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The Department of the Treasury is seeking public comments on their information collection requests, which will be reviewed by the Office of Management and Budget (OMB). These requests relate to the reporting and recordkeeping requirements under the Bank Secrecy Act (BSA) for U.S. persons with foreign financial accounts. The BSA helps combat money laundering and terrorism by requiring financial institutions to keep records and file reports helpful in various matters. The key form related to this is the FinCEN Report 114, also known as the FBAR, which must be filed annually if foreign accounts exceed $10,000 in the previous calendar year. The deadline for public feedback is February 25, 2021.

The Federal Deposit Insurance Corporation (FDIC) has established a new rule that requires certain commitments and conditions for companies seeking to have an industrial bank or industrial loan company as a subsidiary without being subject to consolidated supervision by the Federal Reserve Board. This rule aims to ensure that these firms, referred to as "Covered Companies," engage in yearly reporting, permit FDIC examinations, and uphold capital and liquidity standards for their industrial bank subsidiaries. These measures are expected to mitigate risks to the Deposit Insurance Fund and maintain the safety and soundness of these financial institutions. The rule also includes a requirement for contingency plans in certain situations to handle financial or operational stress without resorting to bankruptcy or government receivership.

The Financial Crimes Enforcement Network (FinCEN) is working to renew a rule that lets banks designate certain customers as "exempt persons" so they don’t have to report large cash transactions over $10,000 with them. The rule aims to help banks reduce paperwork and make it easier to manage these accounts. FinCEN is asking for public comments on the process and its impact on banks' workload to ensure it is effective and not unnecessarily burdensome. This is part of a broader effort to comply with the Paperwork Reduction Act of 1995, which seeks to minimize paperwork burdens on the public.

The Options Clearing Corporation (OCC) has submitted a proposal for changes to a Master Repurchase Agreement involving a billion-dollar liquidity facility, which is aimed at enhancing their overall liquidity strategy. The proposed change introduces a limited right for the bank counterparty to rehypothecate non-customer collateral, which is intended to make the agreement more commercially appealing and increase funding sources. OCC believes this will strengthen its risk management capabilities and make it easier to manage financial obligations, thus supporting broader financial stability. The Securities and Exchange Commission is inviting public comments on this proposal before making a decision.

The Federal Reserve System and the Federal Deposit Insurance Corporation have announced new asset-size thresholds for categorizing banks under the Community Reinvestment Act for 2025. Starting January 1, 2025, a "small bank" is defined as one with assets less than $1.609 billion, while an "intermediate small bank" is one with assets between $402 million and $1.609 billion, based on the inflation-adjusted increase of 2.91% in the Consumer Price Index. These changes will remain in effect through December 31, 2025.

The Board of Governors of the Federal Reserve System has proposed a rule to change how Suspicious Activity Reports (SARs) are filed by certain financial institutions, like state member banks and bank holding companies. The rule aims to allow for exemptions from these requirements to help banks more effectively meet Bank Secrecy Act requirements, potentially leading to innovative ways to tackle financial crime. The Board will coordinate with FinCEN on exemption requests and is seeking public comments on the proposal until February 22, 2021. The proposal emphasizes that these exemptions won't relieve institutions from complying with FinCEN’s SAR regulations.

The Federal Housing Finance Agency (FHFA) has updated the cap on average total assets that determines if a Federal Home Loan Bank member qualifies as a "community financial institution" (CFI) to $1,239,000,000. This adjustment is based on the 1.2% increase in the Consumer Price Index for all urban consumers (CPI-U) from November 2019 to November 2020, as published by the Department of Labor. The changes took effect on January 1, 2021. The aim of the adjustment is to reflect inflation and ensure that the cap is in line with current economic conditions.

The Financial Crimes Enforcement Network (FinCEN), part of the U.S. Treasury Department, is seeking comments on renewing a rule about recordkeeping for certain financial transactions. The rule mandates financial institutions to keep records of purchases of items like bank checks and money orders when bought with cash amounts ranging from $3,000 to $10,000. FinCEN is not proposing any changes to the rule itself but wants feedback on improving the process to estimate time and costs for financial institutions to comply with these requirements. Public comments are invited by March 22, 2021, and will help FinCEN refine their data collection and reduce paperwork burdens.

The Federal Housing Finance Agency (FHFA) has announced an adjustment to the cap on average total assets to determine if a Federal Home Loan Bank member qualifies as a "community financial institution" (CFI). This cap has been set at $1.5 billion, reflecting a 2.7% increase based on changes in the Consumer Price Index for all urban consumers (CPI-U) from November 2023 to November 2024. This adjustment, effective from January 1, 2025, allows CFI status to be determined using unadjusted CPI-U data, as it is less prone to revisions than adjusted data.

The Department of Labor is requesting public comments on an information collection process related to a financial exemption that allows employee benefit plans to invest in mutual funds under specific conditions. This exemption requires banks or plan advisers to disclose details to independent fiduciaries before any asset transfers and provide regular updates afterward. Comments are being solicited on several aspects, including the need and practicality of the information collection, accuracy in estimating the associated burdens, and suggestions for improving the process. The Department seeks to maintain authorization for this collection for three years, during which it remains subject to review and approval by the Office of Management and Budget.