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The National Credit Union Administration (NCUA) plans to submit an information collection request to the Office of Management and Budget (OMB) as part of their compliance with the Paperwork Reduction Act of 1995. This request concerns the regulation for Liquidity and Contingency Funding Plans, which is intended to ensure that federally insured credit unions manage liquidity risks effectively. The NCUA's rule, codified in 12 CFR 741.12, creates a tiered system based on asset size that requires various levels of planning and preparation among credit unions. Public comments on this submission are welcome until March 15, 2021.

The U.S. Nuclear Regulatory Commission (NRC) is considering an application from Arizona Public Service Company to approve the indirect transfer of certain licenses for the Palo Verde Nuclear Generating Station. This involves transferring possession-only rights from the Public Service Company of New Mexico to Avangrid Inc., making PNM and its parent company indirect subsidiaries of Avangrid. The NRC assures that the transfer will not impact PNM's responsibilities or the qualifications needed to hold the license. Public comments on the matter must be submitted by February 26, 2021, and anyone interested may request a hearing or petition to intervene by February 16, 2021.

The Internal Revenue Service (IRS) is seeking public comments on continuing information collections related to the electronic deposit of tax refunds of $1 million or more, under the Paperwork Reduction Act of 1995. Comments are invited on the necessity and utility of the information collection, its burden estimates, and suggestions for improving its accuracy and minimizing respondent burden. Comments should be submitted by March 22, 2021, to be considered. This initiative is part of the IRS's ongoing effort to reduce paperwork and respondent burden, and all comments will become public record.

On December 11, 2020, the Office of the Comptroller of the Currency (OCC) published a final rule aimed at updating regulations for national banks and Federal savings associations to improve clarity, safety, and efficiency, while eliminating unnecessary requirements. A subsequent correcting amendment, effective January 11, 2021, addresses missing information and corrects three typographical errors within the final rule. These technical changes do not alter the substance of the regulations and were implemented without requiring the usual public notice and comment process, based on the OCC's determination that such steps were unnecessary. The OCC also ensured that the rule would take effect promptly, waiving typical delays because the changes increase compliance flexibility and reduce burdens for regulated institutions.

The Department of Justice has lodged a proposed Consent Decree with a Massachusetts federal court to resolve claims related to environmental damage at the Shpack Landfill Site in Massachusetts. The agreement involves multiple defendants, including Aerosols Danville, Inc., and would require them, along with the Department of Energy, to pay $2.1 million for natural resource restoration and cost assessments. In return, they would receive legal protections under environmental laws. The public has 30 days to comment on the proposed decree, which can be accessed online through the Justice Department's website.

The Financial Crimes Enforcement Network (FinCEN) published a proposed rule on December 23, 2020, aimed at implementing new reporting and recordkeeping requirements for transactions involving convertible virtual currency (CVC) and legal tender digital assets (LTDA). These requirements are part of efforts to address illicit financial activities such as money laundering and the financing of terrorism. The proposal includes mandatory reporting for transactions over $10,000 involving these assets, as well as maintaining records for transactions over $3,000. In response to public feedback, FinCEN has reopened the comment period to gather more input on these proposals and their implications for financial institutions, technology, and regulatory compliance.

The Department of Labor has granted an exemption to the Boilermakers Western States Apprenticeship Fund, allowing it to purchase a property in Page, Arizona, from Lodge 4, despite restrictions under the Employee Retirement Income Security Act of 1974 (ERISA). This decision was made to avoid the costs and time of relocating the Plan's training program and because the property is already modified for this purpose. An independent fiduciary will ensure that the property is bought at fair market value, adhering to all necessary conditions. The purchase will help maintain the training program and provide administrative space for the Plan's headquarters.

The Federal Deposit Insurance Corporation (FDIC) is proposing a new rule allowing it to exempt certain supervised institutions from filing Suspicious Activity Reports (SARs). This proposed rule aims to give these institutions the flexibility to develop innovative solutions for meeting Bank Secrecy Act (BSA) requirements more efficiently. If enacted, the rule would align the FDIC more closely with the Financial Crimes Enforcement Network (FinCEN), reducing regulatory burdens for institutions using advanced technologies. The rule outlines procedures for exemption and invites public comments until February 22, 2021.

The Board of Governors of the Federal Reserve System is making changes to financial reporting requirements for holding companies and Edge corporations. These updates include revising the definitions and reporting instructions related to savings deposits and including new temporary data items associated with the CARES Act and the Paycheck Protection Program Liquidity Facility (PPPLF). The Board also plans to address concerns about consistency across different reports, such as ensuring that savings deposits are consistently classified in the Call Report and other financial statements. Additionally, they have issued clarifications for recording uncollectible accrued interest, shared fees from securities-related activities, and pledged equity securities.

The U.S. Small Business Administration (SBA), in collaboration with the Department of the Treasury, issued an interim final rule implementing amendments from the Economic Aid Act to the Paycheck Protection Program (PPP). The rule extends the PPP, a program designed to provide financial aid to small businesses impacted by COVID-19, allowing them to apply for loans through March 31, 2021. It also includes updated guidelines for loan forgiveness, borrower and lender eligibility, and how loans can be used, with new rules for calculating maximum loan amounts and requirements for loan forgiveness applications. The Economic Aid Act amendments aim to streamline the application process and ensure fair access to the program for all eligible borrowers.