16946 Federal Register / Vol. 86, No. 60 / Wednesday, March 31, 2021 / UA: Reg Flex Agenda 

DEPARTMENT OF THE TREASURY 

31 CFR Subtitles A and B 

Semiannual Agenda and Regulatory 

Plan 

AGENCY: Department of the Treasury. 

ACTION: Semiannual regulatory agenda 

and annual regulatory plan. 

SUMMARY: This notice is given pursuant 

to the requirements of the Regulatory 

Flexibility Act and Executive Order 

(E.O.) 12866 (‘‘Regulatory Planning and 

Review’’), which require the publication 

by the Department of a semiannual 

agenda of regulations. E.O. 12866 also 

requires the publication by the 

Department of a regulatory plan for the 

upcoming fiscal year. The purpose of 

the agenda is to provide advance 

information about pending regulatory 

activities and encourage public 

participation in the regulatory process. 

FOR FURTHER INFORMATION CONTACT: The 

Agency contact identified in the item 

relating to that regulation. 

SUPPLEMENTARY INFORMATION: The 

semiannual regulatory agenda includes 

regulations that the Department has 

issued or expects to issue and rules 

currently in effect that are under 

departmental or bureau review. For this 

edition of the regulatory agenda, the 

most important significant regulatory 

actions and a Statement of Regulatory 

Priorities are included in the Regulatory 

Plan, which appears in both the online 

Unified Agenda and in part II of the 

Federal Register publication that 

includes the Unified Agenda. 

The complete Unified Agenda will be 

available online at www.reginfo.gov and 

www.regulations.gov in a format that 

offers users an enhanced ability to 

obtain information from the Agenda 

database. Because publication in the 

Federal Register is mandated for the 

regulatory flexibility agenda required by 

the Regulatory Flexibility Act (5 U.S.C. 

602), Treasury’s printed agenda entries 

include only: 

(1) Rules that are in the regulatory 

flexibility agenda, in accordance with 

the Regulatory Flexibility Act, because 

they are likely to have a significant 

economic impact on a substantial 

number of small entities; and 

(2) Rules that have been identified for 

periodic review under section 610 of the 

Regulatory Flexibility Act. 

Printing of these entries is limited to 

fields that contain information required 

by the Regulatory Flexibility Act’s 

Agenda requirements. Additional 

information on these entries is available 

in the Unified Agenda published on the 

internet. In addition, for fall editions of 

the Agenda, the entire Regulatory Plan 

will continue to be printed in the 

Federal Register, as in past years. 

The Department has listed in this 

agenda all regulations and regulatory 

reviews pending at the time of 

publication, except for technical, minor, 

and routine actions. On occasion, a 

regulatory matter may be inadvertently 

left off of the agenda or an emergency 

may arise that requires the Department 

to initiate a regulatory action not yet on 

the agenda. There is no legal 

significance to the omission of an item 

from this agenda. For most entries, 

Treasury includes a projected date for 

the next rulemaking action; however, 

the date is an estimate and is not a 

commitment to publish on the projected 

date. In addition, some agenda entries 

are marked as ‘‘withdrawn’’ when there 

has been no publication activity. 

Withdrawal of a rule from the agenda 

does not necessarily mean that a rule 

will not be included in a future agenda 

but may mean that further consideration 

is warranted and that the regulatory 

action is unlikely in the next 12 months. 

Public participation in the rulemaking 

process is the foundation of effective 

regulations. For this reason, the 

Department invites comments on all 

regulatory and deregulatory items 

included in the agenda and invites 

input on items that should be included 

in the semiannual agenda. 

Michael Briskin, 

Deputy Assistant General Counsel for General 

Law and Regulation. 

FINANCIAL CRIMES ENFORCEMENT NETWORK—PROPOSED RULE STAGE

Sequence No. Title Regulation 

Identifier No. 

310 .................... Bank Secrecy Act Funds Record-Keeping and Transfer Rule Threshold Update .......................................... 1506–AB41 

COMPTROLLER OF THE CURRENCY—COMPLETED ACTIONS

Sequence No. Title Regulation 

Identifier No. 

311 .................... Community Reinvestment Act Regulations ..................................................................................................... 1557–AE34 

CUSTOMS REVENUE FUNCTION—FINAL RULE STAGE

Sequence No. Title Regulation 

Identifier No. 

312 .................... Enforcement of Copyrights and the Digital Millennium Copyright Act ............................................................ 1515–AE26 

INTERNAL REVENUE SERVICE—PROPOSED RULE STAGE

Sequence No. Title Regulation 

Identifier No. 

313 .................... Section 42 Low-Income Housing Credit Average Income Test Regulations .................................................. 1545–BO92 

314 .................... MEPs and the Unified Plan Rule ..................................................................................................................... 1545–BO97 


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Federal Register / Vol. 86, No. 60 / Wednesday, March 31, 2021 / UA: Reg Flex Agenda 16947 

INTERNAL REVENUE SERVICE—FINAL RULE STAGE

Sequence No. Title Regulation 

Identifier No. 

315 .................... Guidance on the Elimination of Interbank Offered Rates ................................................................................ 1545–BO91 

DEPARTMENT OF THE TREASURY 

(TREAS) 

Financial Crimes Enforcement Network 

(FINCEN) 

Proposed Rule Stage 

310. Bank Secrecy Act Funds RecordKeeping and Transfer Rule Threshold 

Update 

E.O. 13771 Designation: Fully or 

Partially Exempt. 

Legal Authority: 12 U.S.C. 1829b; 12 

U.S.C. 1951 to 1959; 31 U.S.C. 5311 to 

5314; 31 U.S.C. 5316 to 5332 

Abstract: On October 27, 2020, the 

Board of Governors of the Federal 

Reserve System and FinCEN 

(collectively, the ‘‘Agencies’’) issued a 

proposed rule to modify the threshold 

in the rule implementing the Bank 

Secrecy Act requiring financial 

institutions to collect and retain 

information on certain funds transfers 

and transmittals of funds. The proposed 

modification would reduce this 

threshold from $3,000 to $250 for funds 

transfers and transmittals of funds that 

begin or end outside the United States. 

FinCEN likewise proposed to reduce 

from $3,000 to $250 the threshold in the 

rule requiring financial institutions to 

transmit to other financial institutions 

in the payment chain information on 

funds transfers and transmittals of funds 

that begin or end outside the United 

States. The Agencies also proposed to 

clarify the meaning of ‘‘money’’ as used 

in these same rules to ensure that the 

rules apply to domestic and crossborder transactions involving 

convertible virtual currency, which is a 

medium of exchange (such as 

cryptocurrency) that either has an 

equivalent value as currency, or acts as 

a substitute for currency, but lacks legal 

tender status. The Agencies further 

proposed to clarify that these rules 

apply to domestic and cross-border 

transactions involving digital assets that 

have legal tender status. 

Timetable: 

Action Date FR Cite 

NPRM .................. 10/27/20 85 FR 68005 

NPRM Comment 

Period End.

11/27/20 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: FinCEN Resource 

Center, Department of the Treasury, 

Financial Crimes Enforcement Network, 

P.O. Box 39, Vienna, VA 22183, Phone: 

800 767–2825, Email: frc@fincen.gov. 

RIN: 1506–AB41 

DEPARTMENT OF THE TREASURY 

(TREAS) 

Comptroller of the Currency (OCC) 

Completed Actions 

311. Community Reinvestment Act 

Regulations 

E.O. 13771 Designation: Independent 

agency. 

Legal Authority: 12 U.S.C. 21; 12 

U.S.C. 22; 12 U.S.C. 26; 12 U.S.C. 27; 12 

U.S.C. 30; 12 U.S.C. 36; 12 U.S.C. 93(a); 

12 U.S.C. 161; 12 U.S.C. 215; 12 U.S.C. 

215(a); 12 U.S.C. 481; 12 U.S.C. 1462(a); 

12 U.S.C. 1463; 12 U.S.C. 1464; 12 

U.S.C. 1814; 12 U.S.C. 1816; 12 U.S.C. 

1828(c); 12 U.S.C. 1835(a); 12 U.S.C. 

2901 to 2908; 12 U.S.C. 3101 to 3111; 

12 U.S.C. 5412(b)(2)(B) 

Abstract: The OCC issued a final rule 

to encourage banks to provide billions 

more each year in Community 

Reinvestment Act-qualified lending, 

investment, and services by 

modernizing the Community 

Reinvestment Act (CRA) regulations to 

better achieve the law’s underlying 

statutory purpose of encouraging banks 

to serve their communities by making 

the regulatory framework more 

objective, transparent, consistent, and 

easy to understand. To accomplish these 

goals, this rule strengthens the CRA 

regulations by clarifying which 

activities qualify for CRA credit, 

updating where activities count for CRA 

credit, creating a more transparent and 

objective method for measuring CRA 

performance, and providing for more 

transparent, consistent, and timely CRArelated data collection, recordkeeping, 

and reporting. 

Completed: 

Reason Date FR Cite 

Final Rule ............ 06/05/20 85 FR 34734 

Final Rule Effective.10/01/20 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: Allison HesterHaddad, Phone: 202 649–7810, Email: 

allison.hester-haddad@occ.treas.gov. 

Emily Boyes, Phone: 202 649–8647, 

Email: emily.boyes@occ.treas.gov. 

RIN: 1557–AE34 

DEPARTMENT OF THE TREASURY 

(TREAS) 

Customs Revenue Function (CUSTOMS) 

Final Rule Stage 

312. Enforcement of Copyrights and the 

Digital Millennium Copyright Act 

E.O. 13771 Designation: Not subject 

to, not significant. 

Legal Authority: Not Yet Determined 

Abstract: This rule amends the U.S. 

Customs and Border Protection (CBP) 

regulations pertaining to importations of 

merchandise that violate or are 

suspected of violating the copyright 

laws in accordance with title III of the 

Trade Facilitation and Trade 

Enforcement Act of 2015 (TFTEA) and 

certain provisions of the Digital 

Millennium Copyright Act (DMCA). 

Timetable: 

Action Date FR Cite 

NPRM .................. 10/16/19 84 FR 55251 

NPRM Comment 

Period End.

12/16/19 

Final Rule ............ 08/00/21 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: Charles Steuart, 

Chief, Intellectual Property Rights 

Branch, Department of the Treasury, 

Customs Revenue Function, Regulations 

and Rulings, Office of International 

Trade, U.S. Customs and Border 

Protection, 90 K Street NE, 10th Floor, 

Washington, DC 20229–1177, Phone: 

202 325–0093, Fax: 202 325–0120, 

Email: charles.r.steuart@cbp.dhs.gov. 

RIN: 1515–AE26 


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16948 Federal Register / Vol. 86, No. 60 / Wednesday, March 31, 2021 / UA: Reg Flex Agenda 

DEPARTMENT OF THE TREASURY 

(TREAS) 

Internal Revenue Service (IRS) 

Proposed Rule Stage 

313. Section 42 Low-Income Housing 

Credit Average Income Test 

Regulations 

E.O. 13771 Designation: Not subject 

to, not significant. 

Legal Authority: 26 U.S.C. 7805; 26 

U.S.C. 42 

Abstract: The Consolidated 

Appropriations Act of 2018 added a 

new applicable minimum set-aside test 

under section 42(g) of the Internal 

Revenue Code known as the average 

income test. This proposed regulation 

will implement requirements related to 

the average income test. 

Timetable: 

Action Date FR Cite 

NPRM .................. 07/00/21 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: Dillon J. Taylor, 

Attorney, Department of the Treasury, 

Internal Revenue Service, 1111 

Constitution Avenue NW, Room 5107, 

Washington, DC 20224, Phone: 202 317– 

4137, Fax: 855 591–7867, Email: 

dillon.j.taylor@irscounsel.treas.gov. 

RIN: 1545–BO92 

314. MEPs and the Unified Plan Rule 

E.O. 13771 Designation: Regulatory. 

Legal Authority: 26 U.S.C. 7805; 26 

U.S.C. 413 

Abstract: These proposed regulations 

provide guidance relating to the tax 

qualification of multiple employer plans 

(MEPs) described in section 413(e) of 

the Internal Revenue Code (Code). The 

proposed regulations would provide an 

exception, if certain requirements are 

met, to the application of the ‘‘unified 

plan rule’’ for section 413(e) MEPs in 

the event of a failure by one or more 

participating employers to take actions 

required of them to satisfy the 

requirements of section 401(a) or 408 of 

the Code. The regulations affect 

participants in MEPs, MEP sponsors and 

administrators, and employers 

maintaining MEPs. 

Timetable: 

Action Date FR Cite 

NPRM .................. 07/03/19 84 FR 31777 

NPRM Comment 

Period End.

10/01/19 

Second NPRM .... 12/00/20 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: Jamie Dvoretzky, 

Attorney, Department of the Treasury, 

Internal Revenue Service, 1111 

Constitution Avenue NW, Washington, 

DC 20224, Phone: 202 317–4102, Fax: 

855 604–6087, Email: 

jamie.l.dvoretzky@irscounsel.treas.gov. 

RIN: 1545–BO97 

DEPARTMENT OF THE TREASURY 

(TREAS) 

Internal Revenue Service (IRS) 

Final Rule Stage 

315. Guidance on the Elimination of 

Interbank Offered Rates 

E.O. 13771 Designation: Regulatory. 

Legal Authority: 26 U.S.C. 1001b and 

7805; 26 U.S.C. 7805 

Abstract: The final regulations will 

provide guidance on the tax 

consequences of the phased elimination 

of interbank offered rates (IBORs) that is 

underway in the United States and 

many foreign countries. Taxpayers have 

requested guidance that addresses 

whether a modification to a debt 

instrument or other financial contract to 

accommodate the elimination of the 

relevant IBOR will be treated as a 

realization event for federal income tax 

purposes. 

Timetable: 

Action Date FR Cite 

NPRM .................. 10/09/19 84 FR 54068 

NPRM Comment 

Period End.

11/25/19 

Final Action ......... 11/00/20 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: Caitlin Holzem, 

Attorney, Department of the Treasury, 

Internal Revenue Service, 1111 

Constitution Avenue NW, Room 3547, 

Washington, DC 20224, Phone: 202 317– 

7036, Fax: 855 574–9023, Email: 

caitlin.i.holzem@irscounsel.treas.gov. 

RIN: 1545–BO91 

[FR Doc. 2021–04326 Filed 3–30–21; 8:45 am] 

BILLING CODE 4810–02–P; 4810–33–P; 9111–14–P 4810– 

01–P 


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