STATE GOVERNMENT RELATIONS
State approves flood relief funds
The Indiana Department of Homeland Security has approved $1.7 million in State Disaster Relief Fund assistance for approximately 260 households impacted by August storms, with more than $1 million already distributed through direct deposits and paper checks. Officials have reviewed more than 40,000 applications, with about 15,000 still pending additional documentation. Due to the scale of the disaster and limited funding, the state has capped payments at $5,000 per household while continuing to transfer additional funds into the program as needed, and federal assistance is expected to support longer-term recovery efforts.
FEDERAL GOVERNMENT RELATIONS
With failure on procedural motion, Clarity Act’s future is uncertain
The Senate voted 50-49 against ending debate on the Clarity Act, leaving the fate of the bill uncertain in the current Congress. By failing to reach the 60-vote threshold needed for cloture, senators signaled their unwillingness to pass the legislation in its current form.
Senate Ag Committee advances Farm Bill
The Senate Banking Committee advanced the Farm Bill after it had previously stalled, with the current version of the legislation including several industry-supported provisions.
Agencies propose third-party risk management guidance
Federal banking regulators issued a proposal to replace existing third-party risk management guidance with guidance focused on tailoring risk-management practices to the level of risk involved.
The Federal Deposit Insurance Corp., Office of the Comptroller of the Currency and Federal Reserve in 2023 published Interagency Guidance on Third-Party Relationships: Risk Management. The regulators said any finalized guidance would replace the 2023 guidance and certain third-party risk management resources.
Comments on the proposed guidance are due 60 days after publication in the Federal Register.
House passes revised version of Common Cents Act
The House passed by voice vote a revised version of legislation to officially end penny production and provide a framework for cash rounding when exact change cannot be provided.
House committee removes proposed tax deferral for digital asset rewards
House lawmakers removed a provision from a tax package that would have permitted entities involved in the staking and mining of digital assets to defer taxes on rewards for those assets.
CISA releases updated guide on insider threats
The guide gives organizations a current look at insider threats and practical steps to develop or enhance an insider threat program, according to the Cybersecurity and Infrastructure Security Agency.
CFPB releases updated home loan buyer’s guide
The Consumer Financial Protection Bureau has released an updated version of its “Your Home Loan Toolkit,” which is a guide for prospective homebuyers navigating real estate settlement services and mortgage costs. CFPB regulations require updates to be announced in the Federal Register. No official notice has been published yet, and it is unclear whether the agency can mandate use of the new version.