Search Results for agency_names:"Treasury Department"

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 Financial Crimes Enforcement Network (FinCEN), part of the Treasury Department, is asking for public comments on their plan to renew a rule without changes. This rule requires U.S. banks to gather and report information about financial dealings with specific foreign banks that may do business with Iranian-linked institutions or people associated with the Islamic Revolutionary Guard Corps (IRGC). FinCEN's aim is to continue enforcing these information collections to help monitor and regulate financial activities, with the ultimate goal of preventing money laundering and terrorism financing. The request for comments is in line with efforts to reduce paperwork and examine the burden these regulations place on both U.S. and foreign banks.

The Community Development Financial Institutions Fund (CDFI Fund) of the Treasury Department is inviting applications for financial assistance and technical assistance grants under the CDFI Program for the fiscal year 2021. The program offers Financial Assistance (FA) awards up to $1 million and Technical Assistance (TA) grants up to $125,000 to eligible Community Development Financial Institutions to enhance their financial and organizational capacities. These awards prioritize low-income communities lacking access to affordable financial services. The application process requires compliance with specific federal regulations and submission deadlines via Grants.gov and the AMIS portal.

The Treasury Department and the Internal Revenue Service (IRS) have issued final regulations to update the rules for corporations that file consolidated federal income tax returns. These new regulations aim to bring the language up to date, clarify the existing rules, and reflect recent legal changes. They also remove outdated regulations and adjust tax rules, such as how losses are carried back or forward, considering a corporation's at-risk amount. These changes will mainly affect larger corporations that often file these types of consolidated returns.

The United States Mint, part of the Treasury Department, has announced the price for the Armed Forces 2.5 oz. Silver Medals, which will be $160.00. This announcement is documented as a notice in the Federal Register and provides the contact information for Ann Bailey, from the Mint’s Sales and Marketing team, for any further inquiries. The pricing is authorized under 31 U.S.C. 5111(a)(2).

The document is a proposed rule by the U.S. Customs and Border Protection (CBP), under the Department of Homeland Security and the Department of the Treasury, which seeks to amend the regulations for low-value shipments valued at $800 or less. CBP aims to create a new process for these shipments to better target high-risk consignments, including those possibly containing illicit substances like fentanyl. This new "enhanced entry process" involves electronic data submission for a more efficient screening and clearance, while also offering a modified version of the current "release from manifest" process, now called the "basic entry process." Comments on the proposed changes are invited from the public until March 17, 2025.

The Community Development Financial Institutions Fund (CDFI Fund), part of the U.S. Department of Treasury, has announced the availability of up to $500 million in guarantees for fiscal year 2025 under the CDFI Bond Guarantee Program. This program is designed to help Community Development Financial Institutions (CDFIs) by offering bond guarantees that support lending for economic development projects. Interested parties need to submit their applications by specified deadlines in early 2025. The rules and detailed requirements for the application and qualification processes are explained in the notice, which also includes guidance on compliance with regulations and statutes.

The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), and Federal Deposit Insurance Corporation (FDIC) have finalized a rule concerning the treatment of certain debt investments by advanced banking organizations. The rule requires these organizations to deduct from their regulatory capital any investments in unsecured debt instruments issued by systemically important banks, known as GSIBs, to meet specific capacity requirements. This rule aims to reduce interconnectedness and systemic risks within the financial system and includes adjustments following public comments on the proposal. Additionally, the rule incorporates several technical amendments and new definitions to its regulatory framework.

The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively known as "the agencies") are reviewing regulations affecting insured depository institutions. This review, under the Economic Growth and Regulatory Paperwork Reduction Act of 1996, aims to identify rules that are outdated, unnecessary, or too burdensome. The agencies are seeking public comments on specific categories of regulations, including Rules of Procedure, Safety and Soundness, and Securities, in hopes of reducing the regulatory impact, especially on community banks. Public comments are invited until March 11, 2025, and the agencies will use these to help decide if any regulations should be adjusted or removed.

The Department of the Treasury has announced that it will submit several information collection requests to the Office of Management and Budget for review under the Paperwork Reduction Act of 1995. These requests include forms for reporting income tax withholding on non-payroll payments, procedures for master and prototype plans, and rules for longevity annuity contracts. Public comments on these requests are invited until March 22, 2021. This notice provides detailed information on the purpose and requirements of each collection, along with estimates of the number of respondents and total annual burden hours.