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The Federal Deposit Insurance Corporation (FDIC) has announced updates to the maximum amounts for civil money penalties (CMPs) to account for inflation. These adjustments apply to penalties assessed after January 15, 2021, for violations occurring from November 2, 2015, onwards. Federal agencies, like the FDIC, are required to adjust these penalties annually based on guidance from the Office of Management and Budget (OMB). The updated CMP amounts were calculated using the inflation multiplier provided by the OMB in December 2020.

This document contains the final regulations providing additional guidance on the limitations for deducting business interest expenses under section 163(j) of the Internal Revenue Code. These regulations reflect changes made by the Tax Cuts and Jobs Act and the CARES Act, addressing how the limitation applies to various entities such as passthrough entities, regulated investment companies, and controlled foreign corporations. The rules also offer guidance on definitions related to real estate and set applicability dates for these regulations. Ultimately, these updates aim to clarify how businesses can calculate their deductions for interest expenses while considering the legislative amendments.

The U.S. Small Business Administration (SBA) is proposing to remove five regulatory provisions that prevent certain faith-based organizations from accessing SBA business loan and disaster assistance programs due to their religious status. These provisions conflict with the Free Exercise Clause of the First Amendment, as interpreted by recent Supreme Court decisions, which protect religious organizations from discriminatory exclusions. The SBA plans to amend these regulations to ensure faith-based organizations receive equal treatment under its programs, aligning with constitutional requirements and promoting religious liberty. Public comments on this proposal are open until February 18, 2021.

The Office of the Comptroller of the Currency, the Federal Reserve System, and the Federal Deposit Insurance Corporation are seeking public comments on proposed updates to the Consolidated Reports of Condition and Income, also known as Call Reports. These updates, intended to remain effective through 2021, address changes in asset measurement dates due to temporary asset growth linked to relief programs from the COVID-19 pandemic. The modifications aim to help financial institutions manage reporting burdens by allowing them to use asset figures from either December 2019 or June 2020 for determining their reporting requirements for the upcoming year. The agencies are inviting feedback about the utility, accuracy, and potential burden of these changes as they move forward with the proposal.

The Federal Aviation Administration (FAA) has issued a new rule for several models of Airbus Helicopters due to reports of accidental activation of a crucial button during a night flight. This directive requires helicopter operators to check the safety mechanism of the button on the pilot's controls and replace certain parts if necessary to prevent potential hazards. It applies to specific helicopter models and mandates regular inspections every 12 months. The rule is effective from March 7, 2025, and includes provisions for owners to conduct some checks themselves if they possess the necessary certification.

The National Marine Fisheries Service (NMFS) is proposing a new rule under the Fishery Management Plan for Puerto Rico, which focuses on changing the annual catch limits (ACLs) for the triggerfish stock complex in Puerto Rico's federal waters. This is part of efforts to prevent overfishing and achieve the best use and conservation of these fish resources. The proposed rule intends to decrease the total ACL from 90,552 pounds to 87,220 pounds, affecting both commercial and recreational fishing limits. Public comments on this proposal are invited until January 16, 2025.

The Federal Aviation Administration (FAA) has proposed a new rule to replace the 2021 directive concerning Airbus Model SA330J helicopters. This new proposed rule aims to ensure safety by requiring the installation of improved main gearbox fan rotor bearings, which will stop the need for repeated inspections. The rule also follows updates from the European Union Aviation Safety Agency (EASA) that include modifications like Kevlar protection for the fan bearing rectifier and a new flexible duct. The FAA invites public comments on this proposal until January 24, 2025.

The President of the United States has issued a memorandum delegating authority to the Secretary of State. This authority permits the Secretary to direct the use of up to $571.3 million in defense goods and services, and military training from the Department of Defense, to support Taiwan. This memorandum is to be officially recorded in the Federal Register.

The National Oceanic and Atmospheric Administration (NOAA) is seeking public comments on the Commercial Operator's Annual Report (COAR) as part of a routine information collection review. The COAR is mandated for certain fish processors and collectors in Alaska to report on their purchasing and production activities. This information helps assess the value of fisheries resources and is used by federal and state agencies for fisheries management. Comments are invited to evaluate the necessity, efficiency, and usefulness of this information collection and to explore ways to reduce the reporting burden.

The Federal Deposit Insurance Corporation (FDIC) is seeking public comments on renewing two information collection requirements as part of its obligations under the Paperwork Reduction Act of 1995. The first collection relates to recordkeeping, disclosure, and reporting requirements in connection with Regulation Z, which involves the Truth in Lending Act. The second concerns account-based disclosures linked to Consumer Financial Protection Bureau Regulations E and DD and Federal Reserve Regulation CC, ensuring proper disclosure about electronic fund transfers and deposit accounts. The public has until April 27, 2021, to submit their comments, which will be considered a matter of public record.