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The below article is the Regulatory Spotlight section of the January 2020 Compliance Journal. The full issue may be viewed by clicking here.

Agencies Finalize Regulatory Capital Treatment for High Volatility Commercial Real Estate (HVCRE) Exposures.

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 revise the definition of “high volatility commercial real estate (HVCRE) exposure” in the regulatory capital rule. This final rule conforms this definition 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). The final rule also clarifies the capital treatment for loans that finance the development of land under the revised HVCRE exposure definition. The final rule is effective 04/01/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-13/pdf/2019-26544.pdf. Federal Register, Vol. 84, No. 240, 12/13/2019, 68019-68034.

Agencies Finalize Amendment to 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). The rule is effective 01/01/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-30/pdf/2019-27288.pdf. Federal Register, Vol. 84, No. 249, 12/30/2019, 71738-71740.

Agencies Propose Community Reinvestment Act Regulations.

The Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) propose regulations that could encourage banks to provide billions more each year in Community Reinvestment Act-qualified lending, investment, and services by modernizing the Community Reinvestment Act (CRA) regulations to better achieve the law’s underlying statutory purpose of encouraging banks to serve their communities by making the regulatory framework more objective, transparent, consistent, and easy to understand. To accomplish these goals, this proposed rule would strengthen the CRA regulations by clarifying which activities qualify for CRA credit, updating where activities count for CRA credit, creating a more transparent and objective method for measuring CRA performance, and providing for more transparent, consistent, and timely CRA-related data collection, recordkeeping, and reporting. Comments are due 03/09/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2020-01-09/pdf/2019-27940.pdf. Federal Register, Vol. 85, No. 6, 01/09/2020, 1204-1265.

Agencies Announce Review of Definitions in Credit Risk Retention Regulations.

The Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency (OCC), the Department of Housing and Urban Development (HUD), the Federal Housing Finance Agency (FHFA), and the Securities and Exchange Commission (SEC) are providing notice of the commencement of the review of the definition of qualified residential mortgage; the community-focused residential mortgage exemption; and the exemption for qualifying three-to-four unit residential mortgage loans, in each case as currently set forth in the Credit Risk Retention Regulations as adopted by the agencies. Comments on the review are due 02/03/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-20/pdf/2019-27490.pdf. Federal Register, Vol. 84, No. 245, 12/20/2019, 70073-70076.

Agencies Extend Comment Period for Application of the Uniform Financial Institutions Rating System.

The Board of Governors of the Federal Reserve System (FRB), and the Federal Deposit Insurance Corporation (FDIC) published a request for information (RFI) in the Federal Register on 10/31/2019 seeking information and comments from interested parties regarding the consistency of ratings assigned by the agencies under the Uniform Financial Institutions Rating System (UFIRS). The agencies have determined that an extension of the comment period until 02/28/2020, is appropriate. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-27/pdf/2019-27848.pdf. Federal Register, Vol. 84, No. 248, 12/27/2019, 71413-71414.

Agencies Extend Comment Period for Margin and Capital Requirements for Covered Swap Entities.

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 Federal Housing Finance Agency (FHFA), and the Farm Credit Administration (FCA) are reopening the comment period for the notice of proposed rulemaking published in the Federal Register on 11/07/2019, to amend the agencies’ regulations that require swap dealers and security-based swap dealers under the agencies’ respective jurisdictions to exchange margin with their counterparties for swaps that are not centrally cleared (Proposed Swap Margin Amendments). Reopening the comment period that closed on 12/09/2019, will allow interested persons additional time to analyze and comment on the Proposed Swap Margin Amendments. The new comment due date is 01/23/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-30/pdf/2019-28052.pdf. Federal Register, Vol. 84, No. 249, 12/30/2019, 71833-71834.

CFPB Issues Fall 2019 Supervisory Highlights.

The Bureau of Consumer Financial Protection (CFPB) is issuing its twentieth edition of its Supervisory Highlights. In this special issue of Supervisory Highlights, CFPB reports examination findings in the areas of consumer reporting and furnishing of information to consumer reporting companies, pursuant to the Fair Credit Reporting Act and Regulation V. The report does not impose any new or different legal requirements, and all violations described in the report are based only on those specific facts and circumstances noted during those examinations. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-11/pdf/2019-26669.pdf. Federal Register, Vol. 84, No. 238, 12/11/2019, 67725-67732.

CFPB Amends Official Commentary on Regulation C.

CFPB is amending the official commentary that interprets the requirements of CFPB’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 1.6 percent increase in the average of the CPI–W for the 12-month period ending in November 2019, the exemption threshold is adjusted to $47 million from $46 million. Therefore, banks, savings associations, and credit unions with assets of $47 million or less as of 12/31/2019, are exempt from collecting data in 2020. The commentary is effective 01/01/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-20/pdf/2019-27522.pdf. Federal Register, Vol. 84, No. 245, 12/20/2019, 69993-69995.

CFPB Amends Official Commentary of Regulation Z.

CFPB is amending the official commentary that interprets the requirements of the Bureau’s 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. This amendment is 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 1.6 percent increase in the average of the CPI–W for the 12-month period ending in November 2019, the exemption threshold is adjusted to $2.202 billion from $2.167 billion. Therefore, creditors with assets of less than $2.202 billion (including assets of certain affiliates) as of 12/31/2019, are exempt, if other requirements of Regulation Z also are met, from establishing escrow accounts for higher-priced mortgage loans in 2020. The commentary is effective 01/01/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-23/pdf/2019-27523.pdf. Federal Register, Vol. 84, No. 246, 12/23/2019, 70410-70413.

CFPB Issues Semiannual Regulatory Agenda. 

CFPB published its agenda as part of the Fall 2019 Unified Agenda of Federal Regulatory and Deregulatory Actions. CFPB reasonably anticipates having the regulatory matters identified below under consideration during the period from 10/01/2019, to 09/30/2020. The next agenda will be published in spring 2020 and will update this agenda through spring 2021. Publication of this agenda is in accordance with the Regulatory Flexibility Act (5 U.S.C. 601 et seq.). The information is current as of 07/25/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-26/pdf/2019-26636.pdf. Federal Register, Vol. 84, No. 247, 12/26/2019, 71232-71236.

FSOC Finalizes Interpretive Guidance on Authority to Require Supervision and Regulation of Certain Nonbank Financial Companies. 

The Financial Stability Oversight Council (FSOC) issued a final interpretive guidance, which replaces FSOC’s existing interpretive guidance on nonbank financial company determinations, describes the approach FSOC intends to take in prioritizing its work to identify and address potential risks to U.S. financial stability using an activities-based approach, and enhancing the analytical rigor and transparency in the processes FSOC intends to follow if it were to consider making a determination to subject a nonbank financial company to supervision by the Board of Governors of the Federal Reserve System (FRB). The guidance is effective 01/29/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-30/pdf/2019-27108.pdf. Federal Register, Vol. 84, No. 249, 12/30/2019, 71740-71770.

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 2019 aggregate global indicator amounts, as required under FRB’s rule regarding risk-based capital surcharges for global systemically important bank holding companies (GSIB surcharge rule). The aggregate global indicator amounts are in the table in the notice. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-19/pdf/2019-27414.pdf. Federal Register, Vol. 84, No. 244, 12/19/2019, 69744-69745.

FRB Issues Correction to Capital Simplification for Qualifying Community Banking Organizations.

FRB issued a notice regarding a final rule published in the Federal Register on 11/13/2019 that provides for a simple measure of capital adequacy for certain community banking organization. The final rule had two erroneous amendment instructions. The notice corrects those errors. The correction is effective 01/01/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-26/pdf/2019-27717.pdf. Federal Register, Vol. 84, No. 247, 12/26/2019, 70887.

FDIC Proposes Amendments to Policy Regarding Requests for Participation in the Affairs of an Insured Depository Institution by Convicted Individuals.

The Federal Deposit Insurance Corporation (FDIC) proposes to revise the existing regulations requiring persons convicted of certain criminal offenses to obtain prior written consent before participating in the conduct of the affairs of any depository institution to incorporate the FDIC’s existing Statement of Policy, and to amend the regulations setting forth the FDIC’s procedures and standards applicable to an application to obtain the FDIC’s prior written consent. Following the issuance of final regulations, the FDIC’s existing Statement of Policy would be rescinded. The proposed incorporation of the Statement of Policy into the FDIC’s regulations would provide for greater transparency as to its application, provide greater certainty as to the FDIC’s application process and help both insured depository institutions and affected individuals to understand its impact and to potentially seek relief from its provisions. Comments are due 02/14/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-16/pdf/2019-26351.pdf. Federal Register, Vol. 84, No. 241, 12/14/2019, 68353-68363.

FDIC Rescinds Outdated Statements of Policy.

FDIC initiated a comprehensive review of its Statements of Policy to identify those that were outdated. Additionally, FDIC, in the 2017 report required by the Economic Growth and Regulatory Paperwork Reduction Act, committed to reviewing published guidance to identify any guidance that should be revised or rescinded because it is out-of-date or otherwise no longer relevant. In furtherance of these initiatives, the FDIC Board of Directors approved a proposal to rescind four FDIC Statements of Policy, which was published in the Federal Register on 09/30/2019, with a 30-day comment period. FDIC did not receive any comments on the proposed rescission of these Statements of Policy and is rescinding them effective 12/31/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-23/pdf/2019-27225.pdf. Federal Register, Vol. 84, No. 246, 12/23/2019, 70413-70415.  

FDIC Requests Comment on Information Collections.

  • FDIC announced it seeks comment on the information collection titled Transfer Agent Registration and Amendment Form. FDIC also gave notice that it sent the collection to OMB for review. Comments are due 01/15/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-16/pdf/2019-26981.pdf. Federal Register, Vol. 84, No. 241, 12/16/2019, 68446-68449.
  • FDIC announced it seeks comment on the information collection titled Notification of Performance of Bank Services. FDIC also gave notice that it sent the collection to OMB for review. Comments are due 02/07/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2020-01-08/pdf/2020-00058.pdf. Federal Register, Vol. 85, No. 5, 01/08/2020, 895-901.

FDIC Issues Notice of Designated Reserve Ratio for 2020.

FDIC designates that the Designated Reserve Ratio (DRR) for the Deposit Insurance Fund shall remain at 2 percent for 2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-18/pdf/2019-27235.pdf. Federal Register, Vol. 84, No. 243, 12/18/2019, 69373.

FDIC Issues Response to Exception Requests Pursuant to Recordkeeping for Timely Deposit Insurance Determination.

FDIC is providing notice to covered institutions that it has granted a time-limited exception concerning the requirement to maintain official custodian information in deposit account records for government deposit accounts, a time-limited exception concerning the requirement to maintain accurate beneficiary information in deposit account records for informal revocable trust accounts, and an indefinite exception concerning the requirement to maintain certain identifying information for beneficial owners of deposits in low balance, short-term prepaid card accounts. The grants of exception relief were effective 11/26/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-23/pdf/2019-27626.pdf. Federal Register, Vol. 84, No. 246, 12/23/2019, 70527-70528.

FDIC Issues Termination Receiverships.

FDIC as Receiver for former depository institutions, intends to terminate its receivership for the institutions listed in the notice. 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 notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-19/pdf/2019-27397.pdf. Federal Register, Vol. 84, No. 244, 12/19/2019, 69743-69744.

OCC Proposes Amendments to Employment Contract Rule. 

The Office of the Comptroller of the Currency (OCC) issued a proposed rule that would implement changes recommended in the March 2017 Economic Growth and Regulatory Paperwork Reduction Act report, including the repeal of the OCC’s employment contract rule for Federal savings associations, and amend the OCC’s fiduciary rules. The proposed rule also would amend the OCC’s rule for conversions from mutual to stock form of a savings association to reduce burden, increase flexibility, and update cross-references. Additionally, the proposed rule would update cross-references to repealed and integrated rules, remove unnecessary definitions, and make technical changes to other OCC rules. Comments are due 03/09/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2020-01-08/pdf/2019-28074.pdf. Federal Register, Vol. 85, No. 5, 01/08/2020, 1052-1081.

OCC Requests Comment on Information Collections.

  • OCC announced it seeks comment on the information collection titled Extensions of Credit to Insiders and Transactions with Affiliates. OCC also gave notice that it sent the collection to OMB for review. Comments are due 02/10/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-12/pdf/2019-26809.pdf. Federal Register, Vol. 84, No. 239, 12/12/2019, 68010-68011.
  • OCC announced it seeks comment on the information collection titled Financial Management Policies— Interest Rate Risk. OCC also gave notice that it sent the collection to OMB for review. Comments are due 02/10/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-12/pdf/2019-26808.pdf. Federal Register, Vol. 84, No. 239, 12/12/2019, 68011-68012.
  • OCC announced it seeks comment on the information collection titled Guidance on Sound Incentive Compensation Policies. OCC also gave notice that it sent the collection to OMB for review. Comments are due 02/10/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-12/pdf/2019-26807.pdf. Federal Register, Vol. 84, No. 239, 12/12/2019, 68012-68013.
  • OCC announced it seeks comment on the information collection titled Joint Standards for Assessing the Diversity Policies and Practices of Entities Regulated by the Agencies and Diversity Self-Assessment Template for OCC-Regulated Entities. OCC also gave notice that it sent the collection to OMB for review. Comments are due 01/15/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-16/pdf/2019-27051.pdf. Federal Register, Vol. 84, No. 241, 12/16/2019, 68544-68545.
  • OCC announced it seeks comment on the information collection titled Retail Foreign Exchange Transactions. OCC also gave notice that it sent the collection to OMB for review. Comments are due 03/10/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2020-01-10/pdf/2020-00232.pdf. Federal Register, Vol. 85, No. 7, 01/10/2020, 1373-1374.

OCC Issues Correction to Regulatory Capital Rule.

OCC is making technical corrections to the Capital Simplification for Qualifying Community Banking Organizations final rule that appeared in the Federal Register on 11/13/2019. The technical corrections align the rule text in the final rule with changes made by other final rules. The technical corrections also include a conforming edit. The correction is effective 01/01/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-18/pdf/2019-27168.pdf. Federal Register, Vol. 84, No. 243, 12/18/2019, 69296-69298.

OCC Issues Inflation Adjustments for Civil Money 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 this notice are applicable to penalties assessed on or after 01/01/2020, for conduct occurring on or after 11/02/2015. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-30/pdf/2019-28053.pdf. Federal Register, Vol. 84, No. 249, 12/30/2019, 71735-71737.

OCC Issues Correction to Other Real Estate Owned Rule.

OCC is correcting a final rule originally published in the Federal Register on 10/22/2019 revising the other real estate owned rule and making related technical amendments. The final rule had an effective date of 12/01/2019. On 11/21/2019, the OCC published a correction to that final rule in the Federal Register amending the final rule’s effective date to 01/01/2020. This document corrects and supplements the 11/21/2019, final rule. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-30/pdf/2019-28054.pdf. Federal Register, Vol. 84, No. 249, 12/30/2019, 71735.

HUD Requests Comment on Information Collections.

  • The Department of Housing and Urban Development (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 01/13/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-12/pdf/2019-26697.pdf. Federal Register, Vol. 84, No. 239, 12/12/2019, 67951-67952.
  • HUD announced it seeks comment on the information collection titled National Standards for the Physical Inspection of Real Estate (NSPIRE) Demonstration. HUD also gave notice that it sent the collection to OMB for review. Comments are due 01/13/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-12/pdf/2019-26695.pdf. Federal Register, Vol. 84, No. 239, 12/12/2019, 67952-67953.
  • 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 01/13/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-12/pdf/2019-26696.pdf. Federal Register, Vol. 84, No. 239, 12/12/2019, 67951.
  • HUD announced it seeks comment on the information collection titled Housing Counseling Federal Advisory Committee (HCFAC). HUD also gave notice that it sent the collection to OMB for review. Comments are due 03/06/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2020-01-06/pdf/2019-28522.pdf. Federal Register, Vol. 85, No. 249, 01/06/2020, 522-523.

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 states of Iowa, and Minnesota, where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP) that are scheduled for suspension on the effective dates listed within the final rule because of noncompliance with the floodplain management requirements of the program. If FEMA receives documentation that the community has adopted the required floodplain management measures prior to the effective suspension date given in the final rule, the suspension will not occur and a notice of this will be provided by publication in the Federal Register on a subsequent date. The effective date of each community’s scheduled suspension is the third date listed in the third column of the tables in the final rule. The final rule may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-16/pdf/2019-26956.pdf. Federal Register, Vol. 84, No. 241, 12/16/2019, 68346-68348.

FEMA Issues Final Flood Hazard Determinations.

FEMA has issued a final notice which identifies communities in the states of Missouri, and Nebraska, where flood hazard determinations, which may include additions or modifications of Base Flood Elevations (BFEs), base flood depths, Special Flood Hazard Area (SFHA) boundaries or zone designations, or regulatory floodways on the Flood Insurance Rate Maps (FIRMs) and where applicable, in the supporting Flood Insurance Study (FIS) reports have been made final. The FIRM and FIS report are the basis of the floodplain management measures that a community is required either to adopt or to show evidence of having in effect in order to qualify or remain qualified for participation in FEMA’s National Flood Insurance Program (NFIP). The final notice is effective 05/01/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-13/pdf/2019-26888.pdf. Federal Register, Vol. 84, No. 240, 12/13/2019, 68182-68184.

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, and Indiana. 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-2019-12-27/pdf/2019-27962.pdf. Federal Register, Vol 84, No. 248, 12/27/2019, 71446-71448.
  • 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, Michigan, and Ohio. 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-2020-01-09/pdf/2020-00183.pdf. Federal Register, Vol. 85, No. 6, 01/09/2020, 1173-1176.

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 03/26/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-27/pdf/2019-27960.pdf. Federal Register, Vol. 84, No. 248, 12/27/2019, 71444-71446.
  • 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 04/08/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2020-01-09/pdf/2020-00184.pdf. Federal Register, Vol. 85, No. 6, 01/09/2020, 1172-1173.

FEMA Withdraws Proposed Flood Hazard Determinations.

FEMA is withdrawing its proposed notice concerning proposed flood hazard determinations, which may include the addition or modification of any Base Flood Elevation, base flood depth, Special Flood Hazard Area boundary or zone designation, or regulatory floodway (herein after referred to as proposed flood hazard determinations) on the Flood Insurance Rate Maps and, where applicable, in the supporting Flood Insurance Study reports for Winneshiek County, Iowa and Incorporated Areas. The withdrawal is effective 12/13/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-13/pdf/2019-26889.pdf. Federal Register, Vol. 84, No. 240, 12/13/2019, 68186.

FinCEN Requests Comment on Information Collections.

  • The Financial Crimes Enforcement Network (FinCEN) announced it seeks comment on the information collection titled Renewal of Information Collection Requirements in connection with the Imposition of a Special Measure concerning Commercial Bank of Syria, including its subsidiary Syrian Lebanese Commercial Bank, as a financial institution of primary money laundering concern. FinCEN also gave notice that it sent the collection to OMB for review. Comments are due 02/18/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-19/pdf/2019-27359.pdf. Federal Register, Vol. 84, No. 244, 12/19/2019, 69822-69824.
  • FinCEN announced it seeks comment on the information collection titled Beneficial Ownership Requirements for Legal Entity Customers. FinCEN also gave notice that it sent the collection to OMB for review. Comments are due 02/28/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-30/pdf/2019-28037.pdf. Federal Register, Vol. 84, No. 249, 12/30/2019, 72137-72138.

FinCEN Solicits 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 01/21/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-19/pdf/2019-27358.pdf. Federal Register, Vol. 84, No. 244, 12/19/2019, 69822.

Treasury Finalizes Regulations Relating to Withholding and Reporting Tax on Certain U.S. Source Income Paid to Foreign Persons. 

The Department of the Treasury (Treasury) issued final regulations that provide guidance on certain due diligence and reporting rules applicable to persons making certain U.S. source payments to foreign persons, and guidance on certain aspects of reporting by foreign financial institutions on U.S. accounts. The final regulations affect persons making certain U.S.-related payments to certain foreign persons and foreign financial institutions reporting certain U.S. accounts. The final regulations are effective 01/02/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2020-01-02/pdf/2019-27979.pdf. Federal Register, Vol. 85, No. 1, 01/02/2020, 192-206.

Treasury Proposes Regulations on Misdirected Direct Deposit Refunds.

Treasury issued proposed regulations to provide guidance on section 6402(n) of the Internal Revenue Code (Code), concerning the procedures for identification and recovery of a misdirected direct deposit refund. The regulations reflect changes to the law made by the Taxpayer First Act. The proposed regulations affect taxpayers who have made a claim for refund, requested the refund be issued as a direct deposit, but did not receive a refund in the account designated on the claim for refund. Comments are due 02/21/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-23/pdf/2019-27653.pdf. Federal Register, Vol. 84, No. 246, 12/23/2019, 70462-70466.

Treasury Proposes Amendments to Source of Income from Certain Sales of Personal Property.

Treasury issued proposed regulations modifying the rules for determining the source of income from sales of inventory produced within the United States and sold without the United States or vice versa. These proposed regulations also contain new rules for determining the source of income from sales of personal property (including inventory) by nonresidents that are attributable to an office or other fixed place of business that the nonresident maintains in the United States. Finally, these proposed regulations modify certain rules for determining whether foreign source income is effectively connected with the conduct of a trade or business within the United States. Comments are due 02/28/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-30/pdf/2019-27813.pdf. Federal Register, Vol. 84, No. 249, 12/30/2019, 71836-71851.

Treasury Proposes Amendments to Federal Government Participation in the Automated Clearing House. 

Treasury is proposing to amend its regulation governing the use of the Automated Clearing House (ACH) Network by Federal agencies. Our regulation adopts, with some exceptions, the Nacha Operating Rules developed by Nacha, formerly known as NACHA—The Electronic Payments Association (Nacha), as the rules governing the use of the ACH Network by Federal agencies. Treasury is issuing this proposed rule to address changes that Nacha has made to the Nacha Operating Rules since the publication of the 2016 Nacha Operating Rules & Guidelines book. These changes include amendments set forth in the 2017, 2018, and 2019 Nacha Operating Rules & Guidelines books, including supplements thereto, with an effective date on or before 06/30/2021. Comments are due 02/03/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2020-01-03/pdf/2019-27261.pdf. Federal Register, Vol. 85, No. 2, 01/03/2020, 265-271.

Treasury Issues QFC Recordkeeping Requirement Exemption.

Treasury is issuing a determination regarding a request for an exemption from certain requirements of the rule implementing the qualified financial contracts (QFC) recordkeeping requirements of Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The exemption is granted 01/02/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2020-01-02/pdf/2019-27801.pdf. Federal Register, Vol. 85, No. 1, 01/02/2020, 1-3.

Treasury Requests Comment on Information Collections.

  • Treasury announced it seeks comment on the information collection titled U.S. Business Income Tax Return. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 01/21/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-19/pdf/2019-27297.pdf. Federal Register, Vol. 84, No. 244, 12/19/2019, 69825-69830.
  • Treasury announced it seeks comment on the information collection titled Allocation and Qualified Equity Investment Tracking System. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 02/24/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-26/pdf/2019-27786.pdf. Federal Register, Vol. 84, No. 247, 12/26/2019, 71078.
  • Treasury announced it seeks comment on the information collection titled New Markets Tax Credit Program Community Development Entity (CDE) Certification Application. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 02/24/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-26/pdf/2019-27788.pdf. Federal Register, Vol. 84, No. 247, 12/26/2019, 71077.
  • Treasury announced it seeks comment on the information collection titled Relief for Certain Spouses of Military Personnel. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 02/24/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-26/pdf/2019-27751.pdf. Federal Register, Vol. 84, No. 247, 12/26/2019, 71081-71082.
  • Treasury announced it seeks comment on the information collection titled Form 8233—Exemption From Withholding on Compensation for Independent (and Certain Dependent) Personal Services of a Nonresident Alien Individual. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 01/27/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-27/pdf/2019-27888.pdf. Federal Register, Vol. 84, No. 248, 12/27/2019, 71531-71534.
  • Treasury announced it seeks comment on the information collection titled Troubled Asset Relief Program—Making Home Affordable Participants. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 01/29/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-30/pdf/2019-28143.pdf. Federal Register, Vol. 84, No. 249, 12/30/2019, 72140.
  • Treasury announced it seeks comment on the information collection titled Tax Exempt Forms and Schedules. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 01/30/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-31/pdf/2019-28274.pdf. Federal Register, Vol. 84, No. 250, 12/31/2019, 72435.
  • Treasury announced it seeks comment on the information collection titled Application By Survivors for Payment of Bond or Check Issued Under the Armed Forces Leave Act of 1946, as amended. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 03/03/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2020-01-03/pdf/2019-28422.pdf. Federal Register, Vol. 85, No. 2, 01/03/2020, 416-417.
  • Treasury announced it seeks comment on the information collection titled Request to Reissue U.S. Savings Bonds to a Personal Trust. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 03/03/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2020-01-03/pdf/2019-28423.pdf. Federal Register, Vol. 85, No. 2, 01/03/2020, 417.
  • Treasury announced it seeks comment on the information collection titled Minority Bank Deposit Program (MBDP) Certification Form for Admission. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 03/03/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2020-01-03/pdf/2019-28423.pdf. Federal Register, Vol. 85, No. 2, 01/03/2020, 417.

Treasury Establish Prices for 2019 and 2020 United States Mint Numismatic Products.

Treasury is announcing pricing for United States Mint numismatic products. The pricing for the products may be viewed in the table in the notice. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2020-01-03/pdf/2019-28401.pdf. Federal Register, Vol. 85, No. 2, 01/03/2020, 418.

FHFA Proposes Amendments to Stress Test Rule.

The Federal Housing Finance Agency (FHFA) issued a proposed rule that would amend its stress testing rule, 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 the regulated entities to conduct stress tests from $10 billion to $250 billion, remove the requirements for Federal Home Loan Banks (Banks) subject to stress testing, and remove the adverse scenario from the list of required scenarios. These amendments align FHFA’s rule with rules adopted by other financial institution regulators that implement the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) stress testing requirements, as amended by EGRRCPA. The proposed rule also makes certain conforming and technical changes. Comments are due 01/15/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-16/pdf/2019-26950.pdf. Federal Register, Vol. 84, No. 241, 12/16/2019, 68350-68353.

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 1.88 percent for the January–March quarter of FY 2020. 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-2019-12-30/pdf/2019-28188.pdf. Federal Register, Vol. 84, No. 249, 12/30/2019, 72101.

SBA Requests Comment on Information Collections.

  • SBA announced it seeks comment on the information collection titled Statement of Personal History. SBA also gave notice that it sent the collection to OMB for review. Comments are due 03/03/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2020-01-09/pdf/2020-00175.pdf. Federal Register, Vol. 85, No. 6, 01/09/2020, 1189.
  • SBA announced it seeks comment on the information collection titled Generic Clearance for SBA Customer Experience Data Collections. SBA also gave notice that it sent the collection to OMB for review. Comments are due 02/10/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2020-01-10/pdf/2020-00209.pdf. Federal Register, Vol. 85, No. 7, 01/10/2020, 1368-1369.

FCA Proposes District Financial Reporting.

The Farm Credit Agency (FCA) proposes amending the regulation governing how a Farm Credit bank presents information on its related associations when preparing annual bank financial statements on a standalone basis. FCA proposes to provide an additional presentation option that would allow the related association financial information to be in a supplement. Comments are due 03/09/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2020-01-07/pdf/2019-27573.pdf. Federal Register, Vol. 85, No. 4, 01/07/2020, 647-649.

RHS Finalizes Amendments to Single Family Housing Guaranteed Loan Program.

The Rural Housing Service (RHS) has finalized changes to the single family housing guaranteed loan program (SFHGLP) regulation to streamline the loss claim process for lenders who have acquired title to property through voluntary liquidation or foreclosure; clarify that lenders must comply with applicable laws, including those within the purview of the Bureau of Consumer Financial Protection (CFPB); and better align loss mitigation policies with the mortgage industry. The final rule is effective 04/24/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-26/pdf/2019-27504.pdf. Federal Register, Vol. 84, No. 247, 12/26/2019, 70881-70887.

RBC Finalizes Advanced Biofuel Payment Program.

The Rural Business-Cooperative Service (RBC) published an interim rule in the Federal Register on 02/11/2011. Through this action, RBS finalizes the rule based on public comments and new program requirements established in the Agricultural Improvement Act of 2018 (2018 Farm Bill). The final rule is effective 12/27/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-27/pdf/2019-27396.pdf. Federal Register, Vol. 84, No. 248, 12/27/2019, 71297-71303.

CCC Finalizes Amendments to Technical Assistance for Specialty Crops Program.

The Commodity Credit Corporation (CCC) issued a rule revising the Technical Assistance for Specialty Crops (TASC) program regulations to incorporate legislative changes introduced in the Agriculture Improvement Act of 2018 and to incorporate changes that conform the operation of the program to the requirements in the “Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards” (Uniform Guidance) and Federal grant-making best practices. The rule is effective 12/23/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-23/pdf/2019-27248.pdf. Federal Register, Vol. 84, No. 246, 12/23/2019, 70393-70399.

CCC Finalizes Amendments to Foreign Market Development Program. 

CCC issued a rule revising the Foreign Market Development (FMD) program regulations to incorporate changes that conform the operation of the program to the requirements in the “Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards” (Uniform Guidance) and Federal grant-making best practices. The rule is effective 01/09/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2020-01-09/pdf/2019-27964.pdf. Federal Register, Vol. 85, No. 6, 01/09/2020, 1083-1096.

CCC Issues Interim Final Rule on Environmental Quality Incentives Program.

CCC issued an interim final rule making changes to the Environmental Quality Incentives Program (EQIP) to conform to the Agriculture Improvement Act of 2018 (the 2018 Farm Bill). EQIP helps agricultural producers conserve and enhance soil, water, air, plants, animals (including wildlife), energy, and related natural resources on their land. Eligible lands include cropland, grassland, rangeland, pasture, wetlands, nonindustrial private forest land, and other agricultural land on which agricultural or forest-related products or livestock are produced and natural resource concerns may be addressed. Participation in the program is voluntary. The interim rule is effective 12/17/2019, comments are due 01/17/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-17/pdf/2019-26872.pdf. Federal Register, Vol. 84, No. 242, 12/17/2019, 69272-69293.

CCC Issues Interim Rule on Agricultural Conservation Easement Program.

CCC issued an interim rule that makes changes to the Agricultural Conservation Easement Program policies and procedures in the regulations to conform with the Agriculture Improvement Act of 2018 (the 2018 Farm Bill). The interim rule is effective 12/30/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2020-01-06/pdf/2019-27883.pdf. Federal Register, Vol. 85, No. 3, 01/06/2020, 558-590.

CFTC Finalizes Amendments to Public Rulemaking Procedures.

The Commodity Futures Trading Commission (CFTC) is issuing a final rule that amends CFTC’s regulations to eliminate the provisions that set forth the procedures for the formulation, amendment, or repeal of rules or regulations. Because the Administrative Procedure Act (APA) governs CFTC’s rulemaking process, CFTC believes that it is unnecessary to codify the rulemaking process in a Commission regulation. The amended regulation is comprised solely of the procedure for filing petitions for rulemakings, as the APA does not address this process. The rule is effective 01/16/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-17/pdf/2019-27103.pdf. Federal Register, Vol. 84, No. 242, 12/17/2019, 68787-68790.

FASB Proposes Statement of Federal Financial Accounting Standards.

The Federal Accounting Standards Advisory Board (FASB) has issued an exposure draft of a proposed Statement of Federal Financial Accounting Standards titled Deferral of the Effective Date of SFFAS 54, Leases. 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. Respondents are encouraged to comment on any part of the exposure draft. Comments are due 01/31/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-26/pdf/2019-27679.pdf. Federal Register, Vol. 84, No. 247, 12/26/2019, 70968-70969.

FTC Requests Comment on Information Collection.

The Federal Trade Commission (FTC) announced it seeks comment on the information collection titled Rule Governing Pre-sale Availability of Written Warranty Terms. FTC also gave notice that it sent the collection to OMB for review. Comments are due 03/02/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-31/pdf/2019-28194.pdf. Federal Register, Vol. 84, No. 250, 12/31/2019, 72362-72364.

FCC Requests Comment on Advanced Methods to Target and Eliminate Unlawful Robocalls.

The Federal Communications Commission (FCC) solicits input for the first staff report on call blocking. FCC seeks data and other information on the availability and effectiveness of call-blocking tools offered to consumers, the impact of FCC actions on illegal calls, the impact of call blocking on 911 services and public safety, and any other information that may inform FCC’s analysis of the state of deployment of advanced methods and tools to eliminate illegal and unwanted calls. Comments are due 01/29/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-30/pdf/2019-28136.pdf. Federal Register, Vol. 84, No. 249, 12/30/2019, 71888-71889.

NCUA Requests Comment on Information Collections.

  • The National Credit Union Administration (NCUA) announced it seeks comment on the information collection titled Monitoring Bank Secrecy, 12 CFR part 748.2. NCUA also gave notice that it sent the collection to OMB for review. Comments are due 01/13/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-12/pdf/2019-26767.pdf. Federal Register, Vol. 84, No. 239, 12/12/2019, 67963.
  • NCUA announced it seeks comment on the information collection titled Written Reimbursement Policy, 12 CFR 701.33. NCUA also gave notice that it sent the collection to OMB for review. Comments are due 01/21/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-20/pdf/2019-27530.pdf. Federal Register, Vol. 84, No. 245, 12/20/2019, 70213-70214.
  • NCUA announced it seeks comment on the information collection titled Advertising of Excess Insurance. NCUA also gave notice that it sent the collection to OMB for review. Comments are due 01/30/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-31/pdf/2019-28240.pdf. Federal Register, Vol. 84, No. 250, 12/31/2019, 72383.

NCUA Delays Effective Date of Prompt Corrective Action Regulations.

NCUA issued a final rule to delay the effective date of both 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 from 01/01/2020 to 01/01/2022. During the extended delay period, NCUA’s current PCA requirements will remain in effect. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-17/pdf/2019-27141.pdf. Federal Register, Vol. 84, No. 242, 12/17/2019, 68781-68787.

NCUA Issues CFR Correction.

NCUA issued a correction to the Code of Federal Regulations (CFR). In Title 12 of CFR, Parts 600 to 899, revised as of 01/01/2019, on page 700, in § 703.114, remove paragraph (3) that appears below paragraph (d). The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-18/pdf/2019-27403.pdf. Federal Register, Vol. 84, No. 243, 12/18/2019, 69298.

SSA Issues Rate for Assessment on Direct Payment of Fees to Representatives.

The Social Security Administration (SSA) announced that the assessment percentage rate under the Social Security Act (Act) is 6.3 percent for 2020. A claimant may appoint a qualified individual as a representative to act on his or her behalf in matters before SSA. If the claimant is entitled to past-due benefits and was represented either by an attorney or by a non-attorney representative who has met certain prerequisites, SSA withholds up to 25 percent of the past-due benefits and use that money to pay the representative’s approved fee directly to the representative. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-12/pdf/2019-26752.pdf. Federal Register, Vol. 84, No. 239, 12/12/2019, 67987-67988.

DOL Finalizes Regular Rate Under the Fair Labor Standards Act.

The Department of Labor (DOL) issued the regular rate under the Fair Labor Standards Act (FLSA). FLSA generally requires that covered, nonexempt employees receive overtime pay of at least one and one-half times their regular rate of pay for time worked in excess of 40 hours per workweek. The regular rate includes all remuneration for employment, subject to the exclusions outlined in section 7(e) of the FLSA. In this final rule, DOL updates a number of regulations on the calculation of overtime compensation both to provide clarity and to better reflect the 21st-century workplace. These changes will promote compliance with the FLSA, provide appropriate and updated guidance in an area of evolving law and practice, and encourage employers to provide additional and innovative benefits to workers without fear of costly litigation. The final rule is effective 01/15/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-16/pdf/2019-26447.pdf. Federal Register, Vol. 84, No. 241, 12/16/2019, 68736-68776.

VA Proposes Specialty Education Loan Repayment Program. 

The Department of Veterans Affairs (VA) proposes to amend its regulations that govern scholarship programs to certain health care professionals. This rulemaking would implement the mandates of the VA MISSION Act of 2018 by establishing a Specialty Education Loan Repayment Program, which would assist VA in meeting the staffing needs of VA physicians in medical specialties for which VA has determined that recruitment or retention of qualified personnel is difficult. Comments are due 02/24/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-26/pdf/2019-27511.pdf. Federal Register, Vol. 84, No. 247, 12/26/2019, 70908-70913.

HHS Finalizes Amendments to Exchange Program Integrity.

The Department of Health and Human Services (HHS) issued a final rule revising standards relating to oversight of Exchanges established by states and periodic data matching frequency. This final rule also includes new requirements for certain issuers related to the collection of a separate payment for the portion of a plan’s premium attributable to coverage for certain abortion services. The final rule is effective 02/25/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-27/pdf/2019-27713.pdf. Federal Register, Vol. 84, No. 248, 12/27/2019, 71674–71711.

By, Ally Bates

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

Agencies Propose Community Reinvestment Act Regulations.

The Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Department of the Treasury (Treasury) issued a joint notice of proposed rulemaking (rule) to modernize Community Reinvestment Act (CRA) regulations. The rule contains four main elements designed to encourage banks to serve their communities by making the regulatory framework more objective, transparent, consistent, and easy to understand. Specifically, the agencies have proposed to clarify which activities qualify for CRA credit, update where activities count for CRA credit, create a more transparent and objective method for measuring CRA performance, and provide for more transparent, consistent, and timely CRA-related data collection, recordkeeping, and reporting. At the time of publication, this proposal has not yet been published in the Federal Register. Comments on the proposal will be due 60 days after publication in the Federal Register. The notice may be viewed at: https://www.occ.treas.gov/news-issuances/federal-register/2019/nr-ia-2019-147-federal-register.pdf.

Agencies Finalize 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) are adopting 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. These final amendments are intended to provide banking entities with clarity about what activities are prohibited and to improve supervision and implementation of section 13. The effective date for amendatory instructions 1 through 14 (OCC), 16 through 29 (FRB), 31 through 44 (FDIC), and 46 through 58 (CFTC) is 01/01/2020; the effective date for amendatory instructions 60 through 73 (SEC) is 01/13/2020; and the effective date for the addition of appendices Z at amendatory instructions 15 (OCC), 30 (FRB), and 45 (FDIC) is 01/01/2020, through 12/31/2020, except for amendatory instruction 74 (SEC), which is effective 01/13/2020, through 12/31/2020. Banking entities must comply with the final amendments by 01/01/2021. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-14/pdf/2019-22695.pdf. Federal Register, Vol. 84, No. 220, 11/14/2019, 61974-62277.

Agencies Finalizes 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) are adopting a final rule that provides 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 (final rule). Under the final rule, depository institutions and depository institution holding companies that have less than $10 billion in total consolidated assets and meet other qualifying criteria, including a leverage ratio (equal to tier 1 capital divided by average total consolidated assets) of greater than 9 percent, will be eligible to opt into the community bank leverage ratio framework (qualifying community banking organizations). Qualifying community banking organizations that elect to use the community bank leverage ratio framework and that maintain a leverage ratio of greater than 9 percent will be considered to have satisfied the generally applicable risk-based and leverage capital requirements in the agencies’ capital rules (generally applicable rule) and, if applicable, will be considered to have met the well-capitalized ratio requirements for purposes of section 38 of the Federal Deposit Insurance Act. The final rule includes a two-quarter grace period during which a qualifying community banking organization that temporarily fails to meet any of the qualifying criteria, including the greater than 9 percent leverage ratio requirement, generally would still be deemed well-capitalized so long as the banking organization maintains a leverage ratio greater than 8 percent. At the end of the grace period, the banking organization must meet all qualifying criteria to remain in the community bank leverage ratio framework or otherwise must comply with and report under the generally applicable rule. Similarly, a banking organization that fails to maintain a leverage ratio greater than 8 percent would not be permitted to use the grace period and must comply with the capital rule’s generally applicable requirements and file the appropriate regulatory reports. The final rule is effective 01/01/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-13/pdf/2019-23472.pdf. Federal Register, Vol. 84, No. 219, 11/13/2019, 61776-61804.

Agencies Finalize Simplifications to the Capital Rule. 

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 that permits insured depository institutions and depository institution holding companies not subject to the advanced approaches capital rule to implement certain provisions of the final rule titled Regulatory Capital: Simplifications to the Capital Rule Pursuant to the Economic Growth and Regulatory Paperwork Reduction Act of 1996, which was issued by the agencies in 07/22/2019, (Capital Simplifications Final Rule) on 01/01/2020, rather than 04/01/2020, as initially provided. Consistent with this approach, the transition provisions of the regulatory capital rule are being amended to provide that banking organizations not subject to the advanced approaches capital rule will be permitted to implement the Capital Simplifications Final Rule as of its revised effective date in the quarter beginning 01/01/2020, or to wait until the quarter beginning 04/01/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-13/pdf/2019-23467.pdf. Federal Register, Vol. 84, No. 219, 11/13/2019, 61804-61808.

CFPB Issues Interpretive Rule on Regulation Z.

The Bureau of Consumer Financial Protection (CFPB) issued an interpretive rule which construes CFPB’s Regulation Z, which implements the Truth in Lending Act (TILA). Generally, if a mortgage loan originator organization employs an individual loan originator who is not licensed and is not required to be licensed, Regulation Z requires the loan originator organization to perform specific screening of that individual before permitting the individual to act as a loan originator and to provide certain ongoing training. Regulation Z is ambiguous as to whether these requirements apply to loan originator organizations employing individual loan originators who have temporary authority to originate loans pursuant to the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 (EGRRCPA) amendments to the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act). These amendments take effect on 11/24/2019. This interpretive rule concludes that a loan originator organization is not required to comply with certain screening and training requirements under Regulation Z if the individual loan originator employee is authorized to act as a loan originator pursuant to the temporary authority described in the SAFE Act. The interpretive rule is effective 11/24/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-19/pdf/2019-24944.pdf. Federal Register, Vol. 84, No. 223, 11/19/2019, 63791-63794.

CFPB Issues Final Rule on Fair Credit Reporting Act Disclosures.

CFPB issued a final rule amending an appendix for Regulation V, which implements the Fair Credit Reporting Act (FCRA). CFPB is required to calculate annually the dollar amount of the maximum allowable charge for disclosures by a consumer reporting agency to a consumer pursuant to FCRA Section 609; this final rule establishes the maximum allowable charge for the 2020 calendar year. The final rule is effective 01/01/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-27/pdf/2019-25695.pdf. Federal Register, Vol. 84, No, 229, 11/27/2019, 65280-65281.

CFPB Issues Correction to Truth in Lending Annual Threshold Adjustments.

CFPB published a final rule in the Federal Register on 08/01/2019 amending the regulation text and official interpretations for Regulation Z, which implements the Truth in Lending Act (TILA), to include annual calculations for dollar amounts for several provisions in Regulation Z. This document corrects an error in one of the amendments to the official interpretation for Regulation Z. The correction is effective 01/01/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-29/pdf/2019-25812.pdf. Federal Register, Vol. 84, No. 230, 11/29/2019, 65646-65647.

CFPB Proposes Amendments to Remittance Transfers.

CFPB is proposing changes to the remittance rule in Regulation E to mitigate the effects of the expiration of a statutory exception that allows insured institutions to disclose estimates instead of exact amounts to consumers. That exception expires on 07/21/2020. In addition, CFPB is proposing to increase a safe harbor threshold in the Rule related to whether a person makes remittance transfers in the normal course of its business, which would have the effect of reducing compliance costs for entities that make a limited number of remittance transfers annually. Comments are due 01/21/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-06/pdf/2019-25944.pdf. Federal Register, Vol. 84, No. 235, 12/06/2019, 67132-67167.

CFPB Requests Comment on Information Collection.

  • CFPB announced it seeks comment on the information collection titled Application Forms for Financial Empowerment Training Programs. CFPB also gave notice that it sent the collection to OMB for review. Comments are due 01/14/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-15/pdf/2019-24799.pdf. Federal Register, Vol. 84, No. 221, 11/15/2019, 62514-62515.
  • CFPB announced it seeks comment on the information collection titled Application for the Bureau’s Advisory Committees. CFPB also gave notice that it sent the collection to OMB for review. Comments are due 01/02/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-02/pdf/2019-25994.pdf. Federal Register, Vol. 84, No. 231, 12/02/2019, 65972-65973.
  • CFPB announced it seeks comment on the information collection titled Generic Information Collection Plan for Surveys Using the Consumer Credit Panel. CFPB also gave notice that it sent the collection to OMB for review. Comments are due 01/02/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-02/pdf/2019-26021.pdf. Federal Register, Vol. 84, No. 231, 12/02/2019, 65973.

CFPB Requests Comment on Regulation X and Regulation Z. 

CFPB is conducting an assessment of the Integrated Mortgage Disclosures Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth In Lending Act (Regulation Z) Rule and certain amendments in accordance with section 1022(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). CFPB is requesting public comment on its plans for assessing this rule as well as certain recommendations and information that may be useful in conducting the planned assessment. Comments are due 01/21/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-22/pdf/2019-25260.pdf. Federal Register, Vol. 84, No. 226, 11/22/2019, 64436-64441.

FRB Proposes Supervision and Regulation Assessments of Fees for Bank Holding Companies and Savings and Loan Holding Companies. 

The Board of Governors of the Federal Reserve System (FRB) issued a proposal to amend FRB’s assessment rule (Regulation TT), pursuant to Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act), to address amendments made by the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). The proposed amendments to Regulation TT raise the minimum threshold for being considered an assessed company from $50 billion to $100 billion in total consolidated assets for bank holding companies and savings and loan holding companies and adjust the amount charged to assessed companies with total consolidated assets between $100 billion and $250 billion to reflect changes in supervisory and regulatory responsibilities resulting from EGRRCPA. Comments are due 01/09/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-12/pdf/2019-24491.pdf. Federal Register, Vol. 84, No. 218, 11/12/2019, 60944-60949.

FRB Issues Correction to Proposed Supervision and Regulation Assessments of Fees for Bank Holding Companies and Savings and Loan Holding Companies. 

FRB issued a notice in the Federal Register on 11/12/2019 regarding proposed changes to Regulation TT. The original notice included an expired comment period end date, this notice corrects that error. The correct comment due date for the proposal is 01/09/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-19/pdf/2019-24959.pdf. Federal Register, Vol. 84, No. 223, 11/19/2019, 63820. 

FDIC Finalizes Amendments to Assessments.

  • The Federal Deposit Insurance Corporation (FDIC) is amending the deposit insurance assessment regulations that govern the use of small bank assessment credits (small bank credits) and one-time assessment credits (OTACs) by certain insured depository institutions (IDIs). Under this final rule, now that the FDIC is applying small bank credits to quarterly deposit insurance assessments, such credits will continue to be applied as long as the Deposit Insurance Fund (DIF) reserve ratio is at least 1.35 percent (instead of, as originally provided, 1.38 percent). In addition, after small bank credits have been applied for four quarterly assessment periods, and as long as the reserve ratio is at least 1.35 percent, the FDIC will remit the full nominal value of any remaining small bank credits in lump-sum payments to each IDI holding such credits in the next assessment period in which the reserve ratio is at least 1.35 percent, and will simultaneously remit the full nominal value of any remaining OTACs in lumpsum payments to each IDI holding such credits. The final rule is effective 11/27/2019 and applicable 07/01/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-27/pdf/2019-25566.pdf. Federal Register, Vol. 84, No. 229, 11/27/2019, 65269-65276.
  • FDIC is amending its deposit insurance assessment regulations to apply the community bank leverage ratio (CBLR) framework to the deposit insurance assessment system (CBLR Assessments final rule). The FDIC, the Board of Governors of the Federal Reserve System (FRB) and the Office of the Comptroller of the Currency (OCC) (collectively, the Federal banking agencies) are considering, and are expected to adopt, a final rule that provides for a simple measure of capital adequacy for certain community banking organizations (CBLR final rule). The CBLR Assessments final rule: prices all insured depository institutions (IDIs) that elect to use the CBLR framework as small institutions; makes technical amendments to the FDIC’s assessment regulations to ensure that the assessment regulations continue to reference the prompt corrective action (PCA) regulations for the definitions of capital categories used in the deposit insurance assessment system; and clarifies that an IDI that elects to use the CBLR framework and also meets the definition of a custodial bank will have no change to its custodial bank deduction or reporting items required to calculate the deduction. The final rule does not make any changes to the FDIC’s assessment methodology for small or large institutions. The final rule is effective 01/01/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-06/pdf/2019-25897.pdf. Federal Register, Vol. 84, No. 235, 12/06/2019, 66833-66838.

FDIC Finalizes Removal of Transferred OTS Regulation Regarding Deposits.

FDIC is adopting a final rule to rescind and remove a subpart from the Code of Federal Regulations entitled “Deposits,” applicable to State savings associations, because the subpart is duplicative of other rules and statutes and is unnecessary to the regulation of State savings associations. FDIC did not receive any comments on the Notice of Proposed Rulemaking (NPR) and is finalizing the rule as proposed. The final rule is effective 12/27/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-27/pdf/2019-25697.pdf. Federal Register, Vol. 84, No. 229, 11/27/2019, 65276-25280.

FDIC Issues Correction to Rule on Company-Run Stress Testing Requirements.

FDIC is correcting a final rule that appeared in the Federal Register on 10/24/2019, regarding Company-Run Stress Testing Requirements for FDIC-Supervised State Nonmember Banks and State Savings Associations. This correction replaces three additional references to “subpart” with “part,” in order to standardize the language in FDIC regulations. The correction is effective 11/25/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-26/pdf/2019-25691.pdf. Federal Register, Vol. 84, No. 228, 11/26/2019, 64984-64985.

FDIC Issues Correction to Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity Funds.

FDIC is correcting a final rule that appeared in the Federal Register on Thursday, 11/14/2019, regarding Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity Funds. These corrections are necessary to standardize the language in the FDIC regulations with the other agencies’ regulations. The correction is effective 01/01/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-03/pdf/2019-26066.pdf. Federal Register, Vol. 84, No. 232, 12/03/2019, 66063.

FDIC Proposes Brokered Deposit Regulations.

FDIC issued a notice of proposed rulemaking to brokered deposit restrictions that apply to less than well capitalized institutions. The proposed rule would address concerns raised by WBA, other industry and trade groups, and banking organizations desiring clarification of the definition of “deposit broker.” The proposed rule would create a new framework for analyzing that definition, as well as other related provisions. Comments on the proposal will be due 60 days after publication in the Federal Register. The proposal may be viewed at: https://www.fdic.gov/news/board/2019/2019-12-12-notice-dis-b-fr.pdf.

FDIC Proposes Regulations on Federal Interest Rate Authority.

FDIC is seeking comment on proposed regulations clarifying the law that governs the interest rates State-chartered banks and insured branches of foreign banks (collectively, State banks) may charge. The proposed regulations would provide that State banks are authorized to charge interest at the rate permitted by the State in which the State bank is located, or one percent in excess of the ninety-day commercial paper rate, whichever is greater. The proposed regulations also would provide that whether interest on a loan is permissible under section 27 of the Federal Deposit Insurance Act would be determined at the time the loan is made, and interest on a loan permissible under section 27 would not be affected by subsequent events, such as a change in State law, a change in the relevant commercial paper rate, or the sale, assignment, or other transfer of the loan. Comments are due 02/04/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-06/pdf/2019-25689.pdf. Federal Register, Vol. 84, No. 235, 12/06/2019, 66845-66853.

FDIC Requests Comment on Framework for Analyzing the Effects of FDIC Regulatory Actions.

FDIC is seeking comment on approaches it is considering to analyze the effects of its regulatory actions. FDIC views analysis of the effects of regulatory actions and alternatives as an important part of a credible and transparent rulemaking process. The comments received will help FDIC to strengthen its analysis of regulatory actions. Comments are due 01/28/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-29/pdf/2019-25928.pdf. Federal Register, Vol. 84, No. 230, 11/30/2019, 65808-65814.

FDIC Requests Comment on Information Collection.

FDIC announced it seeks comment on the information collection titled Joint Standards for Assessing Diversity Policies and Practices. FDIC also gave notice that it sent the collection to OMB for review. Comments are due 01/03/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-04/pdf/2019-26170.pdf. Federal Register, Vol. 84, No. 233, 12/04/2019, 66404-66405.

FDIC Establishes Advisory Committee of State Regulators.

FDIC is establishing the FDIC Advisory Committee of State Regulators (ACSR). The ASCR will provide advice and recommendations to the FDIC on a broad range of policy issues regarding the regulation of state-chartered financial institutions throughout the United States, including its territories. The ACSR will provide a forum where state regulators and the FDIC can discuss a variety of current and emerging issues that have potential implications regarding the regulation and supervision of state-chartered financial institutions. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-02/pdf/2019-26013.pdf. Federal Register, Vol. 84, No. 231, 12/02/2019, 65979-65980.

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-2019-12-09/pdf/2019-26417.pdf. Federal Register, Vol. 84, No. 236, 12/09/2019, 67270.

HUD Requests Comment on Information Collection.

The Department of Housing and Urban Development (HUD) announced it seeks comment on the information collection titled FHA TOTAL Mortgage Scorecard. HUD also gave notice that it sent the collection to OMB for review. Comments are due 01/27/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-27/pdf/2019-25694.pdf. Federal Register, Vol. 84, No. 229, 11/27/2019, 65403-65404.

FEMA Issues Final Flood Hazard Determinations.

The Federal Emergency Management Agency (FEMA) has issued a final notice which identifies communities in the states of Iowa, Nebraska, 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 04/17/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-05/pdf/2019-26247.pdf. Federal Register, Vol. 84, No. 234, 12/05/2019, 66686-66687.

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, Michigan, 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-2019-12-05/pdf/2019-26248.pdf. Federal Register, Vol. 84, No. 234, 12/05/2019, 66688-66691.
  • 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, 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.govinfo.gov/content/pkg/FR-2019-12-09/pdf/2019-26421.pdf. Federal Register, Vol. 84, No. 236, 12/09/2019, 67289-67292.

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 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 03/09/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-09/pdf/2019-26422.pdf. Federal Register, Vol. 84, No. 236, 12/09/2019, 67284-67286.

Treasury Finalizes IMARA Calculation Under the Terrorism Risk Insurance Program.

The Department of the Treasury (Treasury) issued a final rule to implement technical changes to program regulations that address the calculation and notification to the public of the Terrorism Risk Insurance Program’s insurance marketplace aggregate retention amount (IMARA) under the Terrorism Risk Insurance Act, as amended. The rule is effective 12/16/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-15/pdf/2019-24801.pdf. Federal Register, Vol. 84, No. 221, 11/15/2019, 62450-62452. 

Treasury Finalizes Estate and Gift Taxes Regulations.

Treasury finalized regulations addressing the effect of recent legislative changes to the basic exclusion amount allowable in computing Federal gift and estate taxes. The final regulations will affect donors of gifts made after 2017 and the estates of decedents dying after 2025. The final regulations are effective 11/26/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-26/pdf/2019-25601.pdf. Federal Register, Vol. 84, No. 228, 11/26/2019, 64995-65000.

Treasury Requests Comment on Information Collections.

  • Treasury announced it seeks comment on the information collection titled Agreement and Request for Disposition of a Decedent’s Treasury Securities. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 01/28/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-29/pdf/2019-25895.pdf. Federal Register, Vol. 84, No. 230, 11/29/2019, 65897.
  • Treasury announced it seeks comment on the information collection titled Special Bond of Indemnity By Purchaser of United States Savings Bonds/Notes Involved in a Chain Letter Scheme. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 01/28/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-29/pdf/2019-25894.pdf. Federal Register, Vol. 84, No. 230, 11/29/2019, 65896-65897.
  • Treasury announced it seeks comment on the information collection titled Returns Regarding Payments of Interest. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 01/28/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-29/pdf/2019-25881.pdf. Federal Register, Vol. 84, No. 230, 11/29/2019, 65898-65899.
  • Treasury announced it seeks comment on the information collection titled Offering of U.S. Mortgage Guaranty Insurance Company Tax and Loss Bonds. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 01/31/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-02/pdf/2019-25998.pdf. Federal Register, Vol. 84, No. 231, 12/02/2019, 66053.

SBA Finalizes Regulations on Women’s Business Center Program.

The Small Business Administration (SBA) is codifying regulations for the Women’s Business Center (WBC) Program as directed in section 29 of the Small Business Act (the Act). The final rule also codifies policy and procedural changes included in the WBC Program Announcement and Notice of Award (NOA). These changes include, but are not limited to, the following: Language on risk assessment, as required by the Uniform Grant Guidance; limitations on carryovers; a reduction in reporting requirements; and eligibility criteria for selection as a WBC. Implementing these regulations will result in greater standardization and transparency in the delivery of the WBC Program. The final rule is effective 01/24/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-25/pdf/2019-24239.pdf. Federal Register, Vol. 84, No. 227, 11/25/2019, 64707-64723.

SBA Finalizes Streamlining and Modernizing Certified Development Company Program.

SBA finalized a rule streamlining the operational and organizational requirements for Certified Development Companies (CDCs) in order to improve efficiencies and reduce costs without unduly increasing risk in the 504 Loan Program. The changes include streamlining the requirements that apply to the corporate governance of CDCs, and updating the requirements that apply to professional services contracts entered into by CDCs, the requirements related to the audit and review of a CDC’s financial statements, and the requirements related to the balance that a Premier Certified Lender Program (PCLP) CDC must maintain in its Loan Loss Reserve Fund. The final rule is effective 01/03/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-04/pdf/2019-26042.pdf. Federal Register, Vol. 84, No. 233, 12/04/2019, 66287-66296.

SBA Issues Small Business Size Standards.

SBA is modifying its method for calculating average annual receipts used to prescribe size standards for small businesses. Specifically, in accordance with the Small Business Runway Extension Act of 2018, SBA is changing its regulations on the calculation of average annual receipts for all of SBA’s receipts-based size standards, and for other agencies’ proposed receipts-based size standards, from a 3-year averaging period to a 5-year averaging period, outside of the SBA Business Loan and Disaster Loan Programs. SBA intends to seek comment on the Business Loan and Disaster Loan Programs in a proposed rule through a separate rulemaking. For all other programs, SBA adopts a transition period through 01/06/2022, during which firms may choose between using a 3-year averaging period and a 5-year averaging period. The rule is effective 01/06/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-05/pdf/2019-26041.pdf. Federal Register, Vol. 84, No. 234, 12/05/2019, 66561-66579.

FCIC Issues Rice Crop Insurance Provisions.

The Federal Crop Insurance Corporation (FCIC) finalized amendments to the Common Crop Insurance Regulations, Rice Crop Insurance Provisions (Crop Provisions). The intended effect of this action is to allow for new irrigation methods and change the cancellation and termination dates in certain states to align with other row crops to implement the changes contained in the Agriculture Improvement Act of 2018 (commonly referred to as the 2018 Farm Bill). The changes will be effective for the 2020 and succeeding crop years. The final rule is effective 11/30/2019. Comments are due 01/21/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-22/pdf/2019-25386.pdf. Federal Register, Vol. 84, No. 226, 11/22/2019, 64411-64413.

FCIC Issues Coarse Grains Crop Insurance Provisions.

FCIC amends the Common Crop Insurance Regulations, Coarse Grains Crop Insurance Provisions (Crop Provisions). The intended effect of this action is to allow separate enterprise and optional units by the cropping practices Following Another Crop (FAC) and Not Following Another Crop (NFAC). The changes will be effective for the 2020 and succeeding crop years. The final rule is effective 11/30/2019. Comments are due 01/27/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-27/pdf/2019-25862.pdf. Federal Register, Vol. 84, No. 229, 11/27/2019, 65259-65262.

FCIC Issues Sugar Beet Crop Insurance Regulations.

FCIC finalizes the Common Crop Insurance Regulations, Sugar Beet Crop Insurance Provisions (Crop Provisions) and makes amendments to the final rule, with request for comment, published in the Federal Register on 09/10/2018, that updated existing policy provisions and definitions to better reflect current agricultural practices. This final rule is amended based on comments received and other issues identified since implementation of the previous final rule. The changes will be effective for the 2020 and succeeding crop years in states with a November 30 contract change date and for the 2021 and succeeding crop years in all other states. The final rule is effective 11/30/2019. Comments are due 01/28/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-29/pdf/2019-25844.pdf. Federal Register, Vol. 84, No. 230, 11/29/2019, 65627-65639.

FCIC Issues Correction to Common Crop Insurance Policy Basic Provisions.

FCIC is correcting a final rule that was published in the Federal Register on 07/28/2019, which revised the Catastrophic Risk Protection Endorsement, the Area Risk Protection Insurance Basic Provisions, and the Common Crop Insurance Policy (CCIP) Basic Provisions. The correction is being published to correct an incorrect reference in section 3(g)(3) of the Common Crop Insurance Policy Basic Provisions. The correction is effective 11/22/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-22/pdf/2019-25387.pdf. Federal Register, Vol. 84, No. 226, 11/22/2019, 64413-64414.

RBC Issues Notice of Solicitation of Applications for Inviting Applications for the Rural Economic Development Loan and Grant Programs.

The Rural Business-Cooperative Service (RBC) announced that the maximum loan amount awarded for applications competing in the Second, Third, and Fourth Quarter funding cycles of fiscal year (FY) 2020 will be $1 million. The notice contains key dates for FY 2020 complete loan applications to be received. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-13/pdf/2019-24597.pdf. Federal Register, Vol. 84, No. 219, 11/13/2019, 61594-61595.

RHS Proposes Amendments to Single Family Housing Direct Loan and Grant Programs.

The Rural Housing Service (RHS) is proposing to amend its regulations to update and improve the direct Single-Family Housing (SFH) loans and grants programs. The proposed changes would increase program flexibility, allow more borrowers to access affordable loans, better align the programs with best practices, and enable the programs to be more responsive to economic conditions and trends. Comments are due 01/24/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-25/pdf/2019-25128.pdf. Federal Register, Vol. 84, No. 227, 11/25/2019, 64788-64795.

CCC Issues Interim Rule on Conservation Reserve Program.

The Commodity Credit Corporation (CCC) is revising its Conservation Reserve Program (CRP) regulations to specify the terms and conditions of CRP and to implement amendments made by the Agriculture Improvement Act of 2018 (2018 Farm Bill). The 2018 Farm Bill authorizes CRP through fiscal year 2023. The rule makes required changes to the eligibility criteria for enrollment in CRP, the benefits available to participants, and the land use and compliance provisions of CRP. In addition, the rule will implement two new pilot programs, the Clean Lakes, Estuaries, and Rivers 30 (CLEAR 30) Pilot Program and the Soil Heath and Income Protection Pilot (SHIPP) Program, as required by the 2018 Farm Bill. The rule is effective 12/06/2019. Comments are due 02/04/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-06/pdf/2019-26268.pdf. Federal Register, Vol. 84, No. 235, 12/06/2019, 66813-66833.

FASB Requests Comment on Annual Report for FY 2019 and Three-Year Plan.

The Federal Accounting Standards Advisory Board (FASB) has issued its Annual Report for Fiscal Year 2019 and Three-Year Plan. The Annual Report for Fiscal Year 2019 and Three-Year Plan is available on the FASB website at https://www.fasab.gov/our-annual-reports/. Copies can be obtained by contacting FASB at (202)512–7350. Comments are due 01/17/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-26/pdf/2019-25662.pdf. Federal Register, Vol. 84, No. 228, 11/26/2019, 65154. 

NCUA Finalized Exceptions to Employment Restrictions.

The National Credit Union Administration (NCUA) is updating and revising 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. NCUA is rescinding current IRPS 08–1 and issuing a revised and updated IRPS to reduce regulatory burden. NCUA is amending and expanding the current de minimis exception to reduce the scope and number of offenses that will require an application to NCUA. Specifically, the final IRPS will not require an application for convictions involving 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. The final rule is effective 01/02/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-02/pdf/2019-25699.pdf. Federal Register, Vol. 84, No. 231, 12/02/2019, 65907-65923.

NCUA Proposes Amendments to Real Estate Appraisals.

NCUA proposes to amend the agency’s regulation requiring appraisals for certain real estate-related transactions. The proposed rule would increase the threshold level below which appraisals would not be required for residential real estate-related transactions from $250,000 to $400,000. Consistent with the requirement for other transactions that fall below applicable appraisal thresholds, federally insured credit unions (FICUs) would be required to obtain written estimates of market value of the real estate collateral that is consistent with safe and sound banking practices in lieu of an appraisal. For easier reference, the proposed rule would explicitly incorporate the existing statutory requirement that appraisals be subject to appropriate review for compliance with the Uniform Standards of Professional Appraisal Practice (USPAP). This proposal is consistent with the final rule, effective on 10/09/2019, issued by 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) that increases the threshold level at or below which appraisals are not required for residential real estate transactions from $250,000 to $400,000. Comments are due 01/28/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-29/pdf/2019-25768.pdf. Federal Register, Vol. 84, No. 230, 11/29/2019, 65707-65714.

NCUA Requests Comment on Information Collections.

  • NCUA announced it seeks comment on the information collection titled Recordkeeping and Disclosure Requirements Associated with Regulations B, E, M, and CC. NCUA also gave notice that it sent the collection to OMB for review. Comments are due 01/13/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-14/pdf/2019-24723.pdf. Federal Register, Vol. 84, No. 220, 11/14/2019, 61941-61942.
  • NCUA announced it seeks comment on the information collection titled NCUA Profile. NCUA also gave notice that it sent the collection to OMB for review. Comments are due 01/14/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-15/pdf/2019-24760.pdf. Federal Register, Vol. 84, No. 221, 11/15/2019, 62558.
  • NCUA announced it seeks comment on the information collection titled Corporate Credit Union Monthly Call Report and Report of Officers. NCUA also gave notice that it sent the collection to OMB for review. Comments are due 01/02/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-03/pdf/2019-26114.pdf. Federal Register, Vol. 84, No. 232, 12/03/2019, 66223.
  • NCUA announced it seeks comment on the information collection titled Maximum Borrowing Authority, 12 CFR 741.2. NCUA also gave notice that it sent the collection to OMB for review. Comments are due 02/03/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-12-05/pdf/2019-26238.pdf. Federal Register, Vol. 84, No. 234, 12/05/2019, 66699.

SSA Proposes Regulations on Designation of Representative Payees.

The Social Security Administration (SSA) issued a notice of proposed rulemaking to promulgate regulations specifying the information Social Security beneficiaries and applicants must provide to designate a representative payee in advance of the determination that the beneficiary needs a representative payee. Comments are due 12/26/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-26/pdf/2019-25569.pdf. Federal Register, Vol. 84, No. 228, 11/26/2019, 65040-65044.

By, Ally Bates

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

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

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. The Agencies issued joint final rules implementing these requirements, effective 01/18/2014. The 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, OCC, FRB, and CFPB 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 06/01/2019, the exemption threshold will increase from $26,700 to $27,200, effective 01/01/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-30/pdf/2019-21559.pdf. Federal Register, Vol. 84, No. 210, 10/30/2019, 58013-58017.

Agencies Finalize Amendments to Consumer Leasing.

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 Wall Street Reform and Consumer Protection Act (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, FRB and CFPB 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 06/01/2019, the exemption threshold will increase from $57,200 to $58,300 effective 01/01/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-30/pdf/2019-21554.pdf. Federal Register, Vol. 84, No. 210, 10/30/2019, 58017-58020. 

Agencies Finalize Amendments to Truth in Lending.

The Bureau of Consumer Financial Protection (CFPB), and the Board of Governors of the Federal Reserve System (FRB) are publishing final rules amending the official interpretations and commentary for the agencies’ regulations that implement the Truth in Lending Act (TILA). The Dodd-Frank Wall Street Reform and Consumer Protection Act (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, FRB and CFPB 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 06/01/2019, the exemption threshold will increase from $57,200 to $58,300 effective 01/01/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-30/pdf/2019-21557.pdf. Federal Register, Vol. 84, No. 210, 10/30/2019, 58020-58026.

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

The Board of Governors of the Federal Reserve System (FRB), Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) are adopting a final rule to revise the criteria for determining the applicability of regulatory capital and liquidity requirements for large U.S. banking organizations and the U.S. intermediate holding companies of certain foreign banking organizations. The final rule establishes four risk-based categories for determining the applicability of requirements under the agencies’ regulatory capital rule and liquidity coverage ratio (LCR) rule. Under the final rule, such requirements increase in stringency based on measures of size, cross-jurisdictional activity, weighted short-term wholesale funding, nonbank assets, and off-balance sheet exposure. The final rule applies tailored regulatory capital and liquidity requirements to depository institution holding companies and U.S. intermediate holding companies with $100 billion or more in total consolidated assets as well as to certain depository institutions. The final rule is effective 12/31/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-01/pdf/2019-23800.pdf. Federal Register, Vol. 84, No. 212, 11/01/2019, 59230-59283.

Agencies Finalize Rule on Resolution Planning.

The Board of Governors of the Federal Reserve System (FRB), and Federal Deposit Insurance Corporation (FDIC) are jointly adopting this final rule implementing the resolution planning requirements of section 165(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act). This final rule is intended to reflect improvements identified since the agencies finalized their joint resolution plan rule in November 2011 (2011 rule) and to address amendments to the Dodd-Frank Act made by the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). The final rule also extends the default resolution plan filing cycle, allows for more focused resolution plan submissions, and improves certain aspects of the resolution planning rule. The rule is effective 12/31/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-01/pdf/2019-23967.pdf. Federal Register, Vol. 84, No. 212, 11/01/2019, 59194-59228.

Agencies Propose Interagency Guidance on Credit Risk Review Systems.

The Board of Governors of the Federal Reserve System (FRB), Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the National Credit Union Administration (NCUA) proposed guidance for credit risk review systems. The proposed guidance is relevant to all institutions supervised by the agencies. The proposed guidance discusses sound management of credit risk, a system of independent, ongoing credit review, and appropriate communication regarding the performance of the institution’s loan portfolio to its management and board of directors. Comments are due 12/16/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-17/pdf/2019-22656.pdf. Federal Register, Vol. 84, No. 201, 10/17/2019, 55679-55684.

Agencies Propose Interagency Policy Statement on Allowances for Credit Losses.

The Board of Governors of the Federal Reserve System (FRB), Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the National Credit Union Administration (NCUA) proposed interagency policy statement on allowances for credit losses (ACLs). The agencies are issuing this proposed interagency policy statement in response to changes to U.S. generally accepted accounting principles (GAAP) as promulgated by the Financial Accounting Standards Board (FASB) in Accounting Standards Update (ASU) 2016–13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and subsequent amendments issued since June 2016. These updates are codified in Accounting Standards Codification (ASC) Topic 326, Financial Instruments—Credit Losses (FASB ASC Topic 326). Comments are due 12/16/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-17/pdf/2019-22655.pdf. Federal Register, Vol. 84, No. 201, 10/17/2019, 55510-55522.

Agencies Propose Margin and Capital Requirements for Covered Swap Entities.

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 Federal Housing Finance Agency (FHFA), and the Farm Credit Administration (FCA) issued a proposed rule that would amend the agencies’ regulations that require swap dealers and security-based swap dealers under the agencies’ respective jurisdictions to exchange margin with their counterparties for swaps that are not centrally cleared (Swap Margin Rule). The Swap Margin Rule as adopted in 2015 takes effect under a phased compliance schedule spanning from 2016 through 2020, and the dealers covered by the rule continue to hold swaps in their portfolios that were entered into before the effective dates of the rule. Such swaps are grandfathered from the Swap Margin Rule’s requirements until they expire according to their terms. The proposed rule would permit swaps entered into prior to an applicable compliance date (legacy swaps) to retain their legacy status in the event that they are amended to replace an interbank offered rate (IBOR) or other discontinued rate, repeal the inter-affiliate initial margin provisions, introduce an additional compliance date for initial margin requirements, clarify the point in time at which trading documentation must be in place, permit legacy swaps to retain their legacy status in the event that they are amended due to technical amendments, notional reductions, or portfolio compression exercises, and make technical changes to relocate the provision addressing amendments to legacy swaps that are made to comply with the Qualified Financial Contract Rules, as defined in the Supplementary Information section. Comments are due 12/09/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-07/pdf/2019-23541.pdf. Federal Register, Vol. 84, No. 216, 11/07/2019, 59970-59989.

Agencies Request Comment on Reporting of Data on Loans to Small Businesses and Small Farms.

The Board of Governors of the Federal Reserve System (FRB), Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) are requesting comment on ways to modify the current requirements for reporting data on loans to small businesses and small farms in the Consolidated Reports of Condition and Income (Call Report) so that the reported data better reflect lending to these sectors of the U.S. economy. Comments are due 12/16/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-17/pdf/2019-22568.pdf. Federal Register, Vol. 84, No. 201, 10/17/2019, 55687-55690.

Agencies Request Comment on Information Collection.

The Board of Governors of the Federal Reserve System (FRB), 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. The agencies also gave notice that they sent the collection to OMB for review. Comments are due 11/18/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-17/pdf/2019-22654.pdf. Federal Register, Vol. 84, No. 201, 10/17/2019, 55685-55686.

Agencies Request Comment on Application of the Uniform Financial Institutions Rating System.

The Board of Governors of the Federal Reserve System (FRB), and Federal Deposit Insurance Corporation (FDIC) are seeking information and comments from interested parties regarding the consistency of ratings assigned by the agencies under the Uniform Financial Institutions Rating System (UFIRS). The assigned ratings are commonly known as CAMELS ratings. The agencies also are interested in receiving feedback concerning the current use of CAMELS ratings by the agencies in their bank application and enforcement action processes. Comments are due 12/30/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-31/pdf/2019-23739.pdf. Federal Register, Vol. 84, No. 211, 10/31/2019, 58383-58386.

CFPB Finalizes Amendments to Regulation C.

The Bureau of Consumer Financial Protection (CFPB) is amending Regulation C to adjust the threshold for reporting data about open-end lines of credit by extending to 01/01/2022, the current temporary threshold of 500 open-end lines of credit. CFPB is also incorporating into Regulation C the interpretations and procedures from the interpretive and procedural rule that CFPB issued on 08/31/2018, and implementing further the Economic Growth, Regulatory Relief, and Consumer Protection Act. The final rule is effective on 01/01/2020, except for the amendments to § 1003.2 in amendatory instruction 6, the amendments to § 1003.3 in amendatory instruction 7, and the amendments to supplement I to part 1003 in amendatory instruction 8, which are effective on 01/01/2022. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-29/pdf/2019-22561.pdf. Federal Register, Vol. 84, No. 209, 10/29/2019, 57946-58004.

CFPB Requests Comment on Information Collections.

  • 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 11/18/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-18/pdf/2019-22770.pdf. Federal Register, Vol. 84, No. 202, 10/18/2019, 55945-55946.
  • CFPB announced it seeks comment on the information collection titled Generic Information Collection Plan for Information on Compliance Costs and Other Effects of Regulations. CFPB also gave notice that it sent the collection to OMB for review. Comments are due 11/18/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-18/pdf/2019-22771.pdf. Federal Register, Vol. 84, No. 202, 10/18/2019, 55944-55945.

FRB Finalizes Amendments to Extensions of Credit by Federal Reserve Banks.

The Board of Governors of the Federal Reserve System (FRB) has adopted final amendments to its Regulation A to reflect FRB’s approval of a decrease in the rate for primary credit at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically decreased by formula as a result of FRB’s primary credit rate action. The rule is effective 11/07/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-07/pdf/2019-24273.pdf. Federal Register, Vol. 84, No. 216, 11/07/2019, 59923-59924.

FRB Finalizes Amendments to Reserve Requirements of Depository Institutions.

FRB is amending Regulation D (Reserve Requirements of Depository Institutions) to revise the rate of interest paid on balances maintained to satisfy reserve balance requirements (IORR) and the rate of interest paid on excess balances (IOER) maintained at Federal Reserve Banks by or on behalf of eligible institutions. The final amendments specify that IORR is 1.55 percent and IOER is 1.55 percent, a 0.25 percentage point decrease 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 amendments are effective 11/07/2019, and the rates are applicable 10/31/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-07/pdf/2019-24272.pdf. Federal Register, Vol. 84, No. 216, 11/07/2019, 59924-59926. 

FRB Proposes Risk-Based Capital Requirements for Depository Institution Holding Companies Significantly Engaged in Insurance Activities. 

FRB is inviting comment on a proposal to establish risk-based capital requirements for depository institution holding companies that are significantly engaged in insurance activities. FRB is proposing a risk-based capital framework, termed the Building Block Approach, that adjusts and aggregates existing legal entity capital requirements to determine an enterprise-wide capital requirement, together with a risk-based capital requirement excluding insurance activities, in compliance with section 171 of the Dodd-Frank Act. FRB is additionally proposing to apply a buffer to limit an insurance depository institution holding company’s capital distributions and discretionary bonus payments if it does not hold sufficient capital relative to enterprise-wide risk, including risk from insurance activities. The proposal would also revise reporting requirements for depository institution holding companies significantly engaged in insurance activities. Comments are due 10/23/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-24/pdf/2019-21978.pdf. Federal Register, Vol. 84, No. 206, 10/24/2019, 57240-57301.

FDIC Finalizes Company-Run Stress Testing Requirements.

The Federal Deposit Insurance Corporation (FDIC) is adopting a final rule to amend the FDIC’s company-run stress testing regulations applicable to state nonmember banks and state savings associations, consistent with section 401 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). Specifically, the final rule revises the minimum threshold for applicability from $10 billion to $250 billion, revises the frequency of required stress tests by FDIC-supervised institutions, and reduces the number of required stress testing scenarios from three to two. The final rule also makes certain conforming and technical changes. The rule is effective 11/25/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-24/pdf/2019-23036.pdf. Federal Register, Vol. 84, No. 206, 10/24/2019, 56929-56935.

FDIC Proposes Removal of Transferred OTS Regulations.

FDIC proposes to rescind and remove certain regulations transferred in 2011 to the FDIC from the former Office of Thrift Supervision pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act). In addition to the removal of part 390, subpart S, FDIC proposes to make technical changes to other parts of FDIC’s regulations so that they may be applicable on their terms to State savings associations. Following the removal of the identified regulations, the regulations governing the operations of State savings associations will be substantially the same as those for all other FDIC-supervised institutions. FDIC invites comments on all aspects of this proposed rulemaking. Comments are due 12/02/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-31/pdf/2019-23115.pdf. Federal Register, Vol. 84, No. 211, 10/31/2019, 58492-58520.

FDIC Requests Comment on Information Collections.

  • FDIC announced it seeks comment on the information collection titled Notification of Performance of Bank Services. FDIC also gave notice that it sent the collection to OMB for review. Comments are due 12/30/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-29/pdf/2019-23527.pdf. Federal Register, Vol. 84, No. 209, 10/29/2019, 27869-27874.
  • FDIC announced it seeks comment on the information collection titled Information Collection for Innovation Pilot Programs. FDIC also gave notice that it sent the collection to OMB for review. Comments are due 01/06/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-06/pdf/2019-24209.pdf. Federal Register, Vol. 84, No. 215, 11/06/2019, 59808-59809.

FDIC Appointed Receiver, Liquidator, or Manager.

FDIC has been appointed the sole receiver for the financial institutions listed in the table in the notice effective as of the Date Closed as indicated in the listing. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-01/pdf/2019-23820.pdf. Federal Register, Vol. 84, No. 212, 11/01/2019, 58718.

OCC Requests Comment on Information Collections.

  • The Office of the Comptroller of the Currency (OCC) announced it seeks comment on the information collection titled OCC Supplier Registration Form. OCC also gave notice that it sent the collection to OMB for review. Comments are due 11/14/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-15/pdf/2019-22407.pdf. Federal Register, Vol. 84, No. 199, 10/15/2019, 55228-55229.
  • 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 12/16/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-16/pdf/2019-22473.pdf. Federal Register, Vol. 84, No. 200, 10/16/2019, 55378-55379.
  • OCC announced it seeks comment on the information collection titled Regulation Z—Truth in Lending Act. OCC also gave notice that it sent the collection to OMB for review. Comments are due 12/04/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-04/pdf/2019-23960.pdf. Federal Register, Vol. 84, No. 213, 11/04/2019, 59446-59449.

HUD Requests Comment on Information Collections.

  • The Department of Housing and Urban Development (HUD) announced it seeks comment on the information collection titled HUD Certified Housing Counselor Registration. HUD also gave notice that it sent the collection to OMB for review. Comments are due 12/10/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-11/pdf/2019-22334.pdf. Federal Register, Vol. 84, No. 198, 10/11/2019, 54915-54916.
  • HUD announced it seeks comment on the information collection titled Continuum of Care Homeless Assistance—Technical Submission. HUD also gave notice that it sent the collection to OMB for review. Comments are due 12/10/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-11/pdf/2019-22332.pdf. Federal Register, Vol. 84, No. 198, 10/11/2019, 54916-54917.
  • HUD announced it seeks comment on the information collection titled Emergency Solutions Grants Program Recordkeeping Requirements. HUD also gave notice that it sent the collection to OMB for review. Comments are due 12/10/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-11/pdf/2019-22333.pdf. Federal Register, Vol. 84, No. 198, 10/11/2019, 54917-54919.
  • HUD announced it seeks comment on the information collection titled Ginnie Mae Mortgage-Backed Securities Guide 5500.3, Revision 1. HUD also gave notice that it sent the collection to OMB for review. Comments are due 11/20/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-21/pdf/2019-22918.pdf. Federal Register, Vol. 84, No. 203, 10/21/2019, 56199-56201.
  • HUD announced it seeks comment on the information collection titled Application for FHA Insured Mortgages. HUD also gave notice that it sent the collection to OMB for review. Comments are due 12/24/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-25/pdf/2019-23240.pdf. Federal Register, Vol. 84, No. 207, 10/25/2019, 57464-57468.
  • HUD announced it seeks comment on the information collection titled HUD-Owned Real Estate Sales Contract and Addendums. HUD also gave notice that it sent the collection to OMB for review. Comments are due 12/30/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-31/pdf/2019-23790.pdf. Federal Register, Vol. 84, No. 211, 10/31/2019, 58406-58407.
  • HUD announced it seeks comment on the information collection titled Mortgage Insurance Termination Application for Premium Refund or Distributive Share Payment. HUD also gave notice that it sent the collection to OMB for review. Comments are due 12/30/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-31/pdf/2019-23791.pdf. Federal Register, Vol. 84, No. 211, 10/31/2019, 58408.
  • HUD announced it seeks comment on the information collection titled Ginnie Mae Multiclass Securities Program Documents. HUD also gave notice that it sent the collection to OMB for review. Comments are due 01/03/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-04/pdf/2019-23961.pdf. Federal Register, Vol. 84, No. 213, 11/04/2019, 59412-59414.

HUD Issues Debenture Interest Rate for Mortgage and Loan Insurance Programs.

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 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 07/01/2019, is 2 3/8 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 07/01/2019, is 2 3⁄4 percent. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-31/pdf/2019-23789.pdf. Federal Register, Vol. 84, No. 211, 10/31/2019, 58405-58406.

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-2019-10-23/pdf/2019-23123.pdf. Federal Register, Vol. 84, No. 205, 10/23/2019, 56704-56705.

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, Minnesota, Nebraska, and Ohio. 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-2019-11-01/pdf/2019-23883.pdf. Federal Register, Vol. 84, No. 212, 11/01/2019, 58729-58732.

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 Minnesota, and 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 01/14/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-16/pdf/2019-22455.pdf. Federal Register, Vol. 84, No. 200, 10/16/2019, 55324-55325.

FinCEN Finalizes Special Measure Against the Islamic Republic of Iran as a Jurisdiction of Primary Money Laundering Concern. 

The Financial Crimes Enforcement Network (FinCEN) issued a final rule, pursuant to Section 311 of the USA PATRIOT Act, to prohibit the opening or maintaining of correspondent accounts in the United States for, or on behalf of, Iranian financial institutions, and the use of foreign financial institutions’ correspondent accounts at covered U.S. financial institutions to process transactions involving Iranian financial institutions. The final rule is effective 11/14/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-04/pdf/2019-23697.pdf. Federal Register, Vol. 84, No. 213, 11/04/2019, 59302-59313.

Treasury Proposes Assessment of Fees to Cover the Expenses of the Financial Research Funds.

The Department of the Treasury (Treasury) issued a proposed rule to implement section 401 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Economic Growth Act), which amends section 155 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). As amended, section 155 requires the Secretary of the Treasury to establish, by regulation, an assessment schedule applicable to bank holding companies with total consolidated assets of $250 billion or greater and nonbank financial companies supervised by the Board of Governors of the Federal Reserve System (FRB), to collect assessments equal to the total expenses of the Office of Financial Research (OFR). Treasury is also proposing other amendments to simplify the method for determining the amount of total assessable assets for foreign banking organizations, which have been made possible by the introduction of a new regulatory data source. Comments are due 12/04/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-04/pdf/2019-23906.pdf. Federal Register, Vol. 84, No. 213, 11/04/2019, 59320-59325.  

Treasury Proposes Rules Regarding Eligible Terminated S Corporations.

Treasury issued a proposed rulemaking regarding the definition of an eligible terminated S corporation (ETSC). In addition, these proposed regulations provide rules relating to distributions of money by an ETSC after the post-termination transition period (PTTP). Finally, these proposed regulations revise current regulations to extend the treatment of distributions of money during the PTTP to all shareholders of the corporation and to update and clarify the allocation of current earnings and profits to distributions of money and other property. These proposed regulations would affect certain C corporations and the shareholders of such corporations. Comments are due 12/23/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-07/pdf/2019-24098.pdf. Federal Register, Vol. 84, No. 216, 11/07/2019, 60011-60025.

Treasury Proposes Updated Life Expectancy and Distribution Period Tables. 

Treasury proposes regulations providing guidance relating to the life expectancy and distribution period tables that are used to calculate required minimum distributions from qualified retirement plans, individual retirement accounts and annuities, and certain other tax favored employer-provided retirement arrangements. The regulations affect participants, beneficiaries, and plan administrators of these qualified retirement plans and other tax-favored employer-provided retirement arrangements, as well as owners, beneficiaries, trustees and custodians of individual retirement accounts and annuities. Comments are due 01/07/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-08/pdf/2019-24065.pdf. Federal Register, Vol. 84, No. 217, 11/08/2019, 60812-60844.

Treasury Requests Comment on Information Collections.

  • Treasury announced it seeks comment on the information collection titled BEA Program Application. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 12/16/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-15/pdf/2019-22377.pdf. Federal Register, Vol. 84, No. 199, 10/15/2019, 55223-55228.
  • Treasury announced it seeks comment on the information collection titled Uses of Award Report Form. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 12/16/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-17/pdf/2019-22574.pdf. Federal Register, Vol. 84, No. 201, 10/17/2019, 55678-55679.
  • Treasury announced it seeks comment on the information collection titled Troubled Asset Relief Program—Making Home Affordable Participants. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 12/27/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-28/pdf/2019-23440.pdf. Federal Register, Vol. 84, No. 208, 10/28/2019, 57810.
  • Treasury announced it seeks comment on the information collection titled Requirements for Qualified Domestic Trust. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 12/24/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-25/pdf/2019-23397.pdf. Federal Register, Vol. 84, No. 207, 10/25/2019, 57551.

Treasury Issues Fee Schedule for the Transfer of U.S. Treasury Book-Entry Securities Held on the Fedwire Securities Service.

Treasury issued a new fee schedule applicable to transfers of U.S. Treasury book-entry securities maintained on the Fedwire Securities Service (Fedwire) that occur on or after 01/02/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-28/pdf/2019-23482.pdf. Federal Register, Vol. 84, No. 208, 10/28/2019, 57808.

SBA Requests Comment on Information Collection. 

The Small Business Administration (SBA) announced it seeks comment on the information collection titled Stockholders Confirmation (Corporation): Ownership Confirmation. SBA also gave notice that it sent the collection to OMB for review. Comments are due 12/09/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-07/pdf/2019-24313.pdf. Federal Register, Vol. 84, No. 216, 11/07/2019, 60134-60135.

RUS Repeals Rural Telephone Bank, Public Television Station Digital Transition Grant Program and the Local Television Loan Guarantee Program. 

The Rural Utilities Service (RUS) is repealing the Rural Telephone Bank, Public Television Station Digital Transition Grant Program and the Local Television Loan Guarantee Program from the Code of Federal Regulations (CFR). This action removes expired and terminated programs from the CFR as repealed by the 2018 Agricultural Improvement Act (2018 Farm Bill). The statutory changes result from the 2018 Farm Bill. Additionally, conforming changes are being made to other regulations as a result of the statutory changes. The final rule is effective 01/06/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-07/pdf/2019-24310.pdf. Federal Register, Vol. 84, No. 216, 11/07/2019, 59919-59923.

NCUA Amends Public Unit and Nonmember Shares Rule.

The National Credit Union Administration (NCUA) is amending NCUA’s public unit and nonmember share rule to allow federal credit unions (FCU) to receive public unit and nonmember shares up to 50 percent of the credit union’s net amount of paid-in and unimpaired capital and surplus less any public unit and nonmember shares. This final rule also makes a conforming change to NCUA’s regulations that apply the public unit and nonmember share limit to all federally insured credit unions (FICUs). The final rule is effective 01/29/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-31/pdf/2019-23679.pdf. Federal Register, Vol. 84, No. 211, 10/31/2019, 58305-58309.

NCUA Proposes Amendments to Chartering and Field of Membership Rules.

NCUA is proposing to amend its chartering and field of membership (FOM) rules with respect to applicants for a community charter approval, expansion, or conversion. Specifically, NCUA is proposing to re-adopt a provision to allow an applicant to designate a Combined Statistical Area (CSA), or an individual, contiguous portion thereof, as a well-defined local community (WDLC), provided that the chosen area has a population of 2.5 million or less. Separately, in accordance with an August 2019 opinion and order issued by the D.C. Circuit Court of Appeals (court) with respect to communities based on a Core-Based Statistical Area (CBSA) or a portion thereof, NCUA is providing further explanation and support for its elimination of the requirement to serve the CBSA’s core area as provided for in a 2016 rulemaking. In addition, NCUA is proposing to clarify existing requirements and add an explicit provision to its rules to address concerns about potential discrimination in the FOM selection for CSAs and CBSAs. Comments are due 12/09/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-07/pdf/2019-23680.pdf. Federal Register, Vol. 84, No. 216, 11/07/2019, 59989-60115.

NCUA Issues 2020-2021 Budget Justification Draft.

NCUA is making available it’s “Detailed Business-Type Budget” available for public review. The proposed resources w   ill finance the agency’s annual operations and capital projects, both of which are necessary for the agency to accomplish its mission. The briefing schedule and comment instructions are included in the supplementary information section. Comments are due 12/02/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-01/pdf/2019-23856.pdf. Federal Register, Vol. 84, No. 212, 11/01/2019, 59126-59192.

NCUA Requests Comment on Information Collections.

  • NCUA announced it seeks comment on the information collection titled Written Reimbursement Policy. NCUA also gave notice that it sent the collection to OMB for review. Comments are due 12/16/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-16/pdf/2019-22493.pdf. Federal Register, Vol. 84, No. 200, 10/16/2019, 55338.
  • 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 11/18/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-17/pdf/2019-22686.pdf. Federal Register, Vol. 84, No. 201, 10/17/2019, 55591-55592.
  • NCUA announced it seeks comment on the information collection titled Advertising of Excess Insurance. NCUA also gave notice that it sent the collection to OMB for review. Comments are due 12/23/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-24/pdf/2019-23212.pdf. Federal Register, Vol. 84, No. 206, 10/24/2019, 57056-57057.

VA Requests Comment on Information Collection.

The Department of Veterans Affairs (VA) announced it seeks comment on the information collection titled Statement of Purchaser or Owner Assuming Seller’s Loan. VA also gave notice that it sent the collection to OMB for review. Comments are due 12/17/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-18/pdf/2019-22750.pdf. Federal Register, Vol. 84, No. 202, 10/18/2019, 56020.

DOL Finalizes Regulations on Authorizing Electronic Payments of Civil Monetary Penalties.

The Department of Labor (DOL) revises its regulations issued pursuant to the Migrant and Seasonal Agricultural Worker Protection Act (MSPA), the H–2A provisions of the Immigration and Nationality Act (H– 2A), the Fair Labor Standards Act (FLSA), and the Employee Polygraph Protection Act (EPPA) governing the payment of civil money penalties (CMPs) assessed by the Wage and Hour Division (WHD). The regulatory revisions expand the CMP payment methods beyond the options specified in the current text by allowing for the payment of CMPs through an electronic payment alternative, and otherwise amend the regulations to ensure uniform payment instructions. The existing MSPA, H–2A, FLSA, and EPPA regulations require persons assessed a CMP under those statutory schemes to remit payment in person or by mail using a certified check or money order. In recognition of modern payment methods, DOL is amending these regulations to allow for payment of the CMPs via an electronic payment alternative, any successor system, or by any additional payment method that DOL may deem acceptable in the future. The rule is effective 11/07/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-07/pdf/2019-23849.pdf. Federal Register, Vol. 84, No. 216, 11/07/2019, 59928-59931.

DOL Proposes Default Electronic Disclosure by Employee Pension Benefit Plans Under ERISA.

DOL proposed a new, additional safe harbor for the use of electronic media by employee benefit plans to furnish information to participants and beneficiaries of plans subject to the Employee Retirement Income Security Act of 1974 (ERISA). The proposal, if adopted, would allow plan administrators who satisfy specified conditions to provide participants and beneficiaries with a notice that certain disclosures will be made available on a website. Individuals who prefer to receive these disclosures on paper will be able to request paper copies and to opt out of electronic delivery entirely. DOL expects that the proposal, if adopted, would improve the effectiveness of the disclosures and significantly reduce the costs and burden associated with furnishing many of the recurring and most costly ERISA disclosures. This document also contains, in section D of the preamble, a Request for Information that explores whether and how any additional changes to ERISA’s general disclosure framework, focusing on design, delivery, and content, may be made to further improve the effectiveness of ERISA disclosures. Comments are due 11/22/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-23/pdf/2019-22901.pdf. Federal Register, Vol. 84, No. 205, 10/23/2019, 56894-56923.

SSA Issues Correction to Prohibiting Persons With Certain Criminal Convictions From Serving as Representative Payees.

The Social Security Administration (SSA) published final rules in the Federal Register on 02/15/2019 to prohibit persons convicted of certain crimes from serving as representative payees under the Social Security Act (Act), as required by the Strengthening Protections for Social Security Beneficiaries Act of 2018. Those final rules inadvertently included two words in three places that should not have been there, and omitted one word in two sections of the rules. The document corrects the inadvertent inclusions and omissions in the final rules. The correction is effective 10/25/2019, and applicable 03/18/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-10-25/pdf/2019-23235.pdf. Federal Register, Vol. 84, No. 207, 10/25/2019, 57319-57320. 

DoD Finalizes Rule on Obtaining Information From Financial Institutions.

The Department of Defense (DoD) issued a final rule removing the regulation which describes the procedures for complying with the Right to Financial Privacy Act (RFPA). On 05/29/2019, the DoD revised its overarching regulation for compliance with the RFPA which supersedes this part. This part is now unnecessary and should be removed from the CFR. The final rule is effective 11/06/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-11-06/pdf/2019-24030.pdf. Federal Register, Vol. 84, No. 215, 11/06/2019, 59723.

By, Ally Bates

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

Agencies Request Comment on Information Collection.

  • The Board of Governors of the Federal Reserve System (FRB), and the Federal Deposit Insurance Corporation (FDIC) announced they seek comment on the information collection titled Regulation I: Disclosure Requirements for Depository Institutions Lacking Federal Deposit Insurance. The agencies also gave notice that they sent the collection to OMB for review. Comments are due 10/28/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-29/pdf/2019-18606.pdf. Federal Register, Vol. 84, No. 168, 08/29/2019, 45491-45494.
  • The Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) announced they seek comment on the information collection titled Country Exposure Report and Country Exposure Information Report. The agencies also gave notice that they sent the collection to OMB for review. Comments are due 10/09/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-09-09/pdf/2019-19369.pdf. Federal Register, Vol. 84, No. 174, 09/09/2019, 47264.

CFPB Requests Comment on Information Collections.

  • CFPB announced it seeks comment on the information collection titled Regulation I: Disclosure Requirements for Depository Institutions Lacking Federal Deposit Insurance. CFPB 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-2019-08-23/pdf/2019-18249.pdf. Federal Register, Vol. 84, No. 164, 08/23/2019, 44289-44290.
  • CFPB announced it seeks comment on the information collection titled Generic Information Collection Plan for the Collection for Qualitative Consumer Education, Engagement and Experience Information Collections. CFPB also gave notice that it sent the collection to OMB for review. Comments are due 09/25/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-26/pdf/2019-18251.pdf. Federal Register, Vol. 84, No. 165, 08/26/2019, 44603-44604.
  • CFPB announced it seeks comment on the information collection titled Truth In Lending Act (Regulation Z). CFPB also gave notice that it sent the collection to OMB for review. Comments are due 09/25/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-26/pdf/2019-18252.pdf. Federal Register, Vol. 84, No. 165, 08/26/2019, 44604-44605.
  • CFPB announced it seeks comment on the information collection titled Generic Information Collection Plan for Surveys Using the Consumer Credit Panel. CFPB also gave notice that it sent the collection to OMB for review. Comments are due 11/04/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-09-03/pdf/2019-18933.pdf. Federal Register, Vol. 84, No. 170, 09/03/2019, 45998-45999.
  • CFPB announced it seeks comment on the information collection titled Truth in Savings. CFPB also gave notice that it sent the collection to OMB for review. Comments are due 11/08/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-09-09/pdf/2019-19385.pdf. Federal Register, Vol. 84, No. 174, 09/09/2019, 47264.

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 a decrease in the rate for primary credit at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically decreased by formula as a result of FRB’s primary credit rate action. The amendments are effective 08/12/2019. The rate changes for primary and secondary credit were applicable on 08/01/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-12/pdf/2019-17173.pdf. Federal Register, Vol. 84, No. 155, 08/12/2019, 39723-39724.

FRB Finalizes Amendments to Regulation D.

FRB is amending Regulation D 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 2.10 percent and IOER is 2.10 percent, a 0.25 percentage point decrease 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 (FOMC). The amendments are effective 08/12/2019. The IORR and IOER rate changes were applicable on 08/01/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-12/pdf/2019-17175.pdf. Federal Register, Vol. 84, No. 155, 08/12/2019, 39724-39725.

FRB Issues Correction to Availability of Funds and Collection of Checks.

FRB published a final rule in the Federal Register on 07/03/2019 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, incorporate the Economic Growth, Regulatory Relief, and Consumer Protection Act and made certain other technical amendments. The notice corrects errors in amendatory instructions affecting FRB’s rules. The correction in effective 07/01/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-29/pdf/2019-18658.pdf. Federal Register, Vol. 84, No. 168, 08/29/2019, 45403.

FRB Requests Comment on Information Collections. 

  • FRB announced it seeks comment on the information collection titled Reporting and Disclosure Requirements Related to Securities of State Member Banks as Required by Regulation H. FRB also gave notice that it sent the collection to OMB for review. Comments are due 10/11/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-12/pdf/2019-17185.pdf. Federal Register, Vol. 84, No. 155, 08/12/2019, 39845-39847.
  • FRB announced it seeks comment on the information collection titled Interchange Transaction Fees Survey. FRB also gave notice that it sent the collection to OMB for review. Comments are due 10/11/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-12/pdf/2019-17186.pdf. Federal Register, Vol. 84, No. 155, 08/12/2019, 39847-39849.
  • FRB announced it seeks comment on the information collection titled Notice of Mutual Holding Company Reorganization, Application for Approval of a Stock Issuance by a Subsidiary Holding Company of a Mutual Holding Company, Application for Conversion of a Mutual Holding Company to Stock Form, Proxy Statement, Offering Circular, and Order Form. FRB also gave notice that it sent the collection to OMB for review. Comments are due 10/11/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-12/pdf/2019-17190.pdf. Federal Register, Vol. 84, No. 155, 08/12/2019, 39841-39843.
  • FRB announced it seeks comment on the information collection titled Savings Association Holding Company Report. FRB also gave notice that it sent the collection to OMB for review. Comments are due 11/12/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-09-10/pdf/2019-19445.pdf. Federal Register, Vol. 84, No. 175, 09/10/2019, 47514-47516.
  • FRB announced it seeks comment on the information collection titled Consumer Satisfaction Questionnaire, the Federal Reserve Consumer Help—Consumer Survey, the Consumer Online Complaint Form, and the Appraisal Complaint Form. FRB also gave notice that it sent the collection to OMB for review. Comments are due 11/12/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-09-10/pdf/2019-19446.pdf. Federal Register, Vol. 84, No. 175, 09/10/2019, 47507-47509.
  • FRB announced it seeks comment on the information collection titled Transfer Agent Registration and Amendment Form. FRB also gave notice that it sent the collection to OMB for review. Comments are due 11/12/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-09-10/pdf/2019-19447.pdf. Federal Register, Vol. 84, No. 175, 09/10/2019, 47512-47513.
  • FRB announced it seeks comment on the information collection titled Notice of Branch Closure. FRB also gave notice that it sent the collection to OMB for review. Comments are due 11/12/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-09-10/pdf/2019-19489.pdf. Federal Register, Vol. 84, No. 175, 09/10/2019, 47516-47517.
  • FRB announced it seeks comment on the information collection titled Payments Research Survey. FRB also gave notice that it sent the collection to OMB for review. Comments are due 11/12/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-09-10/pdf/2019-19490.pdf. Federal Register, Vol. 84, No. 175, 09/10/2019, 47511-47512.
  • FRB announced it seeks comment on the information collection titled Banking Organization Systemic Risk Report. FRB also gave notice that it sent the collection to OMB for review. Comments are due 11/12/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-09-10/pdf/2019-19522.pdf. Federal Register, Vol. 84, No. 175, 09/10/2019, 47509-47511.

FDIC Proposes Amendments to Securitization Safe Harbor Rule.

The Federal Deposit Insurance Corporation (FDIC) is proposing a rule that would revise certain provisions of its securitization safe harbor rule, which relates to the treatment of financial assets transferred in connection with a securitization or participation transaction, in order to eliminate a requirement that the securitization documents require compliance with Regulation AB of the Securities and Exchange Commission in circumstances where Regulation AB by its terms would not apply to the issuance of obligations backed by such financial assets. Comments are due 10/21/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-22/pdf/2019-15536.pdf. Federal Register, Vol. 84, No. 163, 08/22/2019, 43732-43737.

FDIC Proposes Removal of Transferred OTS Regulation Regarding Deposits.

FDIC proposes to rescind and remove the “Deposits” regulations because they are unnecessary and duplicative of currently applicable provisions of law with respect to the maintenance of deposit account records at State savings associations. These regulations apply solely to State savings associations, and were included in the regulations that were transferred to the FDIC from the Office of Thrift Supervision (OTS) on 07/21/2011, in connection with the implementation of title III of the DoddFrank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Comments are due 09/25/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-26/pdf/2019-18268.pdf. Federal Register, Vol. 84, No. 165, 08/26/2019, 44558-44563.

FDIC Proposes Interest Rate Restrictions on Institutions That Are Less Than Well Capitalized.  

FDIC issued proposed revisions to its regulations relating to interest rate restrictions that apply to less than well capitalized insured depository institutions. Under the proposed rule, the FDIC would amend the methodology for calculating the national rate and national rate cap for specific deposit products. The national rate would be the weighted average of rates paid by all insured depository institutions on a given deposit product, for which data are available, where the weights are each institution’s market share of domestic deposits. The national rate cap for particular products would be set at the higher of the 95th percentile of rates paid by insured depository institutions weighted by each institution’s share of total domestic deposits, or the proposed national rate plus 75 basis points. The proposed rule would also greatly simplify the current local rate cap calculation and process by allowing less than well capitalized institutions to offer up to 90 percent of the highest rate paid on a particular deposit product in the institution’s local market area. Comments are due 11/04/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-09-04/pdf/2019-18360.pdf. Federal Register, Vol. 84, No. 171, 09/04/2019, 46470-46495.

FDIC Issues Notice on Terminations of Receiverships.

FDIC as Receiver for former depository institutions, intends to terminate its receivership for the institutions listed in the notice. 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 notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-29/pdf/2019-18552.pdf. Federal Register, Vol. 84, No. 168, 08/29/2019, 45491.

FDIC Requests Comment on Information Collections.

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 09/26/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-27/pdf/2019-18414.pdf. Federal Register, Vol. 84, No. 166, 08/27/2019, 44895.

OCC Finalizes Assessment of Fees.

The Office of the Comptroller of the Currency (OCC) is adopting a final rule to revise its assessment rule to provide partial assessment refunds to national banks, Federal savings associations, and Federal branches and agencies of foreign banks (collectively, banks under the jurisdiction of the OCC) that exit the OCC’s jurisdiction within the first half of each six-month period beginning the day after the date of the second or fourth quarterly Consolidated Report of Condition and Income (Call Report). The final rule will not change the current payment due dates for assessments nor will it change the way assessments are calculated for banks that remain under the OCC’s jurisdiction. The final rule will also make technical changes to the assessment rules. The final rule is effective 09/20/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-21/pdf/2019-17535.pdf. Federal Register, Vol. 84, No. 162, 08/21/2019, 43475-43479.

OCC Requests Comment on Information Collections.

  • OCC announced it seeks comment on the information collection titled Bank Secrecy Act/Money Laundering Risk Assessment. OCC also gave notice that it sent the collection to OMB for review. Comments are due 09/23/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-23/pdf/2019-18158.pdf. Federal Register, Vol. 84, No. 164, 08/23/2019, 44352-44353.
  • OCC announced it seeks comment on the information collection titled Guidance Regarding Unauthorized Access to Customer Information. OCC 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-2019-08-23/pdf/2019-18159.pdf. Federal Register, Vol. 84, No. 164, 08/23/2019, 44354-44355.
  • OCC announced it seeks comment on the information collection titled Joint Standards for Assessing the Diversity Policies and Practices of Entities Regulated by the Agencies and Diversity Self-Assessment Template for OCC-Regulated Entities. OCC also gave notice that it sent the collection to OMB for review. Comments are due 11/04/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-09-04/pdf/2019-18992.pdf. Federal Register, Vol. 84, No. 171, 09/04/2019, 46604-46606.
  • OCC announced it seeks comment on the information collection titled Securities Exchange Act Disclosure Rules. OCC also gave notice that it sent the collection to OMB for review. Comments are due 10/10/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-09-10/pdf/2019-19516.pdf. Federal Register, Vol. 84, No. 175, 09/10/2019, 47631-47632.

HUD Finalizes Rule on Project Approval for Single-Family Condominiums. 

The Department of Housing and Urban Development (HUD) finalized a rule implementing HUD’s authority under the single-family mortgage insurance provisions of the National Housing Act to insure one-family units in a multifamily project, including a project in which the dwelling units are attached, or are manufactured housing units, semidetached, or detached, and an undivided interest in the common areas and facilities which serve the project. The rule provides for requirements for lenders to obtain approval under the Direct Endorsement Lender Review and Approval Process (DELRAP) authority for condominiums, and for standards that projects must meet to be approved for mortgage insurance on individual units. The rule provides for flexibility with respect to the concentration of Federal Housing Administration (FHA)- insured units, owner-occupied units, and the amount that can be set aside for commercial and non-residential space. This will enable HUD to vary these standards, within parameters, to meet market needs. The final rule is effective 10/15/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-15/pdf/2019-17213.pdf. Federal Register, Vol. 84, No. 158, 08/15/2019, 41846-41877.

HUD Proposes Amendments to Disparate Impact Standard.

HUD proposes to amend its interpretation of the Fair Housing Act’s disparate impact standard to better reflect the Supreme Court’s 2015 ruling in Texas Department of Housing and Community Affairs v. Inclusive Communities Project, Inc., and to provide clarification regarding the application of the standard to State laws governing the business of insurance. The proposal follows a 06/20/2018, advance notice of proposed rulemaking, in which HUD solicited comments on the disparate impact standard set forth in HUD’s 2013 final rule, including the disparate impact rule’s burden-shifting approach, definitions, and causation standard, and whether it required amendment to align with the decision of the Supreme Court in Inclusive Communities Project, Inc. Comments are due 10/18/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-19/pdf/2019-17542.pdf. Federal Register, Vol. 84, No. 160, 08/19/2019, 42854-42863.

HUD Issues Notice of Demonstration to Assess the National Standards for the Physical Inspection of Real Estate and Associated Protocols.

HUD issued a notice that it will be demonstrating the National Standards for the Physical Inspection of Real Estate (NSPIRE), which will further one of HUD’s highest priority strategic outcomes—resident health and safety. HUD is looking at the implementation of NSPIRE as an opportunity to reduce regulatory burden through alignment and consolidation compared to either maintaining or increasing the number of standards and protocols to evaluate HUD-assisted housing across multiple programs. During this demonstration, HUD will solicit volunteers to test the NSPIRE standards and protocols as the means for assessing the physical conditions of HUD-assisted and -insured housing. The demonstration, which will include approximately 4,500 properties, will be implemented on a rolling, nationwide basis and will assess all aspects of the physical inspection line of business of the Real Estate Assessment Center—the collection, processing, and evaluation of physical inspection data and information, including a new scoring model. As the first step in the implementation of NSPIRE, HUD is soliciting comment on this proposed, voluntary demonstration. HUD will consider the comments and incorporate them into the demonstration. Subjecting the NSPIRE model to a multistage demonstration will serve as an opportunity to refine processes and ensure all mechanisms are in place to facilitate the transition to a nationwide implementation. The demonstration will also serve as the precursor to any required rulemaking. Comments are due 10/21/2019, the notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-21/pdf/2019-17910.pdf. Federal Register, Vol. 84, No. 162, 08/21/2019, 43536-43542.

HUD Requests Comment on Information Collection.

  • HUD announced it seeks comment on the information collection titled FHA Lender Approval, Annual Renewal, Periodic Updates and Required Reports by FHA-Approved Lenders. HUD also gave notice that it sent the collection to OMB for review. Comments are due 09/13/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-14/pdf/2019-17453.pdf. Federal Register, Vol. 84, No. 157, 08/14/2019, 40435-40437.
  • HUD announced it seeks comment on the information collection titled Multifamily Mortgagee’s Application for Insurance Benefits. HUD also gave notice that it sent the collection to OMB for review. Comments are due 11/08/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-09-09/pdf/2019-19414.pdf. Federal Register¸ Vol. 84, No. 174, 09/09/2019, 47315-47316.

FEMA Issues Final Flood Hazard Determinations.

The Federal Emergency Management Agency (FEMA) has issued a final notice which identifies communities in the state of 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 12/09/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-28/pdf/2019-18550.pdf. Federal Register, Vol. 84, No. 167, 08/28/2019, 45160-45162.

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, Michigan, Minnesota, Nebraska, 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-2019-08-16/pdf/2019-17577.pdf. Federal Register, Vol. 84, No. 159, 08/16/2019, 41996-42000.
  • 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 Indiana, Michigan, 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.govinfo.gov/content/pkg/FR-2019-08-16/pdf/2019-17578.pdf. Federal Register, Vol. 84, No. 159, 08/16/2019, 41994-41996.
  • 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 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.govinfo.gov/content/pkg/FR-2019-08-29/pdf/2019-18691.pdf. Federal Register, Vol. 84, No. 168, 08/29/2019, 45511-45513.

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 11/27/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-29/pdf/2019-18695.pdf. Federal Register, Vol. 84, No. 168, 08/29/2019, 45509-45510.

FEMA Requests Comment on Information Collection.

FEMA announced it seeks comment on the information collection titled Community Disaster Loan (CDL) Program. FEMA 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-2019-08-28/pdf/2019-18544.pdf. Federal Register, Vol. 84, No. 167, 08/28/2019, 45162-45163.

FEMA Issues Correction to Revisions to Methodology for Payments to Write Your Own Companies. 

FEMA corrects the preamble to an Advance Notice of Proposed Rulemaking (ANPRM) which FEMA published on 07/08/2019, seeking 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. https://www.govinfo.gov/content/pkg/FR-2019-09-03/pdf/2019-18982.pdf. Federal Register, Vol. 84, No. 170, 09/03/2019, 45933-45934.

FinCEN Requests Comment on Information Collection.

The Financial Crimes Enforcement Network (FinCEN) announced it seeks comment on the information collection titled Renewal of Information Collection Requirements in connection with the Imposition of a Special Measure concerning North Korea as a Jurisdiction of Primary Money Laundering Concern. FinCEN also gave notice that it sent the collection to OMB for review. Comments are due 11/12/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-09-10/pdf/2019-19486.pdf. Federal Register, Vol. 84, No. 175, 09/10/2019, 47632-47633.

Treasury Announces Pricing for 2019 Apollo 11 50th Anniversary Commemorative Coins.

The Department of the Treasury (Treasury) is announcing pricing for the 2019 Apollo 11 50th Anniversary Commemorative Coins and Kennedy/Apollo 11 Intaglio Prints. The notice contains a table containing the pricing. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-19/pdf/2019-17793.pdf. Federal Register, Vol. 84, No. 160, 08/19/2019, 42991.

Treasury Issues Correction to Multiple Employer Plans.

Treasury issued a correction to a notice of proposed rulemaking that was published in the Federal Register on 07/03/2019. The proposed regulations relate to the tax qualification of plans maintained by more than one employer. As published, the notice of proposed rulemaking contains errors which may prove to be misleading and need to be clarified. Comments are still being accepted and are due 10/01/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-21/pdf/2019-17849.pdf. Federal Register, Vol. 84, No. 162, 08/21/2019, 43542-43543.

Treasury Requests Comment on Information Collection.

  • Treasury announced it seeks comment on the information collection titled Supporting Statement of Ownership for Overdue United States Bearer Securities. Treasury 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-2019-08-28/pdf/2019-18495.pdf. Federal Register, Vol. 84, No. 167, 08/28/2019, 45217.
  • Treasury announced it seeks comment on the information collection titled TreasuryDirect. Treasury also gave notice that it sent the collection to OMB for review. Comments are due 09/27/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-28/pdf/2019-18479.pdf. Federal Register, Vol. 84, No. 167, 08/28/2019, 45216-45217.

FASB Issues Interpretation of SFFAS 5 and SFFAS 6.

The Federal Accounting Standards Advisory Board (FASB) has issued Interpretation of Federal Financial Accounting Standards 9, Cleanup Cost Liabilities Involving Multiple Component Reporting Entities: An Interpretation of SFFAS 5 & SFFAS 6. The Interpretation is available on the FASB website at https://www.fasab.gov/accounting-standards/. Copies can be obtained by contacting FASB at (202) 512–7350. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-21/pdf/2019-18047.pdf. Federal Register, Vol. 84, No. 162, 08/21/2019, 43599.

FASB Issues Exposure Draft of Technical Bulletin.

FASB issued an exposure draft of a proposed Technical Bulletin titled Loss Allowance for Intragovernmental Receivables. 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 10/01/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-09-05/pdf/2019-19191.pdf. Federal Register, Vol. 84, No. 172, 09/05/2019, 46732.

FHFA Finalizes Rule on Credit Score Models.

The Federal Housing Finance Agency (FHFA) is issuing a final 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) (together, the Enterprises). The final rule defines a four-phase process for an Enterprise to validate and approve credit score models. The process begins with the Credit Score Solicitation (a solicitation by the Enterprises of applications from credit score model developers), followed by the Submission and Initial Review of Applications (an initial review by the Enterprise of submitted applications). The third phase is a Credit Score Assessment by the Enterprise, and the fourth phase is an Enterprise Business Assessment. The final rule establishes criteria for each of the four phases and includes required timing and notices for Enterprise decisions under the process. The final rule is effective 10/15/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-16/pdf/2019-17633.pdf. Federal Register, Vol. 84, No. 159, 08/16/2019, 41886-41908.

SBA Extends Decrease in Surety Bond Guarantee Program Fees.

The Small Business Administration (SBA) announces a one-year extension of the temporary decrease in the guarantee fees that SBA charges all Surety companies and Principals on each guaranteed bond (other than a bid bond) issued in SBA’s Surety Bond Guarantee (SBG) Program. The temporary initiative to test lower fees will be extended through 09/30/2020. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-14/pdf/2019-17442.pdf. Federal Register, Vol. 84, No. 157, 08/14/2019, 40466-40467.

SBA Extends 504 Loan Program Rural Initiative Pilot Program.

SBA’s 504 Loan Program Rural Initiative Pilot Program (504 Rural Pilot) authorizes Certified Development Companies (CDCs) to make 504 loans for projects in rural counties located in their SBA Region during the two-year period beginning 07/19/2018 and ending 07/20/2020. SBA announces the extension of the 504 Rural Pilot to 09/30/2021. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-28/pdf/2019-18609.pdf. Federal Register, Vol. 84, No. 167, 08/28/2019, 45060-45061.  

FSA Finalizes Agriculture Risk Coverage and Price Loss Coverage Programs.

The Farm Service Agency (FSA) issued a rule implementing the Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC) Programs authorized by the Agricultural Act of 2014 (the 2014 Farm Bill), as amended. The Agriculture Improvement Act of 2018 (2018 Farm Bill) amended 2014 Farm Bill provisions regarding ARC and PLC, and authorized the ARC and PLC Programs for the 2019 through 2023 program years. The ARC and PLC Programs are continuing, with some changes. This rule also includes conforming changes to Farm Service Agency (FSA) general regulations that apply to multiple programs. The ARC and PLC Programs provide producers a choice between a counter-cyclical payment support type program (PLC) and an income support program (ARC). In a defined election and enrollment period, producers can elect different programs for different covered commodities on a farm, for example, choosing PLC for corn and ARC for soybeans on the same farm. There is also an option to elect ARC individual coverage (ARC–IC); however, if that option is elected, all the farm’s covered commodities are elected with that option. The rule specifies the eligibility requirements, enrollment procedures, and payment calculations for the ARC and PLC Programs. The final rule is effective 09/03/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-09-03/pdf/2019-18853.pdf. Federal Register, Vol. 84, No. 170, 09/03/2019, 45877-45895.

RHS Delays Effective Date of Single Family Housing Guaranteed Loan Program.

The Rural Housing Service (RHS) published a final rule in the Federal Register on 07/22/2019 concerning construction to permanent loan financing, repair or rehabilitation financing, and the removal of a maximum the interest rate cap for the Single Family Housing Guaranteed Loan Program. The effective date was published as 08/21/2019 and is being deferred to 10/01/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-19/pdf/2019-17683.pdf. Federal Register, Vol. 84, No. 160, 08/19/2019, 42799.

RHS Proposes Amendments to Guaranteed Rural Rental Housing.

RHS is proposing to amend its regulation to remove the stated amount that RHS will charge for the initial and annual guarantee fees. The regulation change will allow RHS the flexibility to establish or make any future changes to the initial and annual guarantee fees without the need for a regulatory change. Comments are due 11/04/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-09-03/pdf/2019-18773.pdf. Federal Register, Vol. 84, No. 170, 09/03/2019, 45927-45929.

FTC Finalizes Amendments to Telemarketing Sales Rule Fees.

The Federal Trade Commission (FTC) is amending its Telemarketing Sales Rule by updating the fees charged to entities accessing the National Do Not Call Registry as required by the Do-Not-Call Registry Fee Extension Act of 2007. The final rule is effective 10/01/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-27/pdf/2019-18446.pdf. Federal Register, Vol. 84, No. 166, 08/27/2019, 44686-44687.

NCUA Requests Comment on Information Collection.

  1. The National Credit Union Administration (NCUA) announced it seeks comment on the information collection titled Corporate Credit Union Monthly Call Report and Report of Officers. NCUA also gave notice that it sent the collection to OMB for review. Comments are due 10/28/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-08-29/pdf/2019-18652.pdf. Federal Register, Vol. 84, No. 168, 08/29/2019, 45536-45537.
  2. NCUA announced it seeks comment on the information collection titled Records Preservation, 12 CFR part 749. NCUA also gave notice that it sent the collection to OMB for review. Comments are due 11/04/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-09-03/pdf/2019-18943.pdf. Federal Register, Vol. 84, No. 170, 09/03/2019, 46051.

VA Requests Comment on Information Collection.

The Department on Veterans Affairs (VA) announced it seeks comment on the information collection titled Supplement to VA Forms. VA 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-2019-09-06/pdf/2019-19246.pdf. Federal Register, Vol. 84, No. 173, 09/06/2019, 47041-47042.

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 May 2019 Compliance Journal. The full issue may be viewed by clicking here.

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

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

Agencies Request Comment on Information Collections.

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

CFPB Requests Comment on Information Collections.

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

CFPB Requests Comment on Potential Changes to Remittance Rule.

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

CFPB Requests Comment on Regulation C Data Points.

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

FRB Finalizes Rule on Collection of Administrative Debts.

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

FRB Finalizes Reserve Requirements of Depository Institutions.

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

FRB Proposes Amendments to Regulation EE.

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

FRB Requests Comment on Information Collections.

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

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

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

FDIC Proposes Amendments to Recordkeeping for Timely Deposit Insurance Determination.

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

FDIC Requests Comment on Required Resolution Plans.

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

FDIC Issues Terminations of Receivership.

  • FDIC, as Receiver, was charged with the duty of winding up the affairs of former depository institutions and liquidating all related assets. The Receiver has fulfilled its obligations and made all dividend distributions required by law. The Receiver has further irrevocably authorized and appointed FDIC-Corporate as its attorney-in-fact to execute and file any and all documents that may be required to be executed by the Receiver which FDIC-Corporate, in its sole discretion, deems necessary, including but not limited to releases, discharges, satisfactions, endorsements, assignments, and deeds. Effective on the termination dates listed in the final column of the chart in the notice, the Receiverships have been terminated, the Receiver has been discharged, and the Receiverships have ceased to exist as legal entities. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-05-06/pdf/2019-09161.pdf. Federal Register, Vol. 84, No. 87, 05/06/2019, 19786.
  • FDIC as Receiver for former depository institutions, intends to terminate its receivership for the institutions listed in the notices. The liquidation of the assets for each receivership has been completed. To the extent permitted by available funds and in accordance with law, the Receiver will be making a final dividend payment to proven creditors. Based upon the foregoing, the Receiver has determined that the continued existence of the receiverships will serve no useful purpose. Consequently, notice is given that the receiverships shall be terminated, to be effective no sooner than thirty days after the date of this notice. If any person wishes to comment concerning the termination of any of the receiverships, such comment must be made in writing, identify the receivership to which the comment pertains, and be sent within thirty days of the date of this notice to: Federal Deposit Insurance Corporation, Division of Resolutions and Receiverships, Attention: Receivership Oversight Department 34.6, 1601 Bryan Street, Dallas, TX 75201. No comments concerning the termination of the above-mentioned receiverships will be considered which are not sent within this time frame. The notices may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-05-06/pdf/2019-09161.pdf. Federal Register, Vol. 84, No. 87, 05/06/2019, 19786.

OCC Requests Comment on Non-Fiduciary Custody Activities.

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

OCC Requests Comment on Information Collections.

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

HUD Requests Comment on Information Collections.

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

HUD Issues Notice of HUD-Held Healthcare Loan Sale.

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

HUD Issues Basic Statutory Mortgage Limits for Multifamily Housing Programs.

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

FEMA Issues Final Flood Hazard Determinations.

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

FEMA Issues Final Notices of Changes in Flood Hazard Determinations.

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

FEMA Issues Correction to Proposed Flood Hazard Determinations.

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

FEMA Requests Comment on Information Collection.

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

FinCEN Requests Comment on Information Collection.

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

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

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

OFAC Requests Comment on Information Collection.

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

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

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

Treasury Requests Comment on Information Collection. 

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

Treasury Issues Civil Monetary Penalty Inflation Adjustments.

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

SBA Issues Revised Size Standards Methodology.

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

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

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

FCIC Requests Comment on Information Collection. 

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

RBC Requests Comment on Information Collections.

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

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

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

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

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

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

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

CCC Issues Miscellaneous Conservation Provisions. 

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

CFTC Finalizes Amendments to Privacy of Consumer Financial Information.

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

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

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

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

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

VA Requests Comment on Information Collections.

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

DOL Request Comment on Information Collection.

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

By, Ally Bates

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 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