FEDERAL GOVERNMENT RELATIONS
Submit comments on EGRPRA review
Less than one month remains to offer comment in the fourth and final round of EGRPRA review. The Economic Growth and Regulatory Paperwork Reduction Act requires the Federal Financial Institutions Examination Council and bank regulators to review their regulations every 10 years to identify any outdated or otherwise unnecessary regulatory requirements for their supervised institutions.
This final round of public comments covers banking operations, capital, and the Community Reinvestment Act. Written comments are due no later than Thursday, Oct. 23.
Read the publication in the Federal Register
Treasury seeks input on Genius Act implementation
In a recent advanced notice of proposed rulemaking, the Treasury Department is seeking public comment related to its implementation of the Guiding and Establishing National Innovation for U.S. Stablecoins, or Genius, Act. The most recent request for comment does not implement new requirements under the act; it offers the public an opportunity to contribute to the implementation of the law.
FDIC releases 2025 Summary of Deposits data
The Federal Deposit Insurance Corp. last Friday released the results of its annual survey of branch office deposits for all FDIC-insured institutions as of June 30, 2025. The FDIC’s Summary of Deposits provides deposit totals for each of the more than 76,000 domestic offices operated by more than 4,400 FDIC-insured commercial and savings banks, savings associations and U.S. branches of foreign banks.
Fed issues FAQs on end of US penny production
The Federal Reserve released frequently asked questions on anticipated changes to penny ordering and deposits following a Treasury Department decision to end production of the U.S. penny coin.
According to the FAQs:
- The Federal Reserve is committed to accepting deposits of pennies from banks, though coin distribution locations accepting penny deposits will vary over time as localized inventory is depleted at certain coin distribution locations.
- If a customer’s endpoint is connected to a coin distribution location that is no longer accepting deposits of pennies, they may need to contact their local cash office to coordinate deposits at an alternate location.
- When inventory at a specific location is depleted, FedCash Services will cease fulfilling orders of pennies at that specific location.
- Customers whose endpoints are connected to a location that is no longer fulfilling orders of pennies will see error messages in the FedCash Services application via the FedLine Web or FedLine Advantage Solution.
- Federal Reserve Bank customers should regularly check the FedCash Services application for further details and updates about these error messages.
- Customers may create and submit their orders for pennies separately from their orders for other denominations, especially when placing large numbers of orders close to an ordering deadline using the File Upload feature.
Cybersecurity coordination law to lapse next week if Congress doesn’t act
The Cybersecurity Information Sharing Act of 2015, which helps ensure community banks have timely access to actionable cyber threat information, is slated to expire this Tuesday, Sept. 30, unless Congress passes an extension.
The CISA law provides liability protections for all community banks that share threat intelligence with other banks, businesses and the U.S. government. While the Financial Services Information Sharing and Analysis Center is working on a contingency plan, voluntary threat information sharing is expected to decline by 80-90% if the law lapses. The lapse in liability protections increases the risk of legal action against banks that share threat intelligence. Without liability protections, each bank needs to assess its risk appetite for continuing voluntary threat information sharing with government and other institutions.
The bipartisan CISA legislation – enacted after an Office of Personnel Management breach in 2015 – provides private-sector entities with information and liability protections for sharing cyber threats. It also includes an antitrust exemption that provides similar protections for sharing between private companies.