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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 Office of the Comptroller of the Currency (OCC) is requesting public comments on its renewal of the information collection related to "Debt Cancellation Contracts and Debt Suspension Agreements" as required by the Paperwork Reduction Act of 1995. The OCC is seeking feedback on the necessity and utility of the information collected, the accuracy of the burden estimate, and ways to reduce the collection burden on respondents. The comments should be submitted by April 19, 2021, and should include the agency name "OCC" and the identifier "1557-0224." This process ensures that the OCC complies with federal requirements and continues to properly manage the collection of information.

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 has issued a notice mentioning companies that want to start or acquire nonbanking businesses related to banking, as allowed by the Bank Holding Company Act. These activities will take place across the United States, and the applications are open for public inspection. People can submit their opinions in writing about whether these proposals meet legal standards by February 25, 2021. One specific case mentioned is the McIntosh County Bank Holding Company seeking to retain shares in AccuData Services and engage in data processing activities.

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 Federal Reserve System has published a notice listing companies that wish to engage in or acquire nonbanking activities as allowed under the Bank Holding Company Act and Regulation Y. Interested individuals can view the applications at the Federal Reserve Banks or online, and can submit their written opinions on whether the proposals meet the required standards by March 12, 2021. One specific request comes from Hazen Bancorporation, Inc. in North Dakota, aiming to engage in data processing services through subsidiaries. The public can access more information or express their views through the provided contact details.

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.