federal Register, Vol. 83, No. 222, 11/16/2018, 58130-58156.

NCUA Proposes Amendments to Federal Credit Union Bylaws.

The National Credit Union Administration (NCUA) is proposing to update, clarify, and simplify the federal credit union bylaws (FCU Bylaws). NCUA also is proposing changes that will update and conform the FCU Bylaws to legal opinions issued by NCUA’s Office of General Counsel and/or provide greater flexibility to FCUs. Finally, NCUA is proposing other changes that are designed to remove outdated or obsolete provisions. Comments are due 01/14/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-13/pdf/2018-24169.pdf. Federal Register, Vol. 83, No. 219, 11/13/2018, 56640-56664.

NCUA Proposes Amendments to Fidelity Bonds.

NCUA issued a proposed rule that would amend its regulations regarding fidelity bonds under Part 704 for corporate credit unions and under Part 713 for natural person credit unions. The proposed rule would accomplish four objectives. First, it would strengthen a board of directors’ oversight of a credit union’s fidelity bond coverage. Second, it would ensure that there is an adequate period to discover and file fidelity bond claims following a credit union’s liquidation. Third, it would codify a 2017 NCUA Office of General Counsel legal opinion that permits a natural person credit union’s fidelity bond to include coverage for certain credit union service organizations (CUSOs). Fourth, it would clarify the documents subject to NCUA Board approval and require that all bond forms receive NCUA Board approval every ten years. Comments are due 01/22/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-23/pdf/2018-25402.pdf. Federal Register, Vol. 83, No. 226, 11/23/2018, 59318-59326.

NCUA Requests Comment on Information Collections.

  • NCUA announced it seeks comment on an information collection titled NCUA Call Report and Profile. NCUA also gave notice that it sent the collection to OMB for review. Comments are due 12/19/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-19/pdf/2018-25140.pdf. Federal Register, Vol. 83, No. 223, 11/19/2018, 58302-58303.
  • NCUA announced it seeks comment on an information collection titled Organization and Operations of Federal Credit Unions—Loan Participation, 12 CFR 701.22. NCUA also gave notice that it sent the collection to OMB for review. Comments are due 01/18/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-19/pdf/2018-25141.pdf. Federal Register, Vol. 83, No. 223, 11/19/2018, 58303.

VA Issues Interim Final Rule on VA-Guaranteed or Insured Cash-Out Home Loans. 

The Department of Veterans Affairs (VA) is amending its regulation on VA-guaranteed or insured cash-out refinance loans with an interim final rule to comply with the Economic Growth, Regulator Relief, and Consumer Protection Act. The Act provides new statutory criteria for determining when, in general, VA may guarantee a refinance loan. The interim final rule is effective 11/30/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-30/pdf/2018-26021.pdf. Federal Register, Vol. 83, No. 231, 11/30/2018, 61573-61574. 

By, Ally Bates