Final Regulation Summaries

On April 12, 2023, the Small Business Administration (SBA) issued a final rule amending its business loan program regulations to lift the moratorium on licensing new Small Business Lending Companies (SBLCs) and add a new type of lending entity called a Community Advantage SBLC. SBA is also removing the requirement for a Loan Authorization in the 7(a) and 504 Loan Programs.

On April 10, 2023, the Small Business Administration (SBA) issued a final rule amending various regulations governing SBA's 7(a) and 504 Loan Programs, including regulations on use of proceeds for partial changes of ownership, lending criteria, loan conditions, reconsiderations, and affiliation standards, to expand access to capital to small businesses and drive economic recovery. The amendments to affiliation standards will also apply to the Microloan Program, Intermediary Lending Pilot Program, Surety Bond Guarantee Program, and the Disaster Loan programs (except for the COVID Economic Injury Disaster Loan (EIDL) Disaster Loan Program).

On March 30, 2023, the Consumer Financial Protection Bureau (Bureau) issued a final rule that amends the Bureau’s Regulation B to implement changes made to the Equal Credit Opportunity Act (ECOA) by section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank).

On March 31, 2023, the Department of Housing and Urban Development (HUD) approved a final rule recodifying its prior “Implementation of the Fair Housing Act's Discriminatory Effects Standard” (the 2013 Rule), which established a burden-shifting test for determining whether a given practice has an unjustified discriminatory effect.

On March 16, 2023, the National Credit Union Administration (NCUA) approved a final rule to amend its rules governing subordinated debt and grandfathered secondary capital (GSC) to accommodate a longer maximum maturity.

On March 8, 2023, the Department of Housing and Urban Development (HUD) issued a final rule that will 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 February 16, 2023, the National Credit Union Administration (NCUA) Board approved a final rule 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 December 16, 2022, the Board of Governors of the Federal Reserve System (Board) adopted a final rule to 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 October 3, 2022, the Board of Governors of the Federal Reserve System (Board) published a final rule amending Regulation II to clarify that debit card issuers must enable, and allow merchants to choose from, at least two unaffiliated networks for card-not-present transactions.

On September 30, 2022, the Financial Crimes Enforcement Network (FinCEN) issued a final rule that requires certain entities to file with FinCEN reports that identify the beneficial owners of the entity and individuals who have applied with specified governmental authorities to create the entity or register it to do business.