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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 They also remove outdated regulations and adjust tax rules, such as how losses are carried back or forward, considering a corporation's at-risk amount.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 Consumer Financial Protection Bureau (CFPB) has issued a final rule aimed at protecting consumers in Property Assessed Clean Energy (PACE) financing, a program that lets property owners fund energy-efficient home improvements through tax assessments. This rule ensures that consumers' ability to repay is considered before PACE loans are approved and includes new disclosure requirements to help consumers better understand their financial obligations. The rule includes adjustments specific to PACE loans to address their unique nature and excludes PACE loans from qualifying as "qualified mortgages," which typically have regulatory protections. The changes are meant to standardize practices across states, improve consumer understanding, and ultimately prevent unaffordable loans that could lead to financial difficulties.

The U.S. Department of Commerce has introduced new regulations to strengthen the security of the Information and Communications Technology and Services (ICTS) supply chain in accordance with Executive Order 13873. Effective March 22, 2021, these rules will allow the Secretary of Commerce to review, block, or impose conditions on transactions between U.S. and foreign entities that may pose security risks due to involvement with foreign adversaries. The regulations outline a process for reviewing transactions and require entities to retain records related to a transaction if it is under review. Additionally, certain countries such as China, Iran, and Russia are identified as foreign adversaries, and the rule aims to protect U.S. national security by mitigating risks associated with these and other foreign entities.

The Department of Commerce, following the requirements of the Paperwork Reduction Act, is requesting public input on a new information collection. The purpose is to support the Traffic Coordination System for Space (TraCSS), a service enhancing spaceflight safety by allowing spacecraft operators and national governments to register and provide necessary operational data. This initiative aims to ensure global spaceflight safety and improve international collaboration on space activities. Public comments are encouraged to evaluate the necessity, accuracy, and efficiency of this proposed information collection before it is submitted to the Office of Management and Budget (OMB) for approval.

The Department of Commerce has issued a final rule to adjust civil monetary penalties (CMPs) for inflation, effective January 15, 2021. This adjustment is required by the Federal Civil Penalties Inflation Adjustment Act and aims to ensure the penalties continue to serve as a deterrent. The changes will only apply to penalties with a specific dollar amount and will affect those assessed after the effective date. The penalties are adjusted based on the cost-of-living increase from October 2019 to October 2020.

The Department of Commerce has issued a final rule to adjust civil monetary penalties (CMPs) for inflation as mandated by federal law. This rule applies to CMPs with specific dollar amounts and is set to become effective on January 15, 2025. The adjustments are based on the Consumer Price Index changes from October 2023 to October 2024, ensuring that penalties keep their deterrence value. These changes apply only to penalties assessed after the rule's effective date and do not involve prior public notice or comment since the adjustments follow a prescribed methodology.

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 Department of Housing and Urban Development (HUD) has issued a final rule that permits mortgage companies to disburse up to 1% of a mortgage amount before using all of the funds provided by the borrower. This rule is meant to simplify the process of combining mortgages into mortgage-backed securities and help ensure interest rates for FHA-insured mortgages remain competitive. Public comments suggested more flexibility in disbursement limits, but HUD maintained the 1% limit to manage risks effectively. This final rule also makes minor organizational changes to existing regulations.

The Department of Veterans Affairs (VA) is announcing the availability of funding for the Specially Adapted Housing Assistive Technology (SAHAT) Grant Program for 2021. This program aims to support the development of new technologies to help veterans and service members with disabilities live independently in adapted homes. Applicants can receive up to $200,000 for projects that focus on innovative assistive technologies, but they must submit their applications through the online portal, www.Grants.gov, by February 22, 2021. The program emphasizes technologies that address unmet needs and prioritize the independence of veterans, especially those that can be implemented quickly and effectively.

The Office of the Comptroller of the Currency (OCC) is proposing a new rule that aims to change the requirements for national bank and Federal savings association properties. This rule includes standards for acquiring and holding real estate and considers modern needs, like mixed-use developments and virtual workspaces. The OCC is seeking public comments on the proposal to apply these standards consistently while addressing recent changes in real estate and banking operations. The comments must be submitted by March 22, 2021.