Review 2009-1-14.pdf · 2013. 1. 9. · REGULATORY REVIEW. January 2009. Agencies Issue Final Rule...
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REGULATORY REVIEW January 2009 Agencies Issue Final Rule on CRA Threshold Amount. The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (FRB), Federal Deposit Insurance Corporation (FDIC), and Office of Thrift Supervision (OTS) (collectively, the Agencies) have issued a final rule to amend 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. Beginning 01/01/2009, banks and savings associations that, as of December 31 of either of the prior two calendar years, had assets of less than $1.109 billion are “small banks” or “small savings associations.” Small banks or small savings associations with assets of at least $277 million as of December 31 of both of the prior two calendar years and less than $1.109 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 web site of the Federal Financial Institutions Examination Council at: www.ffiec.gov/cra . The final rule is effective 01/01/2009. Copies of the final rule may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html . Federal Register, Vol. 73, No. 246, 12/22/2008, 78153-78155. Agencies Issue Final and Proposed Interagency Questions and Answers on CRA. The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (FRB), Federal Deposit Insurance Corporation (FDIC), and Office of Thrift Supervision (OTS) (collectively, the Agencies) have adopted final Interagency Questions and Answers Regarding Community Reinvestment (Questions and Answers). In response to comments received, the Agencies clarified several of the new and revised questions and answers that were proposed and have withdrawn the proposed revisions to an existing question and answer. Also, in response to comments received, the Agencies have proposed a new question and answer that would provide examples of how an institution can determine that community services it provides are targeted to low- and moderate-income individuals. The Agencies have also proposed to revise two existing questions and answers to allow pro rata consideration in certain circumstances for an activity that provides affordable housing targeted to low-or moderate-income individuals. The Agencies seek comment on the proposed new and revised questions and answers. The amended Interagency Questions and Answers Regarding Community Reinvestment are effective 01/06/2009. Comments on the proposed questions and answers must be submitted on or before 03/09/2009. Copies of the Questions and Answers may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html . Federal Register, Vol. 74, No. 3, 01/06/2009, 498-542. Agencies Issue Final Rule on Regulatory Capital Rules. The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (FRB), Federal Deposit Insurance Corporation (FDIC), and Office of Thrift Supervision (OTS) (collectively, the Agencies) have issued a final rule affecting: minimum capital ratios; capital adequacy guidelines; capital maintenance; and deduction of goodwill net of associated deferred tax liability. Under the Agencies’ existing risk-based and leverage capital rules, banks, bank holding companies, and savings associations (collectively, banking organizations) must deduct certain assets from tier 1 capital. A banking organization is permitted to net any associated deferred tax liability against some of those assets prior to making the deduction from tier 1 capital. Included among the assets eligible for this netting treatment are certain intangible assets arising from a nontaxable business combination. Such netting generally is not permitted
Transcript of Review 2009-1-14.pdf · 2013. 1. 9. · REGULATORY REVIEW. January 2009. Agencies Issue Final Rule...
REGULATORY REVIEW
January 2009
Agencies Issue Final Rule on CRA Threshold Amount. The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (FRB), Federal Deposit Insurance Corporation (FDIC), and Office of Thrift Supervision (OTS) (collectively, the Agencies) have issued a final rule to amend 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. Beginning 01/01/2009, banks and savings associations that, as of December 31 of either of the prior two calendar years, had assets of less than $1.109 billion are “small banks” or “small savings associations.” Small banks or small savings associations with assets of at least $277 million as of December 31 of both of the prior two calendar years and less than $1.109 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 web site of the Federal Financial Institutions Examination Council at: www.ffiec.gov/cra. The final rule is effective 01/01/2009. Copies of the final rule may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 246, 12/22/2008, 78153-78155. Agencies Issue Final and Proposed Interagency Questions and Answers on CRA. The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (FRB), Federal Deposit Insurance Corporation (FDIC), and Office of Thrift Supervision (OTS) (collectively, the Agencies) have adopted final Interagency Questions and Answers Regarding Community Reinvestment (Questions and Answers).
In response to comments received, the Agencies clarified several of the new and revised questions and answers that were proposed and have withdrawn the proposed revisions to an existing question and answer. Also, in response to comments received, the Agencies have proposed a new question and answer that would provide examples of how an institution can determine that community services it provides are targeted to low- and moderate-income individuals. The Agencies have also proposed to revise two existing questions and answers to allow pro rata consideration in certain circumstances for an activity that provides affordable housing targeted to low-or moderate-income individuals. The Agencies seek comment on the proposed new and revised questions and answers. The amended Interagency Questions and Answers Regarding Community Reinvestment are effective 01/06/2009. Comments on the proposed questions and answers must be submitted on or before 03/09/2009. Copies of the Questions and Answers may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 74, No. 3, 01/06/2009, 498-542. Agencies Issue Final Rule on Regulatory Capital Rules. The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (FRB), Federal Deposit Insurance Corporation (FDIC), and Office of Thrift Supervision (OTS) (collectively, the Agencies) have issued a final rule affecting: minimum capital ratios; capital adequacy guidelines; capital maintenance; and deduction of goodwill net of associated deferred tax liability. Under the Agencies’ existing risk-based and leverage capital rules, banks, bank holding companies, and savings associations (collectively, banking organizations) must deduct certain assets from tier 1 capital. A banking organization is permitted to net any associated deferred tax liability against some of those assets prior to making the deduction from tier 1 capital. Included among the assets eligible for this netting treatment are certain intangible assets arising from a nontaxable business combination. Such netting generally is not permitted
for goodwill and other intangible assets arising from a taxable business combination. In these cases, the full or gross carrying amount of the asset is deducted. The final rule amends the Agencies’ regulatory capital rules to permit banking organizations to reduce the amount of goodwill that a banking organization must deduct from tier 1 capital by the amount of any deferred tax liability associated with that goodwill. For a banking organization that elects to apply the final rule, the amount of goodwill the banking organization must deduct from tier 1 capital would reflect the maximum exposure to loss in the event that such goodwill is impaired or derecognized for financial reporting purposes. The final rule is effective 01/29/2009. Banking organizations may elect to apply the final rule for purposes of the regulatory reporting period ending on 12/31/2008. Copies of the final rule may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 250, 12/30/2008, 79602-79608. Agencies Seek Comment on Call Report, Thrift Financial Report, and FFIEC 002 Information Collections. The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (FRB), Federal Deposit Insurance Corporation (FDIC), and Office of Thrift Supervision (OTS), (collectively, the Agencies) seek comment on revisions to information collections regarding the Consolidated Reports of Condition and Income (Call Report) for banks, the Thrift Financial Report (TFR) for savings associations, the Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks (FFIEC 002), and the Report of Assets and Liabilities of Non-U.S. Branch that is Managed or Controlled by a U.S. Branch or Agency of a Foreign (Non U.S.) Bank (FFIEC 002S). Section 141 of the Federal Deposit Insurance Corporation Improvement Act, added section 13(c)(4)(G) to the Federal Deposit Insurance Act (FDI Act). That section authorizes action by the federal government in circumstances involving a systemic risk to the nation’s financial system. On 10/13/2008, in response to the unprecedented disruption in credit markets and the resultant effects on the abilities of banks to fund themselves and to intermediate credit, the Secretary of the Treasury made a determination of systemic risk following receipt of the written recommendation of FDIC, along with the written recommendation of FRB, in accordance with section 13(c)(4)(G). Pursuant to the systemic risk determination, the FDIC Board established the Temporary Liquidity
Guarantee (TLG) Program. The TLG Program is comprised of: (1) a Debt Guarantee Program under which, in general, FDIC will guarantee certain newly-issued senior unsecured debt issued by participating entities on or after 12/14/2008, through and including 06/30/2009, up to a specified limit; and (2) a Transaction Account Guarantee Program under which FDIC will provide a 100 percent guarantee of certain noninterest-bearing transaction accounts held by participating insured depository institutions through 12/31/2009. The TLG Program includes a system of fees to be paid by participating entities for such guarantees beginning 11/13/2008. In order for FDIC to calculate the fees to be assessed under the Transaction Account Guarantee Program, FDIC needs to collect information from participating insured depository institutions on the amount and number of noninterest-bearing transaction accounts, as defined in that final rule, of more than $250,000. Given the nature of these data items, the best method for obtaining this information from participating institutions is through the Call Report, TFR, and the FFIEC 002. Accordingly, the Agencies seek approval of revisions to these reports to provide for the collection of information necessary to comply with the TLG Program. Comments must be submitted on or before 02/23/2009. Copies of the notice may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 247, 12/23/2008, 78794-78797. FRB Issues Final Rule on Regulation CC. The Board of Governors of the Federal Reserve System (FRB) has issued a final rule which amends the routing number guide to next-day availability checks and local checks in Regulation CC to delete the reference to the head office of the Federal Reserve Bank of St. Louis and to reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Atlanta. These amendments reflect the restructuring of check-processing operations within the Federal Reserve System. To assist banks in identifying local and nonlocal checks and making funds availability decisions, FRB is amending the list of routing symbols in appendix A associated with the Federal Reserve Banks of St. Louis and Atlanta to reflect the transfer of check-processing operations from the head office of the Federal Reserve Bank of St. Louis to the head office of the Federal Reserve Bank of Atlanta. Early notice will enable affected banks to amend their availability schedules and related disclosures, if necessary, and provide their customers with notice of the changes. The final rule is effective 02/21/2009. Copies of the final rule may
be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 245, 12/19/2008, 77491-77492. FRB Issues Final Rule on Regulation C Staff Commentary. FRB has issued a final rule which amends staff commentary that interprets the requirements of Regulation C which implements the Home Mortgage Disclosure Act (HMDA). HMDA requires most mortgage lenders located in metropolitan areas to collect data about their housing-related lending activity. Annually, lenders must report the data to their federal supervisory agencies and make the data available to the public. Regulation C provides that FRB will adjust the threshold based on the year-to-year change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPIW), not seasonally adjusted, for each twelve-month period ending in November, rounded to the nearest million. Pursuant to this requirement FRB staff commentary has been amended to increase the asset-size exemption threshold for depository institutions based on the annual percentage change in the CPIW. The adjustment from $37 million to $39 million reflects the increase of that index by 4.49% percent during the twelve-month period ending in November 2008. Thus, depository institutions with assets of $39 million or less as of 12/31/2008 are exempt from collecting data in 2009. The final rule is effective 01/01/2009. Copies of the final rule may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 247, 12/23/2008, 78616. FRB Issues Final Rule on Regulation D. FRB has issued a final rule which amends Regulation D, Reserve Requirements of Depository Institutions, to revise the rate for earnings on required reserve balances and excess balances of eligible institutions and to provide that the rates may be revised by FRB from time to time. On 10/09/2008, FRB published in the Federal Register an interim final rule amending Regulation D to direct the Federal Reserve Banks to pay interest on balances held at Reserve Banks to satisfy reserve requirements (required reserve balances) and balances held at Reserve Banks in excess of required reserve balances and clearing balances (excess balances). At that time, FRB announced two formulas by which the amount of earnings payable on required reserve balances and excess balances would be calculated. For required reserve balances, FRB initially set the rate of interest
at the average federal funds rate target established by the Federal Open Market Committee (FOMC) over the reserve maintenance period less 10 basis points. For excess balances, FRB initially set the rate of interest at the lowest federal funds rate target established by the FOMC in effect during the reserve maintenance period less 75 basis points. FRB stated that it may adjust the formula for the interest rate on excess balances in light of experience and evolving market conditions. Since that time, FRB has adjusted the formula for the rate of interest for excess balances twice (73 FR 65506 (11/04/2008), 73 FR 67713 (11/17/2008)). When FRB adjusted the formula for the interest rate for excess balances the second time, FRB also adjusted the formula for the rate of interest on required reserve balances (73 FR 67713 (11/17/2008)). The formula for the rate of interest on required reserve balances currently is equal to the average target federal funds rate over the maintenance period, and the formula for the rate of interest on excess balances currently is equal to the lowest target federal funds rate over the maintenance period. In light of weak economic conditions, the FOMC decided, on 12/16/2008, to specify a target range for the federal funds rate as the objective for open market operations, rather than a single target rate. As a result, the previous rate formulas for interest on required reserve balances and excess balances were no longer workable. FRB has accordingly judged that setting the rate on required reserve balances and on excess balances at ¼ percent (0.25 percent) will best support FRB’s objectives. These revised rates of interest will be applicable with the reserve maintenance periods beginning on 12/18/2008. FRB will continue to evaluate the appropriate level of the rates of interest for required reserve balances and for excess balances in light of evolving market conditions, and will make further adjustments as needed. In order to provide needed flexibility in making these adjustments to the rates of interest, FRB has amended Regulation D to provide that the rates of interest on required reserve balances and excess balances may be rates as determined by FRB from time to time, rather than the rates stated in revised sections 204.10(b)(1) and 204.10(b)(2) of Regulation D. The amendments to Regulation D are effective on 12/23/2008. The applicability date for the revised rates for earnings required reserve balances and excess balances is 12/18/2008. Copies of the final rule may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 247, 12/23/2008, 78616-78618.
FRB Issues Final Rule on Extensions of Credit by Federal Reserve Banks. FRB has issued a final rule which amends Regulation A to reflect FRB’s approval of a decrease in the primary credit rate at each Federal Reserve Bank. FRB has approved requests by the Reserve Banks to decrease by 75 basis points the primary credit rate in effect at each of the twelve Federal Reserve Banks, thereby decreasing from 1.25 percent to 0.50 percent the rate that each Reserve Bank charges for extensions of primary credit. As a result of FRB’s action on the primary credit rate, the rate that each Reserve Bank charges for extensions of secondary credit automatically decreased from 1.75 percent to 1.00 percent under the secondary credit rate formula. The final amendments to Regulation A reflect these rate changes. The final rule is effective 12/29/2008. Copies of the final rule may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 249, 12/29/2008, 79306-79307. FRB Issues Policy Statements on Payment System Risk and Daylight Overdraft Posting Rules. • FRB has issued a policy statement to announce
that it has adopted revisions to part II of its Policy on Payment System Risk (PSR) that are designed to improve intraday liquidity management and payment flows for the banking system, while also helping to mitigate credit exposures of the Federal Reserve Banks (Reserve Banks) from daylight overdrafts. FRB has considered changes to its PSR policy, which sets out the general public policy objectives of safety and efficiency for payment and settlement systems, to address the combination of intraday liquidity, operational, and credit risks in the wholesale payment system. The adopted changes to the PSR policy are substantially the same as those proposed, including: (1) a new approach that explicitly recognizes the role of the central bank in providing intraday balances and credit to healthy depository institutions; (2) a zero fee for collateralized daylight overdrafts; (3) a 50 basis point (annual rate) charge for uncollateralized daylight overdrafts; and (4) a biweekly daylight overdraft fee waiver of $150. FRB has also approved for foreign banking organizations (FBO) an interim policy change related to the calculation of the deductible amount from daylight overdraft fees under the existing policy and early implementation of the proposed
streamlined procedure for maximum daylight overdraft capacity (max cap). FRB has endorsed a four-prong strategy, which includes these policy changes, through which the Federal Reserve and industry will address related intraday liquidity, operational, and credit risks in the wholesale payment system. The policy will take effect between the fourth quarter of 2010 and first quarter of 2011 with a specific date announced at least 90 days in advance. The interim policy for the deductible and streamlined max cap procedure will be effective on 03/26/2009. Copies of the statement may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 248, 12/24/2008, 79109-79127.
• FRB has issued a policy of statement to
announce that it has decided not to pursue at this time its proposal to change the posting time to 8:30 a.m. for commercial and government automated clearinghouse (ACH) debit transfers that are processed by the Federal Reserve Banks’ (Reserve Banks) FedACH service. (All times are eastern time.) The proposal would have aligned the posting time for ACH debit transfers with the posting time for ACH credit transfers, which are currently posted at 8:30 a.m. on the settlement date. Commercial and government ACH debit transfers processed by the Reserve Banks’ FedACH service will continue to be posted at 11 a.m., while commercial and government ACH credit transfers will continue to be posted at 8:30 a.m.. The credit and debit accounting entries associated with ACH credit transfers and ACH debit transfers are posted simultaneously at the appointed posting time. In line with this decision, FRB will not move the posting time for Treasury Tax and Loan (TT&L) investments associated with Electronic Federal Tax Payment System (EFTPS) ACH debit transfers. These transactions will continue to be posted at 11 a.m.. FRB will reconsider the proposal in the future. Copies of the statement may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 248, 12/24/2008, 79127-79130.
FRB Extends Comment Period for Regulation Z Proposed Rule. FRB has issued a notice extending the comment period for a proposed rule to amend Regulation Z
published in the Federal Register on 12/10/2008. The proposal is intended to implement the provisions of the Mortgage Disclosure Improvement Act, which amends the Truth in Lending Act. FRB’s proposed rule would revise Regulation Z’s requirements for the timing and content of disclosures for closed-end mortgage transactions secured by a consumer’s dwelling. FRB has extended the comment period until 02/09/2009. Copies of the notice may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 245, 12/19/2008, 77554-77555. FRB Seeks Comment on Asset and Liability Information Collections. • FRB seeks comment on revisions to an existing
information collection entitled Weekly Report of Selected Assets and Liabilities of Domestically Chartered Commercial Banks and U.S. Branches and Agencies of Foreign Banks. The information collection consists of the following three types of reports: (1) Weekly Report of Assets and Liabilities for Large U.S. Branches and Agencies of Foreign Banks; (2) Weekly Report of Assets and Liabilities for Large Banks; and (3) Weekly Report of Selected Assets. The information collection is referred to as the bank credit report. The reports have been the primary source of high-frequency data used in the analysis of current banking developments. FRB has proposed to combine the three bank credit reports into one. Comments must be submitted on or before 02/13/2008. Copies of the notice may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 241, 12/15/2008, 76027-76031.
• FRB seeks comment on revisions to two existing
information collections. FRB has proposed to revise an information collection entitled Quarterly Report of Assets and Liabilities of Large Foreign Office of U.S. Banks to: (1) update the country list to conform more closely to the U.S. Department of State’s official country list; (2) add regional subtotals for countries that are not listed on the reporting form, and (3) clarify the country list sub-header to indicate that the areas listed may be countries or dependencies. FRB has also proposed minor revisions to form instructions to indicate that countries or dependencies not listed on the reporting form should be summed in each proposed regional subtotal, rather than current
date item, “UNALLCOATED”. Additional revisions are proposed to enhance clarity. The proposed changes would be effective as of 03/31/2009. Comments on proposed review of the information collection must be submitted on or before 02/23/2009. Copies of the notice may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 247, 12/23/2008, 78797-78799.
FRB Seeks Comment on Regulations H and K Information Collection. FRB has proposed revisions to an information collection entitled Recordkeeping Requirement of Regulation H and Regulation K Associated with Bank Secrecy Act (BSA) Compliance Programs. This information collection is mandatory pursuant to BSA. In addition, the Federal Reserve Act authorizes FRB to require the information collection and recordkeeping requirements set forth in Regulations K and H. Regulation K requires Edge and agreement corporations and U.S. branches, agencies, and other offices of foreign banks supervised by FRB to establish and maintain procedures reasonably designed to ensure and monitor compliance with BSA and related regulations. FRB has proposed to revise the information collection by combining with it the recordkeeping requirements for state member banks associated with Regulation H. Although state member banks have been required to comply with Regulation H for some time, no formal information collection has been on FRB’s Office of Management and Budget (OMB) inventory. At this time, FRB is correcting that administrative oversight. Comments on proposed review of the information collection must be submitted on or before 02/23/2009. Copies of the notice may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 247, 12/23/2008, 78797-78799. FDIC Issues Final Rule on Risk-Based Assessments. The Federal Deposit Insurance Corporation (FDIC) has issued a final rule which amends FDIC regulations to increase risk-based assessment rates effective for the first quarter 2009 assessment period. Recent failures of FDIC-insured institutions caused the reserve ratio of the Deposit Insurance Fund (DIF) to decline from 1.19 percent as of 03/30/2008, to 1.01 percent as of 06/30/2008, and 0.76 percent as of 09/30/2008. FDIC expects a higher rate of institution
failures in the next few years compared to recent years, leading to a further decline in the reserve ratio. Because the fund reserve ratio fell below 1.15 percent and was expected to remain below 1.15 percent, the Reform Act required FDIC to establish and implement a Restoration Plan to restore the reserve ratio to at least 1.15 percent within five years. FDIC established a Restoration Plan for the DIF which was published in the Federal Register on 10/16/2008. In FDIC’s view, restoring the reserve ratio to at least 1.15 percent within five years requires an increase in assessment rates. Since the current rates are already three basis points above the existing base rate schedule, a new rulemaking was required. The final rule will implement a uniform increase to current rates for the first quarter 2009 assessment period only. FDIC will issue another final rule early in 2009, to be effective 04/01/2009, to change the way that FDIC’s assessment system differentiates for risk, to set new assessment rates beginning with the second quarter of 2009, and make certain technical and other changes to the assessments rules. The final rule raises the current rates uniformly by 7 basis points for the quarterly assessments period beginning 01/01/2009, only. The higher assessments would be reflected in the fund balance as of 03/31/2009, and collected on 06/30/2009. Rates for the first quarter of 2009 are shown on Table 1 in the final rule. The final rule is effective 01/01/2009. Copies of the final rule may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 246, 12/22/2008, 78155-78162. FDIC Issues Final Rule on Recordkeeping Requirements for Qualified Financial Contracts. FDIC has issued a final rule that establishes recordkeeping requirements for qualified financial contracts (QFCs) held by insured depository institutions in a troubled condition, as defined in the final rule. QFCs are certain financial contracts that have been defined in the Federal Deposit Insurance Act (FDI Act) and receive special treatment by FDIC in the event of the failure of an insured depository institution. The special treatment of QFCs after the FDIC’s appointment as receiver or conservator for a failed institution initially was codified in the FDI Act as part of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) and places certain restrictions on FDIC as receiver for a failed institution that held QFCs. The appendix to the final rule requires an institution in a troubled condition, upon written notification by FDIC, to produce immediately at the close of processing of the
institution’s business day, for a period provided in the notification, the: (1) electronic files for certain position level and counterparty level data; (2) electronic or written lists of QFC counterparty and portfolio location identifiers, certain affiliates of the institution and the institution’s counterparties to QFC transactions, contact information and organizational charts for key personnel involved in QFC activities, and contact information for vendors for such activities; and (3) copies of key agreements and related documents for each QFC. The final rule is effective 01/21/2009. Copies of the final rule may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 246, 12/22/2008, 78162-78173. OTS Issues Final Rule to Incorporate Technical Amendments. The Office of Thrift Supervision (OTS) has issued a final rule which amends its regulations to incorporate technical and conforming amendments. The final rule makes miscellaneous changes to the following OTS regulation sections: (1) 516.40 regarding Application Processing Procedures; and (2) 575.9 and 575.14 regarding Optional Charter Provisions in Mutual Holding Company Structures. The amendments include clarifications and corrections of typographical errors. The final rule is effective 12/18/2008. Copies of the final rule may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 244, 12/18/2008, 76938-76940. HUD Issues Final Rule on Program Fraud Civil Remedies Act. The Department of Housing and Urban Development (HUD) has issued a final rule to amend its regulations, which implement the Program Fraud Civil Remedies Act (PFCRA), to include inflation adjustments. PFCRA established administrative procedures for imposing civil penalties and assessments against persons who make, submit, or present, or cause to be made, submitted, or presented, false, fictitious, or fraudulent claims or written statements to HUD or its agents. The final rule: (1) more closely conforms the PFCRA regulations with the PFCRA statutory language to incorporate additional definitions into the PFCRA regulations; and (2) adds an additional item to the list of factors that HUD shall consider in determining the amount of penalties and assessments to be imposed. The final rule is effective 01/16/2009. Copies of the final rule may be obtained from the Association office or
viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 243, 12/17/2008, 76830-76832. HUD Issues Notice on S.A.F.E. Mortgage Licensing Act. HUD has issued a notice to announce that the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) have developed model legislation to assist states in meeting the minimum requirements of the Secure and Fair Enforcement (SAFE) Mortgage Licensing Act (SAFE Act). The SAFE Act was enacted into law on 07/30/2008, as part of the Housing and Economic Recovery Act. The new law encourages CSBS and AARMR to establish a nationwide mortgage licensing system for the residential mortgage industry for the purpose of providing: (1) uniform state-licensing application and reporting requirements for residential mortgage loan originators; and (2) a comprehensive database by which such mortgage loan originators may be found and tracked. The new law also imposes the obligation on states to adopt mortgage licensing requirements that meet the minimum standards specified in the law in lieu of HUD establishing and maintaining a licensing system for loan originators. To aid and facilitate states’ compliance with the requirements of the SAFE Act, the SAFE Act directs the establishment of a nationwide mortgage licensing system and registry (NMLSR), to be developed and maintained by CSBS and AARMR. If HUD determines that a state’s mortgage loan originator licensing standards do not meet the minimum requirements of the Act, HUD must implement and administer a licensing system for that state. A loan originator in such a state would have to comply with the requirements of HUD’s SAFE Act-compliant licensing system for that state as well as with any applicable state requirements. A HUD license for a state would be valid for that state only, even if HUD must implement licensing systems in multiple states. Additionally, if HUD determines that the NMLSR is failing to meet the requirements and purposes of the SAFE Act, HUD must establish a system that meets the requirements of the SAFE Act. While states are charged with enacting licensing standards that meet the requirements of the SAFE Act, overall responsibility for interpretation, implementation, and compliance of the SAFE Act rests with HUD. To assist states in complying with the requirements of the SAFE Act, the CSBS and AARMR developed the model legislation. This legislation was developed through outreach to and consultation with the states
and industry. HUD has reviewed the model legislation and finds that it meets the minimum requirements of the SAFE Act. The model legislation is available on HUD’s Web site at: www.hud.gov/offices/hsg/sfh/reguprog.cfm, along with HUD commentary on certain provisions of the statute and the model legislation. Copies of the notice may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 74, No. 2, 01/05/2009, 312-313. FEMA Issues Final Rule on Suspension of NFIP. • The Federal Emergency Management Agency
(FEMA) has issued a final rule which identifies communities in the states of North Carolina, Tennessee, Michigan, Ohio and California, and the commonwealth of Virginia, 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 on the table 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 listed in the third column on the tables in the final rule. Copies of the final rule may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 240, 12/12/2008, 75609-75611.
• FEMA has issued a final rule which identifies
communities in the states of Alabama, Tennessee, Ohio and New Mexico, and the commonwealth of Virginia, 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 on the table 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 column on the tables in the final rule. Copies of the final rule may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 74, No. 4, 01/07/2009, 641-643.
• FEMA has issued a final rule which identifies
communities in the states of North Carolina, Tennessee, Illinois, Wisconsin, Kansas and Nebraska, where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP), that are scheduled for suspension on the effective dates listed within the final rule because of noncompliance with the floodplain management requirements of the program. If FEMA receives documentation that the community has adopted the required floodplain management measures prior to the effective suspension date given on the table 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 column on the tables in the final rule. Copies of the final rule may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 74, No. 5, 01/08/2009, 773-775.
FEMA Issues Final Flood Elevation Determinations. • Base (1% annual chance) Flood Elevations
(BFEs) and modified BFEs have been made final for communities in the states of California, Georgia, Missouri, North Carolina, Oklahoma, Tennessee, Texas and Wisconsin. The BFEs and modified BFEs are the basis for the floodplain management measures that each community is required either to adopt or to show evidence of being already in effect in order to qualify or remain qualified for participation in the National Flood Insurance Program (NFIP). The effective date is the date of issuance of the Flood Insurance Rate Map (FIRM) showing BFEs and modified BFEs for each community. This date may be obtained by contacting the office where the maps are available for inspection as indicated on the table in the final rule. Copies of the final rule may be obtained from the Association office or viewed at:
www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 242, 12/16/2008, 76234-76247.
• Base (1% annual chance) Flood Elevations
(BFEs) and modified BFEs have been made final for communities in the states of Ohio, Florida, Georgia, Kansas, Missouri, North Carolina, South Dakota, Texas and Wisconsin. The BFEs and modified BFEs are the basis for the floodplain management measures that each community is required either to adopt or to show evidence of being already in effect in order to qualify or remain qualified for participation in the National Flood Insurance Program (NFIP). The effective date is the date of issuance of the Flood Insurance Rate Map (FIRM) showing BFEs and modified BFEs for each community. This date may be obtained by contacting the office where the maps are available for inspection as indicated on the table in the final rule. Copies of the final rule may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 74, No. 3, 01/06/2009, 401-410.
• Base (1% annual chance) Flood Elevations
(BFEs) and modified BFEs have been made final for communities in the states Alabama, California, Idaho, Mississippi, New Jersey, North Carolina and West Virginia, and the commonwealths of Kentucky and Pennsylvania. The BFEs and modified BFEs are the basis for the floodplain management measures that each community is required either to adopt or to show evidence of being already in effect in order to qualify or remain qualified for participation in the National Flood Insurance Program (NFIP). The effective date is the date of issuance of the Flood Insurance Rate Map (FIRM) showing BFEs and modified BFEs for each community. This date may be obtained by contacting the office where the maps are available for inspection as indicated on the table in the final rule. Copies of the final rule may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 74, No. 5, 01/08/2009, 778-788.
FEMA Issues Final Rule on Changes in Flood Elevation Determinations. Modified Base (1% annual-chance) Flood Elevations (BFEs) have been finalized for communities in the states of California, Colorado, Florida, Kansas,
Michigan, Mississippi, Missouri, Nevada, New York, North Carolina, Oklahoma, South Dakota, Texas and Wisconsin, and the commonwealth of Virginia. These modified BFEs will be used to calculate flood insurance premium rates for new buildings and their contents. The modified BFEs are the basis for the floodplain management measures that the community is required to either adopt or to show evidence of being already in effect in order to qualify or to remain qualified for participation in the National Flood Insurance Program (NFIP). The effective dates for the modified BFEs are indicated on the table in the final rule and revise the Flood Insurance Rate Maps (FIRMs) in effect for the listed communities prior to this date. Copies of the final rule may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 242, 12/16/2008, 76230-76232. FEMA Issues Interim Rules on Changes in Flood Elevation Determinations. • FEMA has issued an interim rule which lists
communities in the states of Arizona, Arkansas, Colorado, Connecticut, Delaware, Florida, Georgia, Minnesota, Nevada, New Jersey, South Carolina, Texas and Utah, where modification of the Base (1% annual-chance) Flood Elevations (BFEs) is appropriate because of new scientific or technical data. New flood insurance premium rates will be calculated from the modified BFEs for new buildings and their contents. These modified BFEs are currently in effect on the dates listed on the table in the interim rule and revise the Flood Insurance Rate Maps (FIRMs) in effect prior to this determination for the listed communities. From the date of the second publication of these changes in a newspaper of local circulation, any person has ninety (90) days in which to request through the community that the Mitigation Assistant Administrator of FEMA reconsider the changes. The modified BFEs may be changed during the 90-day period. The modified BFEs for each community are available for inspection at the office of the Chief Executive Officer of the community listed on the table in the interim rule. Copies of the interim rule may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 242, 12/16/2008, 76232-76234.
• FEMA has issued an interim rule which lists communities in the states of California, Colorado, Florida, Hawaii, Kansas, Maryland, North Carolina, Oklahoma, South Carolina, Tennessee, Texas and Wisconsin, where modification of the Base (1% annual-chance) Flood Elevations (BFEs) is appropriate because of new scientific or technical data. New flood insurance premium rates will be calculated from the modified BFEs for new buildings and their contents. These modified BFEs are currently in effect on the dates listed on the table in the interim rule and revise the Flood Insurance Rate Maps (FIRMs) in effect prior to this determination for the listed communities. From the date of the second publication of these changes in a newspaper of local circulation, any person has ninety (90) days in which to request through the community that the Mitigation Assistant Administrator of FEMA reconsider the changes. The modified BFEs may be changed during the 90-day period. The modified BFEs for each community are available for inspection at the office of the Chief Executive Officer of the community listed on the table in the interim rule. Copies of the interim rule may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 74, No. 5, 01/08/2009, 775-778.
FEMA Issues Proposed Rules on Flood Elevation Determinations. • Technical information or comment is requested
on the proposed Base (1 percent annual-chance) Flood Elevations (BFEs) and proposed BFE modifications for communities in the states of California, Nebraska, North Carolina, Oklahoma and Tennessee. The BFEs and modified BFEs are a part of the floodplain management measures that the community is required either to adopt or show evidence of having in effect in order to qualify or remain qualified for participation in the National Flood Insurance Program (NFIP). Comments must be submitted on or before 03/16/2009. Copies of the proposed rule may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 242, 12/16/2008, 76318-76322.
• Technical information or comment is requested
on the proposed Base (1 percent annual-chance) Flood Elevations (BFEs) and proposed BFE
modifications for communities in the states of New York and Oklahoma, and the commonwealth of Kentucky. The BFEs and modified BFEs are a part of the floodplain management measures that the community is required either to adopt or show evidence of having in effect in order to qualify or remain qualified for participation in the National Flood Insurance Program (NFIP). Comments must be submitted on or before 03/16/2009. Copies of the proposed rule may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 242, 12/16/2008, 76322-76324.
• Technical information or comment is requested
on the proposed Base (1 percent annual-chance) Flood Elevations (BFEs) and proposed BFE modifications for communities in the states of Arkansas, Missouri and New Mexico. The BFEs and modified BFEs are a part of the floodplain management measures that the community is required either to adopt or show evidence of having in effect in order to qualify or remain qualified for participation in the National Flood Insurance Program (NFIP). Comments must be submitted on or before 04/06/2009. Copies of the proposed rule may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 74, No. 2, 01/05/2009, 238-241.
• Technical information or comment is requested
on the proposed Base (1 percent annual-chance) Flood Elevations (BFEs) and proposed BFE modifications for communities in the states of New Mexico and New York. The BFEs and modified BFEs are a part of the floodplain management measures that the community is required either to adopt or show evidence of having in effect in order to qualify or remain qualified for participation in the National Flood Insurance Program (NFIP). Comments must be submitted on or before 04/06/2009. Copies of the proposed rule may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 74, No. 2, 01/05/2009, 241-244.
• Technical information or comment is requested
on the proposed Base (1 percent annual-chance) Flood Elevations (BFEs) and proposed BFE modifications for communities in the states of Alaska, Indiana and Oklahoma. The BFEs and modified BFEs are a part of the floodplain
management measures that the community is required either to adopt or show evidence of having in effect in order to qualify or remain qualified for participation in the National Flood Insurance Program (NFIP). Comments must be submitted on or before 04/08/2009. Copies of the proposed rule may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 74, No. 5, 01/08/2009, 789-792.
FEMA Issues Corrections to Proposed Flood Elevation Determinations. • FEMA has issued a correction to a previously
issued proposed rule regarding flood elevation determinations for North Carolina. On 07/23/2008, FEMA published in the Federal Register a proposed rule that contained an erroneous table. This notice provides corrections to that table to be used in lieu of the information previously published. The table provided in the correction represents the flooding source, location of referenced elevation, effective and modified elevation, and communities affected for Surry County, North Carolina. Specifically, it addresses Ararat River. Copies of the correction may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 242, 12/16/2008, 76324-76325.
• FEMA has issued a correction to a previously
issued proposed rule regarding flood elevation determinations for Wisconsin. On 12/09/2008, FEMA published in the Federal Register a proposed rule that contained an erroneous table. This notice provides corrections to that table to be used in lieu of the information published. The table provided in the correction represents the flooding source, location of referenced elevation, effective and modified elevation, and communities affected for the City of Mosinee, City of Schofield, City of Wausau, Village of Kronenwetter, Village of Rothschild and Unincorporated Areas of Marathon County, Wisconsin. Specifically, it addresses flooding sources Bull Junior Creek, Eau Claire River and Wisconsin River. Copies of the correction may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 74, No. 2, 01/05/2009, 244-245.
• FEMA has issued a correction to a previously issued proposed rule regarding flood elevation determinations for North Carolina. On 09/17/2008, FEMA published in the Federal Register a proposed rule that contained an erroneous table. This notice provides corrections to that table to be used in lieu of the information published. The table provided in the correction represents the flooding source, location of referenced elevation, effective and modified elevation, and communities affected for Watauga County, North Carolina. Specifically, it addresses Winkler Creek. Copies of the correction may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 74, No. 2, 01/05/2009, 245.
• FEMA has issued a correction to a previously
issued proposed rule regarding flood elevation determinations for Michigan. On 11/05/2008, FEMA published in the Federal Register a proposed rule that contained an erroneous table. This notice provides corrections to that table to be used in lieu of the information published. The table provided in the correction represents the flooding source, location of referenced elevation, effective and modified elevation, and communities affected for St. Clair County, Michigan. Specifically, it addresses flooding source Belle River. Copies of the correction may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 74, No. 2, 01/05/2009, 245-246.
• FEMA has issued a correction to a previously
issued proposed rule regarding flood elevation determinations for California. On 02/22/2008, FEMA published in the Federal Register a proposed rule that contained an erroneous table. This notice provides corrections to that table to be used in lieu of the information published. The table provided in the correction represents the flooding source, location of referenced elevation, effective and modified elevation, and communities affected for Trinity County, California. Specifically, it addresses Hayfork Creek. Copies of the correction may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 74, No. 2, 01/05/2009, 246-247.
• FEMA has issued a correction to a previously
issued proposed rule regarding flood elevation determinations for Mississippi. On 12/09/2008,
FEMA published in the Federal Register a proposed rule that contained an erroneous table. This notice provides corrections to that table to be used in lieu of the information published. The table provided in the correction represents the flooding source, location of referenced elevation, the effective and modified elevation in feet and the communities affected for Madison County, Mississippi, and Incorporated Areas. Specifically, it addresses flooding source Reunion Lake # 1. Copies of the correction may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 74, No. 2, 01/05/2009, 247-248.
OFAC Issues Final Rule on Terrorism Sanctions Regulations. The Office of Foreign Assets Control (OFAC) has issued a final rule which amends the Global Terrorism Sanctions Regulations (GTSR) and the Terrorism Sanctions Regulations (TSR) to expand the scope of authorizations in each of those programs for the provision of certain legal services. Sections of the GTSR and TSR authorize U.S. persons to provide certain specified legal services to or on behalf of persons whose assets are blocked under OFAC regulations, provided that any payment of professional fees and reimbursement of incurred expenses must be specifically licensed. OFAC has expanded the scope of these general licenses by adding to the specified legal services the representation of person detained within the jurisdiction of the United States or by the U.S. government with respect to either such detention or any charge made against such persons. Similarly, OFAC has amended the Foreign Terrorist Organizations Sanctions Regulations (FTOSR) to expand the scope of a statement of licensing policy concerning payment for certain legal services. OFAC has amended FTOSR to add to the list of services for which payment may be specifically licensed the representation of agents of foreign terrorist organizations detained within the jurisdiction of the United States or by the U.S. government, including, but not limited to, the conduct of military commission prosecutions and the initiation and conduct of federal court proceedings. The final rule is effective 12/23/2008. Copies of the final rule may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 247, 12/23/2008, 78631-78633.
OFAC Makes Changes to Lists. OFAC has amended its lists of Specially Designated Global Terrorists, Specially Designated Nationals and Blocked Persons, and Specially Designated Narcotics Trafficker Kingpins. The documents listing these changes may be obtained from the Association office or viewed at: www.treas.gov/offices/enforcement/ofac/actions. IRS Issues Final Rule on Creditor Continuity of Interest. The Internal Revenue Service (IRS) has issued a final rule which provides guidance regarding when and to what extent creditors of a corporation will be treated as proprietors of the corporation in determining whether continuity of interest (COI) is preserved in a potential reorganization. The final rule is necessary to provide clarity to parties engaging in reorganizations of insolvent corporations, both inside and outside of bankruptcy. The final rule provides that, in certain circumstances, stock received by creditors may count for COI purposes both inside and outside of bankruptcy proceedings. The expansion of the application of the “G” reorganization rules to reorganizations of insolvent corporations outside of bankruptcy is consistent with Congress’ intent to facilitate the rehabilitation of troubled corporations. The final rule treats claims of the most senior class of creditors to receive a proprietary interest in the issuing corporation and claims of all equal classes of creditors (together, the senior claims) differently from the claims of classes of creditors junior to the senior claims. The final rule treats such senior claims as representing proprietary interest in the target corporation. While such senior claims, and all junior claims, are treated as representing a proprietary interest in the target corporation, the determination of the value of proprietary interest in the target corporation represented by the senior claims is made by calculating the average treatment for all senior claims. The final rule affects corporations, their creditors, and their shareholders. The final rule is effective 12/12/2008. IRS has also issued two corrections to the final rule, as highlighted in the following paragraph. Copies of the final rule may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 240, 12/12/2008, 75566-75568.
IRS Issues Corrections to Final Rule on Creditor Continuity of Interest. IRS has issued two corrections to the final rule on creditor continuity of interest (COI). The final rule provides guidance regarding when and to what extent creditors of a corporation will be treated as proprietors of the corporation for determining whether COI is preserved in a potential reorganization. The final rule is highlighted in the previous paragraph. The final rule contains errors that may prove to be misleading and, therefore, needs to be clarified. All corrections are effective 12/24/2008 and are applicable on 12/12/2008. Copies of the corrections may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 248, 12/24/2008, 78969-78970. IRS Issues Temporary Final and Proposed Rules on Employer’s Annual Federal Tax Return and Modifications to Deposit Rules. • IRS has issued a temporary final rule relating to
the annual filing of federal employment tax returns and requirements for employment tax deposits. The temporary final rule relates to sections 6011 and 6302 of the Internal Revenue Code (Code) concerning reporting and paying income taxes withheld from wages and reporting and paying taxes under the Federal Insurance Contributions Act (FICA) (collectively, employment taxes). The temporary final rule generally allows certain employers to file a Form 944, Employer’s Annual Federal Tax Return, rather than Form 941, Employer’s Quarterly Federal Tax Return. In addition to rules related to Form 944, the temporary final rule provides an additional method for employers who file Form 941 to determine whether the amount of accumulated employment taxes is considered de minimis. The text of the temporary final rule also serves as the text of the proposed rule as highlighted in the following paragraph. The temporary final rule is effective 12/29/2008. Copies of the temporary final rule may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 249, 12/29/2008, 79354-79361.
• IRS seeks comment on its temporary final rule
on employer’s annual federal tax return and modifications to the deposit rules under sections
6011 and 6302 of the Internal Revenue Code (Code). The temporary final rule is highlighted in the previous paragraph and serves as text for the proposal. The temporary final rule generally allows certain employers to file a Form 944, Employer’s Annual Federal Tax Return, rather than Form 941, Employer’s Quarterly Federal Tax Return. In addition to rules related to Form 944, the temporary rule provides an additional method for employers who file Form 941 to determine whether the amount of accumulated employment taxes is considered de minimis. Comments and requests for a public hearing must be received by 03/30/2009. Copies of the proposed rule may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 249, 12/29/2008, 79423-79313.
IRS Issues Proposed Rule on Conduit Financing Arrangements. IRS has issued a proposed rule relating to conduit financing arrangements issued under the authority granted by section 7701(l) of the Internal Revenue Code (Code). Section 7701(l) of the Code authorizes the Secretary of the Treasury to prescribe regulations recharacterizing any multiple-party financing transaction as a transaction directly among any two or more of such parties where the Secretary determines that such recharcterization is appropriate to prevent the avoidance of any tax imposed by the Code. The proposed regulations apply to multiple-party financing arrangements that are effected through disregarded entities, and are necessary in order to determine which of those arrangements should be recharacterized under section 7701(l) and Treas. Reg. Sec. 1.881-3. Comments and requests for a public hearing must be received by 03/23/2009. Copies of the proposed rule may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 246, 12/22/2008, 78252-78254. SBA Issues Interim Final Rule on Lender Oversight Program. The Small Business Administration (SBA) has issued an interim final rule on its Lender Oversight Program (Program) to incorporate it into SBA regulations. Specifically, the interim rule codifies in regulations SBA’s process of risk-based oversight including: (1) accounting and reporting requirements; (2) off-site reviews/monitoring; (3) on-site reviews and
examinations; and (4) capital adequacy requirements. The interim final rule also codifies SBA Supervised Lender regulation and updates SBA’s Business Loan Program regulations to specify program standards. Finally, the interim final rule lists the types of, grounds for, and procedures governing SBA enforcement actions against 7(a) Lenders, Certified Development Companies, Microloan Intermediaries, and Non-Lending Technical Assistance Providers within consolidated enforcement regulations. The interim final rule is effective 01/12/2009. Comments must be received on or before 03/11/2009. Copies of the interim final rule may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 239, 12/11/2008, 75498-75527. SBA Issues Notice and Correction on Increase in Maximum Leverage Ceiling. • SBA has announced an increase in maximum
leverage ceiling available for small business investment companies. 13 CFR 107.1150(a) sets forth the maximum amount of leverage (as defined in 13 CFR 107.50) that a small business investment company may have outstanding at any time. The maximum leverage amounts are adjusted annually based on the increase in the Consumer Price Index published by the Bureau of Labor Statistics. The new maximum leverage amounts as stated on the table in the notice are effective 12/11/2008. Copies of the notice may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 239, 12/11/2008, 75488.
• SBA has also issued a correction to the increase
in the maximum amount of leverage highlighted in the previous paragraph. Copies of the corrected table may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 249, 12/29/2008, 79536-79537.
FCIC Issues Correction on Coverage Enhancements Option Provisions. The Federal Crop Insurance Corporation (FCIC) has issued a correction to the final rule, issued in the Federal Register on 07/28/2008 regarding Coverage Enhancement Option (CEO) Provisions. As published, the final rule contained an error regarding certain total values of insured crops that may prove to
be misleading and, therefore, needs to be clarified. The final rule was intended to make permanent CEO provisions, and to better meet the needs of insured producers. The changes will apply for the 2009 and succeeding crop years. The correction is effective 12/31/2008. Copies of the correction may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 251, 12/31/2008, 80295. Agencies Issue Interim Rule on Rural Development Guaranteed Loans. The Rural Utilities Service (RUS), Rural Housing Service (RHS) and Rural Business-Cooperative Service (RBC) (collectively, the Agencies) have issued an interim rule to establish a unified guaranteed loan platform for the enhanced delivery of four existing Rural Development guaranteed loan programs: (1) Community Facility; (2) Water and Waste Disposal; (3) Business and Industry; and (4) Renewable Energy Systems and Energy Efficiency Improvement Projects. The interim rule eliminates the existing loan guarantee regulations for these four programs and consolidates them under a new, single part. In addition to consolidating these four programs, the interim rule incorporates provisions that will enable the Agencies to better manage the risk associated with making and servicing guaranteed loans and that will reduce the cost of operating the guaranteed loan programs. The interim rule is effective 01/16/2009. Comments must be received on or before 02/17/2009. Copies of the interim rule may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 243, 12/17/2008, 76698-76791. CCC Issues Final Rule on Direct and Counter-Cyclical and Average Crop Revenue Election Programs. The Commodity Credit Corporation has issued a final rule on direct and counter-cyclical (DCP) and average crop revenue election (ACRE) programs which implements the provisions of the Food, Conservation, and Energy Act (Farm Bill). The final rule affects crop years 2008 through 2012 for DCP and crop years 2009 through 2012 for ACRE program. The 2008 Farm Bill further authorizes payments, with some changes, that were previously authorized under the Farm Security and Rural Investment Act (Farm Act) regarding direct and counter-cyclical payments for the crop years 2002 through 2007. The payments provide income support to producers of eligible commodities and are based
on historically-based acreage and yields and do not depend on the current production choices of the farmer. In general, the Farm Bill provides payments to eligible producers of covered commodities and peanuts and, beginning in 2009, pulse crops as well. Additionally, the Farm Bill provides for the establishment of a yield for each farm for any designated oilseed or eligible pulse crop for which a payment yield was not established under the Farm Act. The final rule is effective 12/23/2008. Copies of the final rule may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 249, 12/29/2008, 79284-79289. CCC Issues Interim Rule on Farm Program Payment Limitation and Eligibility for 2009. CCC has issued an interim rule to revise its regulations as required by the Food, Conservation, and Energy Act (Farm Bill) to make changes in payment eligibility, payment attribution, maximum income limits, and maximum dollar benefit amounts for participants in CCC-funded programs. The Farm Bill provides new eligibility requirements based on annual income, sources of income, and type of entity. The interim rule amends the regulations to ensure that program payments and benefits are issued only to those persons and entities that meet all eligibility requirements, that a program participant does not receive any program payment above the maximum allowable benefit amount, and that applicable payments are not made to anyone whose average adjusted gross income exceeds the maximum dollar amounts established by the Farm Bill. The interim rule will apply to 2009 and subsequent crop, program, or fiscal year benefits for programs subject to the provisions in CCC’s regulations. The interim rule outlines new program limitations and eligibility requirements. The interim rule is effective 12/23/2008. CCC will consider comments received by 01/28/2009. Copies of the interim rule may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 249, 12/29/2008, 79267-79284. CFTC Issues Proposed Rule on Significant Price Discovery Contracts. The Commodity Futures Trading Commission (CFTC) has issued a proposed rule to implement the CFTC Reauthorization Act (Reauthorization Act). In pertinent part, the Reauthorization Act amends the Commodity Exchange Act to: (1) significantly
expand CFTC’s regulatory authority over exempt commercial markets (ECMs), which had heretofore operated largely outside CFTC’s regulatory reach, by creating a new regulatory category, ECMs with significant price discovery contracts (SPDCs); and (2) direct CFTC to adopt rules to implement the expanded authority. In addition to proposing regulations mandated by the Reauthorization Act, CFTC has also proposed to amend existing regulations applicable to registered entities in order to clarify that such regulations are now applicable to ECMs with SPDCs. Comments must be received by 02/10/2009. Copies of the proposed rule may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 240, 12/12/2008, 75888-75921. SEC Issues Final Rule on Municipal Securities Disclosure. The Securities and Exchange Commission (SEC) has issued a final rule which adopts amendments to a rule under the Securities Exchange Act (Exchange Act) relating to municipal securities disclosure. The final rule amends certain requirements regarding the information that the broker, dealer, or municipal securities dealer acting as an underwriter in a primary offering of municipal securities must reasonably determine that an issuer of municipal securities or an obligated person has undertaken, in a written agreement or contract for the benefit of holders of the issuer’s municipal securities, to provide. Specifically, the amendments require the broker, dealer, or municipal securities dealer to reasonably determine that the issuer or obligated person has agreed to: (1) provide the information covered by the written agreement to the Municipal Securities Rulemaking Board (MSRB), instead of to multiple nationally recognized municipal securities information repositories and state information depositories; and (2) provide such information in an electronic format and accompanied by identifying information as prescribed by the MSRB. Concurrently, SEC has approved a companion proposal by MSRB relating to its Electronic Municipal Market Access (EMMA) system for municipal securities disclosures. Finally, SEC has withdrawn proposed amendments to the rule, issued in 2006, that would have eliminated MSRB as a location to which issuers could submit certain municipal disclosure documents. The final rule is effective 07/01/2009. Copies of the final rule may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 241, 12/15/2008, 76104-76133.
NCUA Issues Final Rule on CUSOs. The National Credit Union Administration (NCUA) has issued a final rule amending its credit union service organization (CUSO) regulation. The final rule adds two new categories of permissible CUSO activities, credit card loan origination and payroll processing services. The final rule also: (1) adds new examples of permissible CUSO activities within existing categories and expands the permissible scope of certain services to include persons eligible for credit union membership; (2) imposes new regulatory limits on the ability of credit unions to recapitalize their CUSOs in certain circumstances; (3) clarifies that CUSOs may buy and sell participations in loans they are authorized to originate; and (4) deletes as unnecessary the section in the current rule concerning amendment requests. Although the final rule generally only applies to federal credit unions (FCUs), it revises and extends to all federally insured credit unions the provisions ensuring that credit union regulators have access to books and records and that CUSOs are operated as separate legal entities; however, the final rule also contains a procedure through which state regulators may seek an exemption from the access to records provisions for credit unions in their state. The final rule is effective 01/28/2009. Copies of the final rule may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 249, 12/29/2008, 79307-79313. NCUA Seeks Applications for Community Development Revolving Loan Fund. NCUA has issued a notice to announce that it will accept applications for participation in the Community Development Revolving Loan Fund’s (Fund) Loan Program in the last quarter of 2009, subject to availability of funds. The Fund’s total appropriation is $13.4 million. The apparent purpose of the Fund is to assist officially designated “low-income” credit unions in providing basic financial services to residents in their communities that result in increased income, home ownership, and employment. The Fund makes available low interest loans in the aggregate amount of $300,000 to qualified participating “low-income” designated credit unions. Because the program will be fully loaned in early 2009, new loans will be awarded from loan repayments made throughout the year in 2009. Based on the program’s aggregate loan amortization schedule, approximately $3.1 million will be repaid and available for loans in late 2009. Therefore, the
loan application period will open in the last quarter of 2009. Application procedures for the 2009 Fund Loan Program will be posted to the NCUA Web site. Applications can be submitted starting on 10/01/2009, and closing on 11/30/2009. Copies of the
notice may be obtained from the Association office or viewed at: www.gpoaccess.gov/fr/index.html. Federal Register, Vol. 73, No. 244, 12/18/2008, 77075-77076.
Proposed Rules and Comment Due Dates
Agency Proposed Rule Federal Register Publication Date and
Page Number
Comment Due Date
Commodity Credit INTERIM RULE: Agricultural Federal Re ister, Vol.
0245-
Jan. 20, 2009
(Interim rule effective: Corporation (CCC)
Management Assistance Program.
g73, No. 225, 11/20/2008, 770256.
Nov. 20, 2008.)
* INTERIM RULE: Farm on and
ederal Register, Vol.
9267-
Jan. 2 09
(Interim rule
De .)
CCCProgram Payment LimitatiPayment Eligibility for 2009.
F73, No. 249, 12/29/2008, 779284.
8, 20
effective: c. 23, 2008
* Commodity Futures Significant Price Discovery Federal Register, Vol.
5888-
Feb. 1 09 Trading Commission (CFTC)
Contracts. 73, No. 240, 12/12/2008, 775921.
0, 20
edit n
Disclosure, Reporting and ederal Register, Vol.
0921-
Jan. 23, 2009 Farm CrAdministratio(FCA)
Accounting Requirements. F73, No. 227, 11/24/2008, 770926.
p
n
INTERIM RULE: Certain
ederal Register, Vol.
0861-
Jan. 23, 2009
(Interim rule effective:
Federal CroInsurance Corporatio(FCIC)
Endorsements and InsuranceProvisions.
F73, No. 227, 11/24/2008, 770865.
Nov. 19, 2008.)
ederal Deposit
n
Interagency Appraisal and al Register, Vol.
9647-
Jan. 20, 2009 FInsurance Corporatio(FDIC)
Evaluation Guidelines. Feder73, No. 224, 11/19/2008, 669662.
* DIC Call Report, TFR, and FFIEC al Register, Vol.
8794-
Feb. 23, 2009 F002 Information Collections.
Feder73, No. 247, 12/23/2008, 778797.
* FDIC FINAL AND PROPOSED ons
ederal Register, Vol. Mar. 09, 2009
(Final rule e: RULES: Interagency Questiand Answers on CRA.
F74, No. 3, 01/06/2009, 498-542.
effectiv
Jan. 06, 2009.)
Federal Reserve Voluntary Testing of Electronic Federal Register, Vol.
51-
Implementation of
First . System (FRB)
Submission of Applications, Notices and Other Requests.
73, No. 83, 04/29/2008, 23223252.
E-Apps: quarter 2009
FRB Interagency Appraisal and ederal Register, Vol. Jan. 20, 2009 Evaluation Guidelines.
F73, No. 224,
11/19/2008, 69647-69662.
* FRB Comment Period Extended on Regulation Z.
Federal Register, Vol. 73, No. 245, 12/19/2008, 77554-77555.
Feb. 09, 2009
* FRB Selected Assets and Liabilities Information Collections.
Federal Register, Vol. 73, No. 241, 12/15/2008, 76027-76031.
Feb. 13, 2009
* FRB Call Report, TFR, and FFIEC 002 Information Collections.
Federal Register, Vol. 73, No. 247, 12/23/2008, 78794-78797.
Feb. 23, 2009
* FRB Regulation H and Regulation K Information Collection.
Federal Register, Vol. 73, No. 247, 12/23/2008, 78797-78799.
Feb. 23, 2009
* FRB FINAL AND PROPOSED RULES: Interagency Questions and Answers on CRA.
Federal Register, Vol. 74, No. 3, 01/06/2009, 498-542.
Mar. 09, 2009
(Final rule effective: Jan. 06, 2009.)
* FRB Assets and Liabilities
Information Collection.
Federal Register, Vol. 73, No. 247, 12/23/2008, 78797-78799.
Mar. 31, 2009
FRB SEMIANNUAL REGULATORY AGENDA.
Federal Register, Vol. 73, No. 227, 11/24/2008, 71504-71505.
Comments due any time during the next 6
months.
(Issued: Nov. 24, 2008.)
Financial Crimes
Enforcement Network (FinCEN)
Transfer and Reorganization of BSA.
Federal Register, Vol. 73, No. 217, 11/07/2008, 66414-66486.
Mar. 19, 2009
Housing and Urban Development, Dept. of (HUD)
Rehabilitation Mortgage Insurance Underwriting Program Information Collection.
Federal Register, Vol. 73, No. 226, 11/21/2008, 70667.
Jan. 20, 2009
Internal Revenue Service (IRS)
Revision to Certain Income Tax Forms.
Federal Register, Vol. 73, No. 225, 11/20/2008, 70411-70416.
Jan. 20, 2009
IRS Application to Partnerships. Federal Register, Vol. Jan. 29, 2009
73, No. 212, 10/31/2008, 64903-64905.
(Topics for
Feb. 19, 2009 public hearing due:
Jan. 27, 2009.)
IRS FINAL, TEMPORARY AND PROPOSED RULES: Discharges of Indebtedness Information Reporting.
Federal Register, Vol. 73, No. 218, 11/10/2008, 66541-66542, 66568-66569.
Feb. 09, 2009
(Topics for Mar. 13, 2009
public hearing due: Feb. 13, 2009.
Final and temporary
rules effective: Nov. 10, 2008.)
IRS Income Tax Withholding. Federal Register, Vol.
73, No. 235, 12/05/2008, 74082-74096.
Mar. 05, 2009
IRS Nonqualified Deferred Compensation Plans.
Federal Register, Vol. 73, No. 236, 12/08/2008, 74380-74403.
Mar. 09, 2009
(Topics for Apr. 02, 2009
public hearing due: Mar. 09, 2009.)
* IRS Conduit Financing
Arrangements.
Federal Register, Vol. 73, No. 246, 12/22/2008, 78252-78254.
Mar. 23, 2009
* IRS TEMPORARY FINAL AND PROPOSED RULES: Employer’s Annual Federal Tax Return and Modifications to the Deposit Rules.
Federal Register, Vol. 73, No. 249, 12/29/2008, 79423-79313. Federal Register, Vol. 73, No. 249, 12/29/2008, 79354-79361.
Mar. 30, 2009
(Temporary final rule effective:
Dec. 29, 2008.)
National Credit Union Administration (NCUA)
Interagency Appraisal and Evaluation Guidelines.
Federal Register, Vol. 73, No. 224, 11/19/2008, 69647-69662.
Jan. 20, 2009
NCUA New Information Collection on Low-Income Definition.
Federal Register, Vol. 73, No. 229, 11/26/2008, 71948-71949.
Jan. 26, 2009
* NCUA Community Development Federal Register, Vol. Applications due:
Revolving Loan Fund. 73, No. 244, 12/18/2008, 77075-77076.
Oct. 01, 2009 through
Nov. 30, 2009
* Office of the Comptroller of the Currency (OCC)
Call Report, TFR, and FFIEC 002 Information Collections.
Federal Register, Vol. 73, No. 247, 12/23/2008, 78794-78797.
Feb. 23, 2009
* OCC FINAL AND PROPOSED RULES: Interagency Questions and Answers on CRA.
Federal Register, Vol. 74, No. 3, 01/06/2009, 498-542.
Mar. 09, 2009
(Final rule effective: Jan. 06, 2009.)
OCC Interagency Appraisal and
Evaluation Guidelines. Federal Register, Vol. 73, No. 224, 11/19/2008, 69647-69662.
Jan. 20, 2009
Office of Thrift Supervision (OTS)
Interagency Appraisal and Evaluation Guidelines.
Federal Register, Vol. 73, No. 224, 11/19/2008, 69647-69662.
Jan. 20, 2009
* OTS Call Report, TFR, and FFIEC 002 Information Collections.
Federal Register, Vol. 73, No. 247, 12/23/2008, 78794-78797.
Feb. 23, 2009
* OTS
FINAL AND PROPOSED RULES: Interagency Questions and Answers on CRA.
Federal Register, Vol. 74, No. 3, 01/06/2009, 498-542.
Mar. 09, 2009
(Final rule effective: Jan. 06, 2009.)
* Rural Business
Cooperative (RBC)
INTERIM RULE: Rural Development Guaranteed Loans.
Federal Register, Vol. 73, No. 243, 12/17/2008, 76698-76791.
Feb. 17, 2009
(Interim rule effective: Jan. 16, 2009.)
* Rural Housing Service (RHS)
INTERIM RULE: Rural Development Guaranteed Loans.
Federal Register, Vol. 73, No. 243, 12/17/2008, 76698-76791.
Feb. 17, 2009
(Interim rule effective: Jan. 16, 2009.)
* Rural Utilities Service (RUS)
INTERIM RULE: Rural Development Guaranteed Loans.
Federal Register, Vol. 73, No. 243, 12/17/2008, 76698-76791.
Feb. 17, 2009
(Interim rule effective: Jan. 16, 2009.)
RUS NOTICE: Grant and Application Deadlines and Funding Levels for Revolving Fund Program.
Federal Register, Vol. 73, No. 215, 11/05/2008, 65826-65830.
May 31, 2009
Securities and Use of Financial Statements Federal Register, Vol. Feb. 19, 2009
Exchange Commission (SEC)
Prepared in Accordance with IFRS.
73, No. 226, 11/21/2008, 70816-70856.
* Small Business Administration (SBA)
INTERIM FINAL RULE: Lender Oversight Program.
Federal Register, Vol. 73, No. 239, 12/11/2008, 75498-75527.
Mar. 11, 2009
(Interim final rule effective:
Jan. 12, 2009.)
* Denotes new item in the chart
Final Rules and Effective Dates
Agency Final Rule Federal Register Publication Date and
Page Number
Effective Date
Commodity Credit Corporation (CCC)
INTERIM RULE: Agricultural Management Assistance Program.
Federal Register, Vol. 73, No. 225, 11/20/2008, 70245-70256.
Nov. 20, 2008
(Comments due: Jan. 20, 2009.)
* CCC Direct and Counter-Cyclical and
Average Crop Revenue Election Programs.
Federal Register, Vol. 73, No. 249, 12/29/2008, 79284-79289.
Dec. 23, 2008
* CCC INTERIM RULE: Farm Program Payment Limitation and Eligibility for 2009.
Federal Register, Vol. 73, No. 249, 12/29/2008, 79267-79284.
Dec. 23, 2008
(Comments due: Jan. 28, 2009.)
Federal Crop
Insurance Corporation (FCIC)
INTERIM RULE: Certain Endorsements and Insurance Provisions.
Federal Register, Vol. 73, No. 227, 11/24/2008, 70861-70865.
Nov. 19, 2008
(Comments due: Jan. 23, 2009.)
* FCIC CORRECTION: Coverage Enhancements Option Provisions.
Federal Register, Vol. 73, No. 251, 12/31/2008, 80295.
Dec. 31, 2008
Federal Deposit Insurance Corporation (FDIC)
INTERIM RULE: Processing Deposit Accounts in Event of Insured Depository Institution Failure.
Federal Register, Vol. 73, No. 138, 07/17/2008, 41170-41180.
Aug. 18, 2008
(Sec. 360.8(e) effective:
Jul. 01, 2009.)
* FDIC CRA Threshold Amount. Federal Register, Vol. 73, No. 246, 12/22/2008, 78153-78155.
Jan. 01, 2009
* FDIC Risk-Based Assessments. Federal Register, Vol. 73, No. 246, 12/22/2008, 78155-78162.
Jan. 01, 2009
* FDIC FINAL AND PROPOSED RULES: Interagency Questions and Answers on CRA.
Federal Register, Vol. 74, No. 3, 01/06/2009, 498-542.
Jan. 06, 2009
(Comments due: Mar. 09, 2009.)
* FDIC Recordkeeping Requirements for
Qualified Financial Contracts. Federal Register, Vol. 73, No. 246, 12/22/2008, 78162-
Jan. 21, 2009
78173.
* FDIC Regulatory Capital Rules. Federal Register, Vol. 73, No. 250, 12/30/2008, 79602-79608.
Jan. 29, 2009
Federal Reserve System (FRB)
INTERIM RULE: Regulation W Regarding Transactions Between Member Banks and Their Affiliates.
Federal Register, Vol. 73, No. 188, 09/26/2008, 55708-55710.
Sep. 19, 2008
(Interim rule will expire:
Jan. 30, 2009.)
FRB INTERIM RULE: Risk-Based Capital and Leverage Capital Guidelines.
Federal Register, Vol. 73, No. 188, 09/26/2008, 55706-55708.
Sep. 19, 2008
(Interim rule will expire:
Jan. 30, 2009.)
* FRB Regulation D. Federal Register, Vol. 73, No. 247, 12/23/2008, 78616-78618.
Dec. 23, 2008
(Applicability for Revised Rates for Earnings Required
Reserve Balances and Excess Balances: Dec. 18, 2008.)
* FRB Policy Statement on Daylight
Overdraft Posting Rules. Federal Register, Vol. 73, No. 248, 12/24/2008, 79127-79130.
Issued: Dec. 24, 2008
* FRB Extensions of Credit by Federal Reserve Banks.
Federal Register, Vol. 73, No. 249, 12/29/2008, 79306-79307.
Dec. 29, 2008
* FRB CRA Threshold Amount. Federal Register, Vol. 73, No. 246, 12/22/2008, 78153-78155.
Jan. 01, 2009
* FRB Staff Commentary on Regulation C.
Federal Register, Vol. 73, No. 247, 12/23/2008, 78616.
Jan. 01, 2009
* FRB FINAL AND PROPOSED RULES: Interagency Questions and Answers on CRA.
Federal Register, Vol. 74, No. 3, 01/06/2009, 498-542.
Jan. 06, 2009
(Comments due: Mar. 09, 2009.)
FRB Unlawful Internet Gambling. Federal Register, Vol. 73, No. 223, 11/18/2008, 69382-69411.
Jan. 19, 2009
(Compliance by non-exempt participants
in designated payment systems not
required until: Dec. 01, 2009.)
* FRB Regulatory Capital Rules. Federal Register, Vol.
73, No. 250, 12/30/2008, 79602-79608.
Jan. 29, 2009
FRB Regulation CC. Federal Register, Vol. 73, No. 226, 11/21/2008, 70590-70591.
Jan. 31, 2009
* FRB Regulation CC. Federal Register, Vol. 73, No. 245, 12/19/2008, 77491-77492.
Feb. 21, 2009
* FRB Policy Statement on Payment System Risk.
Federal Register, Vol. 73, No. 248, 12/24/2008, 79109-79127.
Mar. 26, 2009
FRB Regulation Z: Truth In Lending Act and Home Ownership and Equity Protection Act (HOEPA).
Federal Register, Vol. 73, No. 147, 07/30/2008, 44522-44614.
Oct. 01, 2009
(Sec. 226.35(b)(3) effective:
Apr. 01, 2010.)
FRB HMDA Price Information Reporting.
Federal Register, Vol. 73, No. 207, 10/24/2008, 63329-63338.
Oct. 01, 2009
(Mandatory compliance for loan
applications taken on or after that date and for loans that close
on or after Jan. 01, 2010, regardless of
application date.)
* Housing and Urban Development, Dept. of (HUD)
NOTICE: S.A.F.E. Mortgage Licensing Act.
Federal Register, Vol. 74, No. 2, 01/05/2009, 312-313.
Issued: Jan. 05, 2009
* HUD
Fraud Civil Remedies Act. Federal Register, Vol. 73, No. 243, 12/17/2008, 76830-76832.
Jan. 16, 2009
HUD RESPA. Federal Register, Vol. 73, No. 222, 11/17/2008, 68204-68288.
Jan 16, 2009
(Mandatory compliance date for GFE and HUD - 1
and HUD - 1A settlement statements:
Jan. 01, 2010.)
Internal Revenue Service (IRS)
FINAL, TEMPORARY AND PROPOSED RULES: Discharges of Indebtedness Information Reporting.
Federal Register, Vol. 73, No. 218, 11/10/2008, 66541-66542, 66568-66569.
Final and temporary rules effective: Nov. 10, 2008.
(Comments due: Feb. 09, 2009.
Topics for
Mar. 13, 2009 public hearing due:
Feb. 13, 2009.)
* IRS Creditor Continuity of Interest. Federal Register, Vol. 73, No. 240, 12/12/2008, 75566-75568.
Dec. 12, 2008
* IRS CORRECTIONS: Creditor Continuity of Interest.
Federal Register, Vol. 73, No. 248, 12/24/2008, 78969. Federal Register, Vol. 73, No. 248, 12/24/2008, 78969-78970.
Corrections effective: Dec. 24, 2008.
Corrections applicable:
Dec. 12, 2008.
IRS TEMPORARY FINAL RULE: Business Electronic Filing for Code Section 1561.
Federal Register, Vol. 71, No. 246, 12/22/2006, 76904-76913.
Dec. 22, 2006
(Temporary final rule will expire:
Dec. 21, 2009.)
* IRS TEMPORARY FINAL AND PROPOSED RULES: Employer’s Annual Federal Tax Return and Modifications to the Deposit Rules.
Federal Register, Vol. 73, No. 249, 12/29/2008, 79354-79361. Federal Register, Vol. 73, No. 249, 12/29/2008, 79423-79313.
Dec. 29, 2008
(Comments due: Mar. 30, 2009.)
* National Credit Union Administration (NCUA)
CUSOs. Federal Register, Vol. 73, No. 249, 12/29/2008, 79307-79313.
Jan. 28, 2009
* Office of the Comptroller of the Currency (OCC)
CRA Threshold Amount. Federal Register, Vol. 73, No. 246, 12/22/2008, 78153-78155.
Jan. 01, 2009
* OCC FINAL AND PROPOSED RULES: Interagency Questions and Answers on CRA.
Federal Register, Vol. 74, No. 3, 01/06/2009, 498-542.
Jan. 06, 2009
(Comments due: Mar. 09, 2009.)
* OCC Regulatory Capital Rules. Federal Register, Vol.
73, No. 250, 12/30/2008, 79602-79608.
Jan. 29, 2009
* Office of Foreign Assets Control (OFAC)
Terrorism Sanctions Regulations. Federal Register, Vol. 73, No. 247, 12/23/2008, 78631-78633.
Dec. 23, 2008
Office of Thrift Supervision (OTS)
Extension of Expiration Date of Temporary Exemption of Prohibited Services at SLHCs.
Federal Register, Vol. 73, No. 213, 11/03/2008, 65257-65258.
Nov. 03, 2008
(Temporary exemption extended
until: Mar. 31, 2009.)
* OTS Incorporate Technical
Amendments. Federal Register, Vol. 73, No. 244, 12/18/2008, 76938-76940.
Dec. 18, 2008
* OTS CRA Threshold Amount. Federal Register, Vol. 73, No. 246, 12/22/2008, 78153-78155.
Jan. 01, 2009
* OTS FINAL AND PROPOSED RULES: Interagency Questions and Answers on CRA.
Federal Register, Vol. 74, No. 3, 01/06/2009, 498-542.
Jan. 06, 2009
(Comments due: Mar. 09, 2009.)
* OTS Regulatory Capital Rules. Federal Register, Vol.
73, No. 250, 12/30/2008, 79602-79608.
Jan. 29, 2009
* Rural Business Cooperative (RBC)
INTERIM RULE: Rural Development Guaranteed Loans.
Federal Register, Vol. 73, No. 243, 12/17/2008, 76698-76791.
Jan. 16, 2009
(Comments due: Feb. 17, 2009.)
* Rural Housing Service (RHS)
INTERIM RULE: Rural Development Guaranteed Loans.
Federal Register, Vol. 73, No. 243, 12/17/2008, 76698-
Jan. 16, 2009
(Comments due:
76791.
Feb. 17, 2009.)
RHS DIRECT FINAL RULE: Income Limit Modifications.
Federal Register, Vol. 73, No. 214, 11/04/2008, 65503-65505.
Jan. 20, 2009
* Rural Utilities Service (RUS)
INTERIM RULE: Rural Development Guaranteed Loans.
Federal Register, Vol. 73, No. 243, 12/17/2008, 76698-76791.
Jan. 16, 2009
(Comments due: Feb. 17, 2009.)
Securities and Exchange Commission (SEC)
Internal Control Over Financial Reporting in Periodic Reports of Non-Accelerated Filers.
Federal Register, Vol. 73, No. 128, 07/02/2008, 38094-38100.
Sep. 02, 2008
(Sec. 228.308T and form 10-KSB effective from: Sep. 02, 2008
to Mar. 15, 2009.
Sec. 210.2-02T and
229.308T; and forms 20-F, 40-F, 10-Q, and 10-K effective from:
Sep. 02, 2008 to
Jun. 30, 2010.)
SEC Revision of Form D and Electronic Filing.
Federal Register, Vol. 73, No. 39, 02/27/2008, 10592-10642.
Sep. 05, 2008
(Sec. 232.101(a)(1)(xiii)
effective: Mar. 16, 2009.
Sec. 230.503T, Sec. 232.101(b)(10) and
Sec. 239.500T effective from:
Sep. 15, 2008 to Mar. 16, 2009.)
* SEC Municipal Securities Disclosure. Federal Register, Vol.
73, No. 241, 12/15/2008, 76104-76133.
Jul. 01, 2009
SEC FINAL TEMPORARY RULE: Amendments to Regulation SHO.
Federal Register, Vol. 73, No. 202, 10/17/2008, 61706-61731.
Oct. 17, 2008 through
Jul. 31, 2009
SEC FINAL TEMPORARY RULE: Disclosure of Short Sales and
Federal Register, Vol. 73, No. 202,
Oct. 18, 2008 through
Short Positions by Institutional Investment Managers.
10/17/2008, 61678-61690.
Aug. 01, 2009
SEC INTERIM FINAL TEMPORARY RULE: Liquidation of Certain Money Market Funds.
Federal Register, Vol. 73, No. 229, 11/26/2008, 71919-71923.
Temporary rule effective:
Nov. 26, 2008 through
Oct. 18, 2009
Small Business Administration (SBA)
NOTICE: New Markets Tax Credit Pilot Loan Program.
Federal Register, Vol. 71, No. 192, 10/04/2006, 58658-58659.
Program expires: Sep. 30, 2011.
SBA NOTICE: Community Express Pilot Program.
Federal Register, Vol. 73, No. 126, 06/30/2008, 36950-36951.
Restructured Program extended to:
Dec. 31, 2009.
* SBA Increase in Maximum Leverage Ceiling.
Federal Register, Vol. 73, No. 249, 12/29/2008, 79536-79537.
Dec. 11, 2008
* SBA INTERIM FINAL RULE: Lender Oversight Program.
Federal Register, Vol. 73, No. 239, 12/11/2008, 75498-75527.
Jan. 12, 2009
(Comments due: Mar. 11, 2009.)
SBA NOTICE: Extension of Waiver
of Regulatory Provisions for Gulf Opportunity Loan Pilot.
Federal Register, Vol. 73, No. 181, 09/17/2008, 53918-53919.
Program extended until:
Sep. 30, 2009
SBA NOTICE: Extension of Export Express Pilot Program.
Federal Register, Vol. 73, No. 180, 09/16/2008, 53476.
Program extended until:
Dec. 31, 2009
Treasury, Dept. of (Treasury)
Unlawful Internet Gambling. Federal Register, Vol. 73, No. 223, 11/18/2008, 69382-69411.
Jan. 19, 2009
(Compliance by non-exempt participants
in designated payment systems not
required until: Dec. 01, 2009.)
Treasury Computer Matching Between
TIGTA and IRS. Federal Register, Vol. 72, No. 28, 02/12/2007, 6667-6668.
Mar. 14, 2007
(Computer matching concludes:
Aug. 31, 2009.)
* Denotes new item in the chart
*************** The Regulatory Review is provided to you as a member service by the Louisiana Bankers Association in cooperation with the Wisconsin Bankers Association. The publication is intended to provide a concise summary rather than complete analysis of the regulations covered. Reference should be made to the regulation itself for a determination of its application to your particular circumstances. Louisiana Bankers Association 5555 Bankers Avenue Baton Rouge, LA 70808 Phone: (225) 387-3282 Fax: (225) 343-3159 Robert T. Taylor, Chief Executive Officer [email protected] David J. Boneno, General Counsel [email protected] Joseph V. Gendron, Director of Government Relations [email protected]
