News & Analysis as of

U.S. Treasury

CHOICE Act 2.0 Passes the House: What Is the ‘CHOICE’?

by Shearman & Sterling LLP on

On June 8, 2017, the House of Representatives passed an amended version of H.R. 10, the Financial CHOICE Act of 2017, or CHOICE Act 2.0, which scales back or eliminates many of the post-crisis financial reforms that were...more

Show Me the Money: Broadcaster Auction Payments Coming in Next Few Days

by Pillsbury - CommLawCenter on

According to a newly-released Public Notice, the FCC has directed the U.S. Department of Treasury to pay all broadcasters who had winning bids in the recently concluded spectrum incentive auction. The only exceptions are...more

Treasury’s Recommendations for the Volcker Rule

The U.S. Department of the Treasury previously issued its first in a series of reports to President Donald J. Trump examining the United States’ financial regulatory system. The report included detailed recommendations...more

Good News for Taxpayers: IRS Targets for Reform Burdensome Regulations on Partnerships, Corporations, REITs, Estates, and More

Earlier this year, President Trump issued Executive Order 13789, which ordered the Treasury Department to review all significant tax regulations issued after December 31, 2015 and identify regulations that impose an undue...more

Commercial Division Rules that U.S. Treasury Secretary’s Access to a Company’s Detailed Financial Information in His Role as a...

Members of a company’s board who are also investors in the company often have access to detailed information about the company’s finances and its lending facilities. But what happens when an investor-board member could,...more

United States To Sign Covered Agreement With European Union

by Carlton Fields on

The U.S. Department of the Treasury and the U.S. Trade Representative have ended the speculation about the fate of the Covered Agreement negotiated by the Obama Administration with the European Union by announcing their...more

IRS Regulations on the Chopping Block

by Charles (Chuck) Rubin on

Tax practitioners have complained for years about the ever-expanding scope and complexity of both the Internal Revenue Code and Treasury Regulations. A possible shrinkage in the Treasury Regulations may soon occur....more

Treasury Identifies Significant Regulations Subject to Modification or Repeal

On July 7, 2017, Treasury identified eight significant regulations, including regulations under sections 385 (treatment of certain debt as equity), 752 (partnership liabilities), 367 (outbound transfers of property) and 987...more

Trump Administration Extends Sudan Sanctions Review Period by Three Months

On January 13, 2017, President Obama issued Executive Order 13761 to be effective on July 12, 2017, which would revoke prior executive orders underlying the Sudanese Sanctions Regulations and effectively terminate the Sudan...more

Treasury, IRS Deem 2704 Proposed Regulations Put Undue Burden on Taxpayers

by Williams Mullen on

The U.S. Department of the Treasury and the IRS, in Notice 2017-38, have identified the proposed regulations (the “Proposed Regulations”) under § 2704 of the Internal Revenue Code as potentially imposing an undue burden on...more

IRS Identifies 8 Burdensome Regulations for Reform

Responding to a Trump Executive Order, the Treasury Department has reviewed all significant tax regulations issued after December 31, 2015 and identified eight regulations to be reformed to mitigate the burden that the...more

Treasury Dept. Identifies 8 "Significant Tax Regulations" for Review to Reduce Burden

by Holland & Knight LLP on

The U.S. Department of the Treasury announced on July 7, 2017, in Notice 2017-38 (the Notice) that it has identified as "significant tax regulations" eight sets of U.S. federal tax regulations that were issued between Jan. 1,...more

Treasury Spends Ink on Regulatory Changes

The Treasury Department, in the first of four reports to President Trump detailing its review of financial regulations and its recommendations about potential changes to the depository system, proposed major changes in the...more

Department of the Treasury Issues another Invitation to Taxpayers to Comment on Department Regulations

by K&L Gates LLP on

On June 30, 2017, we alerted stakeholders to the request by the Department of the Treasury (the “Department”) for public comments to assist the Department in its broad review of Department guidance that should be modified,...more

Trump Tightens Cuba Sanctions

by King & Spalding on

On June 16, 2017 President Trump announced new policy parameters for the U.S.-Cuba relationship and directed the Office of Foreign Assets Control (OFAC), Department of Treasury, Bureau of Industry and Security (BIS),...more

News Round Up - June 2017

by Morrison & Foerster LLP on

More on the IPO Market from the SEC Investor Advisory Committee - The SEC Investor Advisory Committee devoted its June 22, 2017, session to a discussion of the decline in the number of U.S. IPOs. Chair Clayton addressed...more

Treasury Department Recommends Broad Reforms to CFPB

by McGuireWoods LLP on

The Department of the Treasury recently cited the CFPB’s “unaccountable structure and unduly broad regulatory powers,” in suggesting reforms to address the CFPB’s “regulatory abuses and excesses.” The Department’s...more

Department of Treasury Publishes Request for Information Regarding Regulatory Reform

by McDermott Will & Emery on

In keeping with President Trump’s Executive Order (#13771) on regulatory reform, the Department of the Treasury recently published a Request for Information regarding its regulations. The Request covers those regulations...more

Department of the Treasury Invites Taxpayers to Comment on Department Regulations to Reduce Compliance Burdens

by K&L Gates LLP on

On June 14, 2017, the Department of the Treasury (the “Department”) issued a request for public comments to identify Department guidance that should be modified, eliminated, or streamlined in order to reduce compliance...more

The Department of the Treasury Issues Recommendations on the Regulation of U.S. Depository Institutions

by Jones Day on

"A Financial System that Creates Economic Opportunities: Banks and Credit Unions," a Report by the Department of the Treasury, identifies potential reforms that would promote the "Core Principles for Regulating the United...more

The Future of Dodd-Frank: Where is it Going?

by Seyfarth Shaw LLP on

Seyfarth Synopsis: Just last week Steve Mnuchin, the Secretary of the Treasury, put forth the first of several Reports proposing financial reforms. Much of the Report makes sweeping changes to Dodd- Frank, the legislation...more

Nutter Bank Report, June 2017

Supreme Court: Bank That Buys Debt for Its Own Account Is Not Debt Collector - The U.S. Supreme Court recently held that a bank that collects on debts it has bought and holds “for its own account” is not a debt collector...more

Treasury report on U.S. financial system recommends extensive mortgage lending reforms

by Ballard Spahr LLP on

The U.S. Treasury Department recently issued a report titled “A Financial System That Creates Economic Opportunities-Banks and Credit Unions.”  In addition to recommended changes for the CFPB, the report devotes substantial...more

Regulatory Reformation: Treasury’s First Recommendations for Improving Financial Regulations

On February 3, 2017, President Donald Trump issued Executive Order 13772, which identified seven Core Principles by which his administration would regulate the U.S. financial system....more

Privacy & Cybersecurity Update - June 2017

In this month's edition of our Privacy & Cybersecurity Update, we examine a new Chinese cybersecurity law that went into effect despite international concern for how it will be implemented; Colorado's adoption of new...more

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