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

Agencies Propose Regulatory Capital Rules Regarding Treatment of Land Development Loans.

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 notice of proposed rulemaking to seek comment on the treatment of loans that finance the development of land for purposes of the one- to four-family residential properties exclusion in the definition of high volatility commercial real estate (HVCRE) exposure in the agencies’ regulatory capital rule. The proposal expands upon the notice of proposed rulemaking (HVCRE NPR) issued on 09/28/2018, which proposed to revise the definition of HVCRE exposure in the regulatory capital rule to conform to the statutory definition of “high volatility commercial real estate acquisition, development, or construction (HVCRE ADC) loan,” in accordance with section 214 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). Comments are due 08/22/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-23/pdf/2019-15332.pdf. Federal Register, Vol. 84, No. 141, 07/23/2019, 35344-35352.

Agencies Issue Correction to Revisions to Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity Funds.

The Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the Commodity Futures Trading Commission (CFTC), and the Securities and Exchange Commission (SEC) published a final rule in the Federal Register on 07/22/2019, that adopted final rules to amend regulations implementing Section 13 of the Bank Holding Company Act (the Volcker Rule) in a manner consistent with the statutory amendments made pursuant to certain sections of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The document corrects errors in amendatory instructions in the rule. The corrections are effective 08/06/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-06/pdf/2019-16634.pdf. Federal Register, Vol. 84, No. 151, 08/06/2019, 38115.

Agencies Issue Notice of Funds Availability for Market Facilitation Program.

The Farm Service Agency (FSA), and the Commodity Credit Corporation (CCC) announces the availability of Market Facilitation Program (MFP) funds for eligible producers of specified agricultural commodities for 2019 that include certain non-specialty crops, specialty crops, dairy, and livestock as specified in the NOFA. On behalf of the Commodity Credit Corporation (CCC), the Farm Service Agency (FSA) will administer MFP. MFP dairy and livestock payments will be calculated on the eligible production amount multiplied by the participant’s share in the commodity multiplied by the MFP payment rate. MFP participants of non-specialty and specialty crops will receive an MFP payment based upon the participant’s ownership interest in the 2019 crop that was planted and reported to FSA for the 2019 crop year, including cover crops that are planted for harvest following a prevented planted non-specialty crop. The payment rate used by CCC to issue payments for non-specialty crops will be on a county-by-county basis and reflects the amount of damage incurred in a county by producers of the non-specialty crops from the imposition of tariffs by other countries on U.S. agricultural products. The payment rate for specialty crops will be on a state-by-state basis if sufficient data is available, otherwise payments will be on a national basis. The NOFA also announces the availability of 2018 MFP payments for a limited number of producers who are now eligible for assistance as the result of a provision of the Additional Supplemental Appropriations For Disaster Relief Act, 2019 (2019 Disaster Relief Act). The application is 07/29/2019 through 12/06/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-29/pdf/2019-15767.pdf. Federal Register, Vol. 84, No. 145, 07/29/2019, 36565-36567.

CFPB Finalizes Amendments to Truth in Lending Annual Threshold Adjustments.

The Bureau of Consumer Financial Protection (CFPB) issued a final rule amending the regulation text and official interpretations for Regulation Z, which implements the Truth in Lending Act (TILA). CFPB is required to calculate annually the dollar amounts for several provisions in Regulation Z; this final rule revises, as applicable, the dollar amounts for provisions implementing TILA and amendments to TILA, including under the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act), the Home Ownership and Equity Protection Act of 1994 (HOEPA), and the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). CFPB is adjusting these amounts, where appropriate, based on the annual percentage change reflected in the Consumer Price Index (CPI) in effect on 06/01/2019. The final rule is effective 01/01/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-01/pdf/2019-16300.pdf. Federal Register, Vol. 84, No. 148, 08/01/2019, 37565-37570.

CFPB Issues ANPR on Qualified Mortgage Definition Under Regulation Z.

CFPB issued an ANPR on the definition of “qualified mortgage” under Regulation Z. With certain exceptions, Regulation Z requires creditors to make a reasonable, good faith determination of a consumer’s ability to repay any residential mortgage loan, and loans that meet Regulation Z’s requirements for “qualified mortgages” obtain certain protections from liability. One category of qualified mortgages (QMs) is loans that are eligible for purchase or guarantee by either the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac). Under Regulation Z, this category of QMs (Temporary GSE QM loans) is scheduled to expire no later than 01/10/2021. CFPB currently plans to allow the Temporary GSE qualified mortgage (QM) loan category to expire in January 2021 or after a short extension, if necessary, to facilitate a smooth and orderly transition away from the Temporary GSE QM loan category. CFPB is considering whether to propose revisions to Regulation Z’s general qualified mortgage definition in light of that planned expiration and is issuing an ANPR to request information about possible revisions. Comments are due 09/16/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-31/pdf/2019-16298.pdf. Federal Register, Vol. 84, No. 147, 07/31/2019, 37155-37162.

CFPB Extends Comment Period for Debt Collection Practices.

CFPB published a Notice of Proposed Rulemaking (NPRM) requesting comment on CFPB’s proposed amendments to Regulation F which implements the Fair Debt Collection Practices Act (FDCPA) in the Federal Register on 05/21/2019. The proposed amendments would prescribe Federal rules governing the activities of debt collectors, as that term is defined in the FDCPA. The NPRM provided a 90-day comment period that was set to close on 08/19/2019. To allow interested persons more time to consider and submit their comments, CFPB has determined that an extension of the comment period until 09/18/2019, is appropriate. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-02/pdf/2019-16476.pdf. Federal Register, Vol. 84, No. 149, 08/02/2019, 37806-37807.

CFPB Extends Comment Period for Home Mortgage Disclosure.

CFPB published a proposed rule in the Federal Register on 05/13/2019 (May 2019 Proposal). The May 2019 Proposal proposed amendments to Regulation C relating to the coverage thresholds for reporting data on closed-end mortgage loans and open-end lines of credit and partial exemptions under the Home Mortgage Disclosure Act (HMDA). To facilitate the potential revisions of the thresholds that CFPB proposed to take effect on 01/01/2020, CFPB provided a 30-day comment period, which ended on 06/12/2019. Later this summer, the national loan level dataset for 2018 and CFPB’s annual overview of residential mortgage lending based on that data (collectively, the 2018 HMDA Data) will be released. Stakeholders have asked to submit comments on the May 2019 Proposal that reflect the 2018 HMDA Data. To allow for the submission of such comments, CFPB now reopens the comment period on certain aspects of the proposal until 10/15/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-02/pdf/2019-16190.pdf. Federal Register, Vol. 84, No. 149, 08/02/2019, 37804-37806.

CFPB Requests Comment on Information Collections.

  • CFPB announced it seeks comment on the information collection titled Equal Access to Justice Act. CFPB also gave notice that it sent the collection to OMB for review. Comments are due 08/28/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-29/pdf/2019-16006.pdf. Federal Register, Vol. 84, No. 145, 07/29/2019, 36591-36592.
  • CFPB announced it seeks comment on the information collection titled Trail Disclosure Policy. CFPB also gave notice that it sent the collection to OMB for review. Comments are due 08/30/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-31/pdf/2019-16239.pdf. Federal Register, Vol. 84, No. 147, 07/31/2019, 37263.
  • CFPB announced it seeks comment on the information collection titled Applications for Advisory Committees. CFPB also gave notice that it sent the collection to OMB for review. Comments are due 08/30/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-31/pdf/2019-16304.pdf. Federal Register, Vol. 84, No. 147, 07/31/2019, 37263-37264.
  • CFPB announced it seeks comment on the information collection titled Policy On No-Action Letters and Compliance Assistance Sandbox Policy. CFPB also gave notice that it sent the collection to OMB for review. Comments are due 09/05/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-06/pdf/2019-16919.pdf. Federal Register, Vol. 84, No. 151, 08/05/2019, 38247-38248. 

FRB Requests Comment on Information Collections.

  • The Board of Governors of the Federal Reserve System (FRB) announced it seeks comment on the information collection titled Report of Selected Balance Sheet Items for Discount Window Borrowers. FRB also gave notice that it sent the collection to OMB for review. Comments are due 09/17/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-19/pdf/2019-15365.pdf. Federal Register, Vol. 84, No. 139, 07/19/2019, 34890-34892.
  • FRB announced it seeks comment on the information collection titled Capital Assessments and Stress Testing Reports. FRB also gave notice that it sent the collection to OMB for review. Comments are due 09/30/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-31/pdf/2019-16340.pdf. Federal Register, Vol. 84, No. 147, 07/31/2019, 37292-37302.
  • FRB announced it seeks comment on the information collection titled Capital Assessments and Stress Testing Reports. FRB also gave notice that it sent the collection to OMB for review. Comments are due 09/30/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-31/pdf/2019-16341.pdf. Federal Register, Vol. 84, No. 147, 07/31/2019, 37285-37292.
  • FRB announced it seeks comment on the information collection titled Savings and Loan Holding Company Registration Statement. FRB also gave notice that it sent the collection to OMB for review. Comments are due 10/07/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-08/pdf/2019-17007.pdf. Federal Register, Vol. 84, No. 153, 08/08/2019, 38964-38965.

FRB Announces Actions To Support Interbank Settlement of Faster Payments. 

FRB has determined that the Federal Reserve Banks (Reserve Banks) should develop a new interbank 24x7x365 real-time gross settlement service with integrated clearing functionality to support faster payments in the United States. The new service would support depository institutions’ provision of end-to-end faster payment services and would provide infrastructure to promote ubiquitous, safe, and efficient faster payments in the United States. In addition, FRB intends to explore expanded hours for the Fedwire Funds Service and the National Settlement Service, up to 24x7x365, to support a wide range of payment activities, including liquidity management in private-sector real-time gross settlement services for faster payments. Subject to the outcome of additional analysis of relevant operational, risk, and policy considerations, FRB will seek public comment separately on plans to expand hours for the Fedwire Funds Service and the National Settlement Service. Comments are due 11/07/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-09/pdf/2019-17027.pdf. Federal Register, Vol. 84, No. 154, 08/09/2019, 39297-39322.

FDIC Finalizes Amendments to Recordkeeping for Timely Deposit Insurance Determination.

The Federal Deposit Insurance Corporation (FDIC) is amending its rule entitled “Recordkeeping for Timely Deposit Insurance Determination” to clarify the rule’s requirements, better align the burdens of the rule with the benefits, and make technical corrections. The amendments are effective 10/01/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-30/pdf/2019-15535.pdf. Federal Register, Vol. 84, No. 146, 07/30/2019, 37020-37052.

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-2019-07-11/pdf/2019-14746.pdf. Federal Register, Vol. 84, No. 133, 07/11/2019, 33068-33069.
https://www.govinfo.gov/content/pkg/FR-2019-08-07/pdf/2019-16804.pdf. Federal Register, Vol. 84, No. 152, 08/07/2019, 38630.

FDIC Requests Comment on Information Collection.

FDIC announced it seeks comment on the information collection titled Appraisal for Higher-Priced Mortgage Loans. FDIC also gave notice that it sent the collection to OMB for review. Comments are due 09/16/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-16/pdf/2019-15035.pdf. Federal Register, Vol. 84, No. 136, 07/16/2019, 33943-33944. 34890-34892.

OCC Requests Comment on Information Collections.

  • The Office of the Comptroller of the Currency (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 08/26/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-26/pdf/2019-15861.pdf. Federal Register, Vol. 84, No. 144, 07/26/2019, 36161-36162.
  • 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 08/26/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-26/pdf/2019-15862.pdf. Federal Register, Vol. 84, No. 144, 07/26/2019, 36162-36164.
  • OCC announced it seeks comment on the information collection titled FFIEC Cybersecurity Assessment Tool. OCC also gave notice that it sent the collection to OMB for review. Comments are due 08/28/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-29/pdf/2019-15964.pdf. Federal Register, Vol 84, No. 145, 07/29/2019, 36659-36662.
  • 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 08/28/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-29/pdf/2019-15959.pdf. Federal Register, Vol 84, No. 145, 07/29/2019, 36658-36659.
  • OCC announced it seeks comment on the information collection titled Municipal Securities Dealers and Government Securities Brokers and Dealers—Registration and Withdrawal. OCC also gave notice that it sent the collection to OMB for review. Comments are due 08/28/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-29/pdf/2019-15962.pdf. Federal Register, Vol 84, No. 145, 07/29/2019, 36662-36664.

FFIEC Finalizes Order Granting in Part Temporary Waiver Relief.

The Federal Financial Institutions Examination Council (FFIEC) issued a final order pursuant to section 1119(b) of Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended (Title XI) and the rules promulgated thereunder. This order grants in part, with specified terms and conditions, and with the FFIEC concurrence, a request for temporary waiver relief received from Governor Doug Burgum, State of North Dakota, the North Dakota Department of Financial Institutions, and the North Dakota Bankers Association, notice of which was published in the Federal Register on 05/30/2019. The order was applicable 08/07/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-07/pdf/2019-16908.pdf. Federal Register, Vol. 84, No. 152, 08/07/2019, 38630-38633.

HUD Announces Termination of Direct Endorsement.

The Department of Housing and Urban Development (HUD) issued a notice advising of the cause and effect of termination of Direct Endorsement (DE) approval taken by HUD’s Federal Housing Administration (FHA) against HUD-approved mortgagees through the FHA Credit Watch Termination Initiative. The notice includes a list of mortgagees that have had their DE Approval terminated. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-16/pdf/2019-15072.pdf. Federal Register, Vol. 84, No. 136, 07/16/2019, 33961-33962.

HUD Announces Section 108 Loan Guarantee Program Fee to Cover Credit Subsidy Costs for FY 2020.

HUD announced the fee it will collect from borrowers of loans guaranteed under HUD’s Section 108 Loan Guarantee Program (Section 108 Program) to offset the credit subsidy costs of the guaranteed loans pursuant to commitments awarded in Fiscal Year 2020. HUD sets the fee for Section 108 loan disbursements under loan guarantee commitments awarded for FY 2020 at 2.00 percent of the principal amount of the loan. For the fee announcement, HUD is not changing the underlying assumptions or creating new considerations for borrowers. The fee is applicable 10/01/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-23/pdf/2019-15627.pdf. Federal Register, Vol. 84, No. 141, 07/23/2019, 35299-35301.

HUD Requests Comment on Information Collections.

  • 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 09/16/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-16/pdf/2019-15071.pdf. Federal Register, Vol. 84, No. 136, 07/16/2019, 33960-33961.
  • HUD announced it seeks comment on the information collection titled Ginnie Mae Mortgage-Backed Securities Guide. HUD also gave notice that it sent the collection to OMB for review. Comments are due 09/17/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-19/pdf/2019-15416.pdf. Federal Register, Vol. 84, No. 139, 07/19/2019, 34919-34922.
  • HUD announced it seeks comment on the information collection titled Mark-to-Market Program: Requirements for Community-Based Non-Profit Organizations and Public Agencies. HUD also gave notice that it sent the collection to OMB for review. Comments are due 09/17/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-19/pdf/2019-15415.pdf. Federal Register, Vol. 84, No. 139, 07/19/2019, 34919.
  • HUD announced it seeks comment on the information collection titled Multifamily Housing Procedures for Projects Affected by Presidentially-Declared Disasters. HUD also gave notice that it sent the collection to OMB for review. Comments are due 09/17/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-19/pdf/2019-15414.pdf. Federal Register, Vol. 84, No. 139, 07/19/2019, 34922.
  • HUD announced it seeks comment on the information collection titled Nonprofit Application and Recertification for FHA Mortgage Insurance Programs. HUD also gave notice that it sent the collection to OMB for review. Comments are due 09/23/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-23/pdf/2019-15629.pdf. Federal Register, Vol. 84, No. 141, 07/23/2019, 35415-35416.

FEMA Issues Final Flood Elevation Determination. 

The Federal Emergency Management Agency (FEMA) has made final Base (1-percent-annual-chance) Flood Elevations (BFEs) and modified BFEs for communities in the state of Minnesota. The BFEs and modified BFEs are the basis for the floodplain management measures that each community is required either to adopt or to show evidence of being already in effect in order to qualify or remain qualified for participation in the National Flood Insurance Program (NFIP). The effective date is the date of issuance of the Flood Insurance Rate Map (FIRM) showing BFEs and modified BFEs for each community. This date may be obtained by contacting the office where the maps are available for inspection as indicated in the table in the final rule. The final rule may viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-01/pdf/2019-16410.pdf. Federal Register, Vol. 84, No. 148, 08/01/2019, 37610-37611.

FEMA Issues Final Rules on Suspensions of NFIP Community Eligibility.

  • FEMA issued a final rule which identifies communities in the states of Illinois, and Nebraska, 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.govinfo.gov/content/pkg/FR-2019-07-25/pdf/2019-15765.pdf. Federal Register, Vol. 84, No. 143, 07/25/2019, 35833-35836. 
  • FEMA issued a final rule which identifies communities in the states of Michigan, Minnesota, and Ohio, 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.govinfo.gov/content/pkg/FR-2019-08-07/pdf/2019-16806.pdf. Federal Register, Vol. 84, No. 152, 08/07/2019, 38563-38566.

FEMA Issues Final Flood Hazard Determinations.

FEMA has issued a final notice which identifies communities in the states of Iowa, and Ohio, 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 12/20/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-08/pdf/2019-17020.pdf. Federal Register, Vol. 84, No. 153, 08/08/2019, 39008-39010.

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, Michigan, 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-2019-08-01/pdf/2019-16412.pdf. Federal Register, Vol. 84, No. 148, 08/01/2019, 37665-37668.

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 10/17/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-19/pdf/2019-15337.pdf. Federal Register, Vol. 84, No. 139, 07/19/2019, 34910-34911.
  • 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 states of Iowa, Michigan, and Minnesota. 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 10/30/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-01/pdf/2019-16414.pdf. Federal Register, Vol. 84, No. 148, 08/01/2019, 37661-37663.

Treasury Finalizes Requirement to Notify IRS of Intent to Operate as a Section 501(c)(4) Organization.

The Department of the Treasury (Treasury) finalized regulations relating to the section 506 requirement, added by the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act), enacted on 12/18/2015, that organizations described in section 501(c)(4) of the Internal Revenue Code (Code) must notify the Internal Revenue Service (IRS), no later than 60 days after their establishment, of their intent to operate under section 501(c)(4). The regulations are effective 07/19/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-23/pdf/2019-15614.pdf. Federal Register, Vol. 84, No. 141, 07/23/2019, 35301-35307.

Treasury Requests Comment on Information Collections.

  • Treasury announced it seeks comment on the information collection titled Request for Transcript of Tax Return and IVES Request for Transcript of Tax Return. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 09/23/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-24/pdf/2019-15705.pdf. Federal Register, Vol. 84, No. 142, 07/24/2019, 35709-35710.
  • Treasury announced it seeks comment on the information collection titled Security Summit application process. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 08/28/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-29/pdf/2019-15984.pdf. Federal Register, Vol. 84, No. 145, 07/29/2019, 36664-36664.
  • Treasury announced it seeks comment on the information collection titled U.S. Employment Tax Returns and Related Forms. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 09/30/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-01/pdf/2019-16381.pdf. Federal Register, Vol. 84, No. 148, 08/01/2019, 37711-37714.

FHFA Issues Orders on Reporting by Regulated Entities of Stress Testing Results. 

The Federal Housing Finance Agency (FHFA) issued Orders, dated 03/05/2019, with respect to stress test reporting as of December 31, 2018, under section 165(i)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Summary Instructions and Guidance accompanied the Orders to provide testing scenarios. The Orders are applicable 03/05/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-25/pdf/2019-15766.pdf. Federal Register, Vol. 84, No. 143, 07/25/2019, 35811.

SBA Issues Interim Final Rule on Monetary-Based Industry Size Standards.

The Small Business Administration (SBA) is adjusting the monetary-based industry size standards (i.e., receipts- and assets-based) for inflation that has occurred since the last adjustment in 2014. These size standards will be reviewed again as part of the ongoing second 5-year review of size standards, as mandated by the Small Business Jobs Act of 2010 (Jobs Act). Also adjusted for inflation are receipts-based size standards that apply to sales or leases of Government property and stockpile purchases. The rule is effective 08/19/2019, comments are due 09/16/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-18/pdf/2019-14980.pdf. Federal Register, Vol. 84, No. 138, 07/18/2019, 34261-34281.

SBA Requests Comment on Information Collection.

SBA announced it seeks comment on the information collection titled Federal Agency Comment Form. SBA also gave notice that it sent the collection to OMB for review. Comments are due 08/19/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-18/pdf/2019-15308.pdf. Federal Register, Vol. 84, No. 138, 07/18/2019, 34467-34468.

RBC Invites Applications for Rural Economic Development Loan and Grant Programs for Fiscal Year 2020. 

The Rural Business-Cooperative (RBC) invites applications for loans and grants under the Rural Economic Development Loan and Grant (REDLG) Programs for fiscal year (FY) 2020, subject to the availability of funding. This 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 2020. Successful applications will be selected by RBC for funding and subsequently awarded to the extent that funding may ultimately be made available through appropriations. Important dates for applicants are listed in the notice. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-18/pdf/2019-15263.pdf. Federal Register, Vol. 84, No. 138, 07/18/2019, 34333-34337.

CCC Finalizes Regulations on Trade Mitigation Program.

The Commodity Credit Corporation (CCC) is revising the regulations to implement a Trade Mitigation Program (TMP) for producers of 2019 agricultural commodities that have been significantly impacted by trade actions of foreign governments resulting in the loss of exports. As part of TMP, the Market Facilitation Program (MFP) regulation specifies the eligibility requirements, payment calculations, and application procedures. The details for specific commodities and the relevant application start dates will be announced in applicable notices of funds availability (NOFAs). As part of TMP, the Expanded Domestic Commodity Donation Program (EDCDP) regulation specifies disposition of surplus commodities through outlets not currently used in existing Food and Nutrition Service (FNS) programs, the application process, eligibility, and use of grants or cooperative agreements. The details for specific commodities and conditions will be announced in applicable notices of commodity availability (NOCAs). This rule adds new subparts to the TMP regulation to address the 2019 agricultural commodities. The rule is effective 07/29/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-29/pdf/2019-15700.pdf. Federal Register, Vol. 84, No. 145, 07/29/2019, 36456-36464.

CFTC Requests Comment on Information Collection. 

The Commodity Futures Trading Commission (CFTC) announced it seeks comment on the information collection titled Protection of Consumer Information under the Fair Credit Reporting Act. CFTC also gave notice that it sent the collection to OMB for review. Comments are due 09/24/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-26/pdf/2019-15933.pdf. Federal Register, Vol. 84, No. 144, 07/26/2019, 36086-36088.

SEC Issues List of Rules To Be Reviewed Pursuant to the Regulatory Flexibility Act.

The Securities and Exchange Commission (SEC) is publishing a list of rules to be reviewed pursuant to Section 610 of the Regulatory Flexibility Act. The list is published to provide the public with notice that these rules are scheduled for review by the agency and to invite public comment on whether the rules should be continued without change, or should be amended or rescinded to minimize any significant economic impact of the rules upon a substantial number of small entities. Comments are due 08/12/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-11/pdf/2019-14616.pdf. Federal Register, Vol. 84, No. 133, 07/11/2019, 33024-33027.

SEC Issues Correction to Broker-Dealer Standard of Conduct.

SEC issued technical corrections to a rule published in the Federal Register on 07/12/2019 regarding the Broker-Dealer Standard of Conduct. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-09/pdf/C1-2019-12164.pdf. Federal Register, Vol. 84, No. 154, 08/09/2019, 39178.

FTC Requests Comment on COPPA.

The Federal Trade Commission (FTC) requests public comment on its implementation of the Children’s Online Privacy Protection Act (COPPA), through the Children’s Online Privacy Protection Rule (COPPA Rule). Comments are due 10/23/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-25/pdf/2019-15754.pdf. Federal Register, Vol. 84, No. 143, 07/25/2019, 35842-35847.

NCUA Finalizes Fidelity Bonds Rule.

The National Credit Union Administration (NCUA) finalized a rule that amends its regulations regarding fidelity bonds for corporate credit unions and natural person credit unions. The rule strengthens a board of directors’ oversight of a federally insured credit union’s (FICU) fidelity bond coverage; ensures an adequate period to discover and file fidelity bond claims following a FICU’s liquidation; codifies 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); and addresses NCUA approval of bond forms. The final rule is effective 10/22/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-24/pdf/2019-15709.pdf. Federal Register, Vol. 84, No. 142, 07/24/2019, 35517-35525.

NCUA Finalizes Real Estate Appraisals Amendments.

NCUA is amending the agency’s rule requiring real estate appraisals for certain transactions. The final rule accomplishes four objectives: Increasing the threshold below which appraisals are not required for commercial real estate transactions from $250,000 to $1,000,000; restructuring the rule to enhance clarity; exempting from the rule certain federally related transactions involving real estate in a rural area; and making conforming amendments to the definitions section. The final rule is effective 10/22/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-24/pdf/2019-15708.pdf. Federal Register, Vol. 84, No. 142, 07/24/2019, 35525-35538.

NCUA Proposes Exceptions to Employment Restrictions.

NCUA issued a proposal to update and revise its Interpretive Ruling and Policy Statement (IRPS) regarding statutory prohibitions imposed by Section 205(d) of the Federal Credit Union Act (FCU Act). Section 205(d) prohibits, except with the prior written consent of NCUA, any person who has been convicted of any criminal offense involving dishonesty or breach of trust, or who has entered into a pretrial diversion or similar program in connection with a prosecution for such offense, from participating in the affairs of an insured credit union. Based on its experience with IRPS 08–1 since its issuance in 2008, NCUA is proposing to rescind current IRPS 08–1 and to issue a revised and updated IRPS to reduce regulatory burden. NCUA is proposing to amend and expand the current de minimis exception to reduce the scope and number of offenses that would require an application to NCUA. Specifically, the proposed IRPS would not require an application for insufficient funds checks of aggregate moderate value, small dollar simple theft, false identification, simple drug possession, and isolated minor offenses committed by covered persons as young adults. Comments are due 09/27/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-29/pdf/2019-15706.pdf. Federal Register, Vol. 84, No. 145, 07/29/2019, 36488-36501.

NCUA Requests Comment on Information Collections.

  • NCUA announced it seeks comment on the information collection titled Production of Non-public Records and Testimony of Employees in Legal Proceedings (Touhy Request). NCUA also gave notice that it sent the collection to OMB for review. Comments are due 09/27/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-29/pdf/2019-15967.pdf. Federal Register, Vol. 84, No. 145, 07/29/2019, 36625.
  • NCUA announced it seeks comment on the information collection titled Supervisory Committee Audits and Verifications. NCUA also gave notice that it sent the collection to OMB for review. Comments are due 09/27/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-29/pdf/2019-15965.pdf. Federal Register, Vol. 84, No. 145, 07/29/2019, 36624-36625.
  • NCUA announced it seeks comment on the information collection titled NCUA Call Report and Profile. NCUA also gave notice that it sent the collection to OMB for review. Comments are due 09/04/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-05/pdf/2019-16633.pdf. Federal Register, Vol. 84, No. 150, 08/05/2019, 38062-38063.
  • NCUA announced it seeks comment on the information collection titled NCUA Call Report. NCUA also gave notice that it sent the collection to OMB for review. Comments are due 10/08/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-09/pdf/2019-17028.pdf. Federal Register, Vol. 84, No. 154, 08/09/2019, 39377-39378.

DOL Finalizes Association Retirement Plans and Other Multiple-Employer Plans. 

The Department of Labor (DOL) issued a final regulation under title I of the Employee Retirement Income Security Act (ERISA) that expands access to affordable quality retirement saving options by clarifying the circumstances under which an employer group or association or a professional employer organization (PEO) may sponsor a multiple employer workplace retirement plan under title I of ERISA (as opposed to providing an arrangement that constitutes multiple separate retirement plans). The final regulation does this by clarifying that employer groups or associations and PEOs can, when satisfying certain criteria, constitute “employers” within the meaning of ERISA for purposes of establishing or maintaining an individual account “employee pension benefit plan” within the meaning of ERISA. As an “employer,” a group or association, as well as a PEO, can sponsor a defined contribution retirement plan for its members (collectively referred to as “multiple employer plans” or “MEPs” unless otherwise specified). Thus, different businesses may join a MEP, either through a group or association or through a PEO. The final regulation also permits certain working owners without employees to participate in a MEP sponsored by an employer group or association. The final rule primarily affects groups or associations of employers, PEOs, plan participants, and plan beneficiaries. It does not affect whether groups, associations, or PEOs assume joint-employment relationships with member-employers or client employers. But it may affect banks, insurance companies, securities broker-dealers, record keepers, and other commercial enterprises that provide retirement-plan products and services to ERISA plans and plan sponsors. The final rule is effective 09/30/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-31/pdf/2019-16074.pdf. Federal Register, Vol. 84, No. 147, 07/31/2019, 37508-37544.

DOL Requests Comment on Information Collection. 

DOL announced it seeks comment on the information collection titled The Family and Medical Leave Act of 1993, As Amended. DOL also gave notice that it sent the collection to OMB for review. Comments are due 10/04/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-05/pdf/2019-16636.pdf. Federal Register, Vol. 84, No. 150, 08/05/2019, 38061-38062. 

By, Ally Bates

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

Agencies Finalize 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) are issuing a final rule to 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 finalizing 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. This document also includes a Paperwork Reduction Act notice to further reduce the amount of data required to be reported on the FFIEC 051 Call Report for the first and third calendar quarters, and other related changes. The agencies are committed to exploring further burden reduction and are actively evaluating further revisions to the FFIEC 051 Call Report, consistent with guiding principles developed by the FFIEC. The agencies also are considering ways to simplify the Call Report forms and instructions. The rule is effective 07/22/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-21/pdf/2019-12985.pdf. Federal Register, Vol. 84, No. 120, 06/21/2019, 29039-29053.

Agencies Finalize Amendments to Regulation CC.

The Bureau of Consumer Financial Protection (CFPB) and the Board of Governors of the Federal Reserve System (FRB) are amending Regulation CC, which implements the Expedited Funds Availability Act (EFA Act), to implement a statutory requirement in the EFA Act to adjust the dollar amounts under the EFA Act for inflation. The Agencies are also amending Regulation CC to incorporate 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 making certain other technical amendments. The rule is effective 09/03/2019, except for the amendments to 12 CFR 229.1, 229.10, 229.11, 229.12(d), 229.21, and appendix E to part 229, which are effective 07/01/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-03/pdf/2019-13668.pdf. Federal Register, Vol. 84, No. 128, 07/03/2019, 31687-31701.   

Agencies Finalize Health Reimbursement Arrangements and Other Account-Based Group Health Plans.

The Department of the Treasury (Treasury), the Department of Labor (DOL), and the Department of Health and Human Services (DHHS) issued final rules to expand opportunities for working men and women and their families to access affordable, quality healthcare through changes to rules under various provisions of the Public Health Service Act (PHS Act), the Employee Retirement Income Security Act (ERISA), and the Internal Revenue Code (Code) regarding health reimbursement arrangements (HRAs) and other account-based group health plans. Specifically, the final rules allow integrating HRAs and other account-based group health plans with individual health insurance coverage or Medicare, if certain conditions are satisfied (an individual coverage HRA). The final rules also set forth conditions under which certain HRAs and other account-based group health plans will be recognized as limited excepted benefits. Also, Treasury and the Internal Revenue Service (IRS) are finalizing rules regarding premium tax credit (PTC) eligibility for individuals offered an individual coverage HRA. In addition, the Department of Labor (DOL) is finalizing a clarification to provide assurance that the individual health insurance coverage for which premiums are reimbursed by an individual coverage HRA or a qualified small employer health reimbursement arrangement (QSEHRA) does not become part of an ERISA plan, provided certain safe harbor conditions are satisfied. Finally, the Department of Health and Human Services (HHS) is finalizing provisions to provide a special enrollment period (SEP) in the individual market for individuals who newly gain access to an individual coverage HRA or who are newly provided a QSEHRA. The goal of the final rules is to expand the flexibility and use of HRAs and other account-based group health plans to provide more Americans with additional options to obtain quality, affordable healthcare. The final rules affect employees and their family members; employers, employee organizations, and other plan sponsors; group health plans; health insurance issuers; and purchasers of individual health insurance coverage. The rules are effective 08/19/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-20/pdf/2019-12571.pdf. Federal Register, Vol. 84, No. 119, 06/20/2019, 28888-29027. 

Agencies Request Comment on Information Collection.

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 Market Risk Regulatory Report for Institutions Subject to the Market Risk Capital Rule (FFIEC 102). The Agencies also gave notice that they sent the collection to OMB for review. Comments are due 08/26/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-25/pdf/2019-13473.pdf. Federal Register, Vol. 84, No. 122, 06/25/2019, 29933-29935.

CFPB Delays Compliance Date and Issues Correcting Amendments to Payday, Vehicle Title, and Certain High-Cost Installment Loans.

The Bureau of Consumer Financial Bureau (CFPB) is issuing a final rule to delay the 08/19/2019 compliance date for the mandatory underwriting provisions of the regulation promulgated by CFPB in November 2017 governing Payday, Vehicle Title, and Certain High-Cost Installment Loans (2017 Final Rule or Rule). Compliance with these provisions of the Rule is delayed by 15 months, to 11/19/2020. CFPB is also making certain conforming changes and corrections to address several clerical and non-substantive errors it has identified in the Rule. The amendments in the final rule are effective 08/16/2019, the compliance date is now 11/19/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-17/pdf/2019-12307.pdf. Federal Register, Vol. 84, No. 116, 06/17/2019, 27907-27930.

CFPB Extends Comment Period for HMDA Data Points ANPR.

CFPB issued an advance notice of proposed rulemaking (ANPR) on 05/08/2019 to solicit comments relating to the data points CFPB’s  October 2015 final rule implementing the Home Mortgage Disclosure Act (HMDA) added to Regulation C or revised to require additional information. The ANPR also solicits comments relating to the requirement that institutions report certain business- or commercial-purpose transactions under Regulation C. The ANPR provided a 60-day comment period that will end on 07/08/2019. To allow interested persons more time to consider and submit their responses, CFPB has determined that an extension of the comment period until 10/15/2019 is appropriate. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-03/pdf/2019-14174.pdf. Federal Register, Vol. 84, No. 128, 07/3/2019, 31746-31747.

CFPB Issues Semiannual Regulatory Agenda.

CFPB published an agenda as part of the Spring 2019 Unified Agenda of Federal Regulatory and Deregulatory Actions. CFPB reasonably anticipates having the regulatory matters identified in the agenda under consideration during the period from 05/01/2019 to 04/30/2020. The next agenda will be published in fall 2019 and will update this agenda through fall 2020. Publication of this agenda is in accordance with the Regulatory Flexibility Act (5 U.S.C. 601 et seq.). The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-24/pdf/2019-11746.pdf. Federal Register, Vol. 84, No. 121, 06/24/2019, 29730-29733.

CFPB Requests Comment on Information Collections.

  • CFPB announced it seeks comment on the information collection titled Generic Information Collection Plan for the Development and Testing of Disclosures and Related Materials. CFPB also gave notice that it sent the collection to OMB for review. Comments are due 08/13/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-14/pdf/2019-12585.pdf. Federal Register, Vol. 84, No. 115, 06/14/2019, 27771-27772.
  • CFPB announced it seeks comment on the information collection titled Generic Information Collection Plan to Conduct Cognitive and Pilot Testing of Research Methods, Instruments, and Forms. CFPB also gave notice that it sent the collection to OMB for review. Comments are due 08/13/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-14/pdf/2019-12586.pdf. Federal Register, Vol. 84, No. 115, 06/14/2019, 27770-27771.
  • CFPB announced it seeks comment on the information collection titled Evaluation of Financial Empowerment Training Program. CFPB also gave notice that it sent the collection to OMB for review. Comments are due 08/23/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-24/pdf/2019-13392.pdf. Federal Register, Vol. 84, No. 121, 06/24/2019, 29503-29504.
  • CFPB announced it seeks comment on the information collection titled Generic Information Collection Plan for Studies of Consumers Using Controlled Trials in Field and Economic Laboratory Settings. CFPB also gave notice that it sent the collection to OMB for review. Comments are due 07/31/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-01/pdf/2019-13974.pdf. Federal Register, Vol. 84, No. 126, 07/01/2019, 31308-31309.

CFPB Issues Fair Lending Report.

CFPB issued its seventh Fair Lending Report of the Bureau of Consumer Financial Protection (Fair Lending Report) to Congress. CFPB is committed to ensuring fair access to credit and eliminating discriminatory lending practices. This report describes CFPB’s fair lending activities in prioritization, supervision, enforcement, rulemaking, interagency coordination, and outreach for calendar year 2018. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-08/pdf/2019-14384.pdf. Federal Register, Vol. 84, No. 130, 07/08/2019, 32420-32429.

FRB Finalizes Rules Regarding Equal Opportunity.

The Board of Governors of the Federal Reserve System (FRB) is issuing its final rule to revise and expand its equal employment opportunity regulation to adopt recent changes the Equal Employment Opportunity Commission (EEOC) made to its rules. FRB’s 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 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. The rule is effective 07/11/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-11/pdf/2019-11569.pdf. Federal Register, Vol. 84, No. 112, 06/11/2019, 27027-27035.

FRB Proposes Rules Regarding Availability of Information.

FRB is inviting comment on a notice of proposed rulemaking (proposal) that would amend FRB’s Rules Regarding Availability of Information. The amendments clarify and update FRB’s regulations implementing the Freedom of Information Act and the rules governing the disclosure of confidential supervisory information and other nonpublic information of FRB. Comments are due 08/16/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-17/pdf/2019-12524.pdf. Federal Register, Vol. 84, No. 116, 06/17/2019, 27976-27990.

FRB Requests Comment on Information Collections.

  • FRB announced it seeks comment on the information collection titled Notice of Proposed Stock Redemption. FRB also gave notice that it sent the collection to OMB for review. Comments are due 08/16/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-17/pdf/2019-12680.pdf. Federal Register, Vol. 84, No. 116, 06/17/2019, 28047-28048.
  • FRB announced it seeks comment on the information collection titled Notice of Proposed Declaration of Dividend. FRB also gave notice that it sent the collection to OMB for review. Comments are due 08/16/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-17/pdf/2019-12693.pdf. Federal Register, Vol. 84, No. 116, 06/17/2019, 28049-28051.
  • FRB announced it seeks comment on the information collection titled Payments Systems Surveys. FRB also gave notice that it sent the collection to OMB for review. Comments are due 08/20/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-21/pdf/2019-13107.pdf. Federal Register, Vol. 84, No. 120, 06/21/2019, 29203-29204.
  • FRB announced it seeks comment on the information collection titled Interagency Policy Statement on Funding and Liquidity Risk Management. FRB also gave notice that it sent the collection to OMB for review. Comments are due 08/26/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-25/pdf/2019-13490.pdf. Federal Register, Vol. 84, No. 122, 06/25/2019, 29862-29864.

FRB Issues Semiannual Regulatory Agenda.

FRB issued an agenda under the Regulatory Flexibility Act and FRB’s Statement of Policy Regarding Expanded Rulemaking Procedures. FRB anticipates having under consideration regulatory matters as indicated in the notice during the period 05/01/2019, through 10/31/2019. The next agenda will be published in fall 2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-24/pdf/2019-11695.pdf. Federal Register, Vol. 84, No. 121, 06/24/2019, 29772-29774.

FDIC Finalizes Removal of Transferred OTS Regulations Regarding Lending and Investment.

The Federal Deposit Insurance Corporation (FDIC) is adopting a final rule to rescind and remove the “Lending and Investment” regulations because they are unnecessary, redundant, or duplicative of existing FDIC regulations; to amend certain sections of existing FDIC regulations governing real estate lending standards to make them applicable to all insured depository institutions for which the FDIC is the appropriate Federal banking agency; and to rescind and remove “Registration of Residential Mortgage Loan Originators” regulations because supervision and rulemaking authority in this area was transferred to the Consumer Financial Protection Bureau (CFPB) by the Dodd-Frank Act. The rule is effective 07/31/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-01/pdf/2019-13449.pdf. Federal Register, Vol. 84, No. 126, 07/01/2019, 31171-31174. 

FDIC Requests Comment on Information Collections.

  • FDIC announced it seeks comment on the information collection titled Generic Clearance for Prize Competition Participation. FDIC also gave notice that it sent the collection to OMB for review. Comments are due 08/26/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-25/pdf/2019-13477.pdf. Federal Register, Vol. 84, No. 122, 06/25/2019, 29861-29862.
  • FDIC announced it seeks comment on the information collection titled Interagency Charter and Federal Deposit Insurance Application. FDIC also gave notice that it sent the collection to OMB for review. Comments are due 08/26/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-27/pdf/2019-13693.pdf. Federal Register, Vol. 84, No. 124, 06/27/2019, 30714-30715.
  • FDIC announced it seeks comment on the information collection titled Funding and Liquidity Risk Management. FDIC also gave notice that it sent the collection to OMB for review. Comments are due 08/01/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-02/pdf/2019-14084.pdf. Federal Register, Vol. 84, No. 127, 07/02/2019, 31591-31592.

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-2019-06-14/pdf/2019-12553.pdf. Federal Register, Vol. 84, No. 115, 06/14/2019, 27778-277779.

OCC Requests Comment on Information Collections.

  • The Office of the Comptroller of the Currency (OCC) announced it seeks comment on the information collection titled Interagency Guidance on Asset Securitization Activities. OCC also gave notice that it sent the collection to OMB for review. Comments are due 07/19/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-19/pdf/2019-13006.pdf. Federal Register, Vol. 84, No. 118, 07/19/2019, 28626-28627.
  • OCC announced it seeks comment on the information collection titled Reverse Mortgage Products: Guidance for Managing Compliance and Reputation Risks. OCC also gave notice that it sent the collection to OMB for review. Comments are due 07/19/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-19/pdf/2019-13007.pdf. Federal Register, Vol. 84, No. 118, 07/19/2019, 28625-28626.
  • OCC announced it seeks comment on the information collection titled Disclosure and Reporting of CRA-Related Agreements. OCC also gave notice that it sent the collection to OMB for review. Comments are due 08/08/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-09/pdf/2019-14543.pdf. Federal Register, Vol. 84, No. 131, 07/09/2019, 32832-32834.
  • OCC announced it seeks comment on the information collection titled Margin and Capital Requirements for Covered Swap Entities. OCC also gave notice that it sent the collection to OMB for review. Comments are due 08/08/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-09/pdf/2019-14544.pdf. Federal Register, Vol. 84, No. 131, 07/09/2019, 32834-32835.

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 Training Grant Program. HUD also gave notice that it sent the collection to OMB for review. Comments are due 08/05/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-19/pdf/2019-13019.pdf. Federal Register, Vol. 84, No. 118, 06/19/2019, 28578.
  • HUD announced it seeks comment on the information collection titled FHA-Insured Mortgage Loan Servicing Involving the Loss Mitigation Program. HUD also gave notice that it sent the collection to OMB for review. Comments are due 09/03/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-02/pdf/2019-14119.pdf. Federal Register, Vol. 84, No. 127, 07/02/2019, 31614-31615.
  • HUD announced it seeks comment on the information collection titled Manufactured Home Construction and Safety Standards Program. HUD also gave notice that it sent the collection to OMB for review. Comments are due 08/01/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-02/pdf/2019-14118.pdf. Federal Register, Vol. 84, No. 127, 07/02/2019, 31613-31614.
  • HUD announced it seeks comment on the information collection titled FHA Insured Title I Property Improvement and Manufactured Home Loan Programs. HUD also gave notice that it sent the collection to OMB for review. Comments are due 08/02/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-03/pdf/2019-14244.pdf. Federal Register, Vol. 84, No. 128, 07/03/2019, 31897.

HUD Announces Vacant Loan Sales.

HUD announced its intention to competitively offer multiple residential reverse mortgage pools consisting of approximately 1,500 reverse mortgage notes secured by properties with a loan balance of approximately $330 million. The sale will consist of due and payable Secretary-held reverse mortgage loans. The mortgage loans consist of first liens secured by single family, vacant residential properties, where all borrowers are deceased, and no borrower is survived by a nonborrowing spouse. The sale will be held 07/24/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-08/pdf/2019-14465.pdf. Federal Register, Vol. 84, No. 130, 07/08/2019, 32467-32468.

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, Indiana, Minnesota, Nebraska, 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-2019-06-18/pdf/2019-12792.pdf. Federal Register, Vol. 84, No. 117, 06/18/2019, 28317-28321.
  • 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 Michigan, and Nebraska. 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-2019-06-19/pdf/2019-12943.pdf. Federal Register, Vol. 84, No. 118, 06/19/2019, 28574-28575.
  • 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 state of Illinois. 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-2019-07-05/pdf/2019-14328.pdf. Federal Register, Vol. 84, No. 129, 07/05/2019, 32193-32194.
  • 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 Iowa, and Michigan. 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-2019-07-05/pdf/2019-14329.pdf. Federal Register, Vol. 84, No. 129, 07/05/2019, 32194-32196.

FEMA Proposes Amendments to NFIP.

FEMA intends to modify the way it pays private insurance companies participating in the Write Your Own (WYO) Program. FEMA seeks comment regarding possible approaches to incorporating actual flood insurance expense data into the payment methodology that FEMA uses to determine the amount of payments to WYO companies. Comments are due 09/06/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-08/pdf/2019-14343.pdf. Federal Register, Vol. 84, No. 130, 07/08/2019, 32371-32379.

OFAC Finalizes Inflations Adjustment of Civil Monetary Penalties.

The Office of Foreign Assets Control (OFAC) issued a final rule to adjust certain civil monetary penalties (CMPs) for inflation pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement Act of 1996 and the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The adjustments are effective 06/14/2019. The notice has been viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-14/pdf/2019-12475.pdf. Federal Register, Vol. 84, No. 115, 06/14/2019, 27714-27719.

OFAC Issues Interim Final Rule on Reporting, Procedures, and Penalties Regulations.

OFAC issued an interim final rule to amend the Reporting, Procedures and Penalties Regulations (the Regulations) to provide updated instructions and incorporate new requirements for parties filing reports on blocked property, unblocked property, or rejected transactions. In addition, OFAC is revising the licensing procedures section of the Regulations to include information regarding OFAC’s electronic license application procedures and to provide additional instructions regarding applications for the release of blocked funds. OFAC also is clarifying the rules governing the availability of information under the Freedom of Information Act (FOIA) for information that is submitted to OFAC pursuant to the Regulations. Finally, OFAC is making numerous technical and conforming edits throughout the Regulations. The interim final rule is effective 06/21/2019, comments are due 07/22/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-21/pdf/2019-13163.pdf. Federal Register, Vol. 84, No. 120, 06/21/2019, 29055-29062.

Treasury Establishes Pricing for United States Mint Numismatic Products.

The Department of the Treasury (Treasury) is announcing pricing for new United States Mint numismatic products in accordance with the table in the notices. The notices may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-17/pdf/2019-12652.pdf. Federal Register, Vol. 84, No. 116, 06/17/2019, 28128.
https://www.govinfo.gov/content/pkg/FR-2019-06-20/pdf/2019-13096.pdf. Federal Register, Vol. 84, No. 119, 06/20/2019, 28886.

Treasury Finalizes Statutory Expansion of Electing Small Business Trusts with Nonresident Aliens as Potential Current Beneficiaries.

Treasury issued final regulations regarding the 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 final regulations 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. The regulations are effective 06/18/2019, the regulations are applicable 12/31/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-18/pdf/2019-12639.pdf. Federal Register, Vol. 84, No. 117, 06/18/2019, 28214-28216.

Treasury Finalizes Self-Employment Tax Treatment of Partners in a Partnership That Owns a Disregarded Entity.

Treasury issued final regulations that clarify the employment tax treatment of partners in a partnership that owns a disregarded entity. These regulations affect partners in a partnership that owns a disregarded entity. The regulations are effective 07/02/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-02/pdf/2019-14121.pdf. Federal Register, Vol. 84, No. 127, 07/02/2019, 31478-31480.

Treasury Finalizes Use of Truncated Taxpayer Identification Numbers on Forms W–2, Wage and Tax Statement.

Treasury issued final regulations under sections 6051 and 6052 of the Internal Revenue Code (Code). To aid employers’ efforts to protect employees from identity theft, these regulations amend existing regulations to permit employers to voluntarily truncate employees’ social security numbers (SSNs) on copies of Forms W–2, Wage and Tax Statement, that are furnished to employees so that the truncated SSNs appear in the form of IRS truncated taxpayer identification numbers (TTINs). These regulations also amend the regulations under section 6109 to clarify the application of the truncation rules to Forms W–2 and to add an example illustrating the application of these rules. Additionally, these regulations delete obsolete provisions and update cross references in the regulations under sections 6051 and 6052. These regulations affect employers who are required to furnish Forms W–2 and employees who receive Forms W–2. The rule is effective 07/03/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-03/pdf/2019-11500.pdf. Federal Register, Vol. 84, No. 128, 07/03/2019, 31717-31721.

Treasury Proposes Regulations Regarding Multiple Employer Plans.

Treasury proposed regulations relating to the tax qualification of plans maintained by more than one employer. These plans, maintained pursuant to section 413(c) of the Internal Revenue Code (Code), are often referred to as multiple employer plans or MEPs. The proposed regulations would provide an exception, if certain requirements are met, to the application of the “unified plan rule” for a defined contribution MEP in the event of a failure by an employer participating in the plan to satisfy a qualification requirement or to provide information needed to determine compliance with a qualification requirement. These proposed regulations would affect MEPs, participants in MEPs (and their beneficiaries), employers participating in MEPs, and MEP plan administrators. Comments are due 10/01/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-03/pdf/2019-14123.pdf. Federal Register, Vol. 84, No. 128, 07/03/2019, 31777-31795.

Treasury Requests Comment on Information Collections.

  • Treasury announced it seeks comment on the information collection titled Directed Withholding and Deposit Verification, Central Withholding Agreement, and Application for Central Withholding Agreement Less than $10,000. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 08/20/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-21/pdf/2019-13210.pdf. Federal Register, Vol. 84, No. 120, 06/21/2019, 29283-29284.
  • Treasury announced it seeks comment on the information collection titled Form 1099 MISC— Miscellaneous Income. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 07/24/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-24/pdf/2019-13348.pdf. Federal Register, Vol. 84, No. 121, 06/24/2019, 29586-29589.
  • Treasury announced it seeks comment on the information collection titled Request for Payment of Reissue of U.S. Savings Bonds Deposited in Safekeeping. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 07/26/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-26/pdf/2019-13517.pdf. Federal Register, Vol. 84, No. 123, 06/26/2019, 30309-30310.
  • Treasury announced it seeks comment on the information collection titled Application Forms for U.S. Department of the Treasury Stored Value Card (SVC) Program. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 08/27/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-28/pdf/2019-13780.pdf. Federal Register, Vol. 84, No. 125, 06/28/2019, 31141.
  • Treasury announced it seeks comment on the information collection titled FHA New Account Request, Transition Request, and Transfer Request. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 08/27/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-28/pdf/2019-13782.pdf. Federal Register, Vol. 84, No. 125, 06/28/2019, 31140-31141.
  • Treasury announced it seeks comment on the information collection titled Terrorism Risk Insurance Program—Rebuttal of Control Submissions under the Terrorism Risk Insurance Act. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 08/26/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-26/pdf/2019-13599.pdf. Federal Register, Vol. 84, No. 123, 06/26/2019, 30310.

Treasury Issues Semiannual Regulatory Agenda.

Treasury published an agenda as part of the Spring 2019 Unified Agenda of Federal Regulatory and Deregulatory Actions. The next agenda will be published in fall 2019 and will update this agenda through fall 2020. Publication of this agenda is in accordance with the Regulatory Flexibility Act (5 U.S.C. 601 et seq.). The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-24/pdf/2019-11942.pdf. Federal Register, Vol. 84, No. 121, 06/24/2019, 29682-29683.

FHFA Issues Correction to Uniform Mortgage-Backed Security Final Rule.

The Federal Housing Finance Agency (FHFA) issued a notice to correct the preamble of the final rule that was published in the Federal Register on 03/05/2019, entitled “Uniform Mortgage-Backed Security.” In that preamble, FHFA incorrectly stated that data on servicer performance is included in quarterly Prepayment Monitoring Reports (PMRs). The correction is effective 06/18/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-18/pdf/2019-12880.pdf. Federal Register, Vol. 84, No. 117, 06/18/2019, 28202.

FHFA Announces Replacement for ARM Index.

FHFA recently discontinued publication of its monthly index for adjustable rate mortgage loans, known as the National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders, due to dwindling participation by mortgage originators in the Agency’s Monthly Survey of Rates and Terms on Conventional One-Family Non-farm Mortgage Loans, on which the index had been based. By the notice, FHFA is designating a replacement index, to be called “PMMS+.” The replacement index will be an adjusted version of Freddie Mac’s Primary Mortgage Market Survey 30-Yr FRM, and will take effect immediately. FHFA intends to publish the PMMS+ Index value monthly and on approximately the same schedule as it has been publishing the existing index. FHFA is soliciting public comments on its designation of the replacement index and will consider any comments received before finalizing its decision about the successor index. Comments are due 09/09/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-09/pdf/2019-14475.pdf. Federal Register, Vol. 84, No. 131, 07/09/2019, 32738-32742.

SBA Announces Microloan Program Survey.

The Small Business Administration (SBA) is conducting a study of microenterprise participation. SBA has created a survey to be completed by SBA Microloan Intermediaries (Intermediaries) and entities that are eligible to become Intermediaries, but do not currently participate. The survey will be available for approximately 45 days after publication in the Federal Register. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-17/pdf/2019-12699.pdf. Federal Register, Vol. 84, No. 116, 06/17/2019, 28122-28123.

SBA Proposes Amendments to Calculation of Annual Average Receipts.

SBA proposes to modify its method for calculating annual average receipts used to prescribe size standards for small businesses. Specifically, consistent with a recent amendment to the Small Business Act, SBA proposes to change its regulations on the calculation of annual average receipts for all receipts-based SBA size standards and other agencies’ proposed size standards for service-industry firms from a 3-year averaging period to a 5-year averaging period. Comments are dues 08/23/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-24/pdf/2019-12754.pdf. Federal Register, Vol. 84, No. 121, 06/24/2019, 29399-29413.

SBA Issues Semiannual Regulatory Agenda.

SBA published an agenda as part of the Spring 2019 Unified Agenda of Federal Regulatory and Deregulatory Actions. The next agenda will be published in fall 2019 and will update this agenda through fall 2020. Publication of this agenda is in accordance with the Regulatory Flexibility Act (5 U.S.C. 601 et seq.). The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-24/pdf/2019-11728.pdf. Federal Register, Vol. 84, No. 121, 06/24/2019, 29706-29710.

FSA Finalizes Emergency Conservation Program.

The Farm Service Agency (FSA) is amending Emergency Conservation Program (EPC) regulations to add wildfires as an eligible natural disaster, expand eligibility requirements, increase the maximum payment amount certain participants may receive, provide cost-share for fence repair and replacement, and provide certain cost-share payments more expeditiously than was previously authorized under ECP. In addition, this rule makes minor changes related to the Emergency Forest Restoration Program (EFRP). The regulations are effective 07/10/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-10/pdf/2019-14346.pdf. Federal Register, Vol. 84, No. 132, 07/10/2019, 32839-32841.

FCIC Finalizes Catastrophic Risk Protection Endorsement.

The Federal Crop Insurance Corporation (FCIC) finalized amendments to the Catastrophic Risk Protection Endorsement, the Area Risk Protection Insurance (ARPI) Basic Provisions, and the Common Crop Insurance Policy (CCIP) Basic Provisions to implement the changes mandated by the Agriculture Improvement Act of 2018 (commonly referred to as the 2018 Farm Bill). This rule revises the provisions regarding the catastrophic administrative fee, actual production history (APH) yield, crop production on native sod, and the definition of veteran farmer or rancher. In addition to the 2018 Farm Bill required changes, FCIC is changing provisions for premium offsets, electronic delivery of policy changes, and assigned yields. The changes to the policy made in the rule are applicable for the 2020 crop year for crops with a contract change date on or after 06/30/2019. For all crops the changes to the policy made in this rule are applicable for the 2021 and succeeding crop years. Comments are due 08/27/2019. The rule is effective 06/30/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-28/pdf/2019-13686.pdf. Federal Register, Vol. 84, No. 125, 06/28/2019, 30857-30862.  

CCC Finalizes Dairy Margin Coverage Program Rules.

The Commodity Credit Corporation (CCC) finalized a rule implementing the requirements of the dairy programs administered by the Farm Service Agency (FSA) on behalf of CCC. The Dairy Margin Coverage (DMC) Program, as authorized by the Agriculture Improvement Act of 2018 (2018 Farm Bill), replaces the Margin Protection Program (MPP-Dairy) for dairy producers and retains much of the structure of MPP-Dairy. DMC is a margin-based support program for dairy producers that provides risk management coverage that will pay producers when the difference between the national price of milk and the national estimated cost of feed (the margin) falls below a certain level. The rule also extends the Dairy Indemnity Payment Program (DIPP) through 2023 and amends the regulations to incorporate a specific period of time for which claims for the same loss will be eligible for indemnification under DIPP. The final rule is effective 06/13/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-18/pdf/2019-12998.pdf. Federal Register, Vol. 84, No. 117, 06/18/2019, 28171-28185.

CCC Finalizes Amendments to Export Credit Guarantee Program and Facility Guarantee Program Certifications. 

CCC issued a final rule modifying the certifications required to qualify to participate in the Export Credit Guarantee (GSM–102) Program and the Facility Guarantee Program (FGP) to make them consistent with Governmentwide debarment and suspension guidelines and U.S. Department of Agriculture requirements. Specifically, CCC is eliminating the requirement for participants to make certain certifications with respect to affiliates. The rule is effective 06/18/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-18/pdf/2019-12581.pdf. Federal Register, Vol. 84, No. 117, 06/18/2019, 28185-28186.

FTC Finalizes Amendments to Military Credit Monitoring.

The Federal Trade Commission (FTC) issued a final 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 (NCRAs) to provide a free electronic credit monitoring service to active duty military consumers, subject to certain conditions. The final 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 NCRAs must verify that an individual is an active duty military consumer. Further, the final rule contains restrictions on the use of personal information and on communications surrounding enrollment in the electronic credit monitoring service. The rule is effective 07/31/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-01/pdf/2019-13598.pdf. Federal Register, Vol. 84, No. 162, 07/01/2019, 31180-31192.

SEC Finalizes Amendments to Auditor Independence.

The Securities and Exchange Commission (SEC) is adopting amendments to its auditor independence rules to refocus the analysis that must be conducted to determine whether an auditor is independent when the auditor has a lending relationship with certain shareholders of an audit client at any time during an audit or professional engagement period. The amendments focus the analysis on beneficial ownership rather than on both record and beneficial ownership; replace the existing 10 percent bright-line shareholder ownership test with a “significant influence” test; add a “known through reasonable inquiry” standard with respect to identifying beneficial owners of the audit client’s equity securities; and exclude from the definition of “audit client,” for a fund under audit, any other funds, that otherwise would be considered affiliates of the audit client under the rules for certain lending relationships. The amendments will more effectively identify debtor-creditor relationships that could impair an auditor’s objectivity and impartiality, as opposed to certain more attenuated relationships that are unlikely to pose such threats, and thus will focus the analysis on those borrowing relationships that are important to investors. The rule is effective 10/03/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-07-05/pdf/2019-13429.pdf. Federal Register, Vol. 84, No. 129, 07/05/2019, 32040-32060.

FCC Issues Declaratory Ruling on Methods to Target Unlawful Robocalls.

The Federal Communications Commission (FCC) issued a notice clarifying that voice service providers may offer consumers programs to block unwanted calls through analytics (call-blocking programs) on an informed opt-out basis and may block calls from numbers not in a consumer’s contact list (white-list programs). FCC also reminds voice service providers that protecting emergency communications is paramount. Finally, FCC directs the Consumer and Governmental Affairs Bureau (CGB), in consultation with the Wireline Competition Bureau (WCB) and Public Safety and Homeland Security Bureau (PSHSB), to prepare two reports on the state of deployment of advanced methods and tools to eliminate such calls. The declaratory ruling is effective 06/07/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-24/pdf/2019-13270.pdf. Federal Register, Vol. 84, No. 121, 06/24/2019, 29387-29389.

FCC Proposes Advanced Methods to Target and Eliminate Unlawful Robocalls. 

FCC proposes revisions to its rules implementing the Telephone Consumer Protection Act and seeks comment on issues pertaining to the implementation of SHAKEN/STIR. FCC proposes: A safe harbor for call-blocking programs targeting unauthenticated calls, which may be potentially spoofed; safeguards to ensure that the most important calls are not blocked; and to require voice service providers to implement the SHAKEN/STIR Caller ID Authentication framework, in the event major voice service providers have failed to do so by the end of this year. Comments are due 07/24/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-24/pdf/2019-13320.pdf. Federal Register, Vol. 84, No. 121, 06/24/2019, 29478-29482.

FCC Issues Semiannual Regulatory Agenda.

FCC published an agenda as part of the Spring 2019 Unified Agenda of Federal Regulatory and Deregulatory Actions. The next agenda will be published in fall 2019 and will update this agenda through fall 2020. Publication of this agenda is in accordance with the Regulatory Flexibility Act (5 U.S.C. 601 et seq.). The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-24/pdf/2019-11752.pdf. Federal Register, Vol. 84, No. 121, 06/24/2019, 29742-29769.

NCUA Proposes Delay of Effective Date of Risk-Based Capital Rule.

The National Credit Union Administration (NCUA) issued a proposed rule that would delay the effective date of NCUA’s 10/29/2015 final rule regarding risk-based capital (2015 Final Rule), and NCUA’s 11/06/2018 supplemental final rule regarding risk-based capital (2018 Supplemental Rule), moving the effective date of both rules to 01/01/2022. This proposed delay would allow the NCUA Board additional time to holistically and comprehensively evaluate capital standards for federally insured credit unions. The proposed delay would also provide covered credit unions and NCUA with additional time to prepare for the rule’s implementation. During the extended delay period, NCUA’s current Prompt Corrective Action (PCA) requirements would remain in effect. Comments are due 07/26/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-26/pdf/2019-13589.pdf. Federal Register, Vol. 84, No. 123, 06/26/2019, 30048-30050.

NCUA Requests Comment on Information Collections.

  • NCUA announced it seeks comment on the information collection titled Borrowed Funds from Natural Persons, 12 CFR 701.38. NCUA also gave notice that it sent the collection to OMB for review. Comments are due 07/17/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-17/pdf/2019-12744.pdf. Federal Register, Vol. 84, No. 116, 06/17/2019, 28102-28103.
  • NCUA announced it seeks comment on the information collection titled Central Liquidity Facility, 12 CFR part 725. NCUA also gave notice that it sent the collection to OMB for review. Comments are due 08/16/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-17/pdf/2019-12747.pdf. Federal Register, Vol. 84, No. 116, 06/17/2019, 28101-28102.

VA Requests Comment on Information Collections.

  • The Department of Veterans Affairs (VA) announced it seeks comment on the information collection titled Supplement to VA Forms 21P– 4706b, 21P–4706c and 21P–4718a. VA also gave notice that it sent the collection to OMB for review. Comments are due 08/19/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-18/pdf/2019-12873.pdf. Federal Register, Vol. 84, No. 117, 06/18/2019, 28395-28396.
  • VA announced it seeks comment on the information collection titled Supplement to Financial Counseling Statement. VA also gave notice that it sent the collection to OMB for review. Comments are due 08/19/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-19/pdf/2019-12947.pdf. Federal Register, Vol. 84, No. 118, 06/19/2019, 28627-28628.
  • 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 07/25/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-06-25/pdf/2019-13428.pdf. Federal Register, Vol. 84, No. 122, 06/25/2019, 29936.

By, Ally Bates

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

Agencies Finalize Current Expected Credit Losses Methodology for Allowances.

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) are adopting a final rule to address changes to credit loss accounting under U.S. generally accepted accounting principles, including banking organizations’ implementation of the current expected credit losses methodology (CECL). The final rule provides banking organizations the option to phase in over a three-year period the day-one adverse effects on regulatory capital that may result from the adoption of the new accounting standard. In addition, the final rule revises the agencies’ regulatory capital rule, stress testing rules, and regulatory disclosure requirements to reflect CECL, and makes conforming amendments to other regulations that reference credit loss allowances. The final rule is effective 04/01/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-14/pdf/2018-28281.pdf. Federal Register, Vol. 84, No. 31, 02/14/2019, 4222-4250.

Agencies Extend Comment Period for Standardized Approach for Calculating the Exposure Amount of Derivatives Contracts.

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) published a proposal in the Federal Register on 12/17/2018 to amend the agencies’ capital rule to implement the Standardized Approach for Calculating the Exposure Amount of Derivatives Contracts. The agencies have decided to extend the comment period for the proposal. The new comment due date is 03/18/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-26/pdf/2019-03249.pdf. Federal Register, Vol. 84, No. 38, 02/26/2019, 6107.

CFPB Proposes Rescinding Parts of Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule.

The Bureau of Consumer Financial Protection (CFPB) is proposing to rescind certain provisions of the regulation promulgated by the Bureau in November 2017 governing Payday, Vehicle Title, and Certain High-Cost Installment Loans. The provisions of the rule which CFPB proposes to rescind provide that it is an unfair and abusive practice for a lender to make a covered short-term or longer-term balloon-payment loan, including payday and vehicle title loans, without reasonably determining that consumers have the ability to repay those loans according to their terms; prescribe mandatory underwriting requirements for making the ability-to-repay determination; exempt certain loans from the mandatory underwriting requirements; and establish related definitions, reporting, and recordkeeping requirements. Comments are due 05/15/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-14/pdf/2019-01906.pdf. Federal Register, Vol. 84, No. 31, 02/14/2019, 4252-4298.

CFPB Proposes Delay of Compliance Date for Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule.

CFPB is proposing to delay the 08/19/2019 compliance date for the mandatory underwriting provisions of the regulation promulgated by the Bureau in November 2017 governing Payday, Vehicle Title, and Certain High-Cost Installment Loans by 15 months to 11/19/2020. Comments are due 03/18/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-14/pdf/2019-01905.pdf. Federal Register, Vol. 84, No. 31, 02/14/2019, 4298-4305.

CFPB Announces Technical Specifications for Submissions to the Prepaid Account Agreements Database.

CFPB announced that beginning on 04/01/2019, prepaid account issuers are required to submit their currently-offered prepaid account agreements to CFPB, to be posted on CFPB’s website. CFPB is issuing technical specifications for those submissions, including the URL for the website at which issuers (or their designees) can register and submit their prepaid account agreements. The  announcement relates to a final rule published in the Federal Register on 11/22/2016, as amended on 04/25/2017 and 02/13/2018, regarding prepaid accounts under Regulations E and Z. The requirement is effective 04/01/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-03-06/pdf/2019-03852.pdf. Federal Register, Vol. 84, No. 44, 03/06/2019, 7979-7980.

CFPB Requests Comment on Residential PACE Financing.

CFPB is soliciting information relating to residential Property Assessed Clean Energy (PACE) financing. CFPB will consider the information it receives in implementing section 307 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). In relevant part, EGRRCPA section 307 amends the Truth in Lending Act (TILA) to mandate that CFPB prescribe certain regulations relating to PACE financing. Specifically, the regulations must carry out the purposes of TILA’s ability-to-repay (ATR) requirements, currently in place for residential mortgage loans, with respect to PACE financing, and apply TILA’s general civil liability provision for violations of the ATR requirements CFPB will prescribe for PACE financing. The regulations must “account for the unique nature” of PACE financing. The notice solicits information to better understand the PACE financing market and the unique nature of PACE financing. Comments are due 05/07/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-03-08/pdf/2019-04177.pdf. Federal Register, Vol. 84, No. 46, 03/08/2019, 8479-8482.

CFPB Requests Comment on Information Collection.

CFPB announced it seeks comment on the information collection titled Bureau of Consumer Financial Protection Speaker Request Form. CFPB also gave notice that it sent the collection to OMB for review. Comments are due 04/15/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-13/pdf/2019-02101.pdf. Federal Register, Vol. 84, No. 30, 02/13/2019, 3795.

FRB Finalizes Amendments to Policy Statement on the Scenario Design Framework for Stress Testing.

The Board of Governors of the Federal Reserve System (FRB) is adopting amendments to its policy statement on the scenario design framework for stress testing. As revised, the policy statement clarifies that the Board may adopt a change in the unemployment rate in the severely adverse scenario of less than 4 percentage points under certain economic conditions and institutes a guide that limits procyclicality in the stress test for the change in the house price index in the severely adverse scenario. The amendments are effective 04/01/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-28/pdf/2019-03504.pdf. Federal Register, Vol. 84, No. 40, 02/28/2019, 6651-6664.

FRB Finalizes Stress Testing Policy Statement.

FRB is adopting a final policy statement on the approach to supervisory stress testing conducted under FRB’s stress testing rules and FRB’s capital plan rule. The statement is effective 04/01/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-28/pdf/2019-03503.pdf. Federal Register, Vol. 84, No. 40, 02/28/2019, 6664-6671.

FRB Finalizes Enhanced Disclosure of the Models Used in the Federal Reserve’s Supervisory Stress Test.

FRB is finalizing an enhanced disclosure of the models used in the Federal Reserve’s supervisory stress test conducted under FRB’s Regulation YY pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act and FRB’s capital plan rule. The final rule is effective 04/01/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-28/pdf/2019-03505.pdf. Federal Register, Vol. 84, No. 40, 02/28/2019, 6784-6787.

FRB Finalizes Corrections to Regulations K and LL.

FRB published a final rule in the Federal Register on 11/21/2018 regarding the Large Financial Institution Rating System. That document included two typographical errors in “Appendix A—Text of Large Financial Institution Rating System” relating to the description of the conditionally meets expectation rating. FRB is now correcting those typographical errors. The correction is effective 02/15/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-15/pdf/2019-02516.pdf. Federal Register, Vol. 84, No. 32, 02/15/2019, 4309-4310.

FRB Proposes Amendments to Company-Run Stress-Testing Requirements.

FRB issued a proposed rule that would amend FRB’s  company-run stress test and supervisory stress test rules, consistent with section 401 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). Specifically, the proposed rule would revise the minimum threshold for state member banks to conduct stress tests from $10 billion to $250 billion, revise the frequency with which state member banks with assets greater than $250 billion would be required to conduct stress tests, and remove the adverse scenario from the list of required scenarios. The proposed rule would also make conforming changes to FRB’s company-run and supervisory stress test requirements for bank holding companies, U.S. intermediate holding companies of foreign banking organizations, and nonbank financial companies supervised by FRB, FRB’s Policy Statement on the Scenario Design Framework for Stress Testing, and the stress testing requirements for certain savings and loan holding companies that were proposed for public comment on 10/31/2018. Finally, the proposed rule would revise the scope of applicability of the company-run stress testing requirements for certain savings and loan holding companies that were proposed for public comment on 10/31/2019. Comments are due: 02/19/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-14/pdf/2019-00484.pdf. Federal Register, Vol. 84, No. 31, 02/14/2019, 4002-4012.

FRB Issues Correction to Proposed Amendments to Company-Run Stress-Testing Requirements.

FRB issued a proposed rulemaking issued in the Federal Register on 02/14/2019 regarding amendments to company-run stress testing requirements which included the wrong end date for it’s comment period. FRB is now correcting the notice, the correct comment due date for the proposal is 03/21/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-20/pdf/2019-02976.pdf. Federal Register, Vol. 84, No. 34, 02/20/2019, 5014.

FRB Requests Comment on Information Collections.

  • FRB announced it seeks comment on the information collection titled The Uniform Application for Municipal Securities Principal or Municipal Securities Representative Associated with a Bank Municipal Securities Dealer. FRB also gave notice that it sent the collection to OMB for review. Comments are due 05/06/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-03-05/pdf/2019-03874.pdf. Federal Register, Vol. 84, No. 43, 03/05/2019, 7902-7904.
  • FRB announced it seeks comment on the information collection titled Disclosure Requirements of Regulation Y Associated with Minimum Requirements for Appraisal Management Companies. FRB also gave notice that it sent the collection to OMB for review. Comments are due 05/06/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-03-06/pdf/2019-04068.pdf. Federal Register, Vol. 84, No. 44, 03/06/2019, 8098-8100.

FDIC Requests Comment on Information Collections.

  • The Federal Deposit Insurance Corporation (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 03/15/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-13/pdf/2019-02173.pdf. Federal Register, Vol. 84, No. 30, 02/13/2019, 3775-3776.
  • 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 03/15/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-13/pdf/2019-02177.pdf. Federal Register, Vol. 84, No. 30, 02/13/2019, 3777-3778.
  • 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 03/15/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-13/pdf/2019-02180.pdf. Federal Register, Vol. 84, No. 30, 02/13/2019, 3776-3777.
  • FDIC announced it seeks comment on the information collection titled National Survey of Unbanked and Underbanked Households. FDIC also gave notice that it sent the collection to OMB for review. Comments are due 03/25/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-21/pdf/2019-03001.pdf. Federal Register, Vol. 84, No. 35, 02/21/2019, 5434-5435.
  • FDIC announced it seeks comment on the information collection titled Registration of Mortgage Loan Originators (SAFE Act). FDIC also gave notice that it sent the collection to OMB for review. Comments are due 04/08/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-03-07/pdf/2019-04139.pdf. Federal Register, Vol. 84, No 45, 03/07/2019, 8330-8332.

FDIC Extends Comment Period for Information Collection.

FDIC is extending the public comment period for its request for information on the FDIC’s deposit insurance application process from 02/11/2019 to 03/31/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-13/pdf/2019-02100.pdf. Federal Register, Vol. 84, No. 30, 02/13/2019, 3778-3779.

OCC Proposes Amendments to Stress Testing Rules.

The Office of the Comptroller of the Currency (OCC) issued a proposed rule that would amend the OCC’s company-run stress testing requirements for national banks and Federal savings associations, consistent with section 401 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). Specifically, the proposed rule would revise the minimum threshold for national banks and Federal savings associations to conduct stress tests from $10 billion to $250 billion, revise the frequency by which certain national banks and Federal savings associations would be required to conduct stress tests, and reduce the number of required stress testing scenarios from three to two. The proposed rule would also make certain facilitating and conforming changes to the stress testing requirements. Comments are due 03/14/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-12/pdf/2018-27875.pdf. Federal Register, Vol. 84, No. 29, 02/12/2019, 3345-3349.

OCC Requests Comment on Information Collections.

  • 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 03/13/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-11/pdf/2019-01720.pdf. Federal Register, Vol. 84, No. 28, 02/11/2019, 3279-3280.
  • 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 03/13/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-11/pdf/2019-01719.pdf. Federal Register, Vol. 84, No. 28, 02/11/2019, 3280-3282.
  • OCC announced it seeks comment on the information collection titled Regulation C—Home Mortgage Disclosure. OCC also gave notice that it sent the collection to OMB for review. Comments are due 04/15/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-14/pdf/2019-02328.pdf. Federal Register, Vol. 84, No. 31, 02/14/2019, 4129-4131.
  • OCC announced it seeks comment on the information collection titled Interagency Appraisal Complaint Form. OCC also gave notice that it sent the collection to OMB for review. Comments are due 05/03/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-03-04/pdf/2019-03843.pdf. Federal Register, Vol. 84, No. 42, 03/04/2019, 7415-7417.

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 Illinois, 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.govinfo.gov/content/pkg/FR-2019-02-12/pdf/2019-02015.pdf. Federal Register, Vol. 84, No. 29, 02/12/2019, 3338-3340.

FEMA Issues Notice of Changes in Flood Hazard Determinations.

FEMA has issued a notice which lists communities in the states of Michigan, 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.govinfo.gov/content/pkg/FR-2019-02-12/pdf/2019-01934.pdf. Federal Register, Vol. 84, No. 29, 02/12/2019, 3479-3481.  

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 Ohio. 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 05/16/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-15/pdf/2019-02564.pdf. Federal Register, Vol. 84, No. 32, 02/15/2019, 4515-4516.
  • 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 06/03/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-03-05/pdf/2019-03860.pdf. Federal Register, Vol. 84, No. 43, 03/05/2019, 7922-7924.
  • 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 states of Illinois, Minnesota, Nebraska, and Ohio. 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 06/03/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-03-05/pdf/2019-03866.pdf. Federal Register, Vol. 84, No. 43, 03/05/2019, 7920-7922.

Treasury Finalizes Civil Penalty Assessment for Misuse of Names, Symbols, etc.

The Department of the Treasury (Treasury) amends regulations that provide civil penalties for misuse of Department of the Treasury names, symbols, etc. to implement the Federal Civil Penalties Inflation Adjustment Act of 1990. In particular, the rule adjusts for inflation the maximum amount of the civil monetary penalties that may be assessed under its regulations, and updates the inflation adjustments through 2018 in accordance with instructions from OMB. In addition, the regulation is amended to reflect changes in Treasury organizational structure. The rule is effective 04/12/2019, comments are due 03/13/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-11/pdf/2019-01926.pdf. Federal Register, Vol. 84, No. 28, 02/11/2019, 3105-3107.

Treasury Issues Amendment to Guarantee Application Deadline.

Treasury issued a Notice of Guarantee Availability for the Community Development Financial Institutions Fund in the Federal Register on 11/06/2018 announcing the availability of up to $500 million in Guarantee Authority. Treasury is now amending the Guarantee Application deadline from 02/26/2019 to 03/26/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-25/pdf/2019-03204.pdf. Federal Register, Vol. 84, No. 37, 02/25/2019, 6043.

Treasury Requests Comment on Information Collection.

Treasury announced it seeks comment on the information collection titled Certain Cash or Deferred Arrangements and Employee and Matching Contributions under Employee Plans: Retirement Plans; Cash or Deferred Arrangements. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 05/03/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-03-04/pdf/2019-03729.pdf. Federal Register, Vol. 84, No. 42, 03/04/2019, 7417-7418.

FHFA Finalizes Federal Home Loan Bank Capital Requirements.

The Federal Housing Finance Agency (FHFA) is issuing a final rule to adopt as its own portions of the regulations of the Federal Housing Finance Board pertaining to the capital requirements for the Federal Home Loan Banks (Banks). The final rule carries over most of the existing Finance Board regulations without material change, but substantively revises the credit risk component of the risk-based capital requirement, as well as the limitations on extensions of unsecured credit. The principal revisions to those provisions remove requirements that the Banks calculate credit risk capital charges and unsecured credit limits based on ratings issued by a Nationally Recognized Statistical Rating Organization (NRSRO), and instead require that the Banks use their own internal rating methodology. The final rule also revises the percentages used in the tables to calculate the credit risk capital charges for advances and non-mortgage assets. FHFA retains the percentages used in the existing table to calculate the capital charges for mortgage-related assets, but revises the approach to identify the appropriate percentage within the table. FHFA also has revised the table numbers in the final rule to align with the Federal Register’s new formatting standards, which were revised after publication of the proposed rule. The final rule is effective 01/01/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-20/pdf/2018-27918.pdf. Federal Register, Vol. 84, No. 34, 02/20/2019, 5308-5333.

FHFA Finalizes Amendments to Uniform Mortgage-Backed Security.

FHFA is issuing a final rule to improve the liquidity of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) To-Be-Announced (TBA) eligible mortgage-backed securities (MBS) by requiring the Enterprises to maintain policies that promote aligned investor cash flows for both current TBA-eligible MBS, and, upon its implementation, for the Uniform Mortgage-Backed Security (UMBS)—a common, fungible MBS that will be eligible for trading in the TBA market for fixed-rate mortgage loans backed by one-to-four unit (singlefamily) properties. The final rule codifies alignment requirements that FHFA implemented under the Fannie Mae and Freddie Mac conservatorships. The rule is integral to the successful transition to and ongoing fungibility of the UMBS. FHFA has announced that the Enterprises will begin issuing UMBS in place of their current TBA-eligible securities on 06/03/2019. The rule is effective 05/06/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-03-05/pdf/2019-03934.pdf. Federal Register, Vol. 84, No. 43, 03/05/2019, 7793-7801.

SEC Issues Civil Monetary Penalty Inflation Adjustments.

The Securities and Exchange Commission (SEC) sets forth the annual inflation adjustment of the maximum amount of civil monetary penalties administered by SEC under the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, the Investment Advisers Act of 1940, and certain penalties under the Sarbanes-Oxley Act of 2002. These amounts are effective beginning on 01/15/2019, and will apply to all penalties imposed after that date for violations of the aforementioned statutes that occurred after 11/02/2015. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-20/pdf/2019-02699.pdf. Federal Register, Vol. 84, No. 34, 02/20/2019, 5122-5124.

FASB Proposes Federal Financial Accounting Technical Release.

The Federal Accounting Standards Advisory Board (FASB) has released an exposure draft of a proposed Federal Financial Accounting Technical Release (TR) titled Conforming Amendments to Technical Releases for SFFAS 54, Leases: An Amendment of SFFAS 5, Accounting for Liabilities of the Federal Government and SFFAS 6, Accounting for Property, Plant, and Equipment, for public comment. The proposed TR is available on the FASB website at https://www.fasab.gov/documents-forcomment/. Copies can be obtained by contacting FASB at (202) 512–7350. Comments are due 04/01/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-03-01/pdf/2019-03702.pdf. Federal Register, Vol. 84, No. 41, 03/01/2019, 7049.

FASB Proposes Statement of Federal Financial Accounting Standards Omnibus Amendments.

FASB has issued an exposure draft of a proposed Statement of Federal Financial Accounting Standards (SFFAS) titled Omnibus Amendments: Rescinding Statement Of Federal Financial Accounting Standards 8 And Amending Statements Of Federal Financial Accounting Standards 5, 6, And 49. The exposure draft is available on the FASB website at https://www.fasab.gov/documents-forcomment/. Copies can be obtained by contacting FASB at (202) 512–7350. Comments are due 04/23/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-03-01/pdf/2019-03702.pdf. Federal Register, Vol. 84, No. 41, 03/01/2019, 7049.

NCUA Proposes Amendments to Supervisory Committee Audits and Verifications.

The National Credit Union Administration (NCUA) proposes to amend its regulations governing the responsibilities of a federally insured credit union (FICU) to obtain an annual supervisory committee audit of the credit union. The proposal implements recommendations outlined in the NCUA’s Regulatory Reform Task Force’s Regulatory Reform Agenda (Agenda) and will provide additional flexibility to FICUs. Comments are due 04/26/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-25/pdf/2019-03164.pdf. Federal Register, Vol. 84, No. 37, 02/25/2019, 5957-5960.

NCUA Requests Comment on Information Collections.

NCUA announced it seeks comment on the information collection titled Organization and Operations of Federal Credit Unions—Loan Participation. NCUA also gave notice that it sent the collection to OMB for review. Comments are due 03/14/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-12/pdf/2019-02091.pdf. Federal Register, Vol. 84, No. 29, 02/12/2019, 3503.

SSA Finalizes Rule Prohibiting Persons With Certain Criminal Convictions From Serving as Representative Payees.

The Social Security Administration (SSA) finalized regulations on conducting background checks to prohibit persons convicted of certain crimes from serving as representative payees under the Social Security Act, as required by the Strengthening Protections for Social Security Beneficiaries Act of 2018. The final rule is effective 03/18/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-15/pdf/2019-02483.pdf. Federal Register, Vol. 84, No. 32, 02/15/2019, 4323-4326.

VA Requests Comment on Information Collection.

The Department of Veterans Affairs (VA) announced it seeks comment on the information collection titled Loan Analysis. VA also gave notice that it sent the collection to OMB for review. Comments are due 05/06/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-03-06/pdf/2019-03985.pdf. Federal Register, Vol. 84, No. 44, 03/06/2019, 8154. ■

By, Ally Bates

The below article is the Compliance Notes section of the February 2019 Compliance Journal. The full issue may be viewed by clicking here.

FRB and FDIC issued an advisory on Voluntary Private Education Loan Rehabilitation Programs to make financial institutions aware of an amendment to section 623 of the Fair Credit Reporting Act (FCRA). This amendment is contained in section 602 of the Economic, Growth, Regulatory Relief and Consumer Protection Act (EGRRCPA). It gives consumers the opportunity to rehabilitate a private education loan with a previously reported default under certain conditions. Financial institutions that choose to establish a private education loan rehabilitation program under Section 602 of the EGRRCPA (Section 602 Program) that satisfies the statutory requirements, including written approval of the terms and conditions from their federal regulatory agency, are entitled to a safe harbor from potential claims under the FCRA related to removal of the reported default. The advisory may be viewed at: https://www.fdic.gov/news/news/financial/2019/fil19005a.pdf


CFPB published the Reportable HMDA Data: A Regulatory and Reporting Overview Reference Chart for Data Collected in 2019. The chart is intended to be used as a reference tool for data points required to be collected, recorded, and reported under Regulation C. The chart may be viewed at: https://s3.amazonaws.com/files.consumerfinance.gov/f/documents/cfpb_reportable-hmda-data_regulatory-and-reporting-overview-reference-chart-2019.pdf


FRB launched an interactive smartphone and tablet application, called Money Adventure Mobile App, designed to teach elementary school students about the security and design features of Federal Reserve notes. More information on the app may be viewed at: https://www.uscurrency.gov/educational-materials/classrooms/money-adventure-mobile-app


FRB, FDIC, and OCC released the Shared National Credit (SNC) Review. The review shows that the level of loans in the SNC portfolio with the lowest supervisory ratings (special mention and classified) declined, largely because of improving economic conditions in the oil and gas sectors. Despite the improvement, special mention and classified commitment levels remain elevated compared to prior economic cycles. The full review may be viewed at: https://www.fdic.gov/news/news/press/2019/pr19004a.pdf


CFPB released the 2019 Rural or Underserved Counties list. The list may be viewed at: https://s3.amazonaws.com/files.consumerfinance.gov/f/documents/cfpb_rural-underserved-list_2019.pdf


HUD awarded $74 million to hundreds of public housing authorities across the country to continue helping public housing residents participating in the Housing Choice Voucher Program and/or reside in public housing to increase their earned income and reduce their dependency on public assistance and rental subsidies. These grants renew HUD’s support of 688 public housing authorities through the Department’s Family Self-Sufficiency (FSS)) program. The announcement may be viewed at: https://www.hud.gov/press/press_releases_media_advisories/HUD_No_19_010


CFPB issued FAQs related to TRID. The FAQs may be viewed at: https://www.consumerfinance.gov/policy-compliance/guidance/tila-respa-disclosure-rule/tila-respa-integrated-disclosure-faqs/


FDIC adopted revised interagency examination procedures to incorporate CFPB amendments to Regulation E and Regulation Z. The examination procedures may be helpful to financial institutions seeking to better understand how FDIC examiners will evaluate an institution’s compliance with these regulations. The procedures may be viewed at: https://www.fdic.gov/news/news/financial/2019/fil19009.pdf


FTC will host a forum on small business financing on May 8, 2019, to examine trends and consumer protection issues in this marketplace, including the recent proliferation of online loans and alternative financing products. Further information may be viewed at: https://www.ftc.gov/news-events/events-calendar/strictly-business-ftc-forum-small-business-financing


FRB announced that it will begin its Survey of Consumer Finances, a statistical study of household finances that will provide policymakers with important insight into the economic condition of a broad cross section of American families in March. The survey has been undertaken every three years since 1983. It is being conducted for FRB by NORC, a social science research organization at the University of Chicago, through December of this year. The announcement may be viewed at: https://www.federalreserve.gov/newsevents/pressreleases/other20190213a.htm


OCC will host two workshops in Milwaukee, Wisconsin, at the Hilton Garden Inn Milwaukee Downtown, March 26 and 27, for directors of national community banks and federal savings associations supervised by the OCC. The Compliance Risk workshop on March 26 combines lectures, discussion, and exercises on the critical elements of an effective compliance risk management program. The Operational Risk workshop on March 27 focuses on the key components of operational risk—people, processes, and systems. The notice may be viewed at: https://www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-16.html


FRB announced a quality improvement initiative for Check Adjustments Services. The Federal Reserve Banks will charge a quality fee to depositing institutions for quality issues within work deposited with the Federal Reserve Banks. Additionally, the Federal Reserve Banks will charge a quality fee for cases submitted with incorrect or incomplete information that resulted in the prevention of automatic resolution of the request. These quality fees are designed to encourage greater efficiency through proper case submission and improved deposit practices. The announcement may be viewed at: https://www.frbservices.org/news/fed360/issues/011519/011519-check-adj-quality-initiative.html 


CFPB published an article on common errors in credit reports and how consumers can get them fixed. According to a study conducted by the Federal Trade Commission, one in five people have an error on at least one of their credit reports. The article may be viewed at: https://www.consumerfinance.gov/about-us/blog/common-errors-credit-report-and-how-get-them-fixed/


FRB issued changes to the Cash Services Manual of Procedures (CSMOP). The manual contains the requirements that apply to an Institution’s Currency and Coin transactions with a Federal Reserve Bank. An Institution that orders from and/or deposits Currency and Coin with a Federal Reserve Bank shall adhere to CSMOP, and/or such contract, which contains the prescribed procedures for FRB Cash Services. The manual may be viewed at: https://www.frbservices.org/assets/resources/rules-regulations/030119-operating-circular-2-csmop.pdf


CFPB has issued the 2019 edition of its List of Consumer Reporting Companies. The list may be viewed at: https://s3.amazonaws.com/files.consumerfinance.gov/f/documents/cfpb_consumer-reporting-companies-list.pdf 


The House Financial Services Committee has released a transcript of Chairwoman Maxine Waters first policy speech in the 116th Congress. The speech outlines Waters’ priorities for the Committee like housing and strengthening CFPB. The speech may be viewed at: https://financialservices.house.gov/news/email/show.aspx?ID=LSOOG4ZWMHVGE 


CFPB has issued the Complaint Snapshot: Mortgage, detailing consumer complaints generally and in relation to mortgages. The report indicates that CFPB received approximately 71,000 mortgage complaints between November 1, 2016 and October 31, 2018, representing 11 percent of total complaints. The report may be viewed at: https://s3.amazonaws.com/files.consumerfinance.gov/f/documents/cfpb_complaint-snapshot-mortage_2019-01_liwsYNV.pdf


FRB launched an interactive smartphone and tablet application designed to teach elementary school students about the security and design features of Federal Reserve notes. More information on the application may be viewed at: https://www.uscurrency.gov/educational-materials/classrooms/money-adventure-mobile-app  


CFPB the sixth annual report from the Office of Servicemember Affairs (OSA) highlighting issues and emerging trends facing servicemembers, veterans, and military families. The number of servicemembers, veterans, and military families turning to CFPB for help has continued to increase over time. As a result, the complaint volume from servicemembers has also risen over the years. From 2016 to 2017 there was a 47% increase in complaints received from servicemembers. The report may be viewed at: https://s3.amazonaws.com/files.consumerfinance.gov/f/documents/cfpb_osa_annual-report_2018.pdf


FRB announced Consumer & Community Context, an article series that features original analysis about the financial conditions and experiences of consumers and communities, including traditionally underserved and economically vulnerable households and neighborhoods. The inaugural issue covers the theme of student loans, and includes articles on the effect that rising student loan debt levels may have on homeownership rates among young adults; and the relationship between the amount of student loan debt and individuals’ decisions to live in rural or urban areas. The first issue may be viewed at: https://www.federalreserve.gov/publications/files/consumer-community-context-201901.pdf 

By, Ally Bates

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

Agencies Propose Thresholds Increase for the Major Assets Prohibition of the Depository Institution Management Interlocks Act Rules.

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 increase the major assets prohibition thresholds for management interlocks in the agencies’ rules implementing the Depository Institution Management Interlocks Act (DIMIA). The DIMIA major assets prohibition prohibits a management official of a depository organization with total assets exceeding $2.5 billion (or any affiliate of such an organization) from serving at the same time as a management official of an unaffiliated depository organization with total assets exceeding $1.5 billion (or any affiliate of such an organization). DIMIA provides that the agencies may adjust, by regulation, the major assets prohibition thresholds in order to allow for inflation or market changes. The agencies propose to raise the major assets prohibition thresholds to $10 billion to account for changes in the United States banking market since the current thresholds were established in 1996. The agencies also propose three alternative approaches for increasing the thresholds based on market changes or inflation. Comments are due 04/01/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-01-31/pdf/2018-28038.pdf. Federal Register, Vol. 84, No. 21, 01/31/2019, 604-612.

Agencies Propose Revisions to Prohibitions and Restrictions on Proprietary Trading and Certain Interests In, and Relationships With, Hedge Funds and Private Equity Funds.

The Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Commodity Futures Trading Commission (CFTC), and the Securities and Exchange Commission (SEC) issued a proposal to amend the regulations implementing the Bank Holding Company Act’s (BHC Act) prohibitions and restrictions on proprietary trading and certain interests in, and relationships with, hedge funds and private equity funds in a manner consistent with the statutory amendments made pursuant to certain sections of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The statutory amendments exclude from these restrictions certain firms that have total consolidated assets equal to $10 billion or less and total trading assets and liabilities equal to five percent or less of total consolidated assets and amend the restrictions applicable to the naming of a hedge fund or private equity fund to permit an investment adviser that is a banking entity to share a name with the fund under certain circumstances. Comments are due 03/11/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-08/pdf/2019-00797.pdf. Federal Register, Vol. 84, No. 27, 02/08/2019, 2778-2791. 

Agencies Propose Capital Simplification for Qualifying Community Banking Organizations.

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 that would provide for a simple measure of capital adequacy for certain community banking organizations, consistent with section 201 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. Under the proposal, most depository institutions and depository institution holding companies that have less than $10 billion in total consolidated assets, that meet risk-based qualifying criteria, and that have a community bank leverage ratio (as defined in the proposal) of greater than 9 percent would be eligible to opt into a community bank leverage ratio framework. Such banking organizations that elect to use the community bank leverage ratio and that maintain a community bank leverage ratio of greater than 9 percent would not be subject to other risk-based and leverage capital requirements and would be considered to have met the well capitalized ratio requirements for purposes of section 38 of the Federal Deposit Insurance Act and regulations implementing that section, as applicable, and the generally applicable capital requirements under the agencies’ capital rule. Comments are due 04/09/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-08/pdf/2018-27002.pdf. Federal Register, Vol. 84, No. 27, 02/08/2019, 3062-3094.

Agencies Issue Final Guidance.

The Board of Governors of the Federal Reserve System (FRB), and the Federal Deposit Insurance Corporation (FDIC) are adopting this final guidance for the 2019 and subsequent resolution plan submissions by the eight largest, complex U.S. banking organizations. The final guidance is meant to assist these firms in developing their resolution plans, which are required to be submitted pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The final guidance, which is largely based on prior guidance issued to these Covered Companies, describes the Agencies’ expectations regarding a number of key vulnerabilities in plans for an orderly resolution under the U.S. Bankruptcy Code (i.e., capital; liquidity; governance mechanisms; operational; legal entity rationalization and separability; and derivatives and trading activities). The final guidance also updates certain aspects of prior guidance based on the Agencies’ review of these firms’ most recent resolution plan submissions. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-04/pdf/2019-00800.pdf. Federal Register, Vol. 84, No. 23, 02/04/2019, 1438-1464.

CFPB Finalizes Amendments to Fair Credit Reporting Act Disclosures.

The Bureau of Consumer Financial Protection (CFPB) is amending Regulation V, which implements the Fair Credit Reporting Act (FCRA), to add a section establishing a maximum allowable charge for disclosures by a consumer reporting agency to a consumer pursuant to FCRA section 609. CFPB is also amending Regulation V to add an appendix setting forth the statutory requirements for determining the maximum allowable charge; announcing the maximum charge for 2019; and preserving a list of historical maximum allowable charges. Historically, CFPB has published these FCRA annual adjustments as a notice. CFPB is now codifying those notices and adding a provision to Regulation V to track the FCRA’s provisions concerning the annual maximum allowable charge. The rule is effective 01/31/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-01-31/pdf/2018-28372.pdf. Federal Register, Vol. 84, No. 21, 01/31/2019, 515-517.

CFPB Finalizes Home Mortgage Disclosure Adjustment to Asset-Size Exemption Threshold.

CFPB is amending the official commentary that interprets the requirements of the Bureau’s Regulation C (Home Mortgage Disclosure) to reflect the asset-size exemption threshold for banks, savings associations, and credit unions based on the annual percentage change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI–W). Based on the 2.6 percent increase in the average of the CPI–W for the 12-month period ending in November 2018, the exemption threshold is adjusted to increase to $46 million from $45 million. Therefore, banks, savings associations, and credit unions with assets of $46 million or less as of 12/31/2018, are exempt from collecting data in 2019. The final rule is effective 01/31/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-01-31/pdf/2018-28373.pdf. Federal Register, Vol. 84, No. 21, 01/31/2019, 513-515.

CFPB Finalizes Amendments to Truth in Lending Act Asset-Size Exemption Threshold.

CFPB is amending the official commentary that interprets the requirements of its Regulation Z (Truth in Lending) to reflect a change in the asset-size threshold for certain creditors to qualify for an exemption to the requirement to establish an escrow account for a higher-priced mortgage loan based on the annual percentage change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI–W). Based on the 2.6 percent increase in the average of the CPI–W for the 12-month period ending in November 2018, the exemption threshold is adjusted to increase to $2.167 billion from $2.112 billion. Therefore, creditors with assets of less than $2.167 billion (including assets of certain affiliates) as of 12/31/2018, are exempt, if other requirements of Regulation Z also are met, from establishing escrow accounts for higher-priced mortgage loans in 2019. The final rule is effective 02/04/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-04/pdf/2018-28374.pdf. Federal Register, Vol. 84, No. 23, 02/04/2019, 1356-1359.

CFPB Issues Inflation Adjustments for Civil Monetary Penalties.

CFPB finalized amendments to its rule that specifies the time period for which adjusted civil penalty amounts would be applied to conduct within its jurisdiction and is also adjusting specific civil penalty amounts in that rule to account for inflation. The rule is effective 01/31/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-01-31/pdf/2019-00488.pdf. Federal Register, Vol. 84, No. 21, 01/31/2019, 517-520.

CFPB Issues Policy Guidance on Disclosure of Loan-Level HMDA Data.

CFPB is issuing final policy guidance describing modifications that CFPB intends to apply to the loan-level data that financial institutions report under the Home Mortgage Disclosure Act (HMDA) and Regulation C before the data is disclosed to the public. This final policy guidance applies to HMDA data compiled by financial institutions in or after 2018 and made available to the public by CFPB beginning in 2019. The final policy guidance was released on CFPB’s website on 12/21/2018. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-01-31/pdf/2018-28404.pdf. Federal Register, Vol. 84, No. 21, 01/31/2019, 649-673.

CFPB Requests Comment on Consumer Credit Card Market.

CFPB is conducting a review of the consumer credit card market. In connection with conducting this review, CFPB is requesting information from the public regarding a number of aspects of the consumer credit card market. Comments are due 05/01/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-01-31/pdf/2019-00487.pdf. Federal Register, Vol. 84, No. 21, 01/31/2019, 647-649.

CFPB Requests Comment on Information Collections.

  • 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 04/05/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-04/pdf/2019-00901.pdf. Federal Register, Vol. 84, No. 23, 02/04/2019, 1429-1430.
  • CFPB announced it seeks comment on the information collection titled Debt Collection Quantitative Disclosure Testing. CFPB also gave notice that it sent the collection to OMB for review. Comments are due 03/06/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-04/pdf/2019-00905.pdf. Federal Register, Vol. 84, No. 23, 02/04/2019, 1430-1431.
  • CFPB announced it seeks comment on the information collection titled Making Ends Meet Survey. CFPB also gave notice that it sent the collection to OMB for review. Comments are due 03/06/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-04/pdf/2019-00906.pdf. Federal Register, Vol. 84, No. 23, 02/04/2019, 1428-1429.
  • CFPB announced it seeks comment on the information collection titled Generic Information Collection Plan for Studies of Consumers Using Controlled Trials in Field and Economic Laboratory Settings. CFPB also gave notice that it sent the collection to OMB for review. Comments are due 04/08/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-06/pdf/2019-01166.pdf. Federal Register, Vol. 84, No. 25, 02/06/2019, 2175-2176.

CFPB Issues Fair Lending Report.

CFPB is issuing its sixth Fair Lending Report of the Bureau of Consumer Financial Protection (Fair Lending Report) to Congress. CFPB is committed to ensuring fair access to credit and eliminating discriminatory lending practices. The report describes CFPB’s fair lending activities in prioritization, supervision, enforcement, rulemaking, interagency coordination, and outreach for calendar year 2017. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-08/pdf/2019-01568.pdf. Federal Register, Vol. 84, No. 27, 02/08/2019, 2824-2833. 
 
FRB Finalizes Amendments to Regulation A.

The Board of Governors of the Federal Reserve System (FRB) has adopted final amendments to its Regulation A to reflect FRB’s approval of an increase in the rate for primary credit at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically increased by formula as a result of FRB’s primary credit rate action. The final amendments are effective 01/31/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-01-31/pdf/2018-28423.pdf. Federal Register, Vol. 84, No. 21, 01/31/2019, 511-512.

FRB Finalizes Amendments to Regulation D.

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 2.40 percent and IOER is 2.40 percent, a 0.20 percentage point increase from their prior levels. The amendments are intended to enhance the role of such rates of interest in moving the Federal funds rate into the target range established by the Federal Open Market Committee. The final amendments are effective 01/31/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-01-31/pdf/2018-28424.pdf. Federal Register, Vol. 84, No. 21, 01/31/2019, 512-513.

FRB Requests Comment on Information Collections.

  • FRB announced it seeks comment on the information collection titled Registration of a Securities Holding Company. FRB also gave notice that it sent the collection to OMB for review. Comments are due 04/01/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-01-31/pdf/2019-00367.pdf. Federal Register, Vol. 84, No. 21, 01/31/2019, 716-717.
  • FRB announced it seeks comment on the information collection titled Application Form for Membership on the Community Advisory Council. FRB also gave notice that it sent the collection to OMB for review. Comments are due 04/01/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-01-31/pdf/2019-00365.pdf. Federal Register, Vol. 84, No. 21, 01/31/2019, 718-719.
  • FRB announced it seeks comment on the information collection titled Suspicious Activity Report. FRB also gave notice that it sent the collection to OMB for review. Comments are due 04/08/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-05/pdf/2019-00996.pdf. Federal Register, Vol. 84, No. 24, 02/05/2019, 1732-1734.
  • FRB announced it seeks comment on the information collection titled Recordkeeping Requirements of Regulation H and Regulation K Associated with the Procedures for Monitoring Bank Secrecy Act Compliance. FRB also gave notice that it sent the collection to OMB for review. Comments are due 04/08/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-05/pdf/2019-01000.pdf. Federal Register, Vol. 84, No. 24, 02/05/2019, 1731-1732.

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

The Federal Deposit Insurance Corporation (FDIC) is amending its regulations that implement brokered deposits and interest rate restrictions to conform with recent changes to section 29 of the Federal Deposit Insurance Act made by section 202 of the Economic Growth, Regulatory Relief, and Consumer Protection Act related to reciprocal deposits, which took effect on 05/24/2018. FDIC is also making conforming amendments to FDIC’s regulations governing deposit insurance assessments. The final rule is effective 03/06/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-04/pdf/2018-28137.pdf. Federal Register, Vol. 84, No. 23, 02/04/2019, 1346-1354.

FDIC Finalizes Amendments to Depository Institution Management Interlocks Act.

FDIC finalized a rule in connection with an adjustment of the thresholds for the major assets prohibition of the Depository Institutions Management Interlocks Act (DIMIA) that has been proposed jointly by FDIC with the Office of the Comptroller of the Currency (OCC) and the Board of Governors of the Federal Reserve System (FRB) through a notice of proposed rulemaking (NPR) published in the Federal Register on 01/31/2019. FDIC has decided to use this opportunity to make two purely technical corrections to FDIC Regulations, both pertaining to DIMIA implementation, by means of a separate final rule without notice and comment. The final rule is effective 02/08/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-08/pdf/2019-01193.pdf. Federal Register, Vol. 84, No. 27, 02/08/2019, 2705-2706.

FDIC Proposes Removal of Transferred OTS Regulations Regarding Lending and Investment.

FDIC proposes to rescind and remove from the Code of Federal Regulations rules entitled ‘‘Lending and Investment’’ (part 390, subpart P) that were transferred to FDIC from the Office of Thrift Supervision (OTS) on 07/21/2011, in connection with the implementation of Title III of the Dodd-Frank Act; amend certain sections of existing FDIC regulations governing real estate lending standards to make it clear that such rules apply to all insured depository institutions for which FDIC is the appropriate Federal banking agency; and amend part 365 by rescinding in its entirety the subpart concerning registration requirements for residential mortgage loan originators because supervision and rulemaking authority in this area was transferred to the Bureau of Consumer Financial Protection (CFPB) by the Dodd-Frank Act. Comments are due 04/08/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-05/pdf/2018-28084.pdf. Federal Register, Vol. 84, No. 24, 02/05/2019, 1653-1661.

FDIC Requests Comment on Brokered Deposits and Interest Rate Restrictions.

FDIC is undertaking a comprehensive review of the regulatory approach to brokered deposits and the interest rate caps applicable to banks that are less than well capitalized. Since the statutory brokered deposit restrictions were put in place in 1989, and amended in 1991, the financial services industry has seen significant changes in technology, business models, and products. In addition, changes to the economic environment have raised a number of issues relating to the interest rate restrictions. A key part of FDIC’s review is to seek public comment through this Advance Notice of Proposed Rulemaking (ANPR) on the impact of these changes. FDIC will carefully consider comments received in response to this ANPR in determining what actions may be warranted. Comments are due 05/07/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-06/pdf/2018-28273.pdf. Federal Register, Vol. 84, No. 25, 02/06/2019, 2366-2400.  

FDIC Requests Comment on Information Collections.

  • FDIC announced it seeks comment on the information collection titled Market Risk Capital Requirements. FDIC also gave notice that it sent the collection to OMB for review. Comments are due 04/02/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-01/pdf/2019-00558.pdf. Federal Register, Vol. 84, No. 22, 02/01/2019, 1121-1123.
  • FDIC announced it seeks comment on the information collection titled Mutual-to-Stock Conversion of State Savings Banks. FDIC also gave notice that it sent the collection to OMB for review. Comments are due 03/04/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-01/pdf/2019-00560.pdf. Federal Register, Vol. 84, No. 22, 02/01/2019, 1123-1125.
  • FDIC announced it seeks comment on the information collection titled Privacy of Consumer Information. FDIC also gave notice that it sent the collection to OMB for review. Comments are due 03/04/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-01/pdf/2019-00561.pdf. Federal Register, Vol. 84, No. 22, 02/01/2019, 1120-1121.

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.govinfo.gov/content/pkg/FR-2019-02-06/pdf/2019-01310.pdf. Federal Register, Vol. 84, No. 25, 02/04/2019, 2224-2225.
  • 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-2019-02-08/pdf/2019-01542.pdf. Federal Register, Vol. 84, No. 27, 02/08/2019, 2865.
    https://www.govinfo.gov/content/pkg/FR-2019-02-05/pdf/2019-01027.pdf. Federal Register, Vol. 84, No. 24, 02/05/2019, 1729-1730.

OCC Requests Comment on Information Collections.

  • The Office of the Comptroller of the Currency (OCC) announced it seeks comment on the information collection titled Company-Run Annual Stress Test Reporting Template and Documentation for Covered Institutions under the Dodd-Frank Wall Street Reform and Consumer Protection Act. OCC also gave notice that it sent the collection to OMB for review. Comments are due 03/04/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-01-31/pdf/2019-00418.pdf. Federal Register, Vol. 84, No. 21, 01/31/2019, 881-882.
  • 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 04/08/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-05/pdf/2019-00951.pdf. Federal Register, Vol. 84, No. 24, 02/05/2019, 1821-1822.
  • OCC announced it seeks comment on the information collection titled Domestic First Lien Residential Mortgage Data. OCC also gave notice that it sent the collection to OMB for review. Comments are due 04/08/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-05/pdf/2019-00949.pdf. Federal Register, Vol. 84, No. 24, 02/05/2019, 1823-1824.
  • OCC announced it seeks comment on the information collection titled Interagency Guidance on Asset Securitization Activities. OCC also gave notice that it sent the collection to OMB for review. Comments are due 04/08/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-05/pdf/2019-01114.pdf. Federal Register, Vol. 84, No. 24, 02/05/2019, 1824-1825.
  • OCC announced it seeks comment on the information collection titled Interagency Statement on Complex Structured Finance Transactions. OCC also gave notice that it sent the collection to OMB for review. Comments are due 04/08/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-05/pdf/2019-01076.pdf. Federal Register, Vol. 84, No. 24, 02/05/2019, 1828-1829.
  • OCC announced it seeks comment on the information collection titled Margin and Capital Requirements for Covered Swap Entities. OCC also gave notice that it sent the collection to OMB for review. Comments are due 03/07/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-05/pdf/2019-00952.pdf. Federal Register, Vol. 84, No. 24, 02/05/2019, 1825-1828.
  • OCC announced it seeks comment on the information collection titled Market Risk. OCC also gave notice that it sent the collection to OMB for review. Comments are due 03/07/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-05/pdf/2019-00953.pdf. Federal Register, Vol. 84, No. 24, 02/05/2019, 1829-1830.
  • OCC announced it seeks comment on the information collection titled Reverse Mortgage Products: Guidance for Managing Compliance and Reputation Risks. OCC also gave notice that it sent the collection to OMB for review. Comments are due 04/08/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-05/pdf/2019-01075.pdf. Federal Register, Vol. 84, No. 24, 02/05/2019, 1822-1823.
  • OCC announced it seeks comment on the information collection titled Survey of Minority Owned Institutions. OCC also gave notice that it sent the collection to OMB for review. Comments are due 04/08/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-05/pdf/2019-00950.pdf. Federal Register, Vol. 84, No. 24, 02/05/2019, 1830-1831.

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.govinfo.gov/content/pkg/FR-2019-02-01/pdf/2019-00699.pdf. Federal Register, Vol. 84, No. 22, 02/01/2019, 978-989.

Treasury Issues Final Rule on Qualified Business Income Deduction.

The Department of the Treasury (Treasury) issued a final rule concerning the deduction for qualified business income under section 199A of the Internal Revenue Code (Code). The regulations will affect individuals, partnerships, S corporations, trusts, and estates engaged in domestic trades or businesses. The regulations also contain an anti-avoidance rule under section 643 of the Code to treat multiple trusts as a single trust in certain cases, which will affect trusts, their grantors, and beneficiaries. The final rule is effective 02/08/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-08/pdf/2019-01025.pdf. Federal Register, Vol. 84. No. 27, 02/08/2019, 2952-3014.

Treasury Proposes Rule on Qualified Business Income Deduction.

Treasury issued proposed regulations concerning the deduction for qualified business income under section 199A of the Internal Revenue Code (Code). The proposed regulations will affect certain individuals, partnerships, S corporations, trusts, and estates. The proposed regulations provide guidance on the treatment of previously suspended losses that constitute qualified business income. The proposed regulations also provide guidance on the determination of the section 199A deduction for taxpayers that hold interests in regulated investment companies, charitable remainder trusts, and split-interest trusts. Comments are due 04/09/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-08/pdf/2019-01023.pdf. Federal Register, Vol. 84, No. 27, 02/08/2019, 3015-3023.

Treasury Announces Pricing for 2019 United States Mint Numismatic Products.

Treasury announced pricing changes and new pricing for some 2019 United States Mint Numismatic Products. The pricing may be viewed in the second column of the chart in the notice. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-08/pdf/2019-01636.pdf. Federal Register, Vol. 84, No. 27, 02/08/2019, 2949.

FHFA Issues Annual Adjustment of the Cap on Average Total Assets That Defines Community Financial Institutions.

The Federal Housing Finance Agency (FHFA) has adjusted the cap on average total assets that is used in determining whether a Federal Home Loan Bank member qualifies as a “community financial institution” (CFI) to $1,199,000,000, based on the annual percentage increase in the Consumer Price Index for all urban consumers (CPI–U), as published by the Department of Labor (DOL). The changes are effective 01/01/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-06/pdf/2019-01154.pdf. Federal Register, Vol. 84, No. 25, 02/06/2019, 2225.

FSA Requests Comment on Information Collection.

The Farm Service Agency (FSA) announced it seeks comment on the information collection titled Farm Loan Programs, Direct Loan Making. FSA also gave notice that it sent the collection to OMB for review. Comments are due 04/08/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-05/pdf/2019-01071.pdf. Federal Register, Vol. 84, No. 24, 02/05/2019, 1700-1701.

FCA Finalizes Amendments to Farmer Mac Investment Eligibility.

The Farm Credit Administration (FCA) issued a final rule adopting amendments to regulations governing the eligibility of non-program investments held by the Federal Agricultural Mortgage Corporation (Farmer Mac) to remove references to, and requirements relating to, credit ratings in compliance with section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The final rule is effective 02/08/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-08/pdf/2019-01072.pdf. Federal Register, Vol. 84, No. 27, 02/08/2019, 2706-2707.

FCA Issues Inflation Adjustments for Civil Monetary Penalties.

FCA issued inflation adjustments to civil money penalties (CMPs) that FCA may impose or enforce pursuant to the Farm Credit Act of 1971. The inflation adjustments are applicable 01/15/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-04/pdf/2019-00789.pdf. Federal Register, Vol. 84, No. 23, 02/04/2019, 1354-1356.

FASB Issues Accounting Technical Release 19.

The Federal Accounting Standards Advisory Board (FASB) has issued Federal Financial Accounting Technical Release (TR) 19, Rescission of Technical Release 8. The TR is available on the FASAB website at http://www.fasab.gov/accounting-standards/. Copies can be obtained by contacting FASAB at (202)512–7350. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-01-31/pdf/2019-00500.pdf. Federal Register, Vol. 84, No. 21, 01/31/2019, 712.

NCUA Issues Inflation Adjustments for Civil Monetary Penalties.

The National Credit Union Administration (NCUA) is amending its regulations to adjust the maximum amount of each civil monetary penalty (CMP) within its jurisdiction to account for inflation. The final rule is effective 02/06/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-06/pdf/2019-01123.pdf. Federal Register, Vol. 84, No. 23, 02/04/2019, 2052-2056.

NCUA Issues Technical Amendments.

NCUA is issuing a final rule to make technical amendments to various provisions of the NCUA’s regulations. These technical amendments correct minor drafting errors and inaccurate legal citations and remove unnecessary regulatory provisions no longer applicable to federally insured credit unions (FICUs). The amendments are effective 02/05/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-05/pdf/2018-27472.pdf. Federal Register, Vol. 84, No. 24, 02/05/2019, 1601-1610.

SSA Issues Inflation Adjustments for Civil Monetary Penalties.

The Social Security Administration (SSA) is giving notice of its updated maximum civil monetary penalties. These amounts are effective from 01/15/2019 through 01/14/2020. These figures represent an annual adjustment for inflation. The updated figures and notification are required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-01-24/pdf/2019-00091.pdf. Federal Register, Vol. 84, No. 16, 01/24/2018, 360.

SSA Requests Comment on Information Collection.

SSA announced it seeks comment on the information collection titled Request to be Selected as a Payee. SSA also gave notice that it sent the collection to OMB for review. Comments are due 03/26/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-01-25/pdf/2019-00194.pdf. Federal Register, Vol. 84, No. 17, 01/25/2019, 371-377.

By, Ally Bates

In a recent comment letter to FRB and CFPB, WBA voiced support for a recent proposal by the Agencies to use a calculation methodology for implementing a statutory requirement to adjust the dollar amounts in the EFA Act every five years.

In the proposal, the Agencies would release adjusted amounts in the first quarter of 2019 with an effective date of April 1, 2020, to provide appropriate time after issuance for implementation. Subsequent adjustments would be made every five years, with implementation occurring a reasonable period of time thereafter to allow for necessary changes to be made to an institution's systems, disclosures, etc.

WBA supports this proposal and expressed appreciation to the Agencies for acknowledging that frequent or abrupt changes to regulatory requirements cause challenges for institutions trying to stay in compliance.

The proposal from the Agencies also included a request for comment on a previously proposed amendment to Regulation CC from FRB which sought to reduce the period of time within which deposited funds may be held. WBA opposed this proposal when it was initially issued in 2011, and still opposes it today.

View WBA's Comment Letter.

 

By, Ally Bates

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

Agencies Finalize Rule on Community Reinvestment Act 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) are amending their Community Reinvestment Act (CRA) regulations to adjust the asset-size thresholds used to define “small bank” or “small savings association” and “intermediate small bank” or “intermediate small savings association.” As required by the CRA regulations, the adjustment to the threshold amount is based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI–W). During the 12-month period ending November 2018, the CPI–W increased by 2.59 percent. As a result, the Agencies are revising 12 CFR 25.12(u)(1), 195.12(u)(1), 228.12(u)(1), and 345.12(u)(1) to make this annual adjustment. Beginning 01/01/2019, banks and savings associations that, as of December 31 of either of the prior two calendar years, had assets of less than $1.284 billion are small banks or small savings associations. Small banks and small savings associations with assets of at least $321 million as of December 31 of both of the prior two calendar years and less than $1.284 billion as of December 31 of either of the prior two calendar years are intermediate small banks or intermediate small savings associations. The Agencies also publish current and historical asset-size thresholds on the website of the Federal Financial Institutions Examination Council at http://www.ffiec.gov/cra/. The final rule is effective 01/01/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-27/pdf/2018-27791.pdf. Federal Register, Vol. 83, No. 247, 12/27/2018, 66601-66604.

Agencies Finalize Rules on Examination Cycle for Certain Small Insured 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 interim final rules that were effective immediately to implement section 210 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (Economic Growth Act), which was enacted on 05/24/2018. The agencies are now adopting the interim final rules as final without change. The interim final rules and final rules implement section 210 of the Economic Growth Act, which amended section 10(d) of the Federal Deposit Insurance Act (FDI Act) to permit the agencies to examine qualifying insured depository institutions (IDIs) with under $3 billion in total assets not less than once during each 18-month period. In addition, these final rules adopt as final the parallel changes to the agencies’ regulations governing the on-site examination cycle for U.S. branches and agencies of foreign banks, consistent with the International Banking Act of 1978 (IBA). The final rules are effective 01/28/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-28/pdf/2018-28267.pdf. Federal Register, Vol. 83, No. 248, 12/28/2018, 67033-67035.

Agencies Propose Standardized Approach for Calculating the Exposure Amount of Derivative Contracts.

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 that would implement a new approach for calculating the exposure amount of derivative contracts under the agencies’ regulatory capital rule. The proposed approach, called the standardized approach for counterparty credit risk (SA–CCR), would replace the current exposure methodology (CEM) as an additional methodology for calculating advanced approaches total risk-weighted assets under the capital rule. An advanced approaches banking organization also would be required to use SA–CCR to calculate its standardized total risk-weighted assets; a non–advanced approaches banking organization could elect to use either CEM or SA–CCR for calculating its standardized total risk-weighted assets. In addition, the proposal would modify other aspects of the capital rule to account for the proposed implementation of SA–CCR. Specifically, the proposal would require an advanced approaches banking organization to use SA–CCR with some adjustments to determine the exposure amount of derivative contracts for calculating total leverage exposure (the denominator of the supplementary leverage ratio). The proposal also would incorporate SA–CCR into the cleared transactions framework and would make other amendments, generally with respect to cleared transactions. The proposed introduction of SA–CCR would indirectly affect FRB’s single counterparty credit limit rule, along with other rules. OCC also is proposing to update cross-references to CEM and add SA–CCR as an option for determining exposure amounts for derivative contracts in its lending limit rules. Comments are due 02/15/2018. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-17/pdf/2018-24924.pdf. Federal Register, Vol. 83, No. 241, 12/17/2018, 64660-64728.

Agencies Propose Changes to Applicability Thresholds for Regulatory Capital and Liquidity Requirements.

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 that would establish risk-based categories for determining applicability of requirements under the regulatory capital rule, the liquidity coverage ratio rule, and the proposed net stable funding ratio rule for large U.S. banking organizations. The proposal would establish four categories of standards and apply tailored capital and liquidity requirements for banking organizations subject to each category. The proposal is consistent with a separate proposal issued by FRB that would apply certain prudential standards for large U.S. banking organizations based on the same categories. The proposal would not amend the capital and liquidity requirements currently applicable to an intermediate holding company of a foreign banking organization or its subsidiary depository institutions. This proposal also would not amend the requirements applicable to Federal branches or agencies of foreign banking organizations. Comments are due 01/22/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-21/pdf/2018-27177.pdf. Federal Register, Vol. 83, No. 245, 12/21/2018, 66024-66059.

Agencies Issue Notice Encouraging Institutions to Work with Borrowers Affected by Government Shutdown.

The Consumer Financial Protection Bureau (CFPB), the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the National Credit Union Administration (NCUA), and the Conference of State Bank Supervisors (CSBS) encourage financial institutions to work with consumers affected by the federal government shutdown. While the effects of the federal government shutdown on individuals should be temporary, affected borrowers may face a temporary hardship in making payments on debts such as mortgages, student loans, car loans, business loans, or credit cards. As they have in prior shutdowns, the agencies encourage financial institutions to consider prudent efforts to modify terms on existing loans or extend new credit to help affected borrowers. Prudent workout arrangements that are consistent with safe-and-sound lending practices are generally in the long-term best interest of the financial institution, the borrower, and the economy. Such efforts should not be subject to examiner criticism. The notice may be viewed at: https://www.fdic.gov/news/news/financial/2019/fil19001.html 

CFPB Proposes Policy Guidance on No-Action Letters and Product Sandbox.

The Consumer Financial Protection Bureau (CFPB) issued a proposed Policy on No-Action Letters and the CFPB Product Sandbox, which is intended to carry out certain of the Bureau’s authorities under Federal consumer financial law; and a proposed information collection associated with applications submitted by applicants requesting admission to the BCFP Product Sandbox. Comments are due 02/11/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-13/pdf/2018-26873.pdf. Federal Register, Vol. 83, No. 239, 12/13/2018, 64036-64045.

CFPB Requests Comment on Information Collections.

  • CFPB announced it seeks comment on the information collection titled Consumer Response Government and Congressional Portal Boarding Forms. CFPB also gave notice that it sent the collection to OMB for review. Comments are due 02/15/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-17/pdf/2018-27260.pdf. Federal Register, Vol. 83, No. 241, 12/17/2018, 64567.
  • CFPB announced it seeks comment on the information collection titled Interstate Land Sales Full Disclosure Act (Regulations J, K & L) 12 CFR 1010, 1011, 1012. CFPB also gave notice that it sent the collection to OMB for review. Comments are due 02/15/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-17/pdf/2018-27262.pdf. Federal Register, Vol. 83, No. 241, 12/17/2018, 64566.
  • CFPB announced it seeks comment on the information collection titled Gramm-Leach-Bliley Act (Regulation P) 12 CFR 1016. CFPB 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.govinfo.gov/content/pkg/FR-2018-12-21/pdf/2018-27738.pdf. Federal Register, Vol. 83, No. 245, 12/21/2018, 65642-65643.
  • CFPB announced it seeks comment on the information collection titled Regulation F: Fair Debt Collection Practices Act—State Application for Exemption (12 CFR 1006.2). CFPB 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.govinfo.gov/content/pkg/FR-2018-12-27/pdf/2018-28112.pdf. Federal Register, Vol. 83, No. 247, 12/27/2018, 66682.

CFPB Announces HMDA Filing Period Open.

CFPB announced that the filing period for HMDA data collected in 2018 opened on 01/01/2019. Financial institutions can access the HMDA Platform here: https://ffiec.cfpb.gov/filing/2018/

FRB Issues Risk-Based Capital Surcharges for Global Systemically Important Bank Holding Companies.

The Board of Governors of the Federal Reserve System (FRB) is providing notice of the aggregate global indicator amounts for purposes of a calculation for 2018, which is required under FRB’s rule regarding risk-based capital surcharges for global systemically important bank holding companies (GSIB surcharge rule). The amounts may be viewed in the table in the notice. The amounts are applicable 12/12/2018. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-12/pdf/2018-26850.pdf. Federal Register, Vol. 83, No. 238, 12/12/2018, 63887-63888.

FRB Issues Correction to Single-Counterparty Credit Limits for Bank Holding Companies and Foreign Banking Organizations.

FRB is issuing a correction to a final rule that was originally published in the Federal Register on 08/06/2018 regarding Single-Counterparty Credit Limits for Bank Holding Companies and Foreign Banking Organizations. That document included certain incorrect paragraph designations. The notice corrects those typographical errors in subparts H and Q of Regulation YY. The correction is effective 12/13/2018. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-13/pdf/2018-27044.pdf. Federal Register, Vol. 83, No. 239, 12/13/2018, 64023.

FRB Requests Comment on Information Collections.

  • FRB announced it seeks comment on the information collection titled Financial Statements for Holding Companies. FRB also gave notice that it sent the collection to OMB for review. Comments are due 02/11/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-12/pdf/2018-26818.pdf. Federal Register, Vol. 83, No. 238, 12/12/2018, 63870-63885.
  • FRB announced it seeks comment on the information collection titled New Hire Information Collection. FRB also gave notice that it sent the collection to OMB for review. Comments are due 02/15/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-17/pdf/2018-27226.pdf. Federal Register, Vol. 83, No. 241, 12/17/2018, 64573-64575.
  • FRB announced it seeks comment on the information collection titled Complex Institution Monitoring Report. FRB also gave notice that it sent the collection to OMB for review. Comments are due 02/26/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-28/pdf/2018-28204.pdf. Federal Register, Vol. 83, No. 248, 12/28/2018, 67285-67286.

FDIC Proposes Company-Run Stress Testing Requirements.

The Federal Deposit Insurance Corporation (FDIC) issues a proposed rule that would revise FDIC’s requirements for stress testing by FDIC-supervised institutions, consistent with changes made by Section 401 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). Specifically, the proposed rule would amend FDIC’s existing stress testing regulations to change the minimum threshold for applicability from $10 billion to $250 billion, revise the frequency of required stress tests by FDIC-supervised institutions, and reduce the number of required stress testing scenarios from three to two. FDIC also proposes to make certain conforming and technical changes, including changes that were previously proposed in an April 2018 notice of proposed rulemaking that was superseded, in part, by the enactment of EGRRCPA. Comments are due 02/19/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-28/pdf/2018-27824.pdf. Federal Register, Vol. 83, No. 248, 12/28/2018, 67149-67155.

FDIC Requests Comment on Deposit Insurance Application Process.

FDIC is seeking comment from interested parties regarding FDIC’s deposit insurance application process. Comments are due 02/11/2018. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-12/pdf/2018-26811.pdf. Federal Register, Vol. 83, No. 238, 12/12/2018, 63868-63869.

OCC Finalizes Guidelines on Standards for Recovery Planning by Certain Large Insured National Banks, Insured Federal Savings Associations, and Insured Federal Branches.

The Office of the Comptroller of the Currency (OCC) is amending its enforceable guidelines relating to recovery planning standards for insured national banks, insured federal savings associations, and insured federal branches (Guidelines) by increasing the average total consolidated assets threshold for applying the Guidelines from $50 billion to $250 billion. In addition, OCC is changing the Guidelines to decrease from 18 months to 12 months the time within which a bank should comply with the Guidelines after the bank becomes subject to them. Finally, OCC is making technical amendments to remove outdated compliance dates. The final guidelines are effective 01/28/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-27/pdf/2018-27952.pdf. Federal Register, Vol. 83, No. 247,12/27/2018, 66604-66607.

OCC Issues Correction to Proposed Rule on Regulatory Capital Treatment for High Volatility Commercial Real Estate Exposures.

OCC is correcting the Regulatory Flexibility Act certification for the proposed rule that was published in the Federal Register on 09/28/2018, entitled “Regulatory Capital Treatment for High Volatility Commercial Real Estate (HVCRE) Exposures.” The correction is effective 12/26/2018, comments are due 01/25/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-26/pdf/2018-27786.pdf. Federal Register, Vol. 83, No. 246, 12/26/2018, 66166-66167.

OCC Issues Inflation Adjustments for Civil Monetary Penalties.

OCC is providing notice of its maximum civil money penalties as adjusted for inflation. The inflation adjustments are required to implement the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The adjusted maximum amount of civil money penalties in the notice are applicable to penalties assessed on or after 01/01/2019, for conduct occurring on or after 11/02/2015. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-27/pdf/2018-27784.pdf. Federal Register, Vol. 83, No. 247, 12/27/2018, 66599-66601.

HUD Issues Final Rule on Single-Family Mortgage Insurance.

The Department of Housing and Urban Development (HUD) has issued a final rule streamlining the home warranty requirements for FHA single-family mortgage insurance by removing the regulations that require borrowers to purchase 10-year protection plans in order to qualify for certain mortgages on newly constructed single-family homes. This action conforms with the changes made by the Housing and Economic Recovery Act of 2008 (HERA). HUD, however, is retaining the requirement that the Warranty of Completion of Construction (form HUD–92544) be executed by the builder and the buyer of a new construction home, as a condition for FHA mortgage insurance. The final rule follows publication of a 02/06/2013, proposed rule, and takes into consideration the public comments received on the proposed rule. The final rule is effective 03/14/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-14/pdf/2018-27116.pdf. Federal Register, Vol. 83, No. 240, 12/14/2018, 64269-64272.

FEMA Issues Notice of Changes in Flood Hazard Determinations.

  • The Federal Emergency Management Agency (FEMA) has issued a notice which lists communities in the state of Minnesota, 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.govinfo.gov/content/pkg/FR-2018-12-13/pdf/2018-26935.pdf. Federal Register, Vol. 83, No. 239, 12/13/2018, 64139-64141.
  • FEMA has issued a notice which lists communities in the states of Illinois, 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.govinfo.gov/content/pkg/FR-2018-12-28/pdf/2018-28149.pdf. Federal Register, Vol. 83, No. 248, 12/28/2018, 67332-67334.

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 states of Iowa, and Minnesota. 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 03/14/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-14/pdf/2018-27149.pdf. Federal Register, Vol. 83, No. 240, 12/14/2018, 64351-64352.
  • 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 Michigan. 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 03/28/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-28/pdf/2018-28168.pdf. Federal Register, Vol. 83, No. 248, 12/28/2018, 67330-67332.

FinCEN Requests Comment on Information Collection.

The Financial Crimes Enforcement Network (FinCEN) announced it seeks comment on the information collection titled Reports of foreign financial accounts and records to be made and retained by persons having financial interests in foreign financial accounts (31 CFR 1010.350, 1010.420) and FinCEN Form 114, Report of Foreign Bank and Financial Accounts. FinCEN also gave notice that it sent the collection to OMB for review. Comments are due 02/19/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-20/pdf/2018-27513.pdf. Federal Register, Vol. 83, No. 244, 12/20/2018, 65394-65395.

FinCEN Requests Applications for Bank Secrecy Act Advisory Group.

FinCEN is inviting the public to nominate financial institutions, trade groups, and non-federal regulators or law enforcement agencies for membership on the Bank Secrecy Act Advisory Group. New members will be selected for three-year membership terms. Nominations are due 01/28/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-28/pdf/2018-28178.pdf. Federal Register, Vol. 83, No. 248, 12/28/2018, 67487.

Treasury Proposes Reducing Burden Under FATCA and Chapter 3.

The Department of the Treasury (Treasury) proposed regulations eliminating withholding on payments of gross proceeds, deferring withholding on foreign passthru payments, eliminating withholding on certain insurance premiums, and clarifying the definition of investment entity. The notice of proposed rulemaking also includes guidance concerning certain due diligence requirements of withholding agents and guidance on refunds and credits of amounts withheld. Comments are due 02/19/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-18/pdf/2018-27290.pdf. Federal Register, Vol. 83, No. 242, 12/18/2018, 64757-64758.

Treasury Proposes Limitation on Deduction for Business Interest Expense.

Treasury issued a proposed rulemaking regarding the limitation on the deduction for business interest expense after the enactment of recent tax legislation. Specifically, the regulations provide general rules and definitions. The regulations also provide rules for calculating the limitation in consolidated group, partnership, and international contexts. The regulations affect taxpayers that have deductible business interest expense, other than certain small businesses, electing real property trades or businesses, electing farming businesses, and certain utility businesses. The document also withdraws a notice of proposed rulemaking relating to the disallowance of a deduction for certain interest paid or accrued by a corporation. This document also provides notice of a public hearing on the proposed regulations. Comments are due 02/26/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-28/pdf/2018-26257.pdf. Federal Register, Vol. 83, No. 248, 12//28/2018, 67490-67610.

Treasury Issues Exemptions to Qualified Financial Contracts Recordkeeping Requirements.

Treasury is issuing a determination regarding requests for exemption from certain requirements of the rule implementing the qualified financial contracts recordkeeping requirements of Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The exemptions are effective 12/21/2018. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-21/pdf/2018-27758.pdf. Federal Register, Vol. 83, No. 245, 12/21/2018, 65509-65521.

Treasury Requests Comment on Information Collection.

Treasury announced it seeks comment on the information collection titled Prohibition on Funding of Unlawful Internet Gambling. Treasury 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.govinfo.gov/content/pkg/FR-2018-12-21/pdf/2018-27751.pdf. Federal Register, Vol. 83, No. 245, 12/21/2018, 65805-65806.

FHFA Finalizes Amendments to Golden Parachute and Indemnification Payments.

The Federal Housing Finance Agency (FHFA) is amending its golden parachute payments regulation to better align it with areas of FHFA’s supervisory concern and reduce administrative and compliance burdens. The final rule amends a requirement that FHFA review and consent before a regulated entity or the Office of Finance (OF) enters certain agreements to make, or makes, certain payments that are contingent on the termination of an affiliated party, if the regulated entity or the OF is in a troubled condition, in conservatorship or receivership, or insolvent. FHFA’s experience implementing the regulation indicated that it required review of some agreements and payments where there was little risk of excess or abuse, and thus that it was too broad. As amended, the rule will reduce the number of agreements and payments that are subject to FHFA prior review by focusing on those agreements and payments where there is greater risk of an excessive or abusive payment (in general, payments to and agreements with executive officers, broad-based plans covering large numbers of employees (such as severance plans), and payments made to non-executive officer employees who may have engaged in certain types of wrongdoing). In addition, the rule as amended clarifies the inquiry into possible employee wrongdoing that a regulated entity is required to undertake prior to entering into an agreement to make or making a golden parachute payment. Amendments also revise and clarify other rule procedures, definitions, and exemptions. The Amendments are effective 01/22/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-20/pdf/2018-27564.pdf. Federal Register, Vol. 83, No. 244, 12/20/2018, 65283-65292.

FHFA Proposes Rule on Validations and Approval of Credit Score Models.

FHFA is proposing a rule on the process for validation and approval of credit score models by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Comments are due 03/21/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-21/pdf/2018-27565.pdf. Federal Register, Vol. 83, No. 245, 12/21/2018, 65575-65592.

SBA Issues Peg Rate.

The Small Business Administration (SBA) publishes an interest rate called the optional “peg” rate (13 CFR 120.214) on a quarterly basis. This rate is a weighted average cost of money to the government for maturities similar to the average SBA direct loan. This rate may be used as a base rate for guaranteed fluctuating interest rate SBA loans. This rate will be 3.125 percent for the January–March quarter of FY 2019. Pursuant to 13 CFR 120.921(b), the maximum legal interest rate for any third party lender’s commercial loan which funds any portion of the cost of a 504 project (see 13 CFR 120.801) shall be 6% over the New York Prime rate or, if that exceeds the maximum interest rate permitted by the constitution or laws of a given State, the maximum interest rate will be the rate permitted by the constitution or laws of the given State. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-28/pdf/2018-28307.pdf. Federal Register, Vol. 83, No. 248, 12/28/2018, 67459.

SBA Extends Comment Period for Proposed HUBZone Program.

SBA published a notice of proposed rulemaking in the Federal Register on 10/31/2018 to solicit public comments on proposed comprehensive revisions to the regulations governing the Historically Underutilized Business Zone (HUBZone) Program. The notice announces the extension of the current comment period until 02/14/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-31/pdf/2018-28320.pdf. Federal Register, Vol. 83, No. 249, 12/31/2019, 67701.

FCIC Finalizes General and Administrative Regulation Subpart X.

The Federal Crop Insurance Corporation (FCIC) finalized the General and Administrative Regulation Subpart X- Interpretations of Statutory and Regulatory Provisions (Subpart X) to incorporate interpretations of procedures previously issued and administered in accordance with Manager’s Bulletin MGR–05–018, and to provide a mechanism for interpretations of policy provisions that are not codified in the Code of Federal Regulations. The effect of this action is to provide requestors with information on how to request a final agency determination or an interpretation of FCIC procedures within one administrative regulation, and bring consistency and clarity to the processes used and existing provisions. The rule is effective 01/28/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-27/pdf/2018-27858.pdf. Federal Register, Vol. 83, No. 247, 12/27/2018, 66574-66583.

RHS Proposes Removal of Notice of Funding Availability Requirements.

The Rural Housing Service (RHS) proposes amending its regulation to eliminate the requirement for the annual publication of Notice of Funding Availability (NOFA). Additionally, RHS will remove all references to the term NOFA in other various sections. The intended effect of this action is to allow RHS to accept and start processing applications in a more fluid manner. Comments are due 02/15/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-17/pdf/2018-27138.pdf. Federal Register, Vol. 83, No. 241, 12/17/2018, 64488-64490.

RHS Requests Comment on Information Collection.

RHS announced it seeks comment on the information collection titled 7 CFR part 1951, subpart F, Analyzing Credit Needs and Graduation of Borrowers. RHS also gave notice that it sent the collection to OMB for review. Comments are due 02/26/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-28/pdf/2018-28226.pdf. Federal Register, Vol. 83, No. 248, 12/28/2018, 67212-67213.

CCC Announces Funds Availability for Market Facilitation Program.

The Commodity Credit Corporation (CCC) announced the new placement rates for selected commodities for the Market Facilitation Program (MFP), which provides payments to producers with commodities that have been significantly impacted by actions of foreign governments resulting in the loss of traditional exports. MFP participants will receive an MFP payment, calculated based on the eligible production multiplied by the participant’s share multiplied by the MFP payment rate. Applications are accepted from 12/21/2018 to 01/15/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-21/pdf/2018-27614.pdf. Federal Register, Vol. 83, No. 245, 12/21/2018, 65623-65624.

FTC Requests Comment on Identity Theft Rules.

The Federal Trade Commission (FTC) requests public comment on its Identity Theft Rules. FTC is soliciting comment as part of its systematic review of all current FTC regulations and guides. Comments are due 02/11/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-11/pdf/2018-26609.pdf. Federal Register, Vol. 83, No. 237, 12/11/2018, 63604-63606.

NCUA Requests Comment on Information Collection.

The National Credit Union Administration (NCUA) announced it seeks comment on the information collection titled Credit Union Service Organizations (CUSOs), 12 CFR 712. NCUA also gave notice that it sent the collection to OMB for review. Comments are due 01/16/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-17/pdf/2018-27209.pdf. Federal Register, Vol. 83, No. 241, 12/17/2018, 64605-64606.

NCUA Announces Regulatory Reform Agenda.

NCUA established a Regulatory Reform Task Force (Task Force) to oversee the implementation of the agency’s regulatory reform agenda. This is consistent with the spirit of the president’s regulatory reform agenda and Executive Order 13777. Although NCUA, as an independent agency, is not required to comply with Executive Order 13777, the agency chose to comply with its spirit and reviewed all of NCUA’s regulations to that end. The Task Force published and sought comment on its first report in August 2017. Having reviewed all of the comments received, the Task Force is publishing its second and final report. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-21/pdf/2018-27473.pdf. Federal Register, Vol. 83, No. 245, 12/21/2018, 65926-65954.

SSA Requests Comment on Representative Payee Selection and Replacement Policies.

The Social Security Administration (SSA) is requesting information on the appropriateness of its order of preference lists for selecting representative payees (payees) and the effectiveness of its policy and operational procedures in determining when to change a payee. SSA is seeking this information to determine whether and how it should make any changes to its representative payee program to help ensure that it selects suitable payees for beneficiaries. Comments are due 01/28/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-14/pdf/2018-27051.pdf. Federal Register, Vol. 83, No. 240, 12/14/2018, 64422-64423.

VA Proposes Revisions to VA-Guaranteed or Insured Cash-Out Home Refinance Loans.

The Department of Veterans Affairs (VA) is amending its rules on VA-guaranteed or insured cash-out refinance loans. The Economic Growth, Regulatory Relief, and Consumer Protection Act requires VA to promulgate regulations governing cashout refinance loans. The interim final rule defines the parameters of when VA will permit cash-out refinance loans, to include defining net tangible benefit, recoupment, and seasoning requirements. The interim final rule is effective 02/15/2019, comments are due 02/15/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-17/pdf/2018-27263.pdf. Federal Register, Vol. 83, No. 241, 12/17/2018, 64459-64470. 

EEOC Finalizes Removal of ADA Wellness Rule.

The Equal Employment Opportunity Commission (EEOC) issued a final rule removing from the Code of Federal Regulations a section of the final rule published on 05/17/2016, entitled “Regulations Under the Americans With Disabilities Act.” This action responds to a decision of the U.S. District Court for the District of Columbia that vacated the incentive section of the ADA rule. The final rule is effective 01/01/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-20/pdf/2018-27539.pdf. Federal Register, Vol. 83, No. 244, 12/20/2018, 65296.

EEOC Finalizes Removal of GINA Wellness Rule.

EEOC issued a final rule removing from the Code of Federal Regulations a section of the final rule published on 05/17/2016, entitled, “Genetic Information Nondiscrimination Act.” This action responds to a decision of the U.S. District Court for the District of Columbia that vacated the incentive section of the GINA rule. The final rule is effective 01/01/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2018-12-20/pdf/2018-27538.pdf. Federal Register, Vol. 83, No. 244, 12/20/2018, 65296-65297. 

By, Ally Bates

The below article is the Compliance Notes section of the November 2018 Compliance Journal. The full issue may be viewed by clicking here.

IRS issued the 2019 annual inflation adjustments for many tax provisions as well as the 2019 tax rate tables for individuals and estates and trusts. The notice may be viewed at: https://www.irs.gov/pub/irs-drop/rp-18-57.pdf


CFPB has issued updated versions of its Small Entity Compliance Guides for the HOEPA and Loan Originator rules to reflect the broadened and expanded exemption for manufactured home retailers in section 107 of the Economic Growth, Regulatory Relief, and Consumer Protection Act and certain other updates detailed in the Version Log for each guide document. The HOEPA Guide may be viewed at: https://s3.amazonaws.com/files.consumerfinance.gov/f/documents/bcfp_hoepa_small-entity_compliance-guide.pdf
The Loan Originator Rule Guide may be viewed at: https://s3.amazonaws.com/files.consumerfinance.gov/f/documents/bcfp_loan-originator_small-entity_compliance-guide.pdf


FHA released its 2018 Annual Report to Congress on the economic condition of the agency’s Mutual Mortgage Insurance Fund (MMI Fund). FHA reports that at the end of Fiscal Year (FY) 2018, the MMI Fund had a total Economic Net Worth of $34.8 billion and a Capital Reserve Ratio that remains above the statutory minimum for a fourth consecutive year. The full report may be viewed at: https://www.hud.gov/sites/dfiles/Housing/documents/2018fhaannualreportMMIFund.pdf 


FHFA has issued its FY 2018 Performance and Accountability Report. The report outlines FHFA’s responsibilities, goals, and how the agency has met them in FY 2018. The full report may be viewed at: https://www.fhfa.gov/AboutUs/Reports/ReportDocuments/FHFA-2018-PAR.pdf


FTC issued its Fiscal Year 2018 Agency Financial Report, which describes the agency’s strong fiscal management and key program performance of the agency during the past year. The report highlights FTC accomplishments in furtherance of its missions to protect consumers and promote competition, and reaffirms the agency’s commitment to responsible stewardship of resources and sound financial operations. Prepared in accordance with OMB Circular A-136, the report includes annual audited financial statements, as well as the Office of the Inspector General’s assessment of FTC’s key management accomplishments and opportunities for performance improvements. FTC’s FY 2018 independent financial statement audit marks the agency’s 22nd consecutive unmodified opinion, the highest audit opinion available. The report may be viewed at: https://www.ftc.gov/news-events/press-releases/2018/11/ftc-issues-agency-financial-report-fiscal-year-2018 


FDIC has released the 2018 version of the instructor-led Money Smart for Adults financial education curriculum. Instructors can use the fully scripted materials with minimal preparation to deliver unbiased, relevant, and accurate financial education. The new version includes expanded content on topics such as mobile banking, reading a pay statement, renting an apartment, and creative ways to save money, as well as updated information on standard topics such as credit reports and scores. Information on the Money Smart program may be viewed at: https://www.fdic.gov/consumers/consumer/moneysmart/index.html


OCC issued a bulletin announcing the release of its Policies and Procedures Manual (PPM) for enforcement actions against institution-affiliated parties (IAP) of national banks, federal savings associations, and federal branches and agencies of foreign banks. The PPM generally sets forth the OCC’s existing policies and procedures for taking enforcement actions against a current or former IAP in response to violations of laws, regulations, final agency orders, conditions imposed in writing, or written agreements; unsafe or unsound practices; or breaches of fiduciary duty. OCC also updated its policies and procedures regarding bank enforcement actions and related matters, and civil money penalties, primarily to ensure consistency with its policies and procedures for enforcement actions against IAPs. The bulletin may be viewed at: https://www.occ.gov/news-issuances/bulletins/2018/bulletin-2018-41.html 


FRB released the October 2018 Senior Loan Officer Opinion Survey (SLOOS), which addressed changes in the standards and terms on, and demand for, bank loans to businesses and households over the past three months, which generally corresponds to the third quarter of 2018. Regarding loans to business borrowers, banks indicated that they eased their standards and terms for commercial and industrial (C&I) loans while experiencing weaker demand for such loans on balance. At the same time, banks reportedly left their standards unchanged on most categories of commercial real estate (CRE) loans, while demand reportedly weakened for most categories of such loans. The full survey results may be viewed at: https://www.federalreserve.gov/data/sloos/sloos-201810.htm 


DATCP has extended the deadline to apply for 2019 Industrial Hemp Research Pilot Program licenses and registrations to 03/01/2019. The final 2018 report for participants is still due 12/15/2018. The notice may be viewed at: https://datcp.wi.gov/Pages/Programs_Services/IndustrialHemp.aspx 


FDIC added new items to its cybersecurity awareness resources for financial institutions. This includes two new vignettes for the Cyber Challenge, which consists of exercises that are intended to encourage discussions of operational risk issues and the potential impact of information technology disruptions on common banking functions. The announcement and resources may be viewed at: https://www.fdic.gov/news/news/financial/2018/fil18063.html 


FRB released the inaugural Supervision and Regulation Report. The report summarizes banking conditions and the Federal Reserve’s supervisory and regulatory activities, in conjunction with semiannual testimony before Congress by the Vice Chairman for Supervision. The report may be viewed at: https://www.federalreserve.gov/publications/2018-november-supervision-and-regulation-report-preface.htm 


CFPB has updated some of its youth financial education content to provide K-12 educators with new, free resources to help students develop financial knowledge, skills, and habits. The tools and further information may be viewed at: https://www.consumerfinance.gov/about-us/blog/new-financial-education-resources-help-teachers-bring-youth-financial-capability-classroom/


FFIEC has issued a statement regarding actions taken under OFAC’s Cyber-Related Sanctions Program and to the potential impact that sanctions may have on financial institutions’ operations, including the use of services of a sanctioned entity. The statement may be viewed at: https://www.ncua.gov/newsroom/Documents/joint-statement-ofac-cyber-related-sanctions-program.pdf 


FDIC released the October 2018 edition of the FDIC Consumer News which features an article on credit and debit card billing issues. The full article may be viewed at: https://www.fdic.gov/consumers/consumer/news/october2018.pdf


FRB issued an updated Reserve Maintenance Manual. The manual provides information regarding reserve calculations and account maintenance for depository institutions that file the Federal Reserve (FR) 2900 form (Report of Transaction Accounts, Other Deposits and Vault Cash) with the Federal Reserve, either weekly or quarterly. The update includes revisions to reflect changes in reporting requirements, and calculation of reserve balance requirements. The manual may be viewed at: https://www.federalreserve.gov/monetarypolicy/files/reserve-maintenance-manual.pdf 


CFPB issued a statement announcing its intent to issue proposed rules in January 2019 that will reconsider its rule regarding Payday, Vehicle Title, and Certain High-Cost Installment Loans and address the rule’s compliance date. The statement may be viewed at: https://www.consumerfinance.gov/about-us/newsroom/public-statement-regarding-payday-rule-reconsideration-and-delay-compliance-date/


FFIEC announced the availability of data on small business, small farm, and community development lending reported by certain commercial banks and savings associations, pursuant to the CRA. The data may be accessed at: https://www.ffiec.gov/press/pr102518.htm 


CFPB has issued the Filing Instructions Guide (FIG) for data collected in 2018 to be submitted to CFPB in 2019. The guide may be viewed at: https://s3.amazonaws.com/cfpb-hmda-public/prod/help/2018-hmda-fig-2018-hmda-rule.pdf


CFPB updated its Compliance and Guidance webpage based on feedback received in listening sessions and requests to streamline user experience. The updated page may be viewed at: https://www.consumerfinance.gov/policy-compliance/guidance/


FDIC released the results of the 2017 biennial National Survey of Unbanked and Underbanked Households which indicates that for the third consecutive survey period, the number of U.S. households without a bank account fell. The percentage of U.S. households that were unbanked in 2017 the most recent year of the survey, was 6.5 percent, the lowest rate recorded since the FDIC began conducting the survey in 2009. It was down from 7.0 percent in 2015, and down significantly from a high of 8.2 percent in 2011. The unbanked numbers for 2017 equate to 14.1 million adults in 8.4 million households not having a checking or savings account. The decline in the unbanked rate from 2015 to 2017 can be explained almost entirely by improvements in the socioeconomic circumstances of U.S. households. The number of underbanked U.S. households was also down compared to 2015 levels. The full results of the survey may be viewed at: https://www.fdic.gov/householdsurvey/2017/2017report.pdf 


FFIEC has redesigned its FFIEC BSA/AML InfoBase website which was developed to provide field examiners at the financial institution regulatory agencies with an electronic source for training and distributing needed examination information. The website may be viewed at: https://bsaaml.ffiec.gov/ 


FDIC has provided an optional alternative file format for use in processing an alternative recordkeeping entity accounts (e.g. pass-through account holder, custodian or fiduciary) held at Part 370 covered institutions. Brokers and other alternative recordkeeping entities utilizing this optional process can expect a significant acceleration of both the deposit insurance determination process and the availability of insured funds when compared to the existing process.  FDIC has published a new section in the Deposit Broker’s Processing Guide titled, “VIII. Part 370 Alternative Recordkeeping Entity Processing: Addendum to the Deposit Broker’s Processing Guide” (“Part 370 Addendum”) which may be viewed at: https://www.fdic.gov/deposit/deposits/brokers/ 

By, Ally Bates

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

Agencies Finalize Amendments to Appraisals for Higher-Priced Mortgage Loans Exemption Threshold Amount.

The Bureau of Consumer Financial Protection (CFPB), the Board of Governors of the Federal Reserve System (FRB), and the Office of the Comptroller of the Currency (OCC) are finalizing amendments to the official interpretations for their regulations that implement section 129H of the Truth in Lending Act (TILA). Section 129H of TILA establishes special appraisal requirements for “higher-risk mortgages,” termed “higher-priced mortgage loans” or “HPMLs” in the agencies’ regulations. Agencies’ rules exempted, among other loan types, transactions of $25,000 or less, and required that this loan amount be adjusted annually based on any annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI–W). If there is no annual percentage increase in the CPI–W, the agencies will not adjust this exemption threshold from the prior year. However, in years following a year in which the exemption threshold was not adjusted, the threshold is calculated by applying the annual percentage increase in the CPI–W to the dollar amount that would have resulted, after rounding, if the decreases and any subsequent increases in the CPI–W had been taken into account. Based on the CPI–W in effect as of 06/01/2018, the exemption threshold will increase from $26,000 to $26,700, effective 01/01/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-23/pdf/2018-25400.pdf. Federal Register, Vol. 83, No. 226, 11/23/2018, 59272-59274.

Agencies Announce 2019 Regulation M Exemption Threshold Amount.

The Bureau of Consumer Financial Protection (CFPB), and the Board of Governors of the Federal Reserve System (FRB) are finalizing amendments to the official interpretations and commentary for the agencies’ regulations that implement the Consumer Leasing Act (CLA). The Dodd-Frank Act amended the CLA by requiring that the dollar threshold for exempt consumer leases be adjusted annually by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI–W). If there is no annual percentage increase in the CPI–W, the agencies will not adjust this exemption threshold from the prior year. However, in years following a year in which the exemption threshold was not adjusted, the threshold is calculated by applying the annual percentage change in the CPI–W to the dollar amount that would have resulted, after rounding, if the decreases and any subsequent increases in the CPI–W had been taken into account. Based on the annual percentage increase in the CPI–W as of 06/01/2018, the exemption threshold will increase from $55,800 to $57,200 effective 01/01/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-23/pdf/2018-25396.pdf. Federal Register, Vol. 83, No. 226, 11/23/2018, 59274-59276.

Agencies Announce 2019 Regulation Z Exemption Threshold Amount.

The Bureau of Consumer Financial Protection (CFPB), and the Board of Governors of the Federal Reserve System (FRB) are finalizing amendments to the official interpretations and commentary for the agencies’ regulations that implement the Truth in Lending Act (TILA). The Dodd-Frank Act amended TILA by requiring that the dollar threshold for exempt consumer credit transactions be adjusted annually by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI–W). If there is no annual percentage increase in the CPI– W, the agencies will not adjust this exemption threshold from the prior year. However, in years following a year in which the exemption threshold was not adjusted, the threshold is calculated by applying the annual percentage change in the CPI–W to the dollar amount that would have resulted, after rounding, if the decreases and any subsequent increases in the CPI–W had been taken into account. Based on the annual percentage increase in the CPI–W as of 06/01/2018, the exemption threshold will increase from $55,800 to $57,200 effective 01/01/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-23/pdf/2018-25398.pdf. Federal Register, Vol. 83, No. 226, 11/23/2018, 59276-59278. 

CFPB Proposes Civil Penalty Inflation Adjustments.

The Bureau of Consumer Financial Protection (CFPB) is proposing to amend its rule adjusting for inflation the maximum amount of each civil penalty within CFPB’s jurisdiction pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement Act of 1996 and further amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. CFPB is proposing an amendment to specify that the adjusted civil monetary penalties only apply to assessments whose associated violations occurred on, or after, 11/02/2015 (the date the 2015 Inflation Adjustment Act amendments were signed into law). Comments are due 11/13/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-10-12/pdf/2018-22217.pdf. Federal Register, Vol. 83, No. 198, 10/12/2018, 51653-51654.

CFPB Issues Supervisory Highlights.

CFPB is issuing the seventeenth edition of its Supervisory Highlights. In the issue of Supervisory Highlights, CFPB reports examination findings in the areas of auto finance lending; credit card account management; debt collection; deposits; mortgage servicing; mortgage origination; service providers; short-term, small-dollar lending; remittances; and fair lending. As in past editions, the report includes information on CFPB’s use of its supervisory and enforcement authority, recently released examination procedures, and CFPB guidance. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-10-18/pdf/2018-22726.pdf. Federal Register, Vol. 83, No. 202, 10/18/2018, 52816-52822.

FRB Finalizes Reserve Requirements of Depository Institutions.

The Board of Governors of the Federal Reserve System (FRB) is amending Regulation D, Reserve Requirements of Depository Institutions, to reflect the annual indexing of the reserve requirement exemption amount and the low reserve tranche for 2019. The Regulation D amendments set the amount of total reservable liabilities of each depository institution that is subject to a zero percent reserve requirement in 2019 at $16.3 million (up from 16.0 million in 2018). This amount is known as the reserve requirement exemption amount. The Regulation D amendments also set the amount of net transaction accounts at each depository institution (over the reserve requirement exemption amount) that is subject to a three percent reserve requirement in 2019 at $124.2 million (up from $122.3 million in 2018). This amount is known as the low reserve tranche. The adjustments to both of these amounts are derived using statutory formulas specified in the Federal Reserve Act. FRB is also announcing changes in two other amounts, the nonexempt deposit cutoff level and the reduced reporting limit, that are used to determine the frequency at which depository institutions must submit deposit reports. The rule is effective 11/29/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-10-30/pdf/2018-23608.pdf. Federal Register, Vol. 83, No. 210, 10/30/2018, 54517-54519.   

FRB Requests Comment on Information Collections.

  • FRB announced it seeks comment on the information collection titled Disclosure Requirements of subpart H of Regulation H (Consumer Protections in Sales of Insurance). FRB also gave notice that it sent the collection to OMB for review. Comments are due 12/17/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-10-17/pdf/2018-22551.pdf. Federal Register, Vol. 83, No. 201, 10/17/2018, 52452-52453.
  • FRB announced it seeks comment on the information collection titled Consolidated Bank Holding Company Report of Equity Investments in Nonfinancial Companies, and the Annual Report of Merchant Banking Investments Held for an Extended Period. FRB also gave notice that it sent the collection to OMB for review. Comments are due 01/04/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-05/pdf/2018-24118.pdf. Federal Register, Vol. 83, No. 214, 11/05/2018, 55366-55368.

FDIC Proposes Rescinding Disclosure of Financial and Other Information Regulations.

The Federal Deposit Insurance Corporation (FDIC) proposes to rescind and remove its regulations relating to the disclosure of financial and other information by FDIC-insured state nonmember banks. Upon the removal of the regulations, all insured state nonmember banks and insured state-licensed branches of foreign banks would no longer be subject to the annual disclosure statement requirement found in those regulations. The financial and other information that has been subject to disclosure by individual banks pursuant to these regulations is publicly available through the FDIC’s website. Comments are due 11/26/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-10-25/pdf/2018-23042.pdf. Federal Register, Vol. 83, No. 207, 10/25/2018, 53829-53832.

FDIC Requests Comment on Information Collections.

  • FDIC announced it seeks comment on the information collection titled Resolution Plans Required for Insured Depository Institutions With $50 Billion or More in Total Assets. FDIC also gave notice that it sent the collection to OMB for review. Comments are due 11/28/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-10-29/pdf/2018-23500.pdf. Federal Register, Vol. 83, No. 209, 10/29/2018, 54351-54352.
  • FDIC announced it seeks comment on the information collection titled Certification of Compliance with Mandatory Bars to Employment. FDIC also gave notice that it sent the collection to OMB for review. Comments are due 11/29/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-10-30/pdf/2018-23597.pdf. Federal Register, Vol. 83, No. 210, 10/30/2018, 54589-54590.
  • FDIC announced it seeks comment on the information collection titled Activities and Investments of Insured State Banks. FDIC also gave notice that it sent the collection to OMB for review. Comments are due 01/02/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-02/pdf/2018-23987.pdf. Federal Register, Vol. 83, No. 213, 11/02/2018, 55167-55170.
  • FDIC announced it seeks comment on the information collection titled Privacy of Consumer Information. FDIC also gave notice that it sent the collection to OMB for review. Comments are due 01/02/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-02/pdf/2018-23987.pdf. Federal Register, Vol. 83, No. 213, 11/02/2018, 55167-55170.
  • FDIC announced it seeks comment on the information collection titled Registration of Mortgage Loan Originators (SAFE Act). FDIC also gave notice that it sent the collection to OMB for review. Comments are due 01/02/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-02/pdf/2018-23987.pdf. Federal Register, Vol. 83, No. 213, 11/02/2018, 55167-55170.
  • FDIC announced it seeks comment on the information collection titled National Survey of Unbanked and Underbanked Households. FDIC also gave notice that it sent the collection to OMB for review. Comments are due 01/07/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-06/pdf/2018-24228.pdf. Federal Register, Vol. 83, No. 215, 11/06/2018, 55532-55533.

FDIC Issues Terminations of Receiverships.

  • 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.gpo.gov/fdsys/pkg/FR-2018-10-19/pdf/2018-22747.pdf. Federal Register, Vol. 83, No. 203, 10/19/2018, 53061.
    https://www.gpo.gov/fdsys/pkg/FR-2018-11-05/pdf/2018-24172.pdf. Federal Register, Vol. 83, No. 214, 11/05/2018, 55364.
    https://www.gpo.gov/fdsys/pkg/FR-2018-11-05/pdf/2018-24115.pdf. Federal Register, Vol. 83, No. 214, 11/05/2018, 55364.
  • 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-2018-11-09/pdf/2018-24500.pdf. Federal Register, Vol. 83, No. 218, 11/09/2018, 56079.

OCC Requests Comment on Information Collections.

  • The Office of the Comptroller of the Currency (OCC) announced it seeks comment on the information collection titled Interagency Appraisal Complaint Form. OCC 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-2018-10-26/pdf/2018-23395.pdf. Federal Register, Vol. 83, No. 208, 10/26/2018, 54174-54175.
  • OCC announced it seeks comment on the information collection titled Margin and Capital Requirements for Covered Swap Entities. OCC also gave notice that it sent the collection to OMB for review. Comments are due 01/07/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-06/pdf/2018-24209.pdf. Federal Register, Vol. 83, No. 215, 11/06/2018, 55598-55560.
  • OCC announced it seeks comment on the information collection titled Consumer Protections for Depository Institution Sales of Insurance. OCC also gave notice that it sent the collection to OMB for review. Comments are due 01/08/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-09/pdf/2018-24495.pdf. Federal Register, Vol. 83, No. 218, 11/09/2018, 56150-56151.
  • OCC announced it seeks comment on the information collection titled Market Risk. OCC also gave notice that it sent the collection to OMB for review. Comments are due 01/08/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-09/pdf/2018-24494.pdf. Federal Register, Vol. 83, No. 218, 11/09/2018, 56148-56150.

HUD Requests Comment on Information Collections.

  • The Department of Housing and Urban Development (HUD) announced it seeks comment on the information collection titled New Construction Subterranean Termite Protection for New Homes. HUD also gave notice that it sent the collection to OMB for review. Comments are due 11/13/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-10-12/pdf/2018-22243.pdf. Federal Register, Vol. 83, No. 198, 10/12/2018, 51695.
  • HUD announced it seeks comment on the information collection titled HOPE VI Implementation and HOPE VI Main Street Programs: Funding and Program Data Collection. HUD also gave notice that it sent the collection to OMB for review. Comments are due 12/10/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-09/pdf/2018-24489.pdf. Federal Register, Vol. 83, No. 218, 11/09/2018, 56091-56092.
  • HUD announced it seeks comment on the information collection titled Office of Native American Program (ONAP) Training and Technical Assistance Evaluation Form. HUD also gave notice that it sent the collection to OMB for review. Comments are due 12/10/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-09/pdf/2018-24491.pdf. Federal Register, Vol. 83, No. 218, 11/09/2018, 56095-56096.
  • HUD announced it seeks comment on the information collection titled Insurance Termination Request for Multifamily Mortgage. HUD also gave notice that it sent the collection to OMB for review. Comments are due 01/08/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-09/pdf/2018-24488.pdf. Federal Register, Vol. 83, No. 218, 11/09/2018, 56093-56094.
  • HUD announced it seeks comment on the information collection titled Rural Capacity Building. HUD also gave notice that it sent the collection to OMB for review. Comments are due 01/08/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-09/pdf/2018-24492.pdf. Federal Register, Vol. 83, No. 218, 11/09/2018, 56094-56095.
  • HUD announced it seeks comment on the information collection titled Voucher Management System (VMS), Section 8 Budget and Financial Forms. HUD also gave notice that it sent the collection to OMB for review. Comments are due 12/10/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-09/pdf/2018-24490.pdf. Federal Register, Vol. 83, No. 218, 11/09/2018, 56092-56093.

HUD Issues Designation of Difficult Development Areas and Qualified Census Tracts.

HUD issued a notice designating 2019 “Difficult Development Areas” (DDAs) and “Qualified Census Tracts” (QCTs) for purposes of the Low-Income Housing Tax Credit (LIHTC) under Internal Revenue Code (IRC) Section 42, as enacted by the Tax Reform Act of 1986. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-10-22/pdf/2018-23000.pdf. Federal Register, Vol. 83, No. 204, 10/22/2018, 53282-53288.

HUD Announces Reverse Mortgage Loan Sales.

HUD announced its intention to competitively offer multiple residential reverse mortgage pools consisting of approximately 1,150 reverse mortgage notes secured by properties with a loan balance of approximately $230 million. The sale will consist of due and payable Secretary-held reverse mortgage loans. The mortgage loans consist of first liens secured by single family, vacant residential properties, where all borrowers are deceased, and no borrower is survived by a non-borrowing spouse. The sale will be held on 12/12/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-07/pdf/2018-24395.pdf. Federal Register, Vol. 83, No. 216, 11/07/2018, 55733-55735.

FEMA Issues Final Flood Hazard Determinations.

  • The Federal Emergency Management Agency (FEMA)  has issued a final notice which identifies communities in the state of Illinois, 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 02/15/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-10-25/pdf/2018-23343.pdf. Federal Register, Vol. 83, No. 207, 10/25/2018, 53892-53894.
  • FEMA has issued a final notice which identifies communities in the states of Indiana, and Minnesota, 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 12/21/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-10-26/pdf/2018-23383.pdf. Federal Register, Vol. 83, No. 208, 10/26/2018, 54132-54133.
  • FEMA has issued a final notice which identifies communities in the states of Iowa, and Wisconsin, 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 02/01/2019. The notice may be viewed at:  https://www.gpo.gov/fdsys/pkg/FR-2018-11-02/pdf/2018-23918.pdf. Federal Register, Vol. 83, No. 213, 11/02/2018, 55192-55194.
  • FEMA has issued a final notice which identifies communities in the states of Iowa, and Minnesota, 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 12/07/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-05/pdf/2018-24072.pdf. Federal Register, Vol. 83, No. 214, 11/05/2018, 55381-55383.

FEMA Issues Notice of Changes in Flood Hazard Determinations.

FEMA has issued a notice which lists communities in the states of Indiana, Nebraska, 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-2018-11-05/pdf/2018-24199.pdf. Federal Register, Vol. 83, No. 214, 11/05/2018, 55386-55388.

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 states of Iowa, and Nebraska. 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 02/04/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-05/pdf/2018-24198.pdf. Federal Register, Vol. 83, No. 214, 11/05/2018, 55379-55380.

FEMA Issues Major Disaster Declaration.

FEMA issued a notice that, in a letter dated 10/18/2018, the President issued a major disaster declaration under the authority of the Robert T. Stafford Disaster Relief and Emergency Assistance Act, 42 U.S.C. 5121 et seq. (the ‘‘Stafford Act’’), for the state of Wisconsin. The declaration authorizes FEMA to provide Individual Assistance and Public Assistance in the designated areas and Hazard Mitigation throughout the state. The declaration was issued 10/18/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-02/pdf/2018-23919.pdf. Federal Register, Vol. 83, No. 213, 11/02/2018, 55191.

FinCEN Requests Comment on Information Collections.

  • The Financial Crimes Enforcement Network (FinCEN) announced it seeks comment on the information collection titled Suspicious Activity Report by Securities and Futures Industries. FinCEN also gave notice that it sent the collection to OMB for review. Comments are due 11/29/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-10-30/pdf/2018-23645.pdf. Federal Register, Vol. 83, No. 210, 10/30/2018, 54659-54660.
  • FinCEN announced it seeks comment on the information collection titled Anti-Money Laundering programs for money services business, mutual funds, operators of credit card systems, and Providers of Prepaid Access. FinCEN also gave notice that it sent the collection to OMB for review. Comments are due 11/29/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-10-30/pdf/2018-23645.pdf. Federal Register, Vol. 83, No. 210, 10/30/2018, 54659-54660.

Treasury Finalizes Regulations Regarding Tax Return Preparer Penalty.

The Department of the Treasury (Treasury) finalized regulations relating to the tax return preparer penalty. The final regulations are necessary to implement recent law changes that expand the scope of the tax return preparer due diligence penalty so that it applies to the child tax credit (CTC)/additional child tax credit (ACTC), and the American opportunity tax credit (AOTC) as well as to eligibility to file a return or claim for refund as head of household. The regulations affect tax return preparers. The regulations are effective 11/07/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-07/pdf/2018-24411.pdf. Federal Register, Vol. 83, No. 216, 11/07/2018, 55632-55636.

Treasury Proposes De Minimis Error Safe Harbor Exceptions.

Treasury proposed regulations relating to penalties for failure to file correct information returns or furnish correct payee statements. The proposed regulations contain safe harbor rules that, for penalty purposes, generally treat as correct payee statements or corresponding information returns that contain errors relating to de minimis incorrect dollar amounts. They prescribe the time and manner in which a payee may elect not to have the safe harbor rules apply. They also update penalty amounts and update references to information reporting obligations. Finally, they provide rules relating to the reporting of basis of securities by brokers as this reporting relates to the de minimis error safe harbor rules. The proposed regulations affect persons required to either file information returns or to furnish payee statements, and recipients of payee statements. Comments are due 12/17/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-10-17/pdf/2018-22393.pdf. Federal Register, Vol. 83, No. 201, 10/17/2018, 52726-52749.

Treasury Proposes Changes to Health Reimbursement Arrangements and Other Account-Based Group Health Plans.

Treasury proposed rules to expand opportunities for working people and their families to access affordable, quality healthcare through proposed changes to regulations under various provisions of the Public Health Service Act (PHS Act), the Employee Retirement Income Security Act (ERISA), and the Internal Revenue Code regarding health reimbursement arrangements (HRAs) and other account-based group health plans. Specifically, the proposed rules allow integrating HRAs with individual health insurance coverage, if certain conditions are met. The proposed rules also set forth conditions under which certain HRAs would be recognized as limited excepted benefits. Treasury also proposes rules regarding premium tax credit eligibility for individuals offered coverage under an HRA integrated with individual health insurance coverage. Comments are due 12/28/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-10-29/pdf/2018-23183.pdf. Federal Register, Vol. 83, No. 209, 10/29/2018, 54420-54477.

Treasury Announces Guarantee Availability for Bond Guarantee Program.

Treasury is inviting Qualified Issuer Applications and Guarantee Applications for the Community Development Financial Institutions (CDFI) Bond Guarantee Program. CDFI Fund announces the availability of up to $1 billion of Guarantee Authority in FY 2019, contingent upon Congressional authorization. Significant dates for applicants may be found in the notice. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-06/pdf/2018-24273.pdf. Federal Register, Vol. 83, No. 215, 11/06/2018, 55582-55598.

Treasury Requests Comment on Information Collections.

  • Treasury announced it seeks comment on the information collection titled Entity Classification Election. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 12/18/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-10-19/pdf/2018-22807.pdf. Federal Register, Vol. 83, No. 203, 10/19/2018, 53152.
  • Treasury announced it seeks comment on the information collection titled Debt Instruments with Original Discount; Imputed Interest on Deferred Payment Sales or Exchanges of Property; Property Traded on an Established Market. Treasury 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-2018-10-26/pdf/2018-23482.pdf. Federal Register, Vol. 83, No. 208, 10/26/2018, 54176-54177.
  • Treasury announced it seeks comment on the information collection titled Validating Your TIN and Reasonable Cause. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 01/02/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-02/pdf/2018-23949.pdf. Federal Register, Vol. 83, No. 213, 11/02/2018, 55235-55236.

FHFA Finalizes Amendments to Community Support Program.

The Federal Housing Finance Agency (FHFA) is issuing a final rule amending its community support regulation to require that FHFA establish relevant dates for FHFA’s biennial community support review by written notice to the Federal Home Loan Banks (Banks). The amendments do not affect the substantive requirements of the regulation and do not change the criteria for determining member compliance with the community support standards and eligibility for access to long-term Bank advances. The final rule is effective 11/15/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-10-16/pdf/2018-22451.pdfFederal Register¸ Vol. 83, No. 200, 10/16/2018, 52115-52118.

FHFA Finalizes Amendments to Responsibilities of Boards of Directors, Corporate Practices, and Corporate Governance.

FHFA is amending its regulation on the Responsibilities of Boards of Directors, Corporate Practices, and Corporate Governance for its regulated entities. The final rule amends the existing regulation pertaining to Federal Home Loan Bank strategic business plans so that it applies as well to the Enterprises, and makes a number of adjustments and conforming changes to the existing regulation. As amended, the regulation requires that the board of directors of each regulated entity have in effect at all times a strategic business plan that describes its strategy for achieving its mission and public purposes. It extends to the Enterprise boards the existing provision requiring the board of each Federal Home Loan Bank to review the strategic business plan at least annually, re-adopt it at least once every three years, and establish reporting requirements for and monitor implementation of the strategic business plan. The final rule adds a new provision regarding current and emerging risks, repeals two outdated provisions of the existing regulation, and makes a conforming change to the Office of Finance Board of Directors regulation. The final rule is effective 12/18/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-10-19/pdf/2018-22859.pdf. Federal Register, Vol. 83, No. 203, 10/19/2018, 52950-52954.

FHFA Proposes Amendments to Housing Goals.

FHFA is proposing to amend the existing Federal Home Loan Bank Housing Goals regulation. FHFA proposes to replace the existing four separate retrospective housing goals with a single prospective mortgage purchase housing goal as well as establish a separate small member participation housing goal. The proposed rule would also allow the Banks to request FHFA approval of alternative target levels for the proposed goals. Finally, FHFA is proposing to eliminate the existing $2.5 billion volume threshold that triggers the application of housing goals for each Bank. Comments are due 01/31/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-02/pdf/2018-23890.pdf. Federal Register, Vol. 83, No. 213, 11/02/2018, 55114-55133.

FHFA Requests Comment on Information Collection.

FHFA announced it seeks comment on the information collection titled Advances to Housing Associates. FHFA also gave notice that it sent the collection to OMB for review. Comments are due 12/17/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-10-17/pdf/2018-22667.pdf. Federal Register, Vol. 83, No. 201, 10/17/2018, 52451-52452.

SBA Amends Development Company Loan Program.

The Small Business Administration (SBA) is changing the job creation or retention requirements under its Development Company Loan Program (504 Loan Program) by increasing the dollar amounts used in calculating the number of jobs that must be created or retained for each 504 Project and for the portfolio average of each Certified Development Company. In addition, SBA is designating additional areas for application of the higher portfolio average. The changes will apply to all 504 loans that are approved under the 504 Loan Program on or after 11/02/2018. Comments are due 12/03/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-02/pdf/2018-24033.pdf. Federal Register, Vol. 83, No. 213, 11/02/2018, 55224-55226.

SBA Issues Maximum Allowable 7(a) Fixed Interest Rates.

SBA announced the maximum allowable fixed interest rates for 7(a) guaranteed loans. SBA is increasing the maximum allowable spread as follows: For 7(a) fixed rate loans of $250,000 or less, SBA is setting the maximum allowable spread over Prime at 6% (plus the additional spread permitted under 13 CFR 120.215 for very small loans). For 7(a) fixed rate loans over $250,000, SBA is setting the maximum allowable spread over Prime at 5%. The maximum allowable spread will no longer depend on the term of the loan. The notice is effective 11/06/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-06/pdf/2018-24258.pdf. Federal Register, Vol. 83, No. 215, 11/06/2018, 55478-55479.

SBA Issues Major Disaster Declarations.

  • SBA issued notice that as a result of the President’s major disaster declaration on 10/18/2018 for the state of Wisconsin, applications for disaster loans may be filed at the address listed in the notice or other locally announced locations. Applications are due 01/18/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-10-25/pdf/2018-23325.pdf. Federal Register, Vol. 83, No. 207, 10/25/2018, 53935-53936.
  • SBA issued notice that as a result of the President’s major disaster declaration on 10/18/2018 for the state of Wisconsin, Private Non-Profit organizations that provide essential services of a governmental nature may file disaster loan applications at the address listed in the notice or other locally announced locations. Applications for Physical Damage Loans are due 12/17/2018, applications for Economic Injury Loans are due 07/18/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-10-25/pdf/2018-23359.pdf. Federal Register, Vol. 83, No. 207, 10/25/2018, 53934-53935.

FSA Requests Comment on Information Collection.

The Farm Service Agency (FSA) announced it seeks comment on the information collection titled The Biofuel Infrastructure Partnership Grants to States. FSA also gave notice that it sent the collection to OMB for review. Comments are due 12/11/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-10-12/pdf/2018-22216.pdf. Federal Register, Vol. 83, No. 198, 10/12/2018, 51660-51661.

FCA Finalizes Amendments to Regulations Governing the Eligibility of Non-Program Investments. 

The Farm Credit Administration (FCA) finalizes amendments to regulations governing the eligibility of non-program investments held by the Federal Agricultural Mortgage Corporation (Farmer Mac). FCA is revising these regulations in compliance with section 939A of the Dodd-Frank Act by removing references to, and requirements relating to, credit ratings. This regulation shall become effective no earlier than 30 days after publication in the Federal Register during which either or both Houses of Congress are in session. FCA will publish a notice of the effective date in the Federal Register. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-02/pdf/2018-24045.pdf. Federal Register, Vol. 83, No. 213, 11/02/2018, 550193-55099. 

FCIC Finalizes Standards of Approval.

The Federal Crop Insurance Corporation (FCIC) finalized the General Administrative Regulations; Subpart L— Reinsurance Agreement—Standards for Approval; Regulations for the 2019 and Subsequent Reinsurance Years. The intended effect of this action is to clarify and improve Subpart L to better align with the existing Standard Reinsurance Agreement (SRA) and Livestock Price Reinsurance Agreement (LPRA) and to eliminate language that is no longer relevant. The rule is effective 11/13/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-10-11/pdf/2018-21699.pdf. Federal Register, Vol. 83, No. 197, 10/11/2018, 51301-51303. 

FASB Requests Comment on Exposure Drafts.

  • The Federal Accounting Standards Advisory Board (FASB) has released for public comment an exposure draft of a proposed Interpretation, Guidance on Recognizing Liabilities Involving Multiple Component Reporting Entities: An Interpretation of SFFAS 5. The proposed Interpretation is available on the FASB website at: http://www.fasab.gov/documents-forcomment/. Copies can be obtained by contacting FASB at (202) 512–7350. Comments are due 01/17/2019. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-10-23/pdf/2018-23110.pdf. Federal Register, Vol.83, No. 205, 10/23/2018, 53473-53474.
  • FASB has released an exposure draft of a proposed Statement of Federal Financial Accounting Concepts (SFFAC), Materiality, for public comment. The proposed SFFAC is available on the FASB website at: http://www.fasab.gov/documents-forcomment/. Copies can be obtained by contacting FASB at (202) 512–7350. Comments are dues 01/23/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-10-23/pdf/2018-23109.pdf. Federal Register, Vol. 83, No. 205, 10/23/2018, 53473.

NCUA Amends Risk-Based Capital Rule. 

The National Credit Union Administration (NCUA) is amending previously revised regulations regarding prompt corrective action (PCA). The final rule delays the effective date of NCUA’s 10/29/2015 final rule regarding risk-based capital (2015 Final Rule) for one year, moving the effective date from 01/01/2019 to 01/01/2020. During the extended delay period, the NCUA’s current PCA requirements will remain in effect. The final rule also amends the definition of a “complex” credit union adopted in the 2015 Final Rule for risk-based capital purposes by increasing the threshold level for coverage from $100 million to $500 million. These changes provide covered credit unions and NCUA with additional time to prepare for the rule’s implementation, and exempt an additional 1,026 credit unions from the risk-based capital requirements of the 2015 Final Rule without subjecting the National Credit Union Share Insurance Fund (NCUSIF) to undue risk. The final rule is effective 01/01/2020. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-11-06/pdf/2018-24171.pdf. Federal Register, Vol. 83, No. 215, 11/06/2018, 55467-55478.

SSA Proposes Prohibition of Persons with Certain Criminal Convictions from Serving as Representative Payees.

The Social Security Administration (SSA) proposes to amend regulations to prohibit persons convicted of certain crimes from serving as representative payees under the Social Security Act (Act). We are proposing these revisions because of changes to the Act made by the Strengthening Protections for Social Security Beneficiaries Act of 2018. Comments are due 11/13/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-10-11/pdf/2018-22168.pdf. Federal Register, Vol. 83, No. 197, 10/11/2018, 51400-51403. 

By, Ally Bates

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

Agencies Finalize Rule on Short-Term Limited Duration Insurance.

The Department of the Treasury (Treasury), the Department of Labor (DOL), and the Department of Health and Human Services (HHS) finalized a rule amending the definition of short-term, limited-duration insurance for purposes of its exclusion from the definition of individual health insurance coverage. This action is being taken to lengthen the maximum duration of short-term, limited-duration insurance, which will provide more affordable consumer choices for health coverage. The rule is effective 10/02/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-08-03/pdf/2018-16568.pdf. Federal Register, Vol. 83, No. 150, 08/03/2018, 38212-38243.

Agencies Propose Resolution Planning Guidance for Eight Large, Complex U.S. Banking Organizations.

The Board of Governors of the Federal Reserve System (FRB), and the Federal Deposit Insurance Corporation (FDIC) proposed guidance for the 2019 and subsequent resolution plan submissions by the eight largest, complex U.S. banking organizations. The proposed guidance is meant to assist these firms in developing their resolution plans, which are required to be submitted pursuant to Section 165(d) of the Dodd-Frank Act. The proposed guidance, which is largely based on prior guidance issued to these firms, describes the Agencies’ expectations regarding a number of key vulnerabilities in plans for an orderly resolution under the U.S. Bankruptcy Code (i.e., capital; liquidity; governance mechanisms; operational; legal entity rationalization and separability; and derivatives and trading activities). The proposed guidance also updates certain aspects of prior guidance based on the Agencies’ review of these firms’ recent resolution plan submissions. Comments are due 09/14/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-16/pdf/2018-15066.pdf. Federal Register, Vol. 83, No. 136, 07/16/2018, 32856-32871.

Agencies Propose Amendments to the Bank Holding Company Act.

The Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Commodity Futures Trading Commission (CFTC), and the Securities and Exchange Commission (SEC) proposed amendments to the regulations implementing section 13 of the Bank Holding Company Act. Section 13 contains certain restrictions on the ability of a banking entity and nonbank financial company supervised by FRB to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund. The proposed amendments are intended to provide banking entities with clarity about what activities are prohibited and to improve supervision and implementation of section 13. Comments are due 09/17/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-17/pdf/2018-13502.pdf. Federal Register, Vol. 83, No. 137, 07/17/2018, 33432-33605.

Agencies Propose Amendments to Enterprise Capital Requirements.

The Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) proposed a new regulatory capital framework for the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (collectively, the Enterprises), which includes a new framework for risk-based capital requirements and two alternatives for an updated minimum leverage capital requirement. The risk-based framework would provide a granular assessment of credit risk specific to different mortgage loan categories, as well as market risk, operational risk, and going-concern buffer components. The proposed rule would maintain the statutory definitions of core capital and total capital. Comments are due 09/17/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-17/pdf/2018-14255.pdf. Federal Register, Vol. 83, No. 137, 07/17/2018, 33312-33430.

Agencies Extend Comment Period for Proposed Amendments to Enterprise Capital Requirements.

The Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) proposed a new regulatory capital framework for the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) in the Federal Register on 07/17/2018. The Agencies are extending the comment period for the proposal from 09/17/2018 to 11/16/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-08-03/pdf/2018-16654.pdf. Federal Register, Vol. 83, No. 150, 08/03/2018, 38085-38086.

CFPB Finalizes Amendments to Annual Privacy Notice Requirements Under Regulation P.

The Bureau of Consumer Financial Protection (CFPB) finalized amendments to Regulation P, which requires, among other things, that financial institutions provide an annual notice describing their privacy policies and practices to their customers. The amendment implements a December 2015 statutory amendment to the Gramm-Leach-Bliley Act providing an exception to this annual notice requirement for financial institutions that meet certain conditions. The amendments will be effective 30 days after the notice is published in the Federal Register. The notice may be viewed at: https://files.consumerfinance.gov/f/documents/bcfp_glba-privacy-notices_final-rule_amendment_2018-08.pdf

CFPB Requests Comment on Information Collection. 

CFPB announced it seeks comment on the information collection titled Consumer and College Credit Card Agreements. CFPB also gave notice that it sent the collection to OMB for review. Comments are due 08/20/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-20/pdf/2018-15581.pdf. Federal Register, Vol. 83, No. 140, 07/20/2018, 34555.    

FRB Issues Final Rule on Single-Counterparty Credit Limits for Bank Holding Companies and Foreign Banking Organizations.

The Board of Governors of the Federal Reserve System (FRB) finalized a rule to establish single-counterparty credit limits for bank holding companies and foreign banking organizations with $250 billion or more in total consolidated assets, including any U.S. intermediate holding company of such a foreign banking organization with $50 billion or more in total consolidated assets, and any bank holding company identified as a global systemically important bank holding company under FRB’s capital rules. The final rule implements section 165(e) of the Dodd-Frank Act, which requires FRB to impose limits on the amount of credit exposure that such a bank holding company or foreign banking organization can have to an unaffiliated company in order to reduce the risks arising from the company’s failure. The final rule is effective 10/05/2018. The final rule may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-08-06/pdf/2018-16133.pdf. Federal Register, Vol. 83, No. 151, 08/06/2018, 38460-38511.

FRB Extends Information Collections.

  • FRB is adopting a proposal to extend for three years, with revision, the following information collections: Financial Statements of U.S. Nonbank Subsidiaries of U.S. Holding Companies, and the Abbreviated Financial Statements of U.S. Nonbank Subsidiaries of U.S. Holding Companies; the Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations and the Abbreviated Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations; and the Financial Statements of U.S. Nonbank Subsidiaries Held by Foreign Banking Organizations, Abbreviated Financial Statements of U.S. Nonbank Subsidiaries Held by Foreign Banking Organizations, and the Capital and Asset Report of Foreign Banking Organizations. The revisions are effective for reports reflecting the 06/30/2018, report date. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-08-08/pdf/2018-16916.pdf. Federal Register, Vol. 83, No. 153, 08/08/2018, 39091-39093.
  • FRB is adopting a proposal to extend for three years, without revision, the Senior Financial Officer Survey. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-08-08/pdf/2018-16918.pdf. Federal Register, Vol. 83, No. 153, 08/08/2018, 39093.

FRB Requests Comment on Information Collections.

  • FRB announced it seeks comment on the information collection titled Country Exposure Report for U.S. Branches and Agencies of Foreign Banks. FRB also gave notice that it sent the collection to OMB for review. Comments are due 08/29/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-30/pdf/2018-16173.pdf. Federal Register, Vol. 83, No. 146, 07/30/2018, 36592-36593.
  • FRB announced it seeks comment on the information collection titled Capital Assessments and Stress Testing. FRB also gave notice that it sent the collection to OMB for review. Comments are due 10/09/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-08-08/pdf/2018-16917.pdf. Federal Register, Vol. 83, No. 153, 08/08/2018, 39093-39095.

FDIC Finalizes Statement of Policy Pursuant of Section 19 of the Federal Deposit Insurance Act.

The Federal Deposit Insurance Corporation (FDIC) is finalizing changes to its statement of policy (SOP) concerning participation in banking of a person convicted of a crime of dishonesty or breach of trust or money laundering or who has entered a pretrial diversion or similar program in connection with the prosecution for such offense pursuant to Section 19 of the Federal Deposit Insurance Act, 12 U.S.C. 1829. The policy is applicable 07/19/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-08-03/pdf/2018-16634.pdf. Federal Register, Vol. 83, No. 150, 08/03/2018, 38143-38149.

FDIC Proposes Amendments to Rules of Practice and Procedure.

FDIC proposes to amend 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 the FDIC’s regulations, and direct readers to an annually published notice in the Federal Register—rather than the Code of Federal Regulations (CFR)—for information regarding the maximum CMP amounts that can be assessed after inflation adjustments. Comments are due 10/02/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-08-03/pdf/2018-16548.pdf. Federal Register, Vol. 83, No. 150, 08/03/2018, 38080-38085.

FDIC Requests Comment on Information Collections.

  • FDIC announced it seeks comment on the information collection titled Notice of Branch Closure. FDIC also gave notice that it sent the collection to OMB for review. Comments are due 08/13/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-12/pdf/2018-14864.pdf. Federal Register, Vol. 83, No. 134, 07/12/2018, 32290-32293.
  • FDIC announced it seeks comment on the information collection titled Resolution Plans Required for Insured Depository Institutions With $50 Billion or More in Total Assets. FDIC also gave notice that it sent the collection to OMB for review. Comments are due 09/28/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-30/pdf/2018-16186.pdf. Federal Register, Vol. 83, No. 146, 07/30/2018, 36589-36590.
  • FDIC announced it seeks comment on the information collection titled Notice Regarding Assessment Credits. FDIC also gave notice that it sent the collection to OMB for review. Comments are due 10/09/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-08-07/pdf/2018-16846.pdf. Federal Register, Vol. 83, No. 152, 08/07/2018, 38692-38693.

FDIC Issues Terminations of Receiverships.

  • 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.gpo.gov/fdsys/pkg/FR-2018-07-30/pdf/2018-16185.pdf. Federal Register, Vol. 83, No. 146, 07/30/2018, 36589. https://www.gpo.gov/fdsys/pkg/FR-2018-08-07/pdf/2018-16832.pdf. Federal Register, Vol. 83, No. 152, 08/07/2018, 38693.
  • 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-2018-08-07/pdf/2018-16833.pdf. Federal Register, Vol. 83, No. 152, 08/07/2018, 38693-38694.

OCC Requests Comment on Information Collections.

  • The Office of the Comptroller of the Currency (OCC) announced it seeks comment on the information collection titled Subordinated Debt Licensing Requirements. OCC also gave notice that it sent the collection to OMB for review. Comments are due 08/13/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-12/pdf/2018-14941.pdf. Federal Register, Vol. 83, No. 134, 07/12/2018, 32335-32337.
  • OCC announced it seeks comment on the information collection titled Appraisal Management Companies. OCC also gave notice that it sent the collection to OMB for review. Comments are due 09/04/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-08-03/pdf/2018-16639.pdf. Federal Register, Vol. 83, No. 150, 08/03/2018, 38204-38206.
  • OCC announced it seeks comment on the information collection titled Release of Non-Public Information. OCC also gave notice that it sent the collection to OMB for review. Comments are due 09/04/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-08-03/pdf/2018-16641.pdf. Federal Register, Vol. 83, No. 150, 08/03/2018, 38206-38208.

HUD Issues Adjustments of Civil Monetary Penalty Amounts for 2018.

The Department of Housing and Urban Development (HUD) issued 2018 inflation adjustments of civil monetary penalty amounts required 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 08/15/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-16/pdf/2018-15116.pdf. Federal Register, Vol. 83, No. 136, 07/16/2018, 32790-32794. 

HUD Issues Debenture Interest Rates.

HUD announced changes in the interest rates to be paid on debentures issued with respect to a loan or mortgage insured by the Federal Housing Administration (FHA) under the provisions of the National Housing Act (the Act). The interest rate for debentures issued under Section 221(g)(4) of the Act during the 6-month period beginning 07/01/2018, is 3 percent. The interest rate for debentures issued under any other provision of the Act is the rate in effect on the date that the commitment to insure the loan or mortgage was issued, or the date that the loan or mortgage was endorsed (or initially endorsed if there are two or more endorsements) for insurance, whichever rate is higher. The interest rate for debentures issued under these other provisions with respect to a loan or mortgage committed or endorsed during the 6-month period beginning 07/01/2018, is 3.125 percent. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-30/pdf/2018-16255.pdf. Federal Register, Vol. 83, No. 146, 07/30/2018, 36614-36616.

HUD Announces Multifamily and Healthcare Loan Sale.

HUD announced its intention to sell three unsubsidized multifamily and fifteen unsubsidized healthcare mortgage loans, without Federal Housing Administration (FHA) insurance, in a competitive, sealed bid sale on or about 08/15/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-23/pdf/2018-15630.pdf. Federal Register, Vol. 83, No. 141, 07/23/2018, 34860-34861.

HUD Requests Comment on Information Collections.

  • HUD announced it seeks comment on the information collection titled Pre-Purchase Homeownership Counseling Demonstration and Impact Evaluation collection. HUD also gave notice that it sent the collection to OMB for review. Comments are due 08/15/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-16/pdf/2018-15130.pdf. Federal Register, Vol. 83, No. 136, 07/16/2018, 32888-32889.
  • HUD announced it seeks comment on the information collection titled Home Mortgage Disclosure Act (HMDA) Loan/Application Register. HUD also gave notice that it sent the collection to OMB for review. Comments are due 10/02/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-08-03/pdf/2018-16661.pdf. Federal Register, Vol. 83, No. 150, 08/03/2018, 38161-38162.

FEMA Issues Final Rule on Suspensions of NFIP Community Eligibility.

The Federal Emergency Management Agency (FEMA) issued a final rule which identifies communities in the state of Michigan, 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-2018-07-25/pdf/2018-15838.pdf. Federal Register, Vol. 83, 143, 07/25/2018, 35147-35147.

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, Indiana, Iowa, and Minnesota. 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.gpo.gov/fdsys/pkg/FR-2018-07-19/pdf/2018-15385.pdf. Federal Register, Vol. 83, No. 139, 07/19/2018, 34150-34152.
  • 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 state of Illinois. 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.gpo.gov/fdsys/pkg/FR-2018-07-25/pdf/2018-15839.pdf. Federal Register, Vol. 83, No. 143, 07/25/2018, 35282-35284.
  • 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, 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.gpo.gov/fdsys/pkg/FR-2018-08-08/pdf/2018-16902.pdf. Federal Register, Vol. 83, No. 153, 08/08/2018, 39111-39113.

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 states of Iowa, and Minnesota. 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 11/07/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-08-09/pdf/2018-17077.pdf. Federal Register, Vol. 83, No. 154, 08/09/2018, 39455-39457.

FEMA Proposes Amendments to NFIP.

FEMA proposed amendments to revise the National Flood Insurance Program (NFIP), implementing regulations to codify certain provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 and the Homeowner Flood Insurance Affordability Act of 2014 that FEMA has already implemented and to clarify certain existing NFIP rules relating to NFIP operations and the Standard Flood Insurance Policy. Comments are due 09/14/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-16/pdf/2018-13292.pdf. Federal Register, Vol. 83, No. 136, 07/16/2018, 32956-33015.

FEMA Issues Correction to Proposed Amendments to NFIP.

On 07/16/2018, FEMA published a proposed rule which would revise the National Flood Insurance Program’s (NFIP’s) regulations to codify certain provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 and the Homeowner Flood Insurance Affordability Act of 2014 that FEMA has already implemented and to clarify certain existing NFIP rules relating to NFIP operations and the Standard Flood Insurance Policy. In the preamble to the proposed rule, an incorrect web address appeared. This correction fixes that address. In proposed rule document 2018–13292 appearing on pages 32956 through 33015 in the issue of 07/16/2018, make the following correction: On page 32957, in the third column, in the first full paragraph, correct the web address “www.nfipservice.com” to read “https://www.nfipdirect.fema.gov.”  The correction is effective 08/07/2018. The closing of the comment period for the proposed rule published 07/16/2018, at 83 FR 39256, remains 11/14/2018.The correction may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-08-07/pdf/2018-16718.pdf. Federal Register, Vol. 83, No. 152, 08/07/2018, 38676.

FinCEN Extends Limited Exception from Beneficial Ownership Requirements.

The Financial Crimes Enforcement Network (FinCEN) issued a 90-day limited exceptive relief to covered financial institutions from the obligations of the Beneficial Ownership Rule for Legal Entity Customers (Beneficial Ownership Rule) on 05/16/2018 for certain financial products and services (i.e., certificate of deposit or loan accounts) that were established before the Beneficial Ownership Rule’s Applicability Date, 05/11/2018. The exception originally expired on 08/09/2018. FinCEN is extending the limited exception for an additional 30 days, up to and including 09/08/2018, from the obligations of the Beneficial Ownership Rule for rollover or renewal of certain financial products and services (i.e., certificate of deposit or loan accounts) that were established before 05/11/2018 to further consider the issue. The notice may be viewed at: https://www.fincen.gov/sites/default/files/administrative_ruling/2018-08-08/Extension_Temp_Exceptive_Relief.pdf

FinCEN Requests Comment on Information Collections.

  • FinCEN announced it seeks comment on the information collection titled Anti-Money Laundering Programs for Insurance Companies, 31 CFR 1025.210 and Non-Bank Residential Mortgage Lenders and Originators, 31 CFR 1029.210. FinCEN also gave notice that it sent the collection to OMB for review. Comments are due 09/17/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-19/pdf/2018-15401.pdf. Federal Register, Vol. 83, No. 139, 07/19/2018, 34298-34299.
  • FinCEN announced it seeks comment on the information collection titled Suspicious Activity Report by Money Services Businesses. FinCEN also gave notice that it sent the collection to OMB for review. Comments are due 09/17/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-19/pdf/2018-15400.pdf. Federal Register, Vol. 83, No. 139, 07/19/2018, 34298.
  • FinCEN announced it seeks comment on the information collection titled Suspicious Activity Report by Non-Bank Residential Mortgage Lenders and Originators. FinCEN also gave notice that it sent the collection to OMB for review. Comments are due 09/17/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-19/pdf/2018-15402.pdf. Federal Register, Vol. 83, No. 139, 07/19/2018, 34300-34301.
  • FinCEN announced it seeks comment on the information collection titled Registration of Money Services Business. FinCEN also gave notice that it sent the collection to OMB for review. Comments are due 09/17/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-19/pdf/2018-15399.pdf. Federal Register, Vol. 83, No. 139, 07/19/2018, 34299-34300.

Treasury Finalized Definitions of Qualified Matching Contributions and Qualified Nonelective Contributions.

The Department of the Treasury (Treasury) issued final regulations that amend the definitions of qualified matching contributions (QMACs) and qualified nonelective contributions (QNECs) under regulations regarding certain qualified retirement plans that contain cash or deferred arrangements under section 401(k) or that provide for matching contributions or employee contributions under section 401(m). Under the regulations, an employer contribution to a plan may be a QMAC or QNEC if it satisfies applicable nonforfeitability requirements and distribution limitations at the time it is allocated to a participant’s account, but need not meet the requirements or limitations when it is contributed to the plan. The regulations affect participants in, beneficiaries of, employers maintaining, and administrators of tax-qualified plans that contain cash or deferred arrangements or provide for matching contributions or employee contributions. The rule is effective 07/20/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-20/pdf/2018-15495.pdf. Federal Register, Vol. 83, No. 140, 07/20/2018, 34469-34471.

Treasury Issues Correction to Filing Requirements for Information Returns Required on Magnetic Media. 

Treasury issued a technical correction to a proposed rulemaking that was published in the Federal Register on 05/31/2018 regarding rules for determining whether information returns must be filed by using magnetic media (electronically). Comments on the proposed rule are still due 07/30/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-17/pdf/2018-15164.pdf. Federal Register, Vol. 83, No. 137, 07/17/2018, 33165.

Treasury Announces Capital Management Fund 2018 Funding Round.

Treasury announced the Community Development Financial Institutions Fund (CDFI Fund) plans to award approximately $142.9 million in grants for the Capital Magnet Fund (CMF) FY 2018 round. A table of significant dates for applicants is included in the notice. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-20/pdf/2018-15473.pdf. Federal Register, Vol. 83, No. 140, 07/20/2018, 34685-34698.

Treasury Announces Bank Enterprise Award Program 2018 Funding Round.

Treasury announced the fiscal year 2018 funding round of the Bank Enterprise Award Program and invites applications. A table of significant dates for applicants is included in the notice. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-23/pdf/2018-15618.pdf. Federal Register, Vol. 83, No. 141, 07/23/2018, 34913-34925.

Treasury Requests Comment on Information Collection.

Treasury announced it seeks comment on the information collection titled U.S. Individual Income Tax Return. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 09/18/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-20/pdf/2018-15627.pdf. Federal Register, Vol. 83, No. 140, 07/20/2018, 34698-34700.

FHFA Repeals Definitions in Finance Board Regulations.

The Federal Housing Finance Agency (FHFA) is repealing two parts of the Federal Housing Finance Board (Finance Board) regulations, which define terms used in Finance Board regulations, and which describe the process by which the Finance Board conducted its monthly interest rate survey (MIRS). The repealed definitions are either obsolete or duplicate definitions that FHFA has previously adopted. The regulation relating to the MIRS has become outdated because it does not accurately describe the manner in which FHFA currently conducts the survey. The final rule also repeals a number of subchapters of the Finance Board regulations that it had previously reserved, but which no longer serve any purpose because they include no regulatory text, corrects inaccurate cross-references in regulations described in this rulemaking, and amends a table to update information relating to information collections under the Paperwork Reduction Act. The final rule is effective 09/10/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-08-09/pdf/2018-16972.pdf. Federal Register, Vol. 83, No. 154, 08/09/2018, 39323-39326.

FHFA Requests Comment on Information Collections.

  • FHFA announced it seeks comment on the information collection titled Minority and Women Inclusion. FHFA also gave notice that it sent the collection to OMB for review. Comments are due 08/29/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-30/pdf/2018-16230.pdf. Federal Register, Vol. 83, No. 146, 07/30/2018, 36591-36592.
  • FHFA announced it seeks comment on the information collection titled Minimum Requirements for Appraisal Management Companies. FHFA also gave notice that it sent the collection to OMB for review. Comments are due 08/30/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-31/pdf/2018-16350.pdf. Federal Register, Vol. 83, No. 147, 07/31/2018, 36931-36935.

SBA Announces 504 Loan Program Rural Initiative.

The Small Business Administration (SBA) announced the 504 Loan Program Rural Initiative Pilot Program (504 Rural Pilot). The 504 Rural Pilot waives the restrictions on the authority of Certified Development Companies (CDCs) to make 504 loans outside their Area of Operations to allow each CDC to make loans for 504 Projects with an address located in any rural county if the 504 Project is located in the same SBA Region in which the CDC is incorporated. The 504 Rural Pilot will be available from 07/19/2018 to 07/20/2020. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-19/pdf/2018-15312.pdf. Federal Register, Vol. 83, No. 139, 07/19/2018, 34021-34022.

SBA Issues Military Reservist Economic Injury Disaster Loans Interest Rate.

SBA publishes an interest rate for Military Reservist Economic Injury Disaster Loans (13 CFR 123.512) on a quarterly basis. The rate will be 3.675 for loans approved on or after 07/27/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-23/pdf/2018-15650.pdf. Federal Register, Vol. 83, No. 141, 07/23/2018, 34907.

FSA Finalizes Rule on 2017 Wildfires and Hurricanes Indemnity Program.

The Farm Service Agency (FSA) finalized a rule which specifies the administrative provisions, eligibility requirements, and application procedures for the 2017 Wildfires and Hurricanes Indemnity Program (2017 WHIP). 2017 WHIP will provide payments to eligible producers who suffered eligible crop, tree, bush, and vine losses resulting from hurricanes and wildfires that occurred in the 2017 calendar year. The rule is final 07/18/2018, comments are due 09/17/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-18/pdf/2018-15346.pdf. Federal Register, Vol. 83, No. 138, 07/18/2018, 33795-33809.

RHS Proposes Guarantee Underwriting User Fee for Automated Guaranteed Loan Systems.

The Rural Housing Service (RHS) has proposed the implementation of a guarantee underwriting user fee (also known as a technology fee) that would be assessed and collected from lenders for their use of RHS’s automated guaranteed loan systems. The collection of the fee will enable RHS to fund future information technology enhancements needed to improve program delivery and reduce burden to the public. The fee amount will be published in the Single Family Housing Guaranteed Loan Program (SFHGLP) Handbook HB–1– 3555, available at https://www.rd.usda.gov/publications/regulations-guidelines/handbooks. The fee will not exceed $50 per loan, and constitutes a reasonable and customary cost that is an authorized loan purpose in accordance with the Guaranteed Rural Housing Program. The primary method of collecting the fee will be through RHS’s Lender Loan Closing (LLC) system when a loan goes to closing. Comments are due 09/11/2018. The notice may be viewed at:  https://www.gpo.gov/fdsys/pkg/FR-2018-07-13/pdf/2018-14995.pdf. Federal Register, Vol. 83, No. 135, 07/13/2018, 32624-32625.

FTC Requests Comment on Information Collections. 

  • The Federal Trade Commission (FTC) announced it seeks comment on the information collection titled Regulations Promulgated Under the Equal Credit Opportunity Act, 15 U.S.C. 1691 et seq. FTC also gave notice that it sent the collection to OMB for review. Comments are due 08/27/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-26/pdf/2018-15979.pdf. Federal Register, Vol. 83, No. 144, 07/26/2018, 35477-35485.
  • FTC announced it seeks comment on the information collection titled Regulations Promulgated Under the Electronic Fund Transfer Act, 15 U.S.C. 1693 et seq. FTC also gave notice that it sent the collection to OMB for review. Comments are due 08/27/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-26/pdf/2018-15979.pdf. Federal Register, Vol. 83, No. 144, 07/26/2018, 35477-35485.
  • FTC announced it seeks comment on the information collection titled Regulations Promulgated Under the Consumer Leasing Act, 15 U.S.C. 1667 et seq. FTC also gave notice that it sent the collection to OMB for review. Comments are due 08/27/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-26/pdf/2018-15979.pdf. Federal Register, Vol. 83, No. 144, 07/26/2018, 35477-35485.
  • FTC announced it seeks comment on the information collection titled Regulations Promulgated Under the Truth-In-Lending Act, 15 U.S.C. 1601 et seq. FTC also gave notice that it sent the collection to OMB for review. Comments are due 08/27/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-26/pdf/2018-15979.pdf. Federal Register, Vol. 83, No. 144, 07/26/2018, 35477-35485.
  • FTC announced it seeks comment on the information collection titled FTC Red Flags, Card Issuers, and Address Discrepancies Rules. FTC also gave notice that it sent the collection to OMB for review. Comments are due 10/09/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-08-08/pdf/2018-16936.pdf. Federal Register, Vol. 83, No. 153, 08/08/2018, 39096-39100.

FASB Requests Comment on Classified Proposal.

The Federal Accounting Standards Advisory Board (FASB) has issued an exposure draft of a classified Interpretation of Federal Financial Accounting Standards 56: Classified Activities. Due to the classified nature of the proposal, the exposure draft will only be made available to those individuals who have been designated as having a need to know and who hold the proper clearances. Comments are due 08/13/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-17/pdf/2018-15234.pdf. Federal Register, Vol. 83, No. 137, 07/17/2018, 33221.

FASB Issues Staff Implementation Guidance 6.1. 

FASB staff have issued Staff Implementation Guidance (SIG) 6.1, Clarification of Paragraphs 40–41 of SFFAS 6, Accounting for Property, Plant, and Equipment, as amended. The SIG is available on the FASB website at http://www.fasab.gov/accounting-standards/. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-23/pdf/2018-15733.pdf. Federal Register, Vol. 83, No. 141, 07/23/2018, 34847-34848.  

NCUA Finalizes Suspension and Debarment Procedures. 

The National Credit Union Administration (NCUA) finalized its procedures for suspension and debarment and established administrative processes for contractors subject to the procedures. The final procedures will appear on the NCUA’s public website. The final procedures are applicable 09/10/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-08-09/pdf/2018-17086.pdf. Federal Register, Vol. 83, No. 154, 08/09/2018, 39464-39469.

NCUA Proposes Rule on Loans to Members and Lines of Credit to Members.

NCUA proposed amendments to its regulations regarding loans to members and lines of credit to members. The proposal would require loan maturity requirements to identify in one section all of the various maturity limits applicable to federal credit union loans. NCUA also proposed to make explicit in its regulations that the maturity date for a new loan under generally accepted accounting principles is calculated from the new date of origination. Additionally, NCUA seeks comment on whether it should provide longer maturity limits for 1–4 family real estate loans and other loans permitted by the Federal Credit Union Act such as home improvement, mobile home, and second mortgage loans. Finally, NCUA proposes to more clearly express the limits for loans to a single borrower or group of associated borrowers. Comments are due 10/09/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-08-10/pdf/2018-17087.pdf. Federal Register, Vol. 83, No. 155, 08/10/2018, 39622-39626.

NCUA Requests Comment on Information Collections. 

  • NCUA announced it seeks comment on the information collection titled Designation of Low Income Status, 12 CFR 701.34(a). NCUA also gave notice that it sent the collection to OMB for review. Comments are due 09/24/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-24/pdf/2018-15796.pdf. Federal Register, Vol. 83, No. 142, 07/24/2018, 35028-35029.
  • NCUA announced it seeks comment on the information collection titled Generic Clearance for the Collection of Qualitative Feedback on Agency Service Delivery. NCUA also gave notice that it sent the collection to OMB for review. Comments are due 08/27/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-26/pdf/2018-15983.pdf. Federal Register, Vol. 83, No. 144, 07/26/2018, 35501-35502.
  • NCUA announced it seeks comment on the information collection titled Purchase of Assets and Assumption of Liabilities. NCUA also gave notice that it sent the collection to OMB for review. Comments are due 09/24/2018. The notice may be viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-07-26/pdf/2018-15982.pdf. Federal Register, Vol. 83, No. 144, 07/26/2018, 35501.

NCUA Proposes Delay of Risk-Based Capital Rule Effective Date.

NCUA has proposed a rule amending NCUA’s previously revised regulations regarding prompt corrective action (PCA). The proposal would delay the effective date of NCUA’s 10/29/2015 final rule regarding risk-based capital (2015 Final Rule) for one year, moving the effective date from 01/01/2019 to 01/01/2020. During the extended delay period, NCUA’s current PCA requirements would remain in effect. The proposal would also amend the definition of a “complex” credit union adopted in the 2015 Final Rule for risk-based capital purposes by increasing the threshold level for coverage from $100 million to $500 million. These proposed changes would provide covered credit unions and NCUA with additional time to prepare for the rule’s implementation, and would exempt an additional 1,026 credit unions from the rule without subjecting the National Credit Union Share Insurance Fund to undue risk. Comments are due 09/07/2018. https://www.gpo.gov/fdsys/pkg/FR-2018-08-08/pdf/2018-16888.pdfFederal Register, Vol. 83, No. 153, 08/08/2018, 38997-39004. 

By, Ally Bates