Search Results for keywords:"compliance costs"

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 Aviation Administration (FAA) is proposing a new airworthiness directive (AD) for all Airbus Helicopters Model AS332C, following updated safety limitations identified by the European Union Aviation Safety Agency (EASA). This proposed rule would require revisions to airworthiness limitations in the helicopters' maintenance manuals to prevent failure of critical parts, which could lead to loss of helicopter control. The FAA invites the public to comment on this proposal by May 5, 2025, and provides details on how to submit feedback. The proposed AD is part of ongoing efforts to enhance aviation safety by ensuring compliance with updated international safety standards.

The document is a final rule published by the Internal Revenue Service (IRS) and the Treasury Department that identifies certain related-party transactions involving partnerships as transactions of interest due to potential tax avoidance. These transactions, involving adjustments to the basis of partnership property, must be disclosed to the IRS by material advisors and certain participants. The rule includes specific requirements and thresholds for which transactions must be reported and aims to gather additional information to prevent tax avoidance, while accommodating concerns about administrative burdens and compliance costs for smaller businesses. This rule will take effect on January 14, 2025, with extensions provided for some disclosures.

The Environmental Protection Agency (EPA) has asked the Office of Management and Budget (OMB) to approve an extension of their information collection request (ICR) for small steam generating units. This ICR, which currently lasts until December 31, 2024, involves collecting compliance information from certain industrial, commercial, and institutional steam units built after June 9, 1989. The renewal estimates a total burden of 241,000 hours and a cost of $51.7 million per year. The public has until January 17, 2025, to submit comments on this request.

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 Aviation Administration (FAA) has issued a new airworthiness directive (AD) for various models of Airbus Helicopters due to concerns about engine compartment fires linked to aluminum firewall stiffeners. This rule requires replacing the aluminum stiffeners with titanium ones, as they are better at handling high temperatures. The directive, effective April 11, 2025, aims to prevent engine fires from spreading and potentially causing a loss of control of the helicopter. The rule assumes a cost for compliance, including labor and parts, and affects 35 helicopters registered in the U.S.

The Securities and Exchange Commission (SEC) has submitted a request to the Office of Management and Budget (OMB) for approval to extend a rule under the Paperwork Reduction Act. This rule, referred to as Rule 15a-6, allows foreign broker-dealers to perform certain activities with U.S. institutional investors without registering as broker-dealers, provided they meet specific requirements. The SEC estimates that complying with this rule will take U.S. broker-dealers about 6,000 hours annually and cost around $1,000,000 per year. The public can review and comment on this information collection request until March 31, 2025.

The Consumer Product Safety Commission (CPSC) is seeking to renew its approval for collecting information from manufacturers and importers of carpets and rugs. These standards, issued under the Flammable Fabrics Act, aim to ensure that carpets and rugs meet safety requirements for surface flammability. Companies must perform tests and maintain records to certify that their products comply with these flammability standards. The CPSC estimates that manufacturers and importers must collectively perform about 25,000 tests annually, with the associated costs potentially reaching over $1.8 million. Public comments on this information collection request are due by April 4, 2025.

The Securities and Exchange Commission (SEC) has announced a list of rules they plan to review as part of the Regulatory Flexibility Act. The aim of this review is to determine if these rules should stay the same, be changed, or removed to lessen their economic impact on small businesses. The public is encouraged to provide feedback on these rules by January 9, 2025, to help the SEC make informed decisions. This includes important rulings such as those related to crowdfunding and small business exemptions under securities law.

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.