Search Results for agency_names:"Bureau of the Fiscal Service"

Found 6 results

Search Results: agency_names:"Bureau of the Fiscal Service"

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  • 2024-28231 — Application and Renewal Fees Imposed on Surety Companies and Reinsuring Companies; Increase in Fees Imposed
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    Type:Notice
    Citation:89 FR 95910
    Reading Time:about 2 minutes

    The Bureau of the Fiscal Service in the Department of the Treasury announced new and increased fees for surety and reinsuring companies. These fees apply to various certifications and renewals, including those for Complementary, Alien, and Admitted Reinsurers. The changes, justified by the costs of analyzing company applications and financials, are set to become effective on January 1, 2025. This fee adjustment is supported by laws allowing the government to charge for specific services that benefit companies.

    Simple Explanation

    The government is going to charge some companies more money starting in 2025 to check their paperwork and make sure they're allowed to keep doing their jobs in the country. This might be tougher for smaller companies, and some people think the costs seem pretty high without enough explanation.

  • 2021-01681 — Prompt Payment Interest Rate; Contract Disputes Act
    Type:Notice
    Citation:86 FR 7457
    Reading Time:about a minute or two

    The Fiscal Service, part of the Treasury Department, has issued a notice about the interest rate applicable under the Prompt Payment Act and the Contract Disputes Act. For the period from January 1, 2021, to June 30, 2021, the interest rate is set at 7/8 percent per annum. This rate is used to calculate interest penalties on late payments by federal agencies to businesses. The notice emphasizes that these penalties must be paid regardless of whether the business requests them.

    Simple Explanation

    The Fiscal Service from the Treasury Department has announced that from January 1 to June 30, 2021, if the government pays a bill late, they have to give a little extra money, called interest, which is set at about 0.875% per year, to the business they owe, even if the business doesn’t ask for it.

  • 2024-29988 — Disclosure of Records
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    Type:Rule
    Citation:89 FR 102735
    Reading Time:about 34 minutes

    The Bureau of the Fiscal Service, part of the U.S. Department of the Treasury, is implementing new regulations under the SECURE 2.0 Act of 2022. These regulations require the Treasury to provide states with information about unredeemed U.S. savings bonds to help locate their owners. However, the information can only be used for locating bond owners, not for claiming ownership through state escheatment laws, which attempt to take control of unclaimed property. The regulations also include privacy protections and prevent states from publicly sharing the information without Treasury's consent to avoid fraud and misuse.

    Simple Explanation

    The government wants to help find people who own special bonds they haven't collected yet by sharing information with States, but this info can only be used for finding bond owners and not for keeping the bonds. They also want to keep this info private to stop bad guys from cheating.

  • 2025-02986 — Prompt Payment Interest Rate; Contract Disputes Act
    Type:Notice
    Citation:90 FR 10678
    Reading Time:about a minute or two

    The Bureau of the Fiscal Service, Treasury Department has announced the prompt payment interest rate for the period from January 1, 2025, to June 30, 2025. The interest rate is set at 4 5/8 percent per year. This rate is used to calculate interest penalties owed by government agencies to businesses when they fail to pay for goods or services on time. The interest is calculated from the day after the payment was due until the payment is made.

    Simple Explanation

    The government says that if they are late paying for something they bought, they have to give a little extra money—a tip of 4.625% a year—to say sorry for being late. It's like when someone is late for a playdate and brings a cookie to make up for it!

  • 2024-28806 — Application and Renewal Fees Imposed on Surety Companies and Reinsuring Companies; Increase in Fees Imposed; Correction
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    Type:Notice
    Citation:89 FR 97706
    Reading Time:about a minute or two

    The Department of the Treasury, through the Bureau of the Fiscal Service, issued a notice correcting previous errors regarding fees for surety and reinsuring companies, as published in the Federal Register on December 2, 2024. The original document introduced new renewal fees for various types of reinsurers and increased existing fees, to be effective from January 1, 2025. Due to typographical errors affecting dollar amounts in the initial publication, corrections have now been issued, specifying the updated fee rates.

    Simple Explanation

    The government made a mistake writing down the fee amounts for some companies that help with insurance, and now they're fixing those mistakes to make sure everyone pays the right amount. They didn't say exactly what was wrong or how to ask questions, so people might still be a little confused.

  • 2025-06484 — Proposed Collection of Information: Creditor's Request for Payment of Treasury Securities Belonging to a Decedent's Estate Being Settled Without Administration
    Type:Notice
    Citation:90 FR 16424
    Reading Time:about a minute or two

    The Department of the Treasury is asking for public comments on a form used to settle the estates of deceased individuals without formal administration. This form, known as FS Form 1050, allows creditors to request payment from Treasury Securities held in the deceased person's estate. The Bureau of the Fiscal Service is seeking input to ensure the collection of information remains effective and minimally burdensome under the requirements of the Paperwork Reduction Act of 1995. Comments are accepted until June 16, 2025.

    Simple Explanation

    The Treasury Department is asking people what they think about a form that helps pay back money to people who are owed by someone who has died, without going through lots of paperwork. They want to make sure using the form is easy and doesn't take too much time.