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The Board of Governors of the Federal Reserve System has proposed to extend the Reporting Requirements for Regulation TT for another three years without any changes. They are seeking public comments on this proposal, particularly on whether the information is necessary, the accuracy of burden estimates, and ways to improve the information collection process. The regulation involves collecting fees from certain large financial institutions to cover the Board's supervisory and regulatory responsibilities. The Federal Reserve is accepting comments until April 7, 2025, and these comments will help determine if any modifications to the proposal are needed.

The Bureau of Consumer Financial Protection has adopted a final rule to clarify that supervisory guidance is not legally enforceable like laws or regulations. This rule, grounded in the 2018 Interagency Statement, ensures the Bureau will not take enforcement actions based on such guidance. The guidance serves as a tool to communicate expectations and improve industry understanding, but it does not create binding legal obligations. Some commenters supported the rule for providing clarity, while others expressed concerns about its impact on supervisory discretion.

The Board of Governors of the Federal Reserve System is seeking public comments on their plan to extend, without changes, a recordkeeping requirement related to complex structured finance activities. This requirement is meant to ensure that certain financial institutions have policies and procedures for identifying, assessing, and documenting risks associated with these transactions. The Board invites feedback on various aspects, including the necessity, accuracy, and potential burden of these information collections. Comments must be submitted by April 7, 2025.