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The Board of Governors of the Federal Reserve System has provided final guidance clarifying that its existing Guidelines for accessing accounts and services at the Federal Reserve Banks now include Excess Balance Accounts (EBAs). This means that EBAs, which allow eligible institutions to earn interest on surplus funds without affecting correspondent-respondent bank relationships, must adhere to the same risk-based principles and review standards as other accounts and services. The change prevents entities that don't qualify for standard Federal Reserve accounts from accessing the Reserve Bank's balance sheet indirectly through EBAs. Implementation of this guidance begins on December 12, 2024.

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 Federal Reserve System has issued a notice regarding proposals by companies to engage in or acquire nonbanking activities that are permissible under the Bank Holding Company Act. The notice invites the public to review and comment on these applications, which are available for inspection at specified Federal Reserve Banks. Comments must be submitted by February 12, 2021. One of the proposals involves First Citizens Bancshares, Inc., seeking to acquire shares in companies engaging in credit and loan servicing activities.

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.

The Federal Reserve Board has established new rules to adjust the capital and stress testing requirements for large bank holding companies and intermediate holding companies. These rules are tailored to the risk levels of different companies, with specific standards set for firms falling under "Category IV" based on the Board's revised prudential framework. This update aligns with previous rule changes and includes modifications to capital planning, stress tests, and regulatory reporting requirements. The final rule also requires certain savings and loan holding companies to adhere to similar capital planning and stress testing standards.

The Federal Housing Finance Agency (FHFA) is inviting public comments on the information collection related to "Minority and Women Inclusion," which aims to promote diversity on the boards of directors of the Federal Home Loan Banks and the Office of Finance. This initiative is part of the requirements set by the Paperwork Reduction Act and FHFA's Minority and Women Inclusion regulations. The FHFA plans to extend the information collection for an additional three years, ensuring that diversity is included at all levels of these organizations. Comments can be submitted through various methods until March 18, 2025.

The Federal Communications Commission (FCC) has changed the rules for letters of credit (LOCs) required for recipients of high-cost support under the Universal Service Fund programs. Previously, banks needed a specific safety rating to issue LOCs, but now they must be “well capitalized” according to federal bank standards. This change aims to make it easier for companies to secure LOCs, which are necessary to ensure rapid broadband deployment. Additionally, the FCC is allowing recipients to reduce the value of their LOCs faster if they meet certain deployment milestones, freeing up funds for more broadband expansion.

The Federal Reserve System has released a notice regarding proposals for companies to engage in or acquire those involved in non-banking activities as allowed under the Bank Holding Company Act and Regulation Y. The notice invites the public to submit their comments on whether these proposals meet the required standards and details where these applications can be inspected. Specifically mentioned is the proposed merger of River Run Bancorp with Rollstone Bancorp, potentially leading to the acquisition of Rollstone Bank & Trust. Comments should be submitted by March 3, 2025, to ensure they are considered.

NOAA is expanding the Flower Garden Banks National Marine Sanctuary by about 104 square miles, adding 14 new reefs and banks in the Gulf of Mexico. This expansion will bring the total sanctuary area to approximately 160.4 square miles, and existing regulations will apply to these new areas. The expansion aims to protect the unique marine biodiversity, including coral reefs and habitats for endangered species like sea turtles and whale sharks. This decision follows extensive public consultation and scientific research to enhance marine conservation while balancing oil, gas, and fishing interests.