Federal Regulatory Agencies
News releases, reports, statements and associated documents from federal regulatory agencies ranging from the Securities Exchange Commission to the Commodities Futures Trading Commission
Featured Stories
NCUA Vice Chairman Hauptman Issues Statement on Advance Notice of Proposed Rulemaking on Part 749, Records Preservation Program
ALEXANDRIA, Virginia, April 19 -- The National Credit Union Administration issued the following statement on April 18, 2024, by Vice Chairman Kyle S. Hauptman on the advance notice of proposed rulemaking on Part 749, Records Preservation Program:
* * *
The crush of regulatory burden weighs heavily on all credit unions but is especially difficult for smaller institutions. We can't talk about financial inclusion or talk about helping small credit unions unless we're doing exactly what we're doing here today: providing clarity that frees up scarce resources to focus on credit union members.
In
... Show Full Article
ALEXANDRIA, Virginia, April 19 -- The National Credit Union Administration issued the following statement on April 18, 2024, by Vice Chairman Kyle S. Hauptman on the advance notice of proposed rulemaking on Part 749, Records Preservation Program:
* * *
The crush of regulatory burden weighs heavily on all credit unions but is especially difficult for smaller institutions. We can't talk about financial inclusion or talk about helping small credit unions unless we're doing exactly what we're doing here today: providing clarity that frees up scarce resources to focus on credit union members.
Inthe extreme, regulatory burden is often cited as a reason for otherwise healthy credit unions to merge out of existence. But what's worse than the regulatory burden? Finding out credit unions are wasting time doing things that their regulator didn't even intend them to do.
The reason we're here is we found out credit unions were storing boxes of records - from decades ago - all because they thought we at NCUA expected them to do so. Some were even paying for storage facilities. And unfortunately, it made sense to do all this hoarder-like records retention. Because as long as you get in trouble for not having a document, but never get in trouble for having too many documents, excessive storage is not illogical.
Yesterday afternoon, we had the idea to email a couple people to ask about their specific credit union's records preservation practices. We received back some photos of one credit union's storage unit.
Decades of boxes, thousands of dollars a year. The credit union said that in order to prevent renting a second storage unit, they've paid high school students to scan some of the documents. And while scanning is a useful practice to reduce storage costs, it's not a panacea, since without clarity from NCUA the credit union will be scanning boxes of documents they could've just thrown out. Plus, anyone who says "they can just scan that stuff" hasn't had to manually scan thousands of old documents. You usually can't just feed whole stacks of old, frayed documents through a printer. It often has to be done one at a time, especially when the edges are frayed, the paper sizes are different, or they were printed on the old dot-matrix printers with the perforated edges that have to be peeled off.
I'd like to mention how pleased I am that all three Board members not only support today's item, but also that we feel strongly NCUA shouldn't be inadvertently harming small credit unions. We shouldn't inadvertently make it less appealing to run a credit union.
In the case of our Records Preservation Program, the valid reason for the rules is to ensure credit unions maintain a records preservation program for vital records in the event records are destroyed. Nobody can argue the need for this. But after fifteen years, it is time to re-evaluate the unforeseen effects of Part 749 as it is currently written. For example, are credit unions maintaining physical documents in expensive storage facilities that could be kept digitally or may not be needed at all? Even if a credit union has the wherewithal to digitize old documents, do they actually NEED to digitize papers from 1985 solely because they think NCUA wants them to do this?
If the unintended consequences of a regulation run counter to what was intended, a responsible regulator will re-evaluate and adjust. Many of you know that NCUA annually reviews one third of its regulations for updates. Over three years, all NCUA regulations are addressed. On many occasions, the Agency has taken what it has learned to clarify and re-evaluate the impact of its rules and regulations. Today's ANPR is another demonstration of this.
Records retention provides the perfect example of the straw that can break the camel's back. It's just one of the many important, yet tedious requirements that can make running a small credit union a less attractive job than it could otherwise be. Thus right-sizing the regulatory burden is one way that NCUA can actually make it easier for credit union to survive once a longtime CEO retires. The job shouldn't have to be a 'labor of love.'
NCUA cannot control what records a credit union is required to retain for their state or for other agencies. But we can reduce unnecessary burden by ensuring our rules are clear and do not require more than what is needed. I urge stakeholders to comment on this ANPR.
* * *
Original text here: https://ncua.gov/newsroom/speech/2024/ncua-vice-chairman-kyle-s-hauptman-statement-advance-notice-proposed-rulemaking-anpr-part-749
NCUA Chairman Harper Issues Statement on Advance Notice of Proposed Rulemaking on Part 749, Records Preservation Program
ALEXANDRIA, Virginia, April 19 -- The National Credit Union Administration issued the following statement on April 18, 2024, by Chairman Todd M. Harper on the advance notice of proposed rulemaking on Part 749, Records Preservation Program:
* * *
It's important that federally insured credit unions maintain a robust records preservation program -- a program whereby vital records can be readily reconstructed. Maintaining vital records is central to a credit union's ability to properly serve its members and to the NCUA's ability to fulfill its supervisory, enforcement, and liquidation functions.
It's
... Show Full Article
ALEXANDRIA, Virginia, April 19 -- The National Credit Union Administration issued the following statement on April 18, 2024, by Chairman Todd M. Harper on the advance notice of proposed rulemaking on Part 749, Records Preservation Program:
* * *
It's important that federally insured credit unions maintain a robust records preservation program -- a program whereby vital records can be readily reconstructed. Maintaining vital records is central to a credit union's ability to properly serve its members and to the NCUA's ability to fulfill its supervisory, enforcement, and liquidation functions.
It'salso important for credit unions to understand the necessary legal requirements and the agency's guidance about records preservation.
Part 749 was last updated 15 years ago. Times change. Technology changes. There are modern needs and best practices that should be incorporated in policies for records retention and preservation.
For these reasons alone, I support this advance notice of proposed rulemaking and welcome comments from all stakeholders on how the NCUA can update, modernize, and streamline its records preservation program regulations and accompanying guidance.
Before I wrap up, I have a few questions for staff.
First, would you provide a few examples of what constitute vital records? That is, what records must a credit union preserve and why?
Thank you for those insights.
Second, would you provide an example of a current industry standard or methodology that should be considered for preserving vital records?
Thank you for that information as well.
Finally, with respect to Part 749 compliance, what has the NCUA done to make records retention more efficient?
Thank you again, Kelly, Matt, and Gira. And, thank you to everyone in the Office of Examination and Insurance and the Office of the General Counsel who worked on this item. That concludes my remarks. I now recognize Vice Chairman Hauptman.
* * *
Original text here: https://ncua.gov/newsroom/speech/2024/ncua-chairman-todd-m-harper-statement-advance-notice-proposed-rulemaking-part-749-records
NCUA Board Approves Advance Notice of Proposed Rulemaking on Records Retention
ALEXANDRIA, Virginia, April 19 -- The National Credit Union Administration issued the following news release on April 18, 2024:
The National Credit Union Administration Board held its third open meeting of 2024 and unanimously approved an advance notice of proposed rulemaking (Opens new window) that solicits stakeholder comments on ways the agency can improve and update its records preservation program regulations and accompanying guidelines in Part 749 and other parts of the NCUA's rules and regulations.
"It is important that federally insured credit unions maintain a robust records preservation
... Show Full Article
ALEXANDRIA, Virginia, April 19 -- The National Credit Union Administration issued the following news release on April 18, 2024:
The National Credit Union Administration Board held its third open meeting of 2024 and unanimously approved an advance notice of proposed rulemaking (Opens new window) that solicits stakeholder comments on ways the agency can improve and update its records preservation program regulations and accompanying guidelines in Part 749 and other parts of the NCUA's rules and regulations.
"It is important that federally insured credit unions maintain a robust records preservationprogram--a program whereby vital records can readily be reconstructed," Chairman Todd M. Harper said. "Maintaining vital records is central to a credit union's ability to properly serve its members and to the NCUA's ability to fulfill its supervisory, enforcement, and liquidation functions."
Part 749 requires all federally insured credit unions to maintain a records preservation program to identify, store, and reconstruct vital records in the event that a credit union's records are destroyed.
The Board is seeking comment on whether there is a need to update Part 749, and if so, what should be updated and how, to ensure that credit unions properly preserve records vital to their business operations and the NCUA's supervisory needs.
Comments on the advance notice of proposed rulemaking must be received no later than 60 days following publication in the Federal Register.
* * *
Original text here: https://ncua.gov/newsroom/press-release/2024/ncua-board-approves-advance-notice-proposed-rulemaking-records-retention
FEC Approves 3 Rulemaking Documents, Discusses Advisory Opinion Request
WASHINGTON, April 19 -- The Federal Election Commission issued the following news release on April 18, 2024:
At its open meeting today, the Federal Election Commission approved two Notices of Disposition concerning Petitions for Rulemaking, and an Interim Final Rule, and it discussed an advisory opinion request.
Advisory Opinion 2024-03 (PoliticalMeetings.com LLC) (https://www.fec.gov/resources/cms-content/documents/mtgdoc-24-12-A1.pdf)
The Commission discussed an advisory opinion request from PoliticalMeetings.com LLC, which asked whether it may use its website and mobile application platforms
... Show Full Article
WASHINGTON, April 19 -- The Federal Election Commission issued the following news release on April 18, 2024:
At its open meeting today, the Federal Election Commission approved two Notices of Disposition concerning Petitions for Rulemaking, and an Interim Final Rule, and it discussed an advisory opinion request.
Advisory Opinion 2024-03 (PoliticalMeetings.com LLC) (https://www.fec.gov/resources/cms-content/documents/mtgdoc-24-12-A1.pdf)
The Commission discussed an advisory opinion request from PoliticalMeetings.com LLC, which asked whether it may use its website and mobile application platformsto provide information about meetings with federal, state, and local candidates and national party committees to subscribers that contribute monthly to participating candidates and national party committees. During the discussion, the Commission heard from the requestor, who agreed to grant the Commission an extension of time to consider the request.
REG 2019-01 (Valuable Information) - Draft Notice of Disposition (https://www.fec.gov/resources/cms-content/documents/mtgdoc-24-16-A.pdf)
The Commission approved a Notice of Disposition of a Petition for Rulemaking that asked the Commission to amend the existing regulation defining "contribution" by adding a new section to include within the definition of contribution certain "valuable information." The Petition would further require the Commission to initiate investigations and report to a law enforcement agency "automatically" and without a vote whenever the Commission receives notice that any person has received certain "foreign information" or "compromising information." The Commission voted not to initiate a rulemaking at this time for the reasons detailed in the notice, which include the Commission's lack of the statutory authority to do so.
REG 2015-03 (Contributions from Corporations and Other Organizations)
The Commission approved, subject to a single line edit made at the table, a Notice of Disposition of a Petition for Rulemaking that asked the Commission to revise existing rules concerning the reporting of contributions to political committees from corporations and other organizations. The Commission voted not to initiate a rulemaking at this time for the reasons detailed in the notice including because (1) it lacks the statutory authority to do so and (2) the vast majority of the commenters opposed the Petition.
REG 2024-02 (Implementation of FOIA Improvement Act) - Draft Interim Final Rule (https://www.fec.gov/resources/cms-content/documents/mtgdoc-24-15-A.pdf)
The Commission approved an Interim Final Rule on Implementation of the FOIA Improvement Act, by which the Commission would amend its regulations to implement a statutory mandate requiring federal agencies to change how certain records and documents are made available for public inspection. The Commission encourages comments on this revision to its regulations and any comments received may be addressed in a subsequent rulemaking document. All comments must be in writing. Commenters are encouraged to submit comments electronically, referencing REG 2024-02, to ensure timely receipt and consideration. Alternatively, comments may be submitted in paper form addressed to the Federal Election Commission, Attn.: Amy L. Rothstein, Assistant General Counsel, 1050 First Street, NE, Washington, DC 20463. The comment deadline will be 30 days after the Interim Final Rule is published in the Federal Register, and the Interim Final Rule will be effective July 1, 2024.
* * *
Original text here: https://www.fec.gov/updates/fec-approves-three-rulemaking-documents-discusses-advisory-opinion-request/
EEOC Sues Sheetz For Racially Discriminatory Hiring Practice
BALTIMORE, Maryland, April 19 -- The Equal Employment Opportunity Commission issued the following news release on April 18, 2024:
* * *
Federal Agency Charges That Employer's Criminal History Screening Causes Discriminatory Impact Against Black, Native American and Other Workers
* * *
Sheetz, a large convenience store chain, violated federal law by denying employment to a class of job applicants because of their race, the U.S. Equal Employment Opportunity Commission (EEOC) charged in a lawsuit filed today.
The EEOC filed suit against Sheetz, Inc.; Sheetz Distribution Services, LLC; and CLI
... Show Full Article
BALTIMORE, Maryland, April 19 -- The Equal Employment Opportunity Commission issued the following news release on April 18, 2024:
* * *
Federal Agency Charges That Employer's Criminal History Screening Causes Discriminatory Impact Against Black, Native American and Other Workers
* * *
Sheetz, a large convenience store chain, violated federal law by denying employment to a class of job applicants because of their race, the U.S. Equal Employment Opportunity Commission (EEOC) charged in a lawsuit filed today.
The EEOC filed suit against Sheetz, Inc.; Sheetz Distribution Services, LLC; and CLITransport, LP (collectively, Sheetz), which together operate a chain of convenience stores with over 600 locations in six states. According to the lawsuit, Sheetz has maintained a longstanding practice of screening all job applicants for records of criminal conviction and then denying them employment based on those records.
The EEOC charges that Sheetz's hiring practices disproportionately screened out Black, Native American/Alaska Native and multiracial applicants. Sheetz's companywide hiring practices violated provisions of Title VII that prohibit disparate impact discrimination, the EEOC says. The lawsuit does not allege that Sheetz was motivated by race when making hiring decisions.
Such alleged conduct violates Title VII, which prohibits facially neutral employment practices that cause a discriminatory impact because of race when those practices are not job-related and consistent with business necessity or where alternative practices with less discriminatory impact are available. The EEOC filed suit in U.S. District Court for the District of Maryland, Northern Division (U.S. EEOC v. Sheetz, Inc., et al., Civil Action No. 1:24-cv-01123-JKB, after first attempting to reach a pre-litigation settlement through its conciliation process.
"Federal law mandates that employment practices causing a disparate impact because of race or other protected classifications must be shown by the employer to be necessary to ensure the safe and efficient performance of the particular jobs at issue," said EEOC Regional Attorney Debra M. Lawrence. "Even when such necessity is proven, the practice remains unlawful if there is an alternative practice available that is comparably effective in achieving the employer's goals but causes less discriminatory effect."
EEOC Philadelphia District Office Director Jamie R. Williamson said, "This highlights the significance of the observance of April as Second Chance Month, underscoring our nation's commitment to reintegrating individuals with criminal records into society by ensuring they have fair access to employment and other essential services. To that end, the EEOC is dedicated to making sure that individuals with criminal records are not unlawfully excluded from employment opportunities because of race."
Guidance on employer consideration of arrest or conviction can be found here: https://www.eeoc.gov/laws/guidance/enforcement-guidance-consideration-arrest-and-conviction-records-employment-decisions. For more information on race and color discrimination, please visit https://www.eeoc.gov/racecolor-discrimination.
The lawsuit was initiated by the EEOC's Baltimore Field Office, one of four component offices of the agency's Philadelphia District Office. The Philadelphia District Office has jurisdiction over Maryland, Pennsylvania, West Virginia, Delaware, and portions of New Jersey and Ohio. Attorneys in the Philadelphia District Office also prosecute discrimination cases in Washington, D.C., and portions of Virginia.
The EEOC prevents and remedies unlawful employment discrimination and advances equal opportunity for all. More information is available at http://www.eeoc.gov. Stay connected with the latest EEOC news by subscribing to our email updates.
* * *
Original text here: https://www.eeoc.gov/newsroom/eeoc-sues-sheetz-inc-racially-discriminatory-hiring-practice
Chairman Behnam Announces CFTC's First Diversity, Equity, Inclusion, Accessibility Strategic Plan
WASHINGTON, April 19 -- The Commodity Futures Trading Commission issued the following news release on April 18, 2024:
* * *
Plan Emphasizes A Workplace Where Employees are Empowered, Valued, and Respected
* * *
Commodity Futures Trading Commission Chairman Rostin Behnam today announced the agency's first Strategic Plan to Advance Diversity, Equity, Inclusion, and Accessibility (DEIA Plan). This two-year DEIA Plan represents a critical step forward in aligning our organization with a collective DEIA vision that not only provides genuine support for our valued team members, but ensures the CFTC
... Show Full Article
WASHINGTON, April 19 -- The Commodity Futures Trading Commission issued the following news release on April 18, 2024:
* * *
Plan Emphasizes A Workplace Where Employees are Empowered, Valued, and Respected
* * *
Commodity Futures Trading Commission Chairman Rostin Behnam today announced the agency's first Strategic Plan to Advance Diversity, Equity, Inclusion, and Accessibility (DEIA Plan). This two-year DEIA Plan represents a critical step forward in aligning our organization with a collective DEIA vision that not only provides genuine support for our valued team members, but ensures the CFTCis a source of future leaders.
"As we embark on this transformative journey, I look forward to seeing the opportunities that lie ahead and the positive impact this DEIA Plan will have on our agency and the broader financial community," said Chairman Behnam. "The changing derivatives and financial markets require us to think, work, and operate differently than we have before. I am grateful for the dedication of our Chief Diversity Officer Tanisha Cole Edmonds, her team, and our entire workforce in motivating this new, transformative direction."
"As the CFTC's Chief Diversity Officer and Director of the Office of Minority and Women Inclusion, I am honored to join Chairman Behnam in presenting the CFTC's first DEIA Strategic Plan," said Tanisha Cole Edmonds. "I am equally proud to call this DEIA Plan 'our' Plan because it is the result of an agency-wide, collaborative effort. Throughout the strategic planning process, much care was taken in thoughtfully engaging stakeholders from all levels across the agency to listen and understand lived experiences, exchange ideas, and seek buy-in."
The CFTC's DEIA Plan, aligned to the CFTC's 2022-2026 Strategic Plan, focuses on the following six goals: Inclusive Workplaces, Partnerships and Recruitment, Paid Internships, Professional Development and Advancement, Data, and Equity in Procurement and Customer Education and Outreach. Each goal includes objectives and strategies/actions to achieve the goal, and identifies the agency division(s)/office(s) that will lead and contribute to the implementation of the goal. An internal DEIA Executive Council will support and guide the implementation of the DEIA Plan.
See full plan: Strategic Plan to Advance Diversity, Equity, Inclusion, and Accessibility (https://www.cftc.gov/media/10536/CFTC_DEIA_StrategicPlan_2024-2026.pdf/download)
* * *
Original text here: https://www.cftc.gov/PressRoom/PressReleases/8893-24
CPSC Warns Consumers to Immediately Stop Using Chibebe Snuggle Pods Due to Suffocation Hazard
WASHINGTON, April 19 -- The Consumer Product Safety Commission issued the following news release:
* * *
Violation of the Federal Ban on Infant Pillows; Sold Exclusively on Chibebe.com
* * *
The U.S. Consumer Product Safety Commission (CPSC) is warning consumers to immediately stop using the Chibebe Snuggle Pods because they pose a suffocation hazard to infants. The snuggle pods violate the infant pillow ban because of their flexible fabric covering, loose filling, and ability to easily flatten and conform to an infant's body or face.
CPSC issued a Notice of Violation to the manufacturer,
... Show Full Article
WASHINGTON, April 19 -- The Consumer Product Safety Commission issued the following news release:
* * *
Violation of the Federal Ban on Infant Pillows; Sold Exclusively on Chibebe.com
* * *
The U.S. Consumer Product Safety Commission (CPSC) is warning consumers to immediately stop using the Chibebe Snuggle Pods because they pose a suffocation hazard to infants. The snuggle pods violate the infant pillow ban because of their flexible fabric covering, loose filling, and ability to easily flatten and conform to an infant's body or face.
CPSC issued a Notice of Violation to the manufacturer,Millisage LLC, d/b/a Chibebe, of Sheridan, Wyoming, but the firm has not agreed to recall these infant pillows or offer a remedy to consumers.
The snuggle pods were sold online at chibebe.com from September 2021 through November 2023 for about $99. CPSC evaluated the snuggle pods in the "Bloom" style and images of other models, and determined that all the company's snuggle pods sold in a variety of styles and colors are subject to the federal ban. When filled, the snuggle pods measure 28.4 in (L) by 20.5 in (W) and are inclined. The seat is made from stretch Lycra material and the base is made from polyester fabric. The snuggle pods come with a harness, a toddler seat, and an inner filling bag for the beans.
CPSC urges consumers to stop using the snuggle pods immediately, separate the snuggle pod case and inner filling bag, and dispose of the snuggle pod case and inner filling bag, as well as the bead filling.
Parents and caregivers are reminded:
* The best place for an infant to sleep is on a firm, flat surface in a crib, bassinet or play yard.
* Use a fitted sheet only and never add blankets, pillows, padded crib bumpers, or other items to an infant's sleeping environment.
* Infants should always be placed to sleep on their back. Infants who fall asleep in an inclined or upright position should be moved to a safe sleep environment with a firm, flat surface such as a crib, bassinet or play yard.
Report any incidents involving injury or product defect to CPSC at http://www.SaferProducts.gov.
* * *
About the U.S. CPSC
The U.S. Consumer Product Safety Commission (CPSC) is charged with protecting the public from unreasonable risk of injury or death associated with the use of thousands of types of consumer products. Deaths, injuries, and property damage from consumer product-related incidents cost the nation more than $1 trillion annually. CPSC's work to ensure the safety of consumer products has contributed to a decline in the rate of injuries associated with consumer products over the past 50 years.
Federal law prohibits any person from selling products subject to a Commission ordered recall or a voluntary recall undertaken in consultation with the CPSC.
* * *
Original text here: https://www.cpsc.gov/Newsroom/News-Releases/2024/CPSC-Warns-Consumers-to-Immediately-Stop-Using-Chibebe-Snuggle-Pods-Due-to-Suffocation-Hazard-Violation-of-the-Federal-Ban-on-Infant-Pillows-Sold-Exclusively-on-Chibebe-com