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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 Compliance Notes section of the September 2019 Compliance Journal. The full issue may be viewed by clicking here.

NCUA released interim guidance on serving hemp businesses, which discusses how federally insured credit unions may provide certain financial services to legally operating hemp businesses. The guidance may be viewed at: https://www.ncua.gov/regulation-supervision/letters-credit-unions-other-guidance/serving-hemp-businesses


FDIC released its August 2019 FDIC Consumer News featuring an article warning about scams involving fake checks. The article also included a number of tips for spotting fake checks and steps a consumer should take if a bogus check scam is suspected. The article may be viewed at: https://www.fdic.gov/consumers/consumer/news/august2019.pdf


FFIEC announced the availability of data on mortgage lending transactions at 5,683 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. Released are loan-level HMDA data covering 2018 lending activity that were submitted on or before August 7, 2019.  The announcement may be viewed at: https://www.consumerfinance.gov/about-us/newsroom/ffiec-announces-availability-2018-data-mortgage-lending/


FDIC updated it Risk Management Manual of Examination Policies to incorporate a new section titled Risk-Focused, Forward-Looking Safety and Soundness Supervision. The latter describes the FDIC’s long-standing philosophy and methods for supervising institutions by focusing on the areas presenting the greatest risks. The new section has been included in the new Part VI of the Manual titled “Appendix: Examination Processes and Tools,” and describes communication and risk-tailoring principles followed during safety and soundness examination activities. The notice may be viewed at: https://www.fdic.gov/news/news/financial/2019/fil19047.html


CFPB launched the American Consumer Financial Innovation Network (ACFIN), a network to enhance coordination among federal and state regulators to facilitate financial innovation. CFPB invited all state regulators to join ACFIN, and the initial members of ACFIN are the Attorneys General of: Alabama, Arizona, Georgia, Indiana, South Carolina, Tennessee, and Utah. The announcement may be viewed at: https://www.consumerfinance.gov/about-us/newsroom/bureau-state-regulators-launch-american-consumer-financial-innovation-network/


OCC issued a bulletin to remind banks of the new registration requirement for appraisal management companies (AMC) that became effective on August 10, 2019. Under this requirement, AMCs must register with the state or states in which they do business and must be subject to state supervision. Federal law bars AMCs from providing appraisal management services to financial institutions for consumer credit transactions secured by a consumer’s principal dwelling that are federally related transactions if the AMCs are not registered as required. This bulletin discusses considerations for banks with regard to confirming AMC registration as part of sound third-party risk management and suggests alternatives that banks can use when no registered AMCs are available. The bulletin may be viewed at: https://www.occ.gov/news-issuances/bulletins/2019/bulletin-2019-43.html


ABA released an article on preparing for a lapse in flood insurance. When the NFIP lapses, either due to a shutdown of the federal government or because Congress does not reauthorize it, many loan closings in these areas are delayed or otherwise complicated, resulting in additional costs and borrower frustrations. Unfortunately, the potential for lapse has become increasingly common, with 10 short-term extensions of the program and two brief lapses since 2016. The current authorization for the NFIP will expire at midnight on Monday, Sept. 30, 2019. The article may be viewed at: https://bankingjournal.aba.com/2019/09/how-banks-should-prepare-for-a-flood-insurance-lapse/. FRB, FDIC, OCC, and FCA also have issued an interagency statement on lapses in the NFIP. The statement may be viewed at: https://www.fdic.gov/news/news/press/2018/pr18106.html 


FDIC released results of its annual survey of branch office deposits for all FDIC-insured institutions as of June 30, 2019. The FDIC’s Summary of Deposits (SOD) provides deposit totals for each of the more than 86,000 domestic offices operated by more than 5,300 FDIC-insured commercial and savings banks, savings associations, and U.S. branches of foreign banks. The results may be viewed at: https://www5.fdic.gov/sod/sodMarketBank.asp?barItem=2


FHFA announced a revised cap structure on the multifamily businesses of Fannie Mae and Freddie Mac (the Enterprises).  The new multifamily loan purchase caps will be $100 billion for each Enterprise, a combined total of $200 billion in support to the multifamily market, for the five-quarter period Q4 2019 – Q4 2020.  The new caps apply to all multifamily business – no exclusions. The announcement may be viewed at: https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Revises-Multifamily-Loan-Purchase-Caps-for-Fannie-Mae-and-Freddie-Mac.aspx


FTC charged the operators of two similar student loan debt relief schemes, and a financing company that assisted them, with bilking millions of dollars from consumers. The defendants allegedly charged illegal upfront fees that they led consumers to believe went towards consumers’ student loans, and falsely promised that their services would permanently lower or even eliminate consumers’ loan payments or balances. The defendants also signed customers up for high-interest loans to pay the fees without making required disclosures. The notice may be viewed at: https://www.ftc.gov/news-events/press-releases/2019/09/ftc-takes-action-against-operators-student-loan-debt-relief


FDIC posted its state profile for second quarter 2019. FDIC State Profiles is a quarterly summary of banking and economic conditions in each state. The profiles may be viewed at: https://www.fdic.gov/bank/analytical/stateprofile/


HUD announced a significant expansion of its Rental Assistance Demonstration (RAD) to facilitate capital investment in senior housing developments assisted through HUD’s Section 202 Supportive Housing for the Elderly Project Rental Assistance Contracts (PRAC). Expanding RAD to include Section 202 PRAC units will now allow nonprofit housing developers to access capital investment to revitalize their aging properties and to ensure sustainable affordability for their very low-income elderly residents. There are approximately 120,000 units across 2,800 properties that will now become eligible to participate in RAD. The notice may be viewed at: https://www.hud.gov/sites/dfiles/OCHCO/documents/2019-09hsgn.pdf


NCUA Chairman Rodney E. Hood issued the following detailed statement in response to the Aug. 20, 2019, D.C. Circuit Court of Appeals decision in American Bankers Association v. National Credit Union Administration: “In response to the D.C. Circuit’s ruling, which largely upholds the NCUA’s field-of-membership rules, the NCUA will take a phased approach to implementing this decision. Such a phased approach is necessary because the D.C. Circuit’s ruling remains subject to requests for further review. With respect to credit unions serving rural districts, the NCUA Board will permit federal credit unions to submit applications seeking expanded rural districts serving geographic regions that encompass up to one million people and that meet the other requirements set forth in the agency’s field-of-membership rules. The NCUA will act on such applications at the appropriate time. The D.C. Circuit upheld the portion of NCUA’s 2016 rule, which allowed charters serving Combined Statistical Areas or a portion thereof, subject to a 2.5-million person limit. We will announce further guidance on this issue shortly. In the near future, the NCUA Board will consider a limited proposal that will address another issue raised by the D.C. Circuit regarding the definition of local community that includes portions of Core-Based Statistical Areas that do not include the urban core. The format of this proposal will be a notice of proposed rulemaking with public comment.” The announcement may be viewed at: https://www.ncua.gov/newsroom/press-release/2019/chairman-hood-ncua-will-take-phased-approach-implement-fom-rule


CFPB released the results of a pilot study, Planning for tax-time savings, launched with the tax preparation company H&R Block that shows that simple messages encouraging customers to use their prepaid card to save at tax time increased the likelihood that they would do so. The pilot study, conducted during the 2017 tax filing season, randomly assigned a subset of H&R Block’s prepaid card customers to one of three groups. One group was sent an email with a message encouraging them to save using a savings feature on the prepaid card, one was sent an email message offering them a $5 incentive to save on the card, and one was not sent any savings message. The study may be viewed at: https://files.consumerfinance.gov/f/documents/cfpb_planning-for-tax-time-savings_report.pdf


FHFA announced it is expanding its foreclosure prevention options to allow borrowers in Presidentially Declared Major Disaster Areas (PDMDAs) with delinquent FHA-insured mortgages to bring their mortgages current without increasing their interest rates or principal and interest payments. The notice may be viewed at: https://www.hud.gov/press/press_releases_media_advisories/HUD_No_19_132


FRB released the latest issue of the Consumer Compliance Outlook. This issue features articles on effective change management, and vendor considerations for flood insurance requirements. The issue may be viewed at: https://consumercomplianceoutlook.org/    


FinCEN has launched its Global Investigations Division (GID), which will be responsible for implementing targeted investigation strategies rooted in FinCEN’s unique authorities under the Bank Secrecy Act (BSA) to combat illicit finance threats and related crimes, both domestically and internationally. FinCEN Director Kenneth A. Blanco announced that Matthew Stiglitz, a former Principal Deputy Chief in the Department of Justice’s Criminal Division, will lead GID. The announcement may be viewed at: https://www.fincen.gov/news/news-releases/new-fincen-division-focuses-identifying-primary-foreign-money-laundering-threats


FDIC updated its Risk Management Manual of Examination Policies (the Manual) to incorporate a new section titled Risk-Focused, Forward-Looking Safety and Soundness Supervision. The latter describes the FDIC’s long-standing philosophy and methods for supervising institutions by focusing on the areas presenting the greatest risks. The new section has been included in the new Part VI of the Manual titled “Appendix: Examination Processes and Tools,” and describes communication and risk-tailoring principles followed during safety and soundness examination activities. The announcement may be viewed at: https://www.fdic.gov/news/news/financial/2019/fil19047.html


CFPB released its fourth biennial report on the state of the credit card market for the period 2017-2018. In 2009, the Credit Card Accountability Responsibility and Disclosure Act (Act) made substantial changes to the legal requirements applicable to the credit card market, with Section 502 of the Act also requiring that a report be issued every two years with respect to the market. The report may be viewed at: https://files.consumerfinance.gov/f/documents/cfpb_consumer-credit-card-market-report_2019.pdf


FRB conducted a floating-rate offering of term deposits through its Term Deposit Facility on August 22, 2019. The operation offered seven-day term deposits with the rate set equal to the sum of the interest rate paid on excess reserves plus a fixed spread of 1 basis point. The results of the offering may be viewed at: https://www.federalreserve.gov/newsevents/pressreleases/monetary20190822a.htm


OCC will host two workshops at the OCC Central District Office in Chicago, October 1 and 2, for directors of national community banks and federal savings associations supervised by the OCC. The workshops are taught by experienced OCC staff and are two of the 24 offered nationwide to enhance and expand the skills of national community bank and federal savings association directors. Registration information may be viewed at: https://www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-96.html


OFAC and FinCEN announced coordinated actions to bring additional financial pressure upon those who manufacture, sell, or distribute synthetic opioids or their precursor chemicals. The announcement may be viewed at: https://home.treasury.gov/news/press-releases/sm756

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

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

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

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

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

Agencies Propose Capital Simplification for Qualifying Community Banking Organizations.

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

Agencies Issue Final Guidance.

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

CFPB Finalizes Amendments to Fair Credit Reporting Act Disclosures.

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

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

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

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

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

CFPB Issues Inflation Adjustments for Civil Monetary Penalties.

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

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

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

CFPB Requests Comment on Consumer Credit Card Market.

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

CFPB Requests Comment on Information Collections.

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

CFPB Issues Fair Lending Report.

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

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

FRB Finalizes Amendments to Regulation D.

FRB is amending Regulation D (Reserve Requirements of Depository Institutions) to revise the rate of interest paid on balances maintained to satisfy reserve balance requirements (IORR) and the rate of interest paid on excess balances (IOER) maintained at Federal Reserve Banks by or on behalf of eligible institutions. The final amendments specify that IORR is 2.40 percent and IOER is 2.40 percent, a 0.20 percentage point increase from their prior levels. The amendments are intended to enhance the role of such rates of interest in moving the Federal funds rate into the target range established by the Federal Open Market Committee. The final amendments are effective 01/31/2019. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-01-31/pdf/2018-28424.pdf. Federal Register, Vol. 84, No. 21, 01/31/2019, 512-513.

FRB Requests Comment on Information Collections.

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

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

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

FDIC Finalizes Amendments to Depository Institution Management Interlocks Act.

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

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

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

FDIC Requests Comment on Brokered Deposits and Interest Rate Restrictions.

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

FDIC Requests Comment on Information Collections.

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

FDIC Issues Terminations of Receiverships.

  • FDIC as Receiver was charged with the duty of winding up the affairs of former depository institutions and liquidating all related assets. The Receiver has fulfilled its obligations and made all dividend distributions required by law. The Receiver has further irrevocably authorized and appointed FDIC-Corporate as its attorney-in-fact to execute and file any and all documents that may be required to be executed by the Receiver which FDIC-Corporate, in its sole discretion, deems necessary, including but not limited to releases, discharges, satisfactions, endorsements, assignments, and deeds. Effective on the termination dates listed in the final column of the chart in the notice, the Receiverships have been terminated, the Receiver has been discharged, and the Receiverships have ceased to exist as legal entities. The notice may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-06/pdf/2019-01310.pdf. Federal Register, Vol. 84, No. 25, 02/04/2019, 2224-2225.
  • FDIC as Receiver for former depository institutions, intends to terminate its receivership for the institutions listed in the notices. The liquidation of the assets for each receivership has been completed. To the extent permitted by available funds and in accordance with law, the Receiver will be making a final dividend payment to proven creditors. Based upon the foregoing, the Receiver has determined that the continued existence of the receiverships will serve no useful purpose. Consequently, notice is given that the receiverships shall be terminated, to be effective no sooner than thirty days after the date of this notice. If any person wishes to comment concerning the termination of any of the receiverships, such comment must be made in writing, identify the receivership to which the comment pertains, and be sent within thirty days of the date of this notice to: Federal Deposit Insurance Corporation, Division of Resolutions and Receiverships, Attention: Receivership Oversight Department 34.6, 1601 Bryan Street, Dallas, TX 75201. No comments concerning the termination of the above-mentioned receiverships will be considered which are not sent within this time frame. The notices may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-08/pdf/2019-01542.pdf. Federal Register, Vol. 84, No. 27, 02/08/2019, 2865.
    https://www.govinfo.gov/content/pkg/FR-2019-02-05/pdf/2019-01027.pdf. Federal Register, Vol. 84, No. 24, 02/05/2019, 1729-1730.

OCC Requests Comment on Information Collections.

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

FEMA Issues Final Rules on Suspensions of NFIP Community Eligibility.

The Federal Emergency Management Agency (FEMA) issued a final rule which identifies communities in the state of Iowa, where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP) that are scheduled for suspension on the effective dates listed within the final rule because of noncompliance with the floodplain management requirements of the program. If FEMA receives documentation that the community has adopted the required floodplain management measures prior to the effective suspension date given in the final rule, the suspension will not occur and a notice of this will be provided by publication in the Federal Register on a subsequent date. The effective date of each community’s scheduled suspension is the third date listed in the third column of the tables in the final rule. The final rule may be viewed at: https://www.govinfo.gov/content/pkg/FR-2019-02-01/pdf/2019-00699.pdf. Federal Register, Vol. 84, No. 22, 02/01/2019, 978-989.

Treasury Issues Final Rule on Qualified Business Income Deduction.

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

Treasury Proposes Rule on Qualified Business Income Deduction.

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

Treasury Announces Pricing for 2019 United States Mint Numismatic Products.

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

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

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

FSA Requests Comment on Information Collection.

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

FCA Finalizes Amendments to Farmer Mac Investment Eligibility.

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

FCA Issues Inflation Adjustments for Civil Monetary Penalties.

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

FASB Issues Accounting Technical Release 19.

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

NCUA Issues Inflation Adjustments for Civil Monetary Penalties.

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

NCUA Issues Technical Amendments.

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

SSA Issues Inflation Adjustments for Civil Monetary Penalties.

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

SSA Requests Comment on Information Collection.

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

By, Ally Bates

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