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The Federal Communications Commission's Enforcement Bureau has suspended Issa Asad from the federal Lifeline program and other federal universal service support mechanisms due to fraud. Asad, the CEO of Q Link Wireless, admitted to defrauding the Lifeline program by submitting false claims, leading to him and his company benefiting unlawfully. Following his conviction, the Bureau will begin proceedings to debar Asad from future participation in these programs for at least three years. Anyone wishing to oppose this suspension can submit documentation within 30 days of receiving the notification.

The Federal Aviation Administration (FAA) has issued a final rule concerning Airbus Helicopters Model AS350B3. This rule mandates upgrades to the electrical system for the throttle twist grip and inspections of a microswitch electrical harness to prevent potential engine issues where helicopters could remain in idle mode unintentionally. The rule, prompted by similar European regulations, aims to ensure safety and requires compliance by a specific date or service hours, with details available from Airbus Helicopters. The rule affects 517 helicopters and is meant to avoid jeopardizing flight safety and prevent accidents.

The Department of Homeland Security (DHS) is proposing changes to its Privacy Act regulations, in line with the Social Security Number Fraud Prevention Act of 2017. These changes would restrict the use of full Social Security numbers (SSNs) in documents sent by physical mail unless deemed necessary by the Secretary of Homeland Security. DHS aims to further define what "necessary" means and to ensure that SSNs are redacted whenever possible. The agency also plans safeguards to protect SSNs, ensuring they're never visible on the outside of mail packages.

The Securities and Exchange Commission (SEC) has requested approval from the Office of Management and Budget (OMB) to extend a rule that requires key market players to maintain robust and secure technological systems. This rule, known as Regulation SCI, involves collecting information to ensure market stability and includes specific requirements for reporting technological events and improvements to the SEC. Currently, 48 entities are subject to this rule, with the number expected to increase over the next three years. The regulation aims to enhance the resilience of the U.S. securities market and ensure compliance with federal securities laws, incurring costs and compliance efforts from the involved entities.

The Securities and Exchange Commission (SEC) is seeking approval from the Office of Management and Budget to extend an existing collection of information under Rule 15c2-12, which involves municipal securities disclosure. This rule requires certain actions from underwriters, like obtaining important financial statements from municipal securities issuers before making transactions, and ensuring that issuers provide ongoing financial information to the Municipal Securities Rulemaking Board. The SEC estimates that it will take hundreds of thousands of hours per year for issuers, broker-dealers, and the MSRB to comply with the rule and that compliance will cost millions of dollars over the next three years. The public can view and comment on this request by early March 2025.

The Federal Communications Commission (FCC) has suspended Q Link Wireless LLC from the federal Lifeline program and all universal service support mechanisms following its conviction for defrauding the government. Q Link was found guilty of fraudulent activities, including wire fraud, theft of government funds, and submitting false claims to the Lifeline program. The suspension is effective immediately, and debarment proceedings are also being initiated, which may prevent the company from participating in these federal programs for at least three years. Q Link and any related parties can contest this decision within 30 days by providing supporting documents.

The Consumer Financial Protection Bureau (CFPB) has proposed a rule to amend Regulation V, which implements the Fair Credit Reporting Act (FCRA). This proposal aims to better regulate data brokers by clearly defining when they are considered consumer reporting agencies under the law, especially concerning sensitive personal information that could affect credit eligibility. Key aspects include ensuring consumer reports are only used for permissible purposes and preventing misuse of aggregated or de-identified data. The rule also seeks public input on these changes to enhance privacy protections and address evolving market dynamics.

The Federal Communications Commission (FCC) has changed the rules for letters of credit (LOCs) required for recipients of high-cost support under the Universal Service Fund programs. Previously, banks needed a specific safety rating to issue LOCs, but now they must be “well capitalized” according to federal bank standards. This change aims to make it easier for companies to secure LOCs, which are necessary to ensure rapid broadband deployment. Additionally, the FCC is allowing recipients to reduce the value of their LOCs faster if they meet certain deployment milestones, freeing up funds for more broadband expansion.

The Internal Revenue Service (IRS) has issued final regulations to address uncertainties regarding the supervisory approval of penalties. These rules are meant to clarify when and how the IRS must obtain supervisor approval for penalty assessments, ensuring penalties are imposed correctly and consistently. Public comments were reviewed, but proposed changes to the timing and definitions related to these approvals were not adopted, as they conflicted with existing laws and policies. The rules will take effect on December 23, 2024, and are designed to prevent improper use of penalties while making the process more transparent for taxpayers.

The document reports that the Miami International Securities Exchange (MIAX) has proposed a rule change to allow trading options on the iShares Ethereum Trust. This proposal involves amending existing rules concerning criteria for securities, as well as position and exercise limits. The main goal is to provide investors with a new, cost-effective means to engage with Ethereum through securities, potentially enhancing market efficiency. The Securities and Exchange Commission (SEC) is reviewing this proposal and has opened the floor for public comments.