Search Results for keywords:"regulatory amendment"

The Department of Defense (DoD) has issued a final rule amending the Defense Federal Acquisition Regulation Supplement (DFARS) to redefine the term "material weakness" for evaluating contractor business systems. This term replaces "significant deficiency" and aligns with generally accepted auditing standards. The rule aims to provide clearer guidance for identifying and addressing deficiencies, thereby improving oversight of contractor business systems. The regulation impacts various contracting processes but does not add new compliance requirements for small businesses or contracts below certain thresholds.

The NCUA Board has issued a final rule amending regulations for corporate credit unions. This rule clarifies that corporate credit unions are allowed to purchase subordinated debt instruments from natural person credit unions and outlines how these investments will be treated in terms of capital. The rule aims to balance providing flexibility for these transactions while minimizing systemic risk to the credit union system by requiring such debt instruments to be deducted from Tier 1 capital. This amendment takes effect on January 1, 2022.

The U.S. Customs and Border Protection has extended import restrictions on certain archaeological and ecclesiastical ethnological materials from El Salvador through March 2, 2030. These restrictions, originally imposed in 1995 and periodically extended since then, prevent the import of cultural property dating from pre-1550 AD. This recent extension follows a Memorandum of Understanding between the United States and El Salvador, ensuring continued protection of these cultural artifacts. The amendment is effective immediately upon publication, bypassing usual public notice procedures due to foreign affairs considerations.

The Federal Railroad Administration (FRA), part of the Department of Transportation, issued a correction to a previous rule about highway-rail grade crossing safety standards. Initially, an error was made in the final rule published on December 14, 2020, where a reference was incorrectly linked to a non-existent paragraph. This correction fixes the mistake by correctly referring to the paragraph that lists the 10 states needing to submit updated reports electronically. This amendment is effective from February 23, 2021, and does not require public notice or comment due to the minor nature of the error.

The Pension Benefit Guaranty Corporation (PBGC) has released a final rule amending regulations for pension plans facing financial difficulties or closure. This update introduces a new table to determine the expected retirement ages of participants in plans with valuation dates in 2025, which helps calculate early retirement benefits. Additionally, the rule provides a mortality assumption for PBGC's program dealing with missing participants in pension plans for the upcoming year. PBGC determined that no public comment was necessary for these routine changes and that the updates are effective from January 1, 2025.

The Federal Motor Carrier Safety Administration (FMCSA) proposed a rule change to allow individuals with vision impairments in one eye to operate commercial motor vehicles without needing an exemption. Currently, these individuals need an exemption to drive interstate. The new rule suggests using a standard that includes a road test instead of requiring three years of intrastate driving experience. This change aims to simplify the qualification process and improve employment opportunities for drivers while maintaining safety standards.

The Federal Aviation Administration and the Department of Transportation issued a correction to a recent rule regarding BasicMed, which appeared in a 2024 publication. The correction clarifies an amendment to Section 11.201, instructing that a new entry for "Part 68" should be added to the table in numerical order. This amendment ensures the rule is applied accurately as intended.