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The Federal Deposit Insurance Corporation (FDIC) has proposed a new rule to simplify its regulations by removing outdated and unnecessary ones. This proposed rule focuses on eliminating certain definitions transferred from the Office of Thrift Supervision (OTS) that are no longer applicable because related regulations are being removed. The change would primarily affect a small number of state savings associations supervised by the FDIC and is not expected to have a significant impact on these institutions or the larger economy. The FDIC invites public comments on the proposed rule and its potential effects.

The U.S. Fish and Wildlife Service is proposing updates to regulations governing Federal financial assistance programs under the Pittman-Robertson Wildlife Restoration Act and the Dingell-Johnson Sport Fish Restoration Act. The changes aim to align regulations with recent legislation, ensure consistency across the nation, and respond to prior feedback on rulemaking. The proposal includes clarifications on eligible activities, agency responsibilities, and administrative processes to improve program clarity and efficiency. Public comments will be accepted until early 2025, and the updates are meant to enhance management of wildlife and sport fish restoration and related activities.

The Department of Labor has updated the Voluntary Fiduciary Correction Program (VFC Program) to simplify the process of correcting fiduciary breaches under the Employee Retirement Income Security Act (ERISA). These updates add a self-correction feature for common plan issues like late participant contributions, streamline procedures for program participation, and incorporate changes from the SECURE 2.0 Act allowing self-correction for certain participant loan failures. The goal is to make the program more user-friendly for employers and other plan fiduciaries, encouraging compliance with the law and avoiding potential civil penalties.

The General Services Administration (GSA) has finalized a rule that changes how relocation miscellaneous expenses allowances (MEA) are handled for federal employees. Previously, the lump sum amounts were listed in the Federal Travel Regulation (FTR); now, they will be published in FTR Bulletins, making it easier to update the amounts based on the Consumer Price Index. This change aims to provide more flexibility and accurate compensation for employees, but it may lead to a small increase in costs for the federal government. The rule also clarifies which expenses may or may not be reimbursed under MEA and ensures that the rules are easy to follow.

Chevron Corporation and Hess Corporation have requested the Federal Trade Commission (FTC) to review and nullify a previous order from January 17, 2025. This order stopped Chevron's efforts to appoint Hess CEO John B. Hess to Chevron's board following their merger, which was seen as potentially harming competition by increasing industry coordination. Chevron and Hess argue that the order lacks a valid antitrust basis, claiming that Mr. Hess's role would not significantly affect competition or oil prices, and that removing the order would be in the public interest to enhance U.S. energy production. The FTC is inviting the public to comment on this petition until May 12, 2025.

The Securities and Exchange Commission (SEC) has announced a new rule proposal from MIAX Sapphire, LLC regarding fees for connectivity and port services. MIAX Sapphire plans to implement fees for network connections and ports, including a waiver period to incentivize participation, after which full fees will apply. The proposed fees aim to cover the costs of providing these services, with some services offered at a loss to attract market participants. The SEC is inviting public comments on these proposed changes.

The Internal Revenue Service (IRS) has finalized new rules identifying certain micro-captive insurance arrangements as either listed transactions or transactions of interest. These rules aim to increase transparency in tax reporting and discourage abusive tax practices by requiring involved parties to disclose these transactions. If a micro-captive elects certain tax benefits but also participates in financing benefiting related parties, it may qualify as a listed transaction if specific criteria are met, such as low claim activity relative to premiums. The rules, set to take effect in January 2025, include exemptions and allow participants to avoid added reporting if they make certain changes, like revoking tax elections.

The Internal Revenue Service (IRS) and the Treasury Department have released final rules on determining taxable income and foreign currency gains or losses for businesses operating with a currency other than the U.S. dollar. These regulations clarify how businesses can elect to manage currency gains or losses annually and introduce a transition rule to make compliance easier. The rules apply broadly, including to specified entities like insurance companies, but do not currently extend to partnerships without additional guidance. These updates are aimed at providing clear and consistent guidelines for businesses dealing with multiple currencies.

The USDA's Agricultural Marketing Service has amended the Mango Promotion, Research, and Information Order to remove frozen mangos as a covered commodity, following a referendum where the majority of first handlers and importers voted against their inclusion. This change discontinues the collection of assessments for frozen mangos and reduces the National Mango Board's membership from 21 to 18 members. These changes are intended to relieve regulatory burdens on frozen mango importers and streamline the Order's provisions, including clarifying definitions and updating voting procedures. The rule became effective on February 25, 2021, and stakeholders are invited to submit comments by April 26, 2021.

The Nasdaq Stock Market LLC has proposed a rule change to the Securities and Exchange Commission (SEC) related to shares of the iShares Bitcoin Trust. This proposal will allow "in-kind" transfers of bitcoin, alongside the existing cash process, in the trust's creation and redemption of shares. The change aims to enhance efficiency by letting specific participants source bitcoin themselves, which may reduce the trust's market impact and benefit investors. The SEC is seeking public comments on this proposal.