Upcoming Events
Effective Date: Final Margin Rule
February 24, 2021
CFTC issues a final rule to amend the margin requirements for uncleared swaps for swap dealers (SD) and major swap participants (MSP) for which there is not a prudential regulator (CFTC Margin Rule). The final rule amends the CFTC Margin Rule to permit the application of a minimum transfer amount (MTA) of up to $50,000 for each…
Effective Date: Position Limits for Derivatives
March 15, 2021
CFTC issued a final rule to conform regulations concerning speculative position limits to the relevant Dodd-Frank Act amendments to the Commodity Exchange Act (CEA). Among other regulatory amendments, CFTC adopted: (a) new and amended federal spot-month limits for 25 physical commodity derivatives; (b) amended single month and all-months-combined limits for most of the agricultural contracts currently subject…
Mandatory Compliance Date: Electronic Trading Risk Principles.
July 12, 2021
The Commodity Futures Trading Commission (CFTC) issued a final rule to amend its part 38 regulations to address the potential risk of a designated contract market’s (DCM) trading platform that experience a market disruption or system anomaly due to electronic trading. The final rule set forth three principles applicable to DCMs concerning the: (1) implementation of exchange rules…
Comment Period: Amend Rule 144 Holding Period and Form Filings
March 22, 2021
SEC issued a proposed rule to amend Rule 144 to revise the holding period determination for securities acquired upon the conversion or exchange of certain market-adjustable securities of issuers that do not have securities listed on a national securities exchange. Under the proposed amendments, the holding period for the securities would not begin until the securities are acquired upon…
Effective Date: Exemption from Definition of “Clearing Agency” for Certain Activities of Security-Based Swap Dealers and Security-Based Swap Execution Facilities
April 02, 2021
SEC issue a final rule pursuant to Section 36 of the Securities Exchange Act to exempt from the definition of “clearing agency” in Section 3(a)(23) of the Exchange Act certain activities of a registered security-based swap dealer, a registered security- based swap execution facility, and a person engaging in dealing activity in security-based swaps that is eligible…
Effective Date: Disclosure of Payments by Resource Extraction Issuers
March 16, 2021
SEC adopted a final rule under the Securities Exchange Act Exchange Act to amend Form SD to implement Section 13(q) of the Exchange Act. Section 13(q) directs SEC to issue rules to require resource extraction issuers to include in an annual report information relating to payments made to a foreign government or the federal government for the…
Comment Period: SBA Extends Participation in 8(a) Business Development Program
March 15, 2021
SBA issued an interim final rule to amend the regulations governing the 8(a) Business Development (BD) program to implement a provision in the Consolidated Appropriations Act, 2021 (Appropriations Act), and the National Defense Authorization Act for Fiscal Year 2021 (NDAA 2021), which authorized certain 8(a) participants to extend their 8(a) BD program term by a period of one…
Comment Period: PPP Interim Final Rules
March 08, 2021
SBA published an interim final rule to implement changes related to the forgiveness and review of loans made under the Paycheck Protection Program (PPP), which was originally established under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide economic relief to small businesses nationwide adversely impacted by COVID-19. On 12/27/2020, Economic Aid to Hard-Hit Small…
Comment Period: Requiring Additional Records be Made and Retained by Dealers in Foreign Exchange and by Brokers or Dealers in Securities
April 02, 2021
FinCEN seeks comments on the renewal, without change, of a currently approved information collections found in existing Bank Secrecy Act regulations. Specifically, the regulations require dealers in foreign exchange and brokers or dealers in securities to secure and maintain a record of the taxpayer identification number for individuals for whom a transaction or brokerage account is opened, or…
Comment Period: Information Collection for Designation of Exempt Person Report
March 26, 2021
FinCEN seeks comment on the renewal, without change, of a currently approved information collection found in existing Bank Secrecy Act regulations. Specifically, the regulations permit banks to file a FinCEN Report 110, Designation of Exempt Person (DOEP Report), to designate eligible customers as exempt persons, such that a bank is not required to file a report with respect…
Comment Period: FinCEN Seeks Comment on Information Collection for Purchases of Certain Bank Instruments.
March 22, 2021
FinCEN seeks comment on the renewal, without change, of a currently approved information collection found in existing Bank Secrecy Act regulations. Specifically, the regulations require recordkeeping for the issuance or sale of bank checks and drafts, cashier's checks, money orders, and traveler's checks when the issuance or sale involves the use of currency in an amount between $3,000 and…
Comment Period: FinCEN Extends Comment Period for Proposed Rule Regarding BSA Requirements for Convertible Virtual Currency and Digital Assets
March 29, 2021
The Financial Crimes Enforcement Network (FinCEN) issued a notice on 01/15/2021, to announce the reopening of the comment period of a previously published proposed rule regarding the Bank Secrecy Act (BSA). On 12/23/2020, FinCEN published a proposed rule proposing requirements for banks and money services businesses (MSBs) related to certain transactions involving convertible virtual currency (CVC) or digital…
Comment Period: OCC Seeks Comment on Revision to Stress Testing Template and Documentation Information Collection
March 29, 2021
OCC seeks comment regarding revision to a regulatory reporting requirement for national banks and federal savings associations entitled, Company- Run Annual Stress Test Reporting Template and Documentation for Covered Institutions with Total Consolidated Assets of $250 Billion or More under the Dodd-Frank Act. OCC uses the data collected to assess the reasonableness of the stress test results of…
Comment Period: OCC Issues Proposed Rule to Modify Requirements for Bank Premises
March 22, 2021
The Office of the Comptroller of the Currency (OCC) issued a proposed rule would modify the requirements for national bank and federal savings association ownership of real property. OCC also proposed to consolidate 12 CFR 7.3001 on sharing national bank or federal savings association space and employees with the rule covering ownership of property. OCC proposed…
Comment Period: FDIC Issues Proposed Rule to Rescind and Remove Transferred OTS Securities Offerings Regulations
April 05, 2021
FDIC issued a proposed rule to streamline FDIC regulations and guidance to rescind and remove from the Code of Federal Regulations rules entitled, Securities Offerings, that were transferred to FDIC from the Office of Thrift Supervision (OTS) on 07/21/2011, in connection with implementation of Title III of the Dodd-Frank Act. FDIC also proposed to rescind its Statement of…
Effective Date: Removal of Transferred OTS Regulations Regarding Prompt Corrective Action Directives and Conforming Amendments to Other Regulations
March 05, 2021
FDIC issued a final rule to rescind and remove from the Code of Federal Regulations rules entitled, Prompt Corrective Action, that were transferred to FDIC from the Office of Thrift Supervision (OTS) on 07/21/2011, in connection with implementation of Title III of the Dodd- Frank Act and to amend certain sections of existing FDIC regulations governing the issuance…
Mandatory Compliance Date: Removal of Transferred Office of Thrift Supervision (OTS) Regulations Regarding Nondiscrimination Requirements
February 03, 2022
FDIC issued a final rule to rescind and remove its regulation entitled, Nondiscrimination Requirements, and has amended its regulation entitled, Fair Housing, to make it applicable to state savings associations. The actions will streamline FDIC’s rules by eliminating unnecessary, inconsistent, and duplicative regulations, and ensure insured state nonmember banks and state savings associations generally will be subject to the…
Effective Date: Removal of Transferred Office of Thrift Supervision (OTS) Regulations Regarding Nondiscrimination Requirements
March 05, 2021
FDIC issued a final rule to rescind and remove its regulation entitled, Nondiscrimination Requirements, and has amended its regulation entitled, Fair Housing, to make it applicable to state savings associations. The actions will streamline FDIC’s rules by eliminating unnecessary, inconsistent, and duplicative regulations, and ensure insured state nonmember banks and state savings associations generally will…
Effective Date: Removal of Transferred OTS Regulations Regarding Certain Subordinate Organizations of State Savings Associations
March 05, 2021
FDIC issued a final rule to rescind and remove rules from the Code of Federal Regulations regulations titled Subordinate Organizations that were transferred to FDIC from the Office of Thrift Supervision (OTS) on 07/21/2011, in connection with implementation of Title III of the Dodd-Frank Act regarding subordinate organizations of state savings associations. FDIC has determined that the requirements for…
Effective Date: FDIC Issues Final Rules to Rescind and Remove Transferred OTS Regulations.
March 05, 2021
FDIC issues a final rule to rescind and remove regulations transferred to FDIC from the Office of Thrift Supervision (OTS) in 2011 pursuant to the Dodd-Frank Act. The regulations generally concern the supervision and governance of state savings associations, including the application processing procedures for certain applications, notices and filings by state savings associations. In addition to the removal…
Effective Date: FRB Finalizes Regulation D Reserve Requirements
March 12, 2021
FRB issues a final rule to adopt, without change, its 03/24/2020, interim final rule that amended its Regulation D (Reserve Requirements of Depository Institutions) to lower reserve requirement ratios on transaction accounts maintained at depository institutions to zero percent. Read more here.
Effective Date: Final Rule to Tailor Requirements in Capital Plan Rule
April 05, 2021
The Board of Governors of the Federal Reserve System (FRB) issued a final rule to tailor the requirements in its capital plan rule (capital plan rule) based on risk. Specifically, as indicated in FRB’s October 2019 rulemaking that updated the prudential framework for large bank holding companies and U.S. intermediate holding companies of foreign banking…
Application Due: CFPB Advisory Committee Members
February 24, 2021
Pursuant to the authorities given to the Director of CFPB under the Dodd-Frank Act, CFPB seeks applicants for membership for appointment to its Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), Credit Union Advisory Council (CUAC), and Academic Research Council (ARC), (collectively, advisory committees). Membership of the advisory committees includes representatives of consumers, diverse communities,…
Comment Period: Agencies Propose Exemption to SAR Filings Paperwork Reduction Act
March 23, 2021
The Federal Deposit Insurance Corporation (FDIC) seeks comment on a proposed rule that would modify the requirements for FDIC-supervised institutions to file Suspicious Activity Reports (SARs). The proposed rule would amend FDIC’s SAR regulation to allow FDIC to issue exemptions from SAR requirements. The proposed rule would make it possible for FDIC to grant relief…
Effective Date: Final Rule to Revise Regulation F
November 30, 2021
The Bureau of Consumer Financial Protection (Bureau) is issuing this final rule to revise Regulation F, which implements the Fair Debt Collection Practices Act (FDCPA). The final rule governs certain activities by debt collectors, as that term is defined in the FDCPA. Among other things, the final rule clarifies the information that a debt collector…