Proposed Regulations

On November 7, 2022, the Small Business Administration (SBA) published a notice of proposed rulemaking to lift the moratorium on licensing new Small Business Lending Companies (SBLCs) and add a new type of entity called a Mission-Based SBLC. SBA is also proposing to remove the requirement for a Loan Authorization.

On October 26, 2022, the Small Business Administration (SBA) published a notice of proposed rulemaking to amend various regulations governing SBA's 7(a) Loan Program and 504 Loan Program, including use of proceeds for partial changes of ownership, lending criteria, loan conditions, reconsiderations, and affiliation standards, to expand access to capital for small businesses and drive economic recovery.

On October 5, 2022, the National Credit Union Administration (NCUA) published a proposal to amend its rules governing subordinated debt and grandfathered secondary capital (GSC) to accommodate a longer maximum maturity.

On September 22, 2022, the National Credit Union Administration (NCUA) issued a notice of proposed rulemaking to develop a policy by which a federal credit union (FCU) member may be expelled for cause by a two-thirds vote of a quorum of the FCU’s board of directors.

On August 22, 2022, the Federal Trade Commission (FTC) published an advance notice of proposed rulemaking (ANPR) to seek comment on the prevalence of commercial surveillance and data security acts and practices that harm consumers.

On August 2, 2022, the National Credit Union Administration (NCUA), along with the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC), proposed and requested comment on a joint agency Policy Statement on Prudent Commercial Real Estate Loan Accommodations and Workouts (the proposed policy statement).

On July 27, 2022, the National Credit Union Administration (NCUA) published a proposal to require a federally insured credit union (FICU) that experiences a reportable cyber incident to report the incident to the NCUA as soon as possible and no later than 72 hours after the FICU reasonably believes that it has experienced a reportable cyber incident.

On July 19, 2022, the Board of Governors of the Federal Reserve System (Board) issued a notice and request for comment on a proposed regulation that would establish benchmark replacements for contracts that reference the London Inter-Bank Offered Rate (LIBOR) and that do not have terms that provide for the use of a clearly defined and practicable replacement benchmark rate following the discontinuation of LIBOR.

On July 18, 2022, the Federal Housing Finance Agency (FHFA) published a request for information (RFI) soliciting public input on the role of technology in housing finance and how the FHFA can interact with stakeholders to facilitate responsible innovation.

On July 8, 2022, the Department of the Treasury (Treasury) issued a request for comment (RFC) soliciting input on how development of digital assets and related technologies could impact financial market and payment infrastructures for consumers, investors, and businesses. The RFC is linked to Treasury’s obligation under President Biden’s March 9, 2022, Executive Order, “Ensuring Responsible Development of Digital Assets” (the Executive Order or EO), to prepare, in coordination with other federal agencies, several reports pertaining to digital assets.

On June 22, 2022, the Consumer Financial Protection Bureau (CFPB or Bureau) published an advance notice of proposed rulemaking (ANPRM) inviting comments on questions relating to credit card late fee amounts, card issuers’ costs and losses associated with late payments, the use of Regulation Z’s safe harbor provisions, and card issuers’ revenue and expenses related to credit card operations.

On June 21, 2022, the Consumer Financial Protection Bureau (CFPB or Bureau) published a request for information soliciting comment on how consumers can assert the right to obtain timely responses to requests for information about their accounts from banks and credit unions with more than $10 billion in assets, as well as from their affiliates.

On June 6, 2022, the Financial Crimes Enforcement Network (FinCEN) published an advanced notice of proposed rulemaking (ANPRM) inviting comments on questions relating to the implementation of a no-action letter process, whether a no-action letter should be implemented, and, if so, how the no-action letter process should interact with other forms of relief.

On May 19, 2022, the Department of Commerce (Commerce) issued a notice and request for comment (RFC) regarding its development of a framework for enhancing U.S. economic competitiveness in digital asset technologies. In addition to reviewing public comments, and as required by President Biden’s March 9, 2022, Executive Order, “Ensuring Responsible Development of Digital Assets,” the Secretary of Commerce will directly seek consultation on this issue from the Secretary of State, the Secretary of the Treasury, and the heads of other federal agencies.

On April 1, 2022, the Department of Housing and Urban Development (HUD) published a notice of proposed rulemaking (NPRM) inviting comment on its proposal to allow mortgagees to modify a Federal Housing Administration (FHA) insured mortgage by recasting the total unpaid loan for a new term limit of 480 months to cure a borrower’s default.

On March 8, 2022, the Board of Governors of the Federal Reserve System (Federal Reserve) published a supplemental notice and request for comment regarding proposed guidelines for Federal Reserve Banks (Reserve Banks) to use when evaluating requests for master account access and Federal Reserve services.

On February 17, 2022, the National Credit Union Administration (NCUA) issued a proposed rule to recalibrate the asset threshold used for determining whether a natural person credit union is subject to supervision by NCUA’s Office of National Examinations and Supervision (ONES).

On February 3, 2022, the National Credit Union Administration (NCUA) Board published a notice of proposed rulemaking (NPRM) inviting comment on its proposal to require federal credit union (FCU) boards of directors to establish and adhere to processes for succession planning.

On January 25, 2022, the Financial Crimes Enforcement Network (FinCEN) published a notice of proposed rulemaking (NPRM) inviting comment on its proposed establishment of a limited-duration pilot program to permit a financial institution with a suspicious activity report (SAR) reporting obligation to share SARs and information related to SARs with the institution’s foreign branches, subsidiaries, and affiliates for the purpose of combating illicit finance risk.

On January 26, 2022, the Consumer Financial Protection Bureau (CFPB or Bureau) published a request for information (RFI) to solicit feedback on fees imposed by providers of consumer financial products or services to assist the CFPB in exercising its enforcement, supervision, regulatory, and other authorities in creating a fairer, more transparent, and competitive consumer financial market.

On January 20, 2022, the Board of Governors of the Federal Reserve System (Federal Reserve) issued a discussion paper and request for comment regarding potential adoption of a central bank digital currency (CBDC). The paper, “Money and Payments: The U.S. Dollar in the Age of Digital Transformation,” describes some of the costs and benefits of a hypothetical CBDC, but does not favor any policy outcome.