STATE GOVERNMENT RELATIONS
Lawmakers present framework for local property tax relief
Senior Indiana lawmakers Sen. Ryan Mishler, R-Mishawaka; Sen. Chris Garten, R-Charlestown; and Rep. Craig Snow, R-Winona Lake, outlined a proposal at a Sept. 29 meeting in Warsaw that would allow counties to use local income tax revenue to provide a 100% property tax credit for owner-occupied homes over a five-year period. Mishler said the approach would not eliminate property taxes because they are needed to support local debt obligations, but homeowners receiving the full credit would owe no property taxes on their primary residence. The lawmakers said most counties currently have sufficient local income tax capacity to support the credit, while noting that referendum-approved property taxes would still apply. The proposal was presented as a local option, and legislators said additional changes to Indiana’s property tax system could be considered during future legislative sessions.
FEDERAL GOVERNMENT RELATIONS
Senate passes Terrorism Risk Insurance Act reauthorization
The Senate passed by unanimous consent a bill to reauthorize the Terrorism Risk Insurance Act for seven years. The House previously passed a separate version of the bill, meaning the legislation will likely next head to conference committee to work out the differences.
Common Cents Act clears Senate
The Senate passed by unanimous consent a bill to officially end penny production and provide a framework for cash rounding when exact change cannot be provided. The legislation now heads to President Trump.
Third court rules against Trump administration over CFPB funding
A federal judge in Oregon last week ruled that the Trump administration must continue funding the Consumer Financial Protection Bureau, reaching a decision similar to two other federal courts in separate lawsuits.
Senate passes bill requiring warnings about possible romance scams
The Senate passed by unanimous consent a House bill to require dating websites to notify users about possible romance scams. The Romance Scam Prevention Act requires dating websites to notify users when an account they have interacted with has been banned for fraud.
Fed finalizes new stress test rules
The Federal Reserve finalized two rules to give the public more opportunities to comment on the models used in stress tests for large banks and to revise how it calculates certain capital buffer requirements.
FCC votes to revise ‘revoke all’ rule and ‘provided number’ condition
The Federal Communications Commission voted to revise the “revoke all” rule and “provided number” condition, both of which have made it more difficult for banks to communicate by phone and text message with their customers.
OFAC issues sanctions tied to ATM jackpotting crimes
The Office of Foreign Assets Control imposed sanctions on 10 targets with alleged ties to the Tren de Aragua transnational criminal organization for its role in organizing a series of ATM jackpotting thefts across the U.S., orchestrated in part by one of the FBI's 10 most-wanted fugitives.
Treasury proposes procedures for state certification of stablecoins
The Treasury Department proposed regulations for state approval or denial of stablecoin certifications under the GENIUS Act.
Under the GENIUS Act, the federal banking regulators are generally tasked with the licensing, regulation, examination and supervision of permitted payment stablecoin issuers, but qualified payment stablecoin issuers may opt for state regulation if they meet certain criteria.
Comments will be accepted for 60 days after publication in the Federal Register.