Rule2025-06353
Eliminating Unnecessary Regulations
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
April 15, 2025
Effective
June 16, 2025
Issuing agencies
Treasury Department
Abstract
Pursuant to an Executive order, the Department of the Treasury (Treasury) is conducting a review of existing regulations, with the goal of reducing regulatory burden by revoking or revising existing regulations that meet the criteria set forth in the Executive order. In support of that objective, this direct final rule streamlines titles 12 and 31 of the Code of Federal Regulations (CFR) by removing regulations that are no longer necessary or no longer have any current or future applicability.
Full Text
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<title>Federal Register, Volume 90 Issue 71 (Tuesday, April 15, 2025)</title>
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[Federal Register Volume 90, Number 71 (Tuesday, April 15, 2025)]
[Rules and Regulations]
[Pages 15648-15650]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-06353]
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DEPARTMENT OF THE TREASURY
12 CFR Parts 810 and 811
31 CFR Parts 30, 31, and 1010
Eliminating Unnecessary Regulations
AGENCY: Departmental Offices, Treasury.
ACTION: Direct final rule.
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SUMMARY: Pursuant to an Executive order, the Department of the Treasury
(Treasury) is conducting a review of existing regulations, with the
goal of reducing regulatory burden by revoking or revising existing
regulations that meet the criteria set forth in the Executive order. In
support of that objective, this direct final rule streamlines titles 12
and 31 of the Code of Federal Regulations (CFR) by removing regulations
that are no longer necessary or no longer have any current or future
applicability.
DATES: This rule is effective June 16, 2025 without further action,
unless significant adverse comment is received by May 15, 2025. If
Treasury receives significant adverse comments, it will publish a
timely withdrawal in the Federal Register informing the public that
this rule or a portion thereof will not take effect.
ADDRESSES: Submit comments electronically through the Federal
eRulemaking Portal: <a href="https://www.regulations.gov">https://www.regulations.gov</a>, or by mail to:
Department of the Treasury, Attn: E.O. 14219 Comments, 1500
Pennsylvania Avenue NW, Washington, DC 20220. Because paper mail in the
Washington, DC area may be subject to delay, it is recommended that
comments be submitted electronically. Comments will be available for
public inspection on <a href="http://www.regulations.gov">www.regulations.gov</a>. In general, comments
received, including attachments and other supporting materials, are
part of the public record and are available to the public. Do not
submit any information in your comment or supporting materials that you
consider confidential or inappropriate for public disclosure.
FOR FURTHER INFORMATION CONTACT:
--FinCEN's Regulatory Support Section by submitting an inquiry at
<a href="http://www.fincen.gov/contact">www.fincen.gov/contact</a>'' for information about 31 CFR part 1010.
--Brendan J. Costello, Attorney-Advisor, Office of the General Counsel
at 202-622-0480 for information about 12 CFR 810 and 811 and 31 CFR 30
and 31.
SUPPLEMENTARY INFORMATION:
Background
On April 9, 2025, the President issued a Presidential Memorandum,
Directing the Repeal of Unlawful Regulations, to implement Executive
Order 14219, Ensuring Lawful Governance And Implementing The
President's ``Department of Government Efficiency'' Deregulatory
Initiative (Deregulatory E.O.), 90 FR 10583 (Feb. 19, 2025). The
Deregulatory E.O. directed the heads of executive departments and
agencies to review their regulations and repeal those which are
unlawful or impose undue burdens, among other things.
This Direct Final Rule
This direct final rule removes regulations and portions of
regulations that are no longer necessary, or have no current or future
applicability and, therefore, no longer provide useful guidance.
Removing these regulations from the Code of Federal Regulations will
streamline titles 12 and 31 and increase clarity.
Explanation of Provisions
The regulations, or portions of regulations removed are:
Federal Financing Bank Bills, 12 CFR Part 810
In accordance with the purposes described above, Treasury is
eliminating the Federal Financing Bank Bills regulations codified at 12
CFR part 810.
These regulations, promulgated in 1974 under the Federal Financing
Bank Act of 1973, relate to the public offering of certain obligations
by the Federal Financing Bank (FFB). The FFB has no plans to issue
obligations to the public. Given the changes in Federal financing and
relevant markets over the 50 years since these regulations were
promulgated, if the FFB were to determine to offer obligations to the
public, it would determine appropriate procedures at that time.
[[Page 15649]]
Book-Entry Procedure for Federal Financing Bank Securities, 12 CFR Part
811
In accordance with the purposes described above, Treasury is
eliminating the Book-Entry Procedure for Federal Financing Bank
Securities regulations codified at 12 CFR part 811.
These regulations, promulgated in 1975 under the Federal Financing
Bank Act of 1973, relate to book-entry procedures for FFB securities.
The FFB has never issued securities subject to these regulations and
has no plans to do so. Given the changes in Federal financing and
relevant markets over the 50 years since these regulations were
promulgated, if the FFB were to determine to issue such securities, it
would determine appropriate procedures at that time.
TARP Standards for Compensation and Corporate Governance, 31 CFR Part
30
In accordance with the purposes described above, Treasury is
eliminating the TARP Standards for Compensation and Corporate
Governance regulations codified at 31 CFR part 30.
These regulations, promulgated pursuant to sections 101(a)(1),
101(c)(5), and 111 of the Emergency Economic Stabilization Act of 2008
(EESA), as amended by the American Recovery and Reinvestment Act of
2009 (ARRA), provide guidance on the executive compensation and
corporate governance provisions of EESA that apply to entities that
receive financial assistance under the Troubled Asset Relief Program
(TARP). Section 111 of EESA requires Treasury to require entities
receiving financial assistance from Treasury under TARP (TARP
Recipients) to meet appropriate standards for executive compensation
and corporate governance. These regulations include standards for TARP
Recipients that implement the provisions of section 111 of EESA, as
well as certain additional standards adopted pursuant to the authority
granted the Treasury under section 111(b)(2) to promulgate such
additional standards. Among various provisions relating to executive
compensation and corporate governance, Treasury's regulations
established the Office of the Special Master for TARP Executive
Compensation (Special Master). The Special Master was given authority
to review and approve certain payments and compensation structures
applicable to certain employees of TARP Recipients receiving
exceptional financial assistance (as defined in the regulations), and
issue advisory opinions on compensation to TARP recipients not
receiving exceptional assistance.
Under section 111 of EESA (12 U.S.C. 5221(b)), the TARP
compensation-related restrictions generally apply to an institution
during the period in which any obligation arising from financial
assistance provided under the TARP remains outstanding. There are no
remaining outstanding obligations left in the TARP. Therefore, Treasury
is removing 31 CFR part 30.
TARP Conflicts of Interest, 31 CFR 31.211 Through 216
In accordance with the purposes described above, Treasury is
eliminating the TARP Conflicts of Interest regulations codified at 31
CFR 31.211 through 216.
Pursuant to section 108 of EESA, which directed the Secretary of
the Treasury to issue regulations or guidelines necessary to address
and manage or to prohibit conflicts of interest that may arise in
connection with the administration and execution of the EESA
authorities, Treasury promulgated an interim final rule on conflicts of
interest on January 21, 2009 (74 FR 3431). That rule was finalized on
October 3, 2011 (76 FR 61046). These regulations were codified at 31
CFR part 31.
The TARP program has wound down and these regulations are no longer
needed. This rescission does not apply to regulations requiring TARP
contractors to maintain the confidentiality of nonpublic information
and setting out Treasury's enforcement authority, found at 31 CFR
31.200 and 201 and 31.217 and 218.
Civil Penalty, 31 CFR 1010.820
In accordance with the purposes described above, Treasury,
including the Financial Crimes Enforcement Network (FinCEN), is
eliminating the civil penalty rule codified at 31 CFR 1010.820.
Section 1010.820 described the civil penalties for certain
violations of the Bank Secrecy Act.\1\ This rule removes 31 CFR
1010.820 entirely because its penalty provisions were made obsolete by
changes to FinCEN regulations under the Federal Civil Penalties
Inflation Adjustment Act of 1990, 28 U.S.C. 2461 note (Federal Civil
Penalties Inflation Adjustment Act), that are codified in the civil
penalty provisions of 31 CFR 1010.821. Specifically, the Federal Civil
Penalties Inflation Adjustment Act, as amended, requires agencies to
issue regulations making annual adjustments reflecting the effect of
inflation for civil penalties expressed in terms of a dollar amount.
Those inflation adjustments are laid out in 31 CFR 1010.821 and updated
annually, and 31 CFR 1010.820 expressly noted that 31 CFR 1010.821
applied to all penalties assessed after August 1, 2016. Thus, as a
result of 31 CFR 1010.821's penalty provisions, 31 CFR 1010.820 is
redundant, and its continued inclusion in FinCEN's regulations served
no purpose.
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\1\ Certain parts of the Currency and Foreign Transactions
Reporting Act, its amendments, and the other statutes relating to
the subject matter of that Act, have come to be referred to as the
BSA. These statutes are codified at 12 U.S.C. 1829b, 12 U.S.C. 1951-
1960, and 31 U.S.C. 5311-5314 and 5316-5336, including notes
thereto.
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Procedural Matters
This direct final rule is not a significant regulatory action under
Executive Order 12866, as amended. Therefore, a regulatory assessment
is not required. Because no notice of proposed rulemaking is required,
an analysis under the Regulatory Flexibility Act (5 U.S.C. chapter 6)
is not required.
List of Subjects
12 CFR Part 810
Banks, Banking, Government securities.
12 CFR Part 811
Accounting, Banks, Banking, Government securities.
31 CFR Part 30
Securities.
31 CFR Part 31
Conflict of interests, Government contracts, Securities.
31 CFR Part 1010
Administrative practice and procedure, Aliens, Authority
delegations (Government agencies), Banks, Banking, Brokers, Business
and industry, Citizenship and naturalization, Commodity futures, Crime,
Currency, Electronic filing, Federal savings associations, Federal-
State relations, Fiduciaries, Foreign banking, Foreign currencies,
Foreign persons, Gambling, Holding companies, Indians, Indians--law,
Indians--tribal government, Insurance companies, Investigations,
Investment companies, Law enforcement, Penalties, Reporting and
recordkeeping requirements, Savings associations, Securities, Small
business, Terrorism, Time.
For the reasons stated in the preamble, Treasury amends 12 CFR
parts 810 and 811 and 31 CFR parts 30, 31, and 1010 as follows:
[[Page 15650]]
Title 12--Banks and Banking
PART 810--[Removed and Reserved]
0
1. Under the authority of secs. 9-11, 87 Stat. 939, 940; (12 U.S.C.
2288, 2289, 2290), remove and reserve part 810.
PART 811--[Removed and Reserved]
0
2. Under the authority of the Federal Financing Bank Act of 1973,
sections 9-11, 87 Stat. 939, 940; 12 U.S.C. 2288, 2289, 2290, remove
and reserve part 811.
Title 31--Money and Finance: Treasury
PART 30--[Removed]
0
3. Under the authority of 12 U.S.C. 5221; 31 U.S.C. 321, remove part
30.
PART 31--TROUBLED ASSET RELIEF PROGRAM
0
4. The authority citation for part 31 continues to read as follows:
Authority: 31 U.S.C. 321; Pub. L. 110-343; 122 Stat. 3765.
Sec. Sec. 31.211 through 31.216 [Removed and Reserved]
0
5. Remove and reserve Sec. Sec. 31.211 through 31.216.
PART 1010--GENERAL PROVISIONS
0
6. The authority citation for part 1010 continues to read as follows:
Authority: 12 U.S.C. 1829b and 1951-1959; 31 U.S.C. 5311-5314,
5316-5336; title III, sec. 314 Pub. L. 107-56, 115 Stat. 307; sec.
2006, Pub. L. 114-41, 129 Stat. 457; sec. 701 Pub. L. 114-74, 129
Stat. 599; sec. 6403, Pub. L. 116-283, 134 Stat. 3388.
Sec. 1010.820 [Removed and Reserved]
0
7. Remove and reserve Sec. 1010.820.
Rachel Miller,
Executive Secretary.
[FR Doc. 2025-06353 Filed 4-14-25; 8:45 am]
BILLING CODE 4810-AK-P
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</html>Indexed from Federal Register on April 15, 2025.
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