Upcoming Events
Comment Period: Beneficial Ownership Information Access and Safeguards, and Use of FinCEN Identifiers for Entities
February 14, 2023
AGENCY: Financial Crimes Enforcement Network (FinCEN), Treasury. ACTION: Notice of proposed rulemaking (NPRM). SUMMARY: FinCEN is promulgating proposed regulations regarding access by authorized recipients to beneficial ownership information (BOI) that will be reported to FinCEN pursuant to Section 6403 of the Corporate Transparency Act (CTA), enacted into law as part of the Anti-Money Laundering Act…
Comment Period: Use of an Electronic Medium To Make Participant Elections and Spousal Consents
March 30, 2023
AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of proposed rulemaking and notice of public hearing. SUMMARY: This document sets forth a proposed regulation relating to the use of an electronic medium for participant elections and spousal consents. The proposed regulation provides an alternative to in-person witnessing of spousal consents required to be witnessed by…
Comment Period: Request for Information Regarding Consumer Credit Card Market
April 24, 2023
AGENCY: Bureau of Consumer Financial Protection. ACTION: Notice and request for information. SUMMARY: Section 502(a) of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act or Act) requires the Consumer Financial Protection Bureau (CFPB) to conduct a review (Review) of the consumer credit card market, within the limits of its existing resources…
Comment Period: Expansion of the COVID-19 Recovery Loss Mitigation Options
March 01, 2023
Subject: Expansion of the COVID-19 Recovery Loss Mitigation Options Purpose: This Mortgagee Letter (ML) extends the COVID-19 Recovery Loss Mitigation Options (COVID-19 Recovery Options) and expands the options to include additional eligible Borrowers, increase the COVID-19 Recovery Partial Claims, and add incentive payments to Mortgagees. Effective Date: The provisions of this ML may be implemented…
Comment Period: Credit Card Penalty Fees (Regulation Z)
April 03, 2023
AGENCY: Bureau of Consumer Financial Protection. ACTION: Proposed rule with request for public comment. SUMMARY: The Consumer Financial Protection Bureau (Bureau) proposes to amend Regulation Z, which implements the Truth in Lending Act (TILA), to better ensure that the late fees charged on credit card accounts are “reasonable and proportional” to the late payment as…
Comment Period: Indorsement and Payment of Checks Drawn on the United States Treasury
April 03, 2023
AGENCY: Bureau of the Fiscal Service, Treasury. ACTION: Notice of proposed rulemaking with request for comment. SUMMARY: The Bureau of the Fiscal Service (Fiscal Service) at the Department of the Treasury (Treasury) is proposing to amend its regulations governing the payment of checks drawn on the United States Treasury. Specifically, to prevent Treasury checks from…
Effective Date: Debit Card Interchange Fees and Routing
July 01, 2023
AGENCY: Board of Governors of the Federal Reserve System. ACTION: Final rule. SUMMARY: The Board of Governors is adopting a final rule that amends Regulation II to specify that the requirement that each debit card transaction must be able to be processed on at least two unaffiliated payment card networks applies to card-not-present transactions, clarify…
Effective Date: Consumer Leasing (Regulation M) Amendment
January 01, 2023
AGENCY: Board of Governors of the Federal Reserve System (Board) and Bureau of Consumer Financial Protection (Bureau). ACTION: Final rules, official interpretations, and commentary. SUMMARY: The Board and the Bureau (collectively, the Agencies) are finalizing amendments to the official interpretations and commentary for the Agencies’ regulations that implement the Consumer Leasing Act (CLA). The Dodd-Frank…
Effective Date: Truth in Lending (Regulation Z) Amendment
January 01, 2023
AGENCY: Board of Governors of the Federal Reserve System (Board) and Bureau of Consumer Financial Protection (Bureau). ACTION: Final rules, official interpretations, and commentary. SUMMARY: The Board and the Bureau (collectively, the Agencies) are publishing final rules amending the official interpretations and commentary for the Agencies’ regulations that implement the Truth in Lending Act (TILA)….
Effective Date: Supervisory Guidance on Multiple Re-Presentment NSF Fees
January 01, 2023
AGENCY: Office of the Comptroller of the Currency, Treasury (OCC); Board of Governors of the Federal Reserve System (Board); and Bureau of Consumer Financial Protection (Bureau). ACTION: Final rules, official interpretations, and commentary. SUMMARY: The OCC, the Board, and the Bureau are finalizing amendments to the official interpretations for their regulations that implement section 129H…
Effective Date: Fair Credit Reporting Act Disclosures
January 01, 2023
AGENCY: Bureau of Consumer Financial Protection. ACTION: Final rule; official interpretation. SUMMARY: The Consumer Financial Protection Bureau (Bureau) is issuing this final rule amending an appendix for Regulation V, which implements the Fair Credit Reporting Act (FCRA). The Bureau is required to calculate annually the dollar amount of the maximum allowable charge for disclosures by…
Effective Date: Reserve Requirements of Depository Institutions
January 03, 2023
AGENCY: Board of Governors of the Federal Reserve System. ACTION: Final rule. SUMMARY: The Board is amending Regulation D, Reserve Requirements of Depository Institutions, to reflect the annual indexing of the reserve requirement exemption amount and the low reserve tranche for 2023. The annual indexation of these amounts is required notwithstanding the Board’s action in…
Effective Date: Improvements to the Federal Reserve Policy on Payment System Risk
February 06, 2023
AGENCY: Board of Governors of the Federal Reserve System. ACTION: Notice. SUMMARY: The Board of Governors of the Federal Reserve System (Board) is adopting changes to part II of the Federal Reserve Policy on Payment System Risk (PSR policy) substantially as proposed. The changes expand the eligibility of depository institutions to request collateralized intraday credit…
Effective Date: Regulation Implementing the Adjustable Interest Rate (LIBOR) Act
February 27, 2023
AGENCY: Board of Governors of the Federal Reserve System (Board). ACTION: Final rule. SUMMARY: The Board is adopting a final rule (final rule) to implement the Adjustable Interest Rate (LIBOR) Act. The final rule establishes benchmark replacements for contracts governed by U.S. law that reference certain tenors of U.S. dollar LIBOR (the overnight and one-,…
Effective Date: H.R. 2617
January 01, 2023
Consolidated Appropriations Act, 2023 This bill provides appropriations to federal agencies for the remainder of FY2023, provides supplemental appropriations for disaster relief and to support Ukraine, extends several expiring authorities, and modifies or establishes various programs that address a wide range of policy areas. The bill includes the 12 regular appropriations bills that fund federal…
Effective Date: Joint Statement on Crypto-Asset Risks to Banking Organizations
January 03, 2023
Joint Statement on Crypto-Asset Risks to Banking Organizations The Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the agencies) are issuing the following statement on crypto-asset1 risks to banking organizations. The events of the past year…
Effective Date: Inflation Adjustment of Civil Monetary Penalties
January 13, 2023
AGENCY: Office of Foreign Assets Control, Treasury. ACTION: Final rule. SUMMARY: The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is issuing this final rule to adjust certain civil monetary penalties for inflation pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment…
Effective Date: Inflation Adjustment of Civil Monetary Penalties
January 19, 2023
AGENCY: Financial Crimes Enforcement Network (FinCEN), Treasury. ACTION: Final rule. SUMMARY: FinCEN is publishing this final rule to reflect inflation adjustments to its civil monetary penalties as mandated by the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended. This rule adjusts certain maximum civil monetary penalties within the jurisdiction of FinCEN to the…
Effective Date: Community Reinvestment Act Regulations Asset-Size Thresholds
January 01, 2023
AGENCY: Board of Governors of the Federal Reserve System (Board); Federal Deposit Insurance Corporation (FDIC). ACTION: Joint final rule; technical amendment. SUMMARY: The Board and the FDIC (collectively, the Agencies) are amending their Community Reinvestment Act (CRA) regulations to adjust the asset-size thresholds used to define “small bank” and “intermediate small bank.” As required by…
Effective Date: Prior Approval for Enterprise Products
February 27, 2023
AGENCY: Federal Housing Finance Agency. ACTION: Final rule. SUMMARY: The Federal Housing Finance Agency (FHFA or Agency) is adopting a final rule that establishes a process for the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (collectively, the Enterprises) to provide advance notice to the FHFA Director before…
Comment Period: Non-Compete Clause Rule
March 10, 2023
AGENCY: Federal Trade Commission. ACTION: Notice of proposed rulemaking. SUMMARY: Pursuant to Sections 5 and 6(g) of the Federal Trade Commission Act, the Federal Trade Commission (“Commission”) is proposing the Non-Compete Clause Rule. The proposed rule would, among other things, provide that it is an unfair method of competition for an employer to enter into…
Comment Period: Registry of Supervised Nonbanks that Use Form Contracts to Impose Terms and Conditions that Seek to Waive or Limit Consumer Legal Protections
March 13, 2023
AGENCY: Bureau of Consumer Financial Protection. ACTION: Proposed rule with request for public comment. SUMMARY: The Consumer Financial Protection Act of 2010 (CFPA) requires the Consumer Financial Protection Bureau (Bureau or CFPB) to monitor markets for consumer financial products and services for risks to consumers in order to support the various statutory functions of the…
Comment Period: Agency Information Collection Activities; Proposed Collection; Comment Request; Beneficial Ownership Information Reports
March 20, 2023
AGENCY: Financial Crimes Enforcement Network (FinCEN), Treasury. ACTION: Notice and request for comments. SUMMARY: FinCEN invites all interested parties to comment on the report that will be used to collect beneficial ownership information, as required by the Beneficial Ownership Information Reporting Requirements final rule that was published on September 30, 2022. The details included in…
Comment Period: Agency Information Collection Activities; Proposed Collection; Comment Request; Individual FinCEN Identifiers
March 20, 2023
AGENCY: Financial Crimes Enforcement Network (FinCEN), Treasury. ACTION: Notice and request for comments. SUMMARY: FinCEN invites all interested parties to comment on the application that will be used to collect information from individuals who seek to obtain a FinCEN identifier, consistent with the Beneficial Ownership Information Reporting Requirements final rule that was published on September…
Effective Date: Truth in Lending (Regulation Z) Annual Threshold Adjustments (Credit Cards, HOEPA, and Qualified Mortgages)
January 01, 2023
AGENCY: Bureau of Consumer Financial Protection. ACTION: Final rule; official interpretation. SUMMARY: The Consumer Financial Protection Bureau (Bureau) is issuing this final rule amending the regulation text and official interpretations for Regulation Z, which implements the Truth in Lending Act (TILA). The Bureau calculates the dollar amounts for several provisions in Regulation Z annually; this…