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The Office of the Comptroller of the Currency (OCC) is inviting public and federal agency comments on a proposed revision to an information collection requirement under the Paperwork Reduction Act. This involves updating reporting requirements for national banks and federal savings associations, particularly those with assets of $250 billion or more, to align with stress test templates used by the Federal Reserve. The goal is to minimize the burden on these institutions while ensuring effective stress testing practices. Comments on the proposal are requested by March 29, 2021, and the OCC encourages electronic submissions.

The Consumer Financial Protection Bureau (CFPB) is proposing a new rule to prevent the use of unfair terms in contracts for consumer financial products, such as credit cards and loans. This proposal aims to stop businesses from including terms that waive consumers' legal rights, allow companies to unilaterally change contracts, or prevent consumers from expressing their opinions about the services. Additionally, the rule will officially codify prohibitions from an existing Federal Trade Commission rule that limits certain unfair credit practices. The CFPB is inviting public comments on these proposed changes until April 1, 2025.

The Federal Election Commission (FEC) is proposing new rules to allow contributors to request that the Commission modify or redact their personal information, such as their mailing address, occupation, or employer name, from public records. This change is aimed at protecting contributors from possible threats, harassment, or reprisal arising from their contributions to political campaigns. The FEC invites public comments on this proposal, emphasizing that these procedures are intended to create a formal method for these requests while maintaining necessary transparency and legal adherence. Additionally, the modifications are designed to lessen the burden on entities filing reports and further uphold contributors' privacy rights.

The Bureau of Consumer Financial Protection shared its observations on how various financial services adjusted during the COVID-19 pandemic, as highlighted in this special edition of Supervisory Highlights. The report documents the Bureau's assessments in areas like mortgage, student loans, auto loans, credit cards, and more, noting challenges faced by these sectors and their responses to rapidly changing consumer needs. Many financial institutions struggled with increased consumer requests for assistance, inaccurate information dissemination, and operational adjustments, highlighting risks that could potentially harm consumers. The Bureau aimed to help these institutions recognize and address these risks to better protect consumers.

The Department of Labor is considering a proposed exemption that would allow Northern Trust Corporation and its affiliates to continue using a special legal exemption for certain financial transactions despite Northern Trust Fiduciary Services (NTFS) being convicted of aiding and abetting tax fraud in France. The proposed exemption would be in effect for five years and aims to prevent disruptions for pension plans and other financial entities relying on Northern's services. This proposal includes various safety measures to ensure Northern's operations remain lawful and in compliance with fiduciary duties, also detailing costly procedures and conditions to protect involved parties and maintain trust.

The National Credit Union Administration (NCUA) has amended its regulations to offer an alternative way for joint account holders to meet the signature card requirement for share insurance coverage. Instead of needing a physical signature card, the rule allows this requirement to be met through account records showing co-ownership, like the issuance of debit cards or account usage by each co-owner. This change aims to ensure smoother and faster insurance payouts without adding new burdens, particularly in cases where physical signature records are unavailable. The rule also maintains parity with similar changes made by the Federal Deposit Insurance Corporation (FDIC).

The U.S. Nuclear Regulatory Commission (NRC) approved exemptions for PSEG Nuclear, LLC, allowing it to transfer earnings from nuclear decommissioning trust funds into specific subaccounts without prior notification. These exemptions pertain to funds at Hope Creek Generating Station, Salem Generating Station, and Peach Bottom Atomic Power Station, and are intended for activities that don't strictly fall under "decommissioning" as defined by existing regulations. The NRC confirmed these changes will not jeopardize the safe decommissioning of the reactors and concluded there are no significant environmental impacts from this decision. The exemptions are immediately effective and will expire once each reactor permanently ceases operations and removes nuclear fuel.

The Financial Crimes Enforcement Network (FinCEN) is seeking public comments on the renewal of information collection requirements under the Bank Secrecy Act (BSA). The regulations require dealers in foreign exchange and brokers or dealers in securities to maintain records of taxpayer identification numbers and transaction documents. Though there are no proposed changes to these requirements, FinCEN is considering expanding the scope of the annual burden estimates associated with these regulations. The request for comments is part of an effort to reduce paperwork and evaluate the effectiveness and efficiency of the current process, in compliance with the Paperwork Reduction Act.

The Securities and Exchange Commission (SEC) is seeking public feedback on extending a rule that helps prevent conflicts of interest for people working with investment companies. Rule 17j-1 requires those affiliated with investment companies to follow a code of ethics that ensures their personal investments do not conflict with the company's activities. This rule mandates reports on personal securities transactions and record-keeping to detect any potential violations. The SEC estimates around 84,567 people are affected by this rule, leading to annual costs of approximately $4.68 million for compliance. Comments are invited on the necessity and impact of these reporting requirements.

The Consumer Financial Protection Bureau (CFPB) has issued a final rule to identify larger participants in the market for digital consumer payment apps, like digital wallets and payment apps used for personal payments. A nonbank must manage at least 50 million transactions annually and not be a small business to qualify as a larger participant and fall under CFPB supervision. This new rule, effective January 9, 2025, will not add new consumer protection obligations but will help the CFPB monitor compliance with federal consumer financial laws and assess risks to consumers. The rule follows a public comment phase and consultation with other federal agencies.