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  • Federal Reserve Board issues Final Rule amending Regulation D with regard to Interest on Reserve Balances

    Federal Reserve Board issues Final Rule amending Regulation D with regard to Interest on Reserve Balances | site |


    (Information contained in Board of Governors of the Federal Reserve System press release dated: June 2, 2021)

    The Federal Reserve Board announced on Tuesday the approval of a final rule amending Regulation D to eliminate references to an interest on required reserves (IORR) rate and to an interest on excess reserves (IOER) rate and replace them with a single interest on reserve balances (IORB) rate. The final rule also simplifies the formula used to calculate the amount of interest to be paid on such balances and makes other minor conforming amendments. The final rule adopts the rule proposed by the Board on January 8, 2021 without change, and takes effect on Thursday, July 29, 2021.


    Federal Register notice: Regulation D: Reserve Requirements of Depository Institutions
    ...
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  • Last Call - - - SBA Administrator Guzman Announces Final Push for Restaurant Revitalization Fund Applications

    Last Call: U.S. Small Business Administration Administrator Guzman Announces Final Push for Restaurant Revitalization Fund Applications | site |



    Qualifying eating establishments should submit applications by the May 24th deadline


    (Information contained in U.S. Small Business Administration [SBA] press release dated: May 18, 2021) Washington - - Administrator Isabella Casillas Guzman announced that eligible eating establishments have until Monday, May 24, 8 p.m. ET, to submit applications to the Restaurant Revitalization Fund. “If our nation’s food and beverage industry is going to fully recover, we must ensure as many of the hardest-hit businesses get the economic aid they need,” said Administrator Guzman. “We are committed to creating easy to navigate programs and removing barriers that have kept many of our nation’s smallest businesses from accessing these crucial economic lifelines. The SBA will continue t...
    See more | Go to post

  • Federal Reserve Board announces Final Rule intended to Reduce Risk and Increase Efficiency in the Financial System by applying Netting Protections to a broader Range of Financial Institutions

    Federal Reserve Board announces Final Rule intended to Reduce Risk and Increase Efficiency in the Financial System by applying Netting Protections to a broader Range of Financial Institutions | site |


    (Information contained in Board of Governors of the Federal Reserve System press release dated: February 18, 2021) The Federal Reserve Board on Thursday announced a final rule that is intended to reduce risk and increase efficiency in the financial system by applying netting protections to a broader range of financial institutions. The final rule amends Regulation EE (Financial Institution Netting) to apply netting provisions of the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) to certain new entities including swap dealers. The rule would also make minor clarifications to the existing activities-based test in Regulation EE to clarify how the activities-based test applies following a consolidation of legal entities. Sections 401...
    See more | Go to post

  • Treasury, IRS provide Final Regulations to help Businesses Claim Credits for Carbon Capture

    Treasury, IRS provide Final Regulations to help Businesses Claim Credits for Carbon Capture | site |



    (Information contained in U.S. Internal Revenue Service [IRS] press release dated: January 6, 2021)

    Washington - - Today the Treasury Department and Internal Revenue Service issued final regulations regarding the credit for qualified carbon oxide captured using carbon capture equipment placed in service on or after February 9, 2018.

    The final regulations help businesses understand how the credit for qualified carbon oxide sequestration may benefit those claiming two carbon capture credit amounts, which are:
    • Up to $50 per metric ton of qualified carbon oxide for permanent sequestration; and
    • Up to $35 per metric ton of qualified carbon oxide for Enhanced Oil or Natural Gas Recovery purposes.
    Neither of these new credit amounts, contained in the Bipartisan Budget Act of 2018, is subject to a limitation on the number of metric...
    See more | Go to post

  • U.S. Department of Labor announces Final Rule to Clarify Independent Contractor Status under the Fair Labor Standards Act

    U.S. Department of Labor announces Final Rule to Clarify Independent Contractor Status under the Fair Labor Standards Act | site |


    (Information contained in U.S. Department of Labor press release: January 6, 2021)

    Washington, DC - - The U.S. Department of Labor today announced a final rule clarifying the standard for employee versus independent contractor status under the Fair Labor Standards Act (FLSA).


    “This rule brings long-needed clarity for American workers and employers,” said U.S. Secretary of Labor Eugene Scalia. “Sharpening the test to determine who is an independent contractor under the Fair Labor Standards Act makes it easier to identify employees covered by the Act, while recognizing and respecting the entrepreneurial spirit of workers who choose to pursue the freedom associated with being an independent contractor.”

    “Streamlining and clarifying the test to identify independent contractors will reduce worker
    ...
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  • U.S. Treasury Department and Internal Revenue Service Release Final Rule on Section 45Q Credit Regulations

    U.S. Treasury Department and Internal Revenue Service Release Final Rule on Section 45Q Credit Regulations | site |




    (Information contained in U.S. Department of the Treasury press release dated: January 6, 2021)

    Washington - - Today, the Treasury Department and Internal Revenue Service (IRS) issued final regulations regarding the section 45Q credit for qualified carbon oxide sequestration using carbon capture equipment placed in service on or after the date of the enactment of the Bipartisan Budget Act of 2018. “These final regulations provide taxpayers and the American energy sector with needed clarity on utilizing the section 45Q credit,” said Treasury Secretary Steven T. Mnuchin. “These regulations are an essential step toward harnessing the entrepreneurial spirit of Americans to further modernize the American energy sector, while ensuring American energy producers maintain their competitive edge around the world.” These final r...
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  • U.S. Department of Veterans Affairs publishes Final Regulation to Improve Delivery of Prosthetic and Sensory Aids Services

    U.S. Department of Veterans Affairs publishes Final Regulation to Improve Delivery of Prosthetic and Sensory Aids Services | site |


    (Information contained in U.S. Department of Veterans Affairs press release dated: January 5, 2021)

    Washington - - The U.S. Department of Veterans Affairs (VA) recently published a final rule to establish and clarify eligibility for prosthetic and rehabilitative items and services available to Veterans. This establishes for the first time, the nationwide categories of prosthetic and orthotic services, sensory aids and medical devices VA is authorized to provide to Veterans as part of their active treatment and ongoing rehabilitation. Previously, these categories varied across VA medical centers. “The rule establishes a uniform approach for VA to deliver prosthetic items and services to Veterans,” said VA Secretary Robert Wilkie. “It ensures Veterans receive the same standard of service for the rehabilitative devices they
    ...
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  • U.S. Department of Transportation Releases Final Report on Forces to Flyers Initiative to Assist Military Veterans in Becoming Pilots

    U.S. Department of Transportation Releases Final Report on Forces to Flyers Initiative to Assist Military Veterans in Becoming Pilots | site |



    (Information contained in U.S. Department of Transportation press release: December 30, 2020)

    Washington - - The U.S. Department of Transportation today announced the release of a final report on Forces to Flyers, a three-year research initiative offering interested military veterans an opportunity to earn commercial pilot’s licenses and flight instructor certifications. The report evaluates the initiative’s success in meeting project goals and provides lessons learned for future efforts to assist veterans in obtaining flight training to become airline pilots. The report also discusses pathways and opportunities for Americans seeking to become airline pilots, including flight training options. “The Forces to Flyers demonstration project has helped veterans transition from military service to good pay
    ...
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  • Boeing Supports U.S. Environmental Protection Agency Final CO2 Rule for Aircraft Emissions

    Boeing Supports U.S. Environmental Protection Agency Final CO2 Rule for Aircraft Emissions | site |



    (Information contained in The Boeing Company press release: December 28, 2020) Washington, D.C., Dec. 28, 2020— Boeing [NYSE: BA] today released the following statement: “We are proud that the EPA took this step to finalize the ICAO CO2 standard for aircraft emissions. This is vital for protecting the environment and supporting the sustainable growth of commercial aviation and the United States economy. The EPA’s standard will help tackle climate change and ensure that Boeing products will meet the same requirements as our competitors around the world. The standard is one of the essential pillars of the industry’s strategy to cut net global aviation emissions to half of what they were in 2005 by 2050. Aviation is one of only two industrial sectors that has adopted global CO2 goals, underscoring our steadfast commitment to our communities and ...
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  • U.S. Department of Labor issues Final Rule to Amend Tipped Employee Regulations

    U.S. Department of Labor issues Final Rule to Amend Tipped Employee Regulations | site |


    (Information contained in U.S. Department of Labor press release dated: December 22, 2020)

    Washington, DC – The U.S. Department of Labor today announced a final rule protecting the tips of employees. This rule addresses amendments made to Section 3(m) of the Fair Labor Standards Act (FLSA) by the Consolidated Appropriations Act (CAA) of 2018. The CAA prohibits employers from keeping tips received by their employees, regardless of whether the employer takes a credit for tips earned by workers toward its minimum wage obligation to those employees under the FLSA (a “tip credit”). The rule also prohibits employers from allowing managers or supervisors to keep any portion of employees’ tips. “This final rule provides clarity and flexibility for employers and could increase pay for back-of-the house workers, like cooks and dishwashers, who have been excluded fr
    ...
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  • Federal Railroad Administration Publishes Final Rule for State Highway-Rail Grade Crossing Action Plans

    Federal Railroad Administration Publishes Final Rule for State Highway-Rail Grade Crossing Action Plans | site |


    All states and the District of Columbia impacted


    (Information contained in Federal Railroad Administration [FRA] press release: December 15, 2020) Washington - - The U.S. Department of Transportation’s Federal Railroad Administration (FRA) published a final rule requiring 40 states and the District of Columbia to develop and implement highway-rail grade crossing action plans to improve public safety. In addition, the rule requires 10 states that have already developed grade crossing action plans, as required by the Rail Safety Improvement Act of 2008 (RSIA) and FRA’s implementing regulation, to update their plans and submit reports describing the actions they have taken to implement them. “Grade crossing accidents and incidents are the second leading cause of rail-related deaths in the United States, but nearly every one of...
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  • American Hospital Association Statement on Court Delay of Most Favored Nation Model Interim Final Rule

    American Hospital Association Statement on Court Delay of Most Favored Nation Model Interim Final Rule | site |



    (Information contained in American Hospital Association [AHA] press release: December 23, 2020)



    American Hospital Association Statement on Court Delay of Most Favored Nation Model Interim Final Rule



    Tom Nickels
    Executive Vice President
    American Hospital Association

    December 23, 2020

    The AHA is pleased that Judge Blake has granted a temporary restraining order to prevent the Most Favored Nation (MFN) Model interim final rule from taking effect on January 1. Hospitals and health systems have very deep concerns about the substance and legality of this model, and the AHA filed a Declaration with this lawsuit expressing how the model could negatively impact hospitals, health systems and the patients they care for. Instead of holding drug companies...
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  • Federal Reserve Board invites Public Comment on Proposed Amendments to Regulation D and issues Final Rule amending Regulation D

    Federal Reserve Board invites Public Comment on Proposed Amendments to Regulation D and issues Final Rule amending Regulation D with regard to Reserve Requirement Ratios on Transaction Accounts
    | site |



    (Information contained in Board of Governors of the Federal Reserve System press release: December 22, 2020) The Federal Reserve Board on Tuesday issued a notice of proposed rulemaking that requests public comment on proposed amendments to Regulation D (Reserve Requirements of Depository Institutions). Under the proposal, references to an "interest on required reserves" ("IORR") rate and to an "interest on excess reserves" ("IOER") rate would be replaced with a single "interest on reserve balances" ("IORB") rate. The proposed amendments would make other conforming changes, such as simplifying the formula used to calculate the amount of interest paid on balances maintained by or on behalf of eligible institutions in master accounts at Federal Reserve Ban...
    See more | Go to post

  • U.S. Department of Transportation Grants Final Approval of, and Antitrust Immunity for, Addition of Aer Lingus to Oneworld Transatlantic Joint Venture

    U.S. Department of Transportation Grants Final Approval of, and Antitrust Immunity for, Addition of Aer Lingus to Oneworld Transatlantic Joint Venture | site |



    (Information contained in U.S. Department of Transportation press release: December 21, 2020) Washington - - Today, the U.S. Department of Transportation announced that it has granted final approval of, and antitrust immunity for, the addition of Ireland-based Aer Lingus to the existing Oneworld transatlantic joint venture. The carriers requested antitrust immunity to include Aer Lingus in the existing joint venture consisting of American Airlines, British Airways, OpenSkies, Iberia, and Finnair. Aer Lingus will be integrated into the joint venture’s network planning, pricing, and sales activities. With Aer Lingus’ addition, the carriers are expected to expand capacity on some existing routes while introducing services on several new routes, allowing more options for travel to and from...
    See more | Go to post

  • Treasury and IRS issue Final Regulations on the Deduction for Qualified Transportation Fringe and Commuting Expenses

    Treasury and IRS issue Final Regulations on the Deduction for Qualified Transportation Fringe and Commuting Expenses | site |



    (Information contained in U.S. Internal Revenue Service [IRS] press release: December 9, 2020)

    WASHINGTON — The Treasury Department and Internal Revenue Service issued final regulations on the deduction for qualified transportation fringe and commuting expenses following changes made by the Tax Cuts and Jobs Act (TCJA). The 2017 TCJA generally disallows deductions for qualified transportation fringe (QTF) expenses and does not allow deductions for certain expenses of transportation and commuting between an employee's residence and place of employment. These final regulations address the disallowance of the deduction for expenses related to QTFs provided to an employee of the taxpayer, including providing guidance and methodologies to determine the amount of QTF parking expenses that is nondeductible. The final regulations a
    ...
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  • Staff Reporter 1
    Federal Reserve Board issues Final Rule amending Regulation D with regard to Interest on Reserve Balances
    by Staff Reporter 1
    Federal Reserve Board issues Final Rule amending Regulation D with regard to Interest on Reserve Balances | site |


    (Information contained in Board of Governors of the Federal Reserve System press release dated: June 2, 2021)

    The Federal Reserve Board announced on Tuesday the approval of a final rule amending Regulation D to eliminate references to an interest on required reserves (IORR) rate and to an interest on excess reserves (IOER) rate and replace them with a single interest on reserve balances (IORB) rate. The final rule also simplifies the formula used to calculate the amount of interest to be paid on such balances and makes other minor conforming amendments. The final rule adopts the rule proposed by the Board on January 8, 2021 without change, and takes effect on Thursday, July 29, 2021.


    Federal Register notice: Regulation D: Reserve Requirements of Depository Institutions
    ...
    06-05-2021, 05:54 AM
  • Staff Reporter 1
    Last Call - - - SBA Administrator Guzman Announces Final Push for Restaurant Revitalization Fund Applications
    by Staff Reporter 1
    Last Call: U.S. Small Business Administration Administrator Guzman Announces Final Push for Restaurant Revitalization Fund Applications | site |



    Qualifying eating establishments should submit applications by the May 24th deadline


    (Information contained in U.S. Small Business Administration [SBA] press release dated: May 18, 2021) Washington - - Administrator Isabella Casillas Guzman announced that eligible eating establishments have until Monday, May 24, 8 p.m. ET, to submit applications to the Restaurant Revitalization Fund. “If our nation’s food and beverage industry is going to fully recover, we must ensure as many of the hardest-hit businesses get the economic aid they need,” said Administrator Guzman. “We are committed to creating easy to navigate programs and removing barriers that have kept many of our nation’s smallest businesses from accessing these crucial economic lifelines. The SBA will continue t...
    05-20-2021, 06:45 AM
  • Staff Reporter 1
    Federal Reserve Board announces Final Rule intended to Reduce Risk and Increase Efficiency in the Financial System by applying Netting Protections to a broader Range of Financial Institutions
    by Staff Reporter 1
    Federal Reserve Board announces Final Rule intended to Reduce Risk and Increase Efficiency in the Financial System by applying Netting Protections to a broader Range of Financial Institutions | site |


    (Information contained in Board of Governors of the Federal Reserve System press release dated: February 18, 2021) The Federal Reserve Board on Thursday announced a final rule that is intended to reduce risk and increase efficiency in the financial system by applying netting protections to a broader range of financial institutions. The final rule amends Regulation EE (Financial Institution Netting) to apply netting provisions of the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) to certain new entities including swap dealers. The rule would also make minor clarifications to the existing activities-based test in Regulation EE to clarify how the activities-based test applies following a consolidation of legal entities. Sections 401...
    02-23-2021, 02:03 AM
  • Staff Reporter 1
    Treasury, IRS provide Final Regulations to help Businesses Claim Credits for Carbon Capture
    by Staff Reporter 1
    Treasury, IRS provide Final Regulations to help Businesses Claim Credits for Carbon Capture | site |



    (Information contained in U.S. Internal Revenue Service [IRS] press release dated: January 6, 2021)

    Washington - - Today the Treasury Department and Internal Revenue Service issued final regulations regarding the credit for qualified carbon oxide captured using carbon capture equipment placed in service on or after February 9, 2018.

    The final regulations help businesses understand how the credit for qualified carbon oxide sequestration may benefit those claiming two carbon capture credit amounts, which are:
    • Up to $50 per metric ton of qualified carbon oxide for permanent sequestration; and
    • Up to $35 per metric ton of qualified carbon oxide for Enhanced Oil or Natural Gas Recovery purposes.
    Neither of these new credit amounts, contained in the Bipartisan Budget Act of 2018, is subject to a limitation on the number of metric...
    01-09-2021, 10:38 PM
  • Staff Reporter 1
    U.S. Department of Labor announces Final Rule to Clarify Independent Contractor Status under the Fair Labor Standards Act
    by Staff Reporter 1
    U.S. Department of Labor announces Final Rule to Clarify Independent Contractor Status under the Fair Labor Standards Act | site |


    (Information contained in U.S. Department of Labor press release: January 6, 2021)

    Washington, DC - - The U.S. Department of Labor today announced a final rule clarifying the standard for employee versus independent contractor status under the Fair Labor Standards Act (FLSA).


    “This rule brings long-needed clarity for American workers and employers,” said U.S. Secretary of Labor Eugene Scalia. “Sharpening the test to determine who is an independent contractor under the Fair Labor Standards Act makes it easier to identify employees covered by the Act, while recognizing and respecting the entrepreneurial spirit of workers who choose to pursue the freedom associated with being an independent contractor.”

    “Streamlining and clarifying the test to identify independent contractors will reduce worker
    ...
    01-07-2021, 11:18 AM

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