Fed Proposes Changes to Harmonize Reg J, Reg CC

ABA joined the S Corporation Association and more than 230 associations in support of legislation to make permanent the Section 199A tax deduction for pass-through business income.

Acting SEC Chairman Mark Uyeda announced the formation of a new task force to develop “a comprehensive and clear regulatory framework” for crypto assets. SEC Commissioner Hester Peirce will lead the task force.

The ABA Foundation and the U.S. Postal Inspection Service released three new infographics on money mule scams and check fraud with advice for consumers, bank staff and small businesses.

Acting Chairman Travis Hill promised to ditch recent changes to the FDIC’s process for reviewing proposed bank mergers and to rescind “problematic” Biden-era proposed rules, such as those on brokered deposits and corporate governance.

The Senate Banking Committee voted 16-11 to advance the nomination of Scott Bessent as Treasury secretary. The nomination now heads to the full Senate for confirmation.

Guilford Savings Bank in Guilford, Connecticut, has applied with regulators to acquire Eastern Connecticut Savings Bank in Norwich.