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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.

The Federal Reserve System has received applications from companies seeking approval to establish an Edge Corporation under Section 25A of the Federal Reserve Act. These applications are available for public inspection at the specified Federal Reserve Banks and on the Federal Reserve's website. Interested individuals can submit written comments on these applications, but should be aware that comments are subject to public disclosure. Comments must be submitted by April 8, 2025, either to the appropriate Reserve Bank or to the offices of the Board of Governors in Washington, DC.

The Board of Governors of the Federal Reserve System has proposed changes to Regulation D, which affects how banks manage reserve balances. They aim to simplify the process by removing separate rates for required and excess reserves and introducing a single rate called "interest on reserve balances." The proposed changes also include revising how interest is calculated on reserves and excess balance accounts. The Board is seeking public comments on these proposed amendments until March 9, 2021.

The Federal Reserve System is announcing that certain companies have applied to engage in nonbanking activities as permitted under the Bank Holding Company Act and Regulation Y. Interested individuals can review the public sections of these applications at the Federal Reserve Banks and submit written comments about whether these proposals meet the necessary standards by February 8, 2021. For example, Commerce Bancshares, Inc. seeks to retain a mortgage company to engage in credit and loan services. The public can also request information through the Federal Reserve's website or by contacting specific Reserve Banks.