Page 11 - April 2017 Regulatory Review

• FEMA has requested comments on proposed FHFA Issues Final Rule on Minority and
flood hazard determinations, which may include Women Outreach Program.
additions or modifications of any Base Flood
Elevation (BFE), base flood depth, Special Flood The Federal Housing Finance Agency (FHFA) is
Hazard Area (SFHA) boundary or zone issuing a final rule to establish its minority and
designation, or regulatory floodway on the Flood women outreach program pursuant to the Financial
Insurance Rate Maps (FIRMs), and where Institutions Reform, Recovery, and Enforcement Act
applicable, in the supporting Flood Insurance of 1989; the Federal Housing Enterprises Financial
Study (FIS) reports for communities in the states Safety and Soundness Act of 1992; and the Dodd-
of Delaware, Texas, Florida, Georgia, and Frank Act. The final rule also redesignates the current
Massachusetts. The FIRM and FIS report are Minority and Women Inclusion regulation in the
the basis of the floodplain management measures Code of Federal Regulations to subchapter B of
that the community is required either to adopt or FHFA’s regulations. The final rule is effective
to show evidence of having in effect in order to 03/24/2017. The final rule may be viewed at:
qualify or remain qualified for participation in https://www.gpo.gov/fdsys/pkg/FR-2017-03-
the National Flood Insurance Program (NFIP). 24/pdf/2017-05894.pdf. Federal Register, Vol. 82,
Comments are due 07/05/2017. The notice may No. 56, 03/24/2017, 14992-14995.
be viewed at:
https://www.gpo.gov/fdsys/pkg/FR-2017-04-
05/pdf/2017-06679.pdf. Federal Register, Vol. FHFA Issues Interim Final Rule
82, No. 64, 04/05/2017, 16610-16613. Amending its Freedom of Information
OFAC Makes Changes to Lists. Act Regulation.

The Office of Foreign Assets Control (OFAC) has FHFA has issued an interim final rule to amend its
amended its lists of Specially Designated Global existing Freedom of Information Act (FOIA)
Terrorists, Specially Designated Nationals and regulation. The amendments incorporate the
Blocked Persons, and Specially Designated Narcotics requirements of the FOIA Improvement Act of 2016
Trafficker Kingpins. The documents listing these by giving notice of the circumstances under which
changes may be viewed at: FHFA may extend the time limit for responding to a
www.treas.gov/offices/enforcement/ofac/actions. FOIA request due to unusual circumstance; notifying
a requester of their right to seek dispute resolution
Treasury Issues Notice on Qualified services; affording a requester a minimum of 90 days
to file an administrative appeal; and clarifying and
Financial Contracts Recordkeeping updating the existing regulation. The interim final
Related to Orderly Liquidation rule is effective 03/15/2017. Comments are due
Authority. 05/15/2017. The notice may be viewed at:
https://www.gpo.gov/fdsys/pkg/FR-2017-03-
The Department of the Treasury (Treasury) has 15/pdf/2017-04910.pdf. Federal Register, Vol. 82,
issued a notification providing the means by which No. 49, 03/15/2017, 13743-13752.
records entities and top-tier financial companies may
submit the required point of contact information in SBA Issues Peg Rate.
connection with the qualified financial contract
recordkeeping requirements of the Dodd-Frank Act. The Small Business Administration (SBA) publishes
Records entities and top-tier financial companies may an interest rate called the optional peg rate on a
provide such point of contact information to each of quarterly basis. The rate is a weighted average cost of
the following primary financial regulatory agencies money to the government for maturities similar to the
by email: Board of Governors of the Federal Reserve average SBA direct loan. The rate may be used as a
System, QFC-Record@frb.gov; Commodity Futures base rate for guaranteed fluctuating interest rate SBA
Trading Commission, qfccontact@cftc.gov; Federal loans. The rate will be 2.625 percent for the April-
Deposit Insurance Corporation, June quarter of FY 2017. Pursuant to 13 CFR
Part148QFC@fdic.gov; and Securities and Exchange 120.921(b), the maximum legal interest rate for any
Commission, QFCContact@sec.gov. The final rule third party lender’s commercial loan which funds any
may be viewed at: portion of the cost of a 504 project shall be 6 percent
https://www.gpo.gov/fdsys/pkg/FR-2017-03- over the New York Prime rate or, if that exceeds the
30/pdf/2017-06288.pdf. Federal Register, Vol. 82, maximum interest rate permitted by the constitution
No. 60, 03/30/2017, 15630. or laws of a given state, the maximum interest rate

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