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May 2019 Compliance Journal: Regulatory Spotlight

The below article is the Regulatory Spotlight section of the May 2019 Compliance Journal. The full issue may be viewed by clicking here.

Agencies Propose Revisions to the Supplementary Leverage Ratio To Exclude Certain Central Bank Deposits of Banking Organizations Predominantly Engaged in Custody, Safekeeping and Asset Servicing Activities.

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 proposal to implement section 402 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. Section 402 directs these agencies to amend the supplementary leverage ratio of the regulatory capital rule to exclude certain funds of banking organizations deposited with central banks if the banking organization is predominantly engaged in custody, safekeeping, and asset servicing activities. Comments are due 07/01/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-30/pdf/2019-08448.pdf. Federal Register, Vol. 84, No. 83, 04/30/2019, 18175-18186. 

Agencies Request Comment on Information Collections.

  • 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) announced they seek comment on the information collection titled Consolidated Reports of Condition and Income for a Bank with Domestic and Foreign Offices. The Agencies also gave notice that they sent the collection to OMB for review. Comments are due 06/18/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-19/pdf/2019-07841.pdf. Federal Register, Vol. 84, No. 76, 04/19/2019, 16560-16567.
  • 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) announced they seek comment on the information collection titled Country Exposure Report. The Agencies also gave notice that they sent the collection to OMB for review. Comments are due 06/28/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-29/pdf/2019-08504.pdf. Federal Register, Vol. 84, No. 82, 04/29/2019, 18120-18122.

CFPB Requests Comment on Information Collections.

  • The Bureau of Consumer Financial Protection (CFPB) announced it seeks comment on the information collection titled Interstate Land Sales Full Disclosure Act. CFPB also gave notice that it sent the collection to OMB for review. Comments are due 05/22/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-22/pdf/2019-07985.pdf. Federal Register, Vol. 84, No. 77, 04/22/2019, 16663-16664.
  • CFPB announced it seeks comment on the information collection titled Joint Standards for Assessing the Diversity Policies and Practices. CFPB also gave notice that it sent the collection to OMB for review. Comments are due 05/23/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-23/pdf/2019-08094.pdf. Federal Register, Vol. 84, No. 78, 04/23/2019, 16847.

CFPB Requests Comment on Potential Changes to Remittance Rule.

CFPB seeks information and evidence that may inform possible changes to CFPB’s remittance rules that would not eliminate, but would mitigate the effects of the expiration of a statutory exception for certain financial institutions. Electronic Fund Transfers Act (EFTA) expressly limits the length of the temporary exception to 07/21/2020 and does not authorize CFPB to extend this term. Therefore, the exception will expire on 07/21/2020 unless Congress changes the law. In addition, CFPB seeks information and evidence related to the scope of coverage of the rule, including whether to change a safe harbor threshold in the rule that determines whether a person makes remittance transfers in the normal course of its business, and whether an exception for small financial institutions may be appropriate. Comments are due 06/28/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-29/pdf/2019-08455.pdf. Federal Register, Vol. 84, No. 82, 04/29/2019, 17971-17977.

CFPB Requests Comment on Regulation C Data Points.

CFPB issued an Advance Notice of Proposed Rulemaking (ANPR) to solicit comments relating to whether to make changes to the data points that CFPB’s October 2015 final rule implementing the Home Mortgage Disclosure Act (HMDA) added to Regulation C or revised to require additional information. Additionally, CFPB is issuing the ANPR to solicit comments relating to the requirement that institutions report certain business- or commercial-purpose transactions under Regulation C. Comments are due 07/08/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-05-08/pdf/2019-08979.pdf. Federal Register, Vol. 84, No. 89, 05/08/2019, 20049-20053.

FRB Finalizes Rule on Collection of Administrative Debts.

The Board of Governors of the Federal Reserve System (FRB) is issuing new regulations to provide for the collection of debts owing to the United States arising out of FRB’s operations or its enforcement and other regulatory activities. The rule is effective 04/16/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-16/pdf/2019-07537.pdf. Federal Register, Vol. 84, No. 73, 04/16/2019, 15502-15505.

FRB Finalizes Reserve Requirements of Depository Institutions.

FRB is amending Regulation D (Reserve Requirements of Depository Institutions) to revise the rate of interest paid on balances maintained to satisfy reserve balance requirements (“IORR”) and the rate of interest paid on excess balances (“IOER”) maintained at Federal Reserve Banks by or on behalf of eligible institutions. The final amendments specify that IORR is 2.35 percent and IOER is 2.35 percent, a 0.05 percentage point decrease from their prior levels. The amendments are intended to enhance the role of such rates of interest in maintaining the Federal funds rate into the target range established by the Federal Open Market Committee. The rule is effective 05/10/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-05-10/pdf/2019-09687.pdf. Federal Register, Vol. 84, No. 91, 05/10/2019, 20541-20542.

FRB Proposes Amendments to Regulation EE.

FRB issued a proposal to amend Regulation EE to include certain new entities in the definition of “financial institution” contained in section 402 of the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) so that they will be covered by FDICIA’s netting provisions. The proposal would also clarify how the existing activities-based test in Regulation EE applies following a consolidation of legal entities. Comments are due 07/01/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-05-02/pdf/2019-08898.pdf. Federal Register, Vol. 84, No. 85, 05/02/2019, 18741-18746.

FRB Requests Comment on Information Collections.

  • FRB announced it seeks comment on the information collection titled Investment in Bank Premises Notification. FRB also gave notice that it sent the collection to OMB for review. Comments are due 06/11/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-12/pdf/2019-07274.pdf. Federal Register, Vol. 84, No. 71, 04/12/2019, 14938-14939.
  • FRB announced it seeks comment on the information collection titled Semiannual Report of Derivatives Activity. FRB also gave notice that it sent the collection to OMB for review. Comments are due 06/17/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-17/pdf/2019-07650.pdf. Federal Register, Vol. 84, No. 74, 04/17/2019, 16015-16016.
  • FRB announced it seeks comment on the information collection titled Senior Credit Officer Opinion Survey on Dealer Financing Terms. FRB also gave notice that it sent the collection to OMB for review. Comments are due 06/17/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-17/pdf/2019-07663.pdf. Federal Register, Vol. 84, No. 74, No. 04/17/2019, 16014-16015.
  • FRB announced it seeks comment on the information collection titled Reporting Requirements Associated with Regulation Y. FRB also gave notice that it sent the collection to OMB for review. Comments are due 06/18/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-19/pdf/2019-07873.pdf. Federal Register, Vol. 84, No. 76, 04/19/2019, 16490-16492.
  • FRB announced it seeks comment on the information collection titled Written Security Program for State Member Banks. FRB also gave notice that it sent the collection to OMB for review. Comments are due 06/18/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-19/pdf/2019-07874.pdf. Federal Register, Vol. 84, No. 76, 04/19/2019, 16492-16493.
  • FRB announced it seeks comment on the information collection titled Recordkeeping and Disclosure Requirements Associated with the Bureau of Consumer Financial Protection’s Regulation E. FRB also gave notice that it sent the collection to OMB for review. Comments are due 07/01/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-30/pdf/2019-08714.pdf. Federal Register, Vol. 84, No. 83, 04/30/2019, 18286-18289.
  • FRB announced it seeks comment on the information collection titled Notice Claiming Status as an Exempt Transfer Agent. FRB also gave notice that it sent the collection to OMB for review. Comments are due 07/01/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-30/pdf/2019-08716.pdf. Federal Register, Vol. 84, No. 83, 04/30/2019, 18285-18286.

FDIC Finalizes Amendments to Limited Exception for a Capped Amount of Reciprocal Deposits from Treatment as Brokered Deposits.

The Federal Deposit Insurance Corporation (FDIC) is making technical amendments to the preamble of a final rule published in the Federal Register on 02/04/2019. The final rule relates to a limited exception for a capped amount of reciprocal deposits from treatment as brokered deposits. As published, several industry participants raised concerns about the meaning of a sentence in the preamble of the final rule. To avoid potential confusion, the FDIC is amending the language. The technical amendments are effective 04/15/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-15/pdf/2019-07048.pdf. Federal Register, Vol. 84, No. 72, 04/15/2019, 15095-15096.

FDIC Proposes Amendments to Recordkeeping for Timely Deposit Insurance Determination.

FDIC proposed a rule that would make certain substantive revisions to “Recordkeeping for Timely Deposit Insurance Determination,” to clarify the rule’s requirements, better align the burdens of the rule with its benefits, and make technical corrections. Comments are due 05/13/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-11/pdf/2019-06713.pdf. Federal Register, Vol. 84, No. 70, 04/11/2019, 14814-14840.

FDIC Requests Comment on Required Resolution Plans.

FDIC invites comments on an advance notice of proposed rulemaking (ANPR) concerning how to tailor and improve its rule requiring certain insured depository institutions to submit resolution plans. FDIC is undertaking a review of its rule requiring certain insured depository institutions (IDIs) to submit resolution plans (IDI Rule). The ANPR is part of that review process. FDIC is considering how to tailor and improve the IDI Rule, as described in the notice. Specifically, FDIC invites comments on certain approaches under consideration: (1) Creation of tiered resolution planning requirements based on institution size, complexity, and other factors; (2) revisions to the frequency and required content of plan submissions, including elimination of plan submissions for a category of smaller and less complex IDIs; and (3) improvements to the process for periodic engagement between FDIC and institutions on resolution-related matters. FDIC is also seeking comment on whether to revise the $50 billion asset size threshold in the IDI Rule. Comments are due 06/21/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-22/pdf/2019-08077.pdfFederal Register, Vol. 84, No. 77, 04/22/2019, 16620-16628.

FDIC Issues Terminations of Receivership.

  • 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.govinfo.gov/content/pkg/FR-2019-05-06/pdf/2019-09161.pdf. Federal Register, Vol. 84, No. 87, 05/06/2019, 19786.
  • FDIC as Receiver for former depository institutions, intends to terminate its receivership for the institutions listed in the notices. The liquidation of the assets for each receivership has been completed. To the extent permitted by available funds and in accordance with law, the Receiver will be making a final dividend payment to proven creditors. Based upon the foregoing, the Receiver has determined that the continued existence of the receiverships will serve no useful purpose. Consequently, notice is given that the receiverships shall be terminated, to be effective no sooner than thirty days after the date of this notice. If any person wishes to comment concerning the termination of any of the receiverships, such comment must be made in writing, identify the receivership to which the comment pertains, and be sent within thirty days of the date of this notice to: Federal Deposit Insurance Corporation, Division of Resolutions and Receiverships, Attention: Receivership Oversight Department 34.6, 1601 Bryan Street, Dallas, TX 75201. No comments concerning the termination of the above-mentioned receiverships will be considered which are not sent within this time frame. The notices may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-05-06/pdf/2019-09161.pdf. Federal Register, Vol. 84, No. 87, 05/06/2019, 19786.

OCC Requests Comment on Non-Fiduciary Custody Activities.

The Office of the Comptroller of the Currency (OCC) is inviting comment on an advance notice of proposed rulemaking (ANPR) regarding its fiduciary activities rules and a potential rule for non-fiduciary custody activities of national banks, Federal savings associations, and Federal branches of foreign banks. Specifically, OCC is considering an amendment to its fiduciary rule to update the definition of fiduciary capacity to include certain State recognized trust-related activities. OCC also is considering issuing a regulation that would establish certain basic requirements for non-fiduciary custody activities of national banks and Federal savings associations. Comments are due 06/28/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-29/pdf/2019-08505.pdf. Federal Register, Vol. 84, No. 82, 04/29/2019, 17967-17971.

OCC Requests Comment on Information Collections.

  • OCC announced it seeks comment on the information collection titled Privacy of Consumer Financial Information. OCC also gave notice that it sent the collection to OMB for review. Comments are due 06/14/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-15/pdf/2019-07432.pdf. Federal Register, Vol. 84, No. 72, 04/15/2019, 15290-15291.
  • OCC announced it seeks comment on the information collection titled Community and Economic Development Entities, Community Development Projects, and Other Public Welfare Investments. OCC also gave notice that it sent the collection to OMB for review. Comments are due 06/05/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-05-06/pdf/2019-09136.pdf. Federal Register, Vol. 84, No. 87, 05/06/2019, 19826-19827.
  • OCC announced it seeks comment on the information collection titled Lending Limits. OCC also gave notice that it sent the collection to OMB for review. Comments are due 07/05/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-05-06/pdf/2019-09137.pdf. Federal Register, Vol. 84, No. 87, 05/06/2019, 19827-19829.
  • OCC announced it seeks comment on the information collection titled Minimum Security Devices and Procedures, Reports of Suspicious Activities, and Bank Secrecy Act Compliance Program. OCC also gave notice that it sent the collection to OMB for review. Comments are due 07/05/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-05-06/pdf/2019-09135.pdf. Federal Register, Vol. 84, No. 87, 05/06/2019, 19825-19826.
  • OCC announced it seeks comment on the information collection titled Bank Secrecy Act/Money Laundering Risk Assessment. OCC also gave notice that it sent the collection to OMB for review. Comments are due 07/09/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-05-10/pdf/2019-09614.pdf. Federal Register, Vol. 84, No. 91, 05/10/2019, 20701-20702.

HUD Requests Comment on Information Collections.

  • The Department of Housing and Urban Development (HUD) announced it seeks comment on the information collection titled Housing Counseling Program. HUD also gave notice that it sent the collection to OMB for review. Comments are due 05/09/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-25/pdf/2019-08371.pdf. Federal Register, Vol. 84, No. 80, 04/25/2019, 17419-17420.
  • HUD announced it seeks comment on the information collection titled Office of Lead Hazard Control and Healthy Homes Grant Programs Data Collection and Progress Reporting. HUD also gave notice that it sent the collection to OMB for review. Comments are due 07/05/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-05-06/pdf/2019-09238.pdf. Federal Register, Vol. 84, No. 87, 05/06/2019, 19805-19806. 

HUD Issues Notice of HUD-Held Healthcare Loan Sale.

HUD announces its intention to sell six unsubsidized healthcare mortgage loans, without Federal Housing Administration (FHA) insurance, in a competitive, sealed bid sale on or about 06/12/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-05-06/pdf/2019-09237.pdf. Federal Register, Vol. 84, No. 87, 05/06/2019, 19802-19803.

HUD Issues Basic Statutory Mortgage Limits for Multifamily Housing Programs.

HUD has adjusted the Basic Statutory Mortgage Limits for Multifamily Housing Programs for Calendar Year 2019. The adjustments are effective 01/01/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-05-09/pdf/2019-09567.pdf. Federal Register, Vol. 84, No. 90, 05/09/2019, 20386.

FEMA Issues Final Flood Hazard Determinations.

The Federal Emergency Management Agency (FEMA) has issued a final notice which identifies communities in the states of Illinois, and Nebraska, where flood hazard determinations, which may include additions or modifications of Base Flood Elevations (BFEs), base flood depths, Special Flood Hazard Area (SFHA) boundaries or zone designations, or regulatory floodways on the Flood Insurance Rate Maps (FIRMs) and where applicable, in the supporting Flood Insurance Study (FIS) reports have been made final. The FIRM and FIS report are the basis of the floodplain management measures that a community is required either to adopt or to show evidence of having in effect in order to qualify or remain qualified for participation in FEMA’s National Flood Insurance Program (NFIP). The final notice is effective 08/01/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-05-01/pdf/2019-08813.pdf. Federal Register, Vol. 84, No. 84, 05/01/2019, 18558-18560.

FEMA Issues Final Notices of Changes in Flood Hazard Determinations.

FEMA issued new or modified Base (1% annual-chance) Flood Elevations (BFEs), base flood depths, Special Flood Hazard Area (SFHA) boundaries or zone designations, and/or regulatory floodways (hereinafter referred to as flood hazard determinations) as shown on the indicated Letter of Map Revision (LOMR) for communities in the states of Illinois, Minnesota, Ohio, and Wisconsin. Each LOMR revises the Flood Insurance Rate Maps (FIRMs), and in some cases the Flood Insurance Study (FIS) reports, currently in effect for the listed communities. The flood hazard determinations modified by each LOMR will be used to calculate flood insurance premium rates for new buildings and their contents. The effective date for each LOMR is indicated in the table in the final notice. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-30/pdf/2019-08697.pdf. Federal Register, Vol. 84, No. 83, 04/30/2019, 18293-18294.

FEMA Issues Correction to Proposed Flood Hazard Determinations.

FEMA published in a proposed flood hazard determination notice in the Federal Register on 03/18/2019 that contained an erroneous table. The new notice provides corrections to that table, to be used in lieu of the information published in the original notice. The table provided represents the proposed flood hazard determinations and communities affected for Yakima County, Washington and Incorporated Areas. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-12/pdf/2019-07299.pdf. Federal Register, Vol. 84, No. 71, 04/12/2019, 14959-14960.

FEMA Requests Comment on Information Collection.

FEMA announced it seeks comment on the information collection titled Standard Flood Hazard Determination Form. FEMA also gave notice that it sent the collection to OMB for review. Comments are due 06/28/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-29/pdf/2019-08604.pdf. Federal Register, Vol. 84, No. 82, 04/29/2019, 18069-18070.

FinCEN Requests Comment on Information Collection.

The Financial Crimes Enforcement Network (FinCEN) announced it seeks comment on the information collection titled Information Sharing Between Government Agencies and Financial Institutions. FinCEN also gave notice that it sent the collection to OMB for review. Comments are due 07/08/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-05-07/pdf/2019-09244.pdf. Federal Register, Vol. 84, No. 88, 05/07/2019, 19999-20001.

OFAC Finalizes Foreign Interference in U.S. Elections Sanctions Regulations.

The Office of Foreign Assets Control (OFAC) is adding regulations to implement Executive Order of September 12, 2018 (“Imposing Certain Sanctions in the Event of Foreign Interference in a United States Election”). OFAC intends to supplement these regulations with a more comprehensive set of regulations, which may include additional interpretive and definitional guidance, general licenses, and statements of licensing policy. The final rule is effective 04/29/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-29/pdf/2019-08587.pdf. Federal Register, Vol. 84, No. 82, 04/29/2019, 17950-17958.

OFAC Requests Comment on Information Collection.

OFAC announced it seeks comment on the information collection titled Remittance Forwarding Services and Travel and Carrier Services to Cuba. OFAC also gave notice that it sent the collection to OMB for review. Comments are due 07/01/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-30/pdf/2019-08647.pdf. Federal Register, Vol. 84, No. 83, 04/30/2019, 18341-18342.

Treasury Proposes Regulation on Electing Small Business Trusts With Nonresident Aliens as Potential Current Beneficiaries.

The Department of the Treasury (Treasury) proposed rulemaking regarding the recent statutory expansion of the class of permissible potential current beneficiaries (PCBs) of an electing small business trust (ESBT) to include nonresident aliens (NRAs). In particular, the proposed regulations would ensure that the income of an S-corporation will continue to be subject to U.S. Federal income tax when an NRA is a deemed owner of a grantor trust that elects to be an ESBT. Comments are due 06/03/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-19/pdf/2019-07919.pdf. Federal Register, Vol. 84, No. 76, 04/19/2019, 16415-16419.

Treasury Requests Comment on Information Collection. 

  • Treasury announced it seeks comment on the information collection titled Conduit Arrangements Regulations. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 06/14/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-15/pdf/2019-07382.pdf. Federal Register, Vol. 84, No. 72, 04/15/2019, 15292-15293.
  • Treasury announced it seeks comment on the information collection titled Revenue Procedure 2013–30, Uniform Late S-Corporation Election Revenue Procedure. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 06/18/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-19/pdf/2019-07869.pdf. Federal Register, Vol. 84, No. 76, 04/19/2019, 16569.
  • Treasury announced it seeks comment on the information collection titled ACH Vendor/Miscellaneous Payment Enrollment Form. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 05/28/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-25/pdf/2019-08357.pdf. Federal Register, Vol. 84, No. 80, 04/25/2019, 17450-17451.
  • Treasury announced it seeks comment on the information collection titled Financial Recordkeeping and Reporting of Currency and Report of Foreign Bank and Financial Accounts. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 05/28/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-25/pdf/2019-08358.pdf. Federal Register, Vol. 84, No. 80, 04/25/2019, 17450.
  • Treasury announced it seeks comment on the information collection titled TreasuryDirect. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 07/05/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-05-07/pdf/2019-09233.pdf. Federal Register, Vol. 84, No. 88, 05/07/2019, 20001.
  • Treasury announced it seeks comment on the information collection titled Annual Return/Report of Employee Benefit Plan. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 07/08/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-05-08/pdf/2019-09389.pdf. Federal Register, Vol. 84, No. 89, 05/08/2019, 20202-20203.

Treasury Issues Civil Monetary Penalty Inflation Adjustments.

Treasury announced the adjustments of its civil monetary penalties for inflation as mandated by the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The adjustments are effective 04/17/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-17/pdf/2019-07664.pdf. Federal Register, Vol. 84, No. 74, 04/17/2019, 15955-15956.

SBA Issues Revised Size Standards Methodology.

The Small Business Administration (SBA) has revised its size standards methodology white paper explaining how it establishes, reviews, or revises small business size standards. The revised white paper, entitled “SBA’s Size Standards Methodology (April 2019)” (Revised Methodology) is available on the SBA’s website at: http://www.sba.gov/size-standards-methodology. SBA intends to apply the Revised Methodology to the ongoing second five-year comprehensive review of size standards required by the Small Business Jobs Act of 2010 (Jobs Act). The revised methodology is effective 04/11/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-11/pdf/2019-07130.pdf. Federal Register, Vol. 84, No. 70, 04/11/2019, 14587-14596.

SBA Proposes Streamlining and Modernizing Certified Development Company Program (504 Loan Program) Corporate Governance Requirements.

SBA proposes to streamline and update the operational and organizational requirements for Certified Development Companies (CDCs) in order to improve efficiencies and reduce costs without unduly increasing risk in the 504 Loan Program. The proposed changes include streamlining the requirements that would apply to the corporate governance of CDCs, and updating the requirements that would apply to professional services contracts entered into by CDCs, the requirements related to the audit and review of a CDC’s financial statements, and the requirements related to the balance that a Premier Certified Lender Program (PCLP) CDC must maintain in its Loan Loss Reserve Fund. Comments are due 06/14/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-15/pdf/2019-07318.pdf. Federal Register, Vol. 84, No. 72, 04/15/2018, 15147-15154.

FCIC Requests Comment on Information Collection. 

The Federal Crop Insurance Corporation (FCIC) announced it seeks comment on the information collection titled Multiple Peril Crop Insurance. FCIC also gave notice that it sent the collection to OMB for review. Comments are due 06/24/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-05-06/pdf/2019-09223.pdf. Federal Register, Vol. 84, No. 87, 05/06/2019, 19754-19755.

RBC Requests Comment on Information Collections.

  • The Rural Business-Cooperative Service (RBC) announced it seeks comment on the information collection titled Debt Settlement-Community and Business Programs. RBC also gave notice that it sent the collection to OMB for review. Comments are due 06/24/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-23/pdf/2019-08142.pdf. Federal Register, Vol. 84, No. 78, 04/23/2019, 16838-16839.
  • RBC announced it seeks comment on the information collection titled Guaranteed Loanmaking and Servicing Regulations. RBC also gave notice that it sent the collection to OMB for review. Comments are due 06/24/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-23/pdf/2019-08168.pdf. Federal Register, Vol. 84, No. 78, 04/23/2019, 16838.

RBC Amends Solicitation of Applications for the Biorefinery, Renewable Chemical, and Biobased Product Manufacturing Assistance Program for Federal Fiscal Year 2019. 

RBC published a notice in the Federal Register on 08/03/2018, announcing the acceptance of applications for funds available under the Biorefinery, Renewable Chemical, and Biobased Product Manufacturing Assistance Program for Fiscal Year (FY) 2019. The Agricultural Improvement Act of 2018 (2018 Farm Bill) provides funding for the program for FY 2019 and expands the eligible technology definition. The notice provides an amendment to Section III. Eligibility Information, subsection C. Eligible Projects, to include the definition. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-23/pdf/2019-08118.pdf. Federal Register, Vol. 84, No. 78, 04/23/2019, 16837-16838.

RUS Announces Application Deadlines for Section 313A Guarantees for Bonds and Notes.

The Rural Utilities Service (RUS) announces the application window and requirements and $750 million in loan funding that is available for Fiscal Year (FY) 2019 under the Guarantees for Bonds and Notes Issued for utility infrastructure loans (the 313A Program) authorized under the Rural Electrification Act of 1936, as amended (the RE Act), and related terms. The Agriculture Improvement Act of 2018 (the Farm Bill), enacted on 12/20/2018, amended Section 313A of the RE Act. Applications under this Notice of Solicitation of Applications (NOSA) will be considered under the new statutory provisions. Those provisions supersede any prior inconsistent policy, regulation or guidance. The Farm Bill instructs RUS to continue to carry out this program under a Notice until new regulations are implemented. RUS is developing regulatory changes to implement new Farm Bill provisions related to this program and others. This NOSA implements the new 313A Program provisions until further notice or regulation. Under the 313A Program, in accordance with the Farm Bill, the Federal Financing Bank (FFB) will make loans to the selected applicant(s) and RUS will guarantee the applicant(s)’s repayment of the loans to FFB. The Farm Bill amended the RE Act to allow selected applicants to use the proceeds of loan funds made available under this NOSA for the 313A Program to make utility infrastructure loans (which includes broadband loans) or to refinance, subject to certain limitations, bonds or notes issued for such purposes to an applicant that has at any time received, or is eligible to receive, a loan under the RE Act. In addition, the Farm Bill amendments to the RE Act removed the prohibition against the use of proceeds of loan funds made available under the 313A Program for projects for the generation of electricity. Applications are due 06/18/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-19/pdf/2019-07900.pdf. Federal Register, Vol. 84, No. 76, 04/19/2019, 16457-16461.

CCC Announces Funding Availability for the Organic Certification Cost Share Program.

The Commodity Credit Corporation (CCC) is announcing the availability of funding under the Organic Certification Cost Share Program (OCCSP) for eligible certified organic producers and handlers. CCC is also announcing the opportunity for State Agencies to apply for grant agreements to administer the OCCSP program in fiscal year (FY) 2019. State Agencies that establish agreements for FY 2019 may be given the opportunity to extend their agreements and receive additional funds to administer the program in future years. Through this notice, CCC is providing the requirements for producers and handlers to apply for OCCSP payments, and for State Agencies to establish agreements to receive funds in order to provide cost share assistance to eligible producers and handlers. Applications will be accepted 04/19/2019 through 05/29/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-29/pdf/2019-08624.pdf. Federal Register, Vol. 84, No. 82, 04/29/2019, 17997-17999.

CCC Issues Miscellaneous Conservation Provisions. 

CCC issued provisions as a result of the Agricultural Improvement Act of 2018 (the 2018 Farm Bill) made several minor changes to certain of the Natural Resources Conservation Service (NRCS) conservation programs and related requirements. The conservation programs and related requirements include the administration of the State Technical Committee, the Watershed Protection and Flood Prevention Act Program, the Healthy Forests Reserve Program (HFRP), the Technical Service Provider (TSP) Assistance provisions, and the Voluntary Public Access and Habitat Incentive Program (VPA–HIP). This rule makes changes to the existing regulations for the conservation programs that are consistent with the changes made by the 2018 Farm Bill. The provisions are effective 05/06/2019, comments are due 07/05/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-05-06/pdf/2019-09151.pdf. Federal Register¸ Vol. 84, No. 87, 05/06/2019, 19699-19703.

CFTC Finalizes Amendments to Privacy of Consumer Financial Information.

The Commodity Futures Trading Commission (CFTC) is adopting amendments to revise its regulations requiring covered persons to provide annual privacy notices to customers. The revisions implement the Fixing America’s Surface Transportation Act’s December 2015 statutory amendment to the Gramm-Leach-Bliley Act by providing an exception to the annual notice requirement under certain conditions. The final rule is effective 05/28/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-25/pdf/2019-08253.pdf. Federal Register, Vol. 84, No. 80, 04/25/2019, 17341-17345.

NCUA Announces Community Development Revolving Loan Fund Access for Credit Unions.

The National Credit Union Administration (NCUA) issued a Notice of Funding Opportunity (NOFO) to announce the availability of technical assistance grants (awards) for low-income designated credit unions (LICUs) through the CDRLF program. The CDRLF program serves as a source of financial support in the form of awards that better enables LICUs to support the communities in which they operate. All grant awards made under this NOFO are subject to funds availability and are at the NCUA’s discretion. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-12/pdf/2019-07337.pdf. Federal Register, Vol. 84, No. 71, 04/12/2019, 14976-14979.

NCUA Requests Comment on Regulations Limiting Compensation in Connection with Loans to Members and Lines of Credit to Members.

NCUA issued an advance notice of proposed rulemaking (ANPR) to solicit comments on ways to improve the agency’s regulations limiting a credit union official’s and employee’s compensation in connection with loans to members and lines of credit to members. NCUA states these regulations have generated confusion and are likely outdated, burdensome, and at odds with industry standards. NCUA is particularly interested in obtaining commenter feedback on how it can provide flexibility with respect to senior executive compensation plans that incorporate lending as part of a broad and balanced set of organizational goals and performance measures. Comments are due 06/24/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-23/pdf/2019-08166.pdf. Federal Register, Vol. 84, No. 78, 04/23/2019, 16796-16797.

VA Requests Comment on Information Collections.

  • The Department of Veterans Affairs (VA) announced it seeks comment on the information collection titled Loan Service Report. VA also gave notice that it sent the collection to OMB for review. Comments are due 06/17/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-18/pdf/2019-07732.pdf. Federal Register, Vol. 84, No. 75, 04/18/2019, 16342-16343.
  • VA announced it seeks comment on the information collection titled Request for Determination of Loan Guaranty Eligibility—Unmarried Surviving Spouses. VA also gave notice that it sent the collection to OMB for review. Comments are due 06/17/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-18/pdf/2019-07730.pdf. Federal Register, Vol. 84, No. 75, 04/18/2019, 16343.
  • VA announced it seeks comment on the information collection titled Authorization To Disclose Personal Information To A Third Party. VA also gave notice that it sent the collection to OMB for review. Comments are due 07/08/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-05-07/pdf/2019-09248.pdf. Federal Register, Vol. 84, No. 88, 05/07/2019, 20002-20003.

DOL Request Comment on Information Collection.

The Department of Labor (DOL) announced it seeks comment on the information collection titled Records to be Kept by Employers—Fair Labor Standards Act. DOL also gave notice that it sent the collection to OMB for review. Comments are due 06/24/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-04-23/pdf/2019-08073.pdf. Federal Register, Vol. 84, No. 78, 04/23/2019, 16886-16887.

By, Ally Bates