[Federal Register Volume 87, Number 20 (Monday, January 31, 2022)]
[Proposed Rules]
[Pages 5278-5283]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-27949]



[[Page 5277]]

Vol. 87

Monday,

No. 20

January 31, 2022

Part XIII





 Department of the Treasury





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Semiannual Regulatory Agenda

  Federal Register / Vol. 87 , No. 20 / Monday, January 31, 2022 / UA: 
Reg Flex Agenda  

[[Page 5278]]


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DEPARTMENT OF THE TREASURY

31 CFR Subtitles A and B


Semiannual Agenda and Regulatory Plan

AGENCY: Department of the Treasury.

ACTION: Semiannual Regulatory Agenda and annual regulatory plan.

-----------------------------------------------------------------------

SUMMARY: This notice is given pursuant to the requirements of the 
Regulatory Flexibility Act and Executive Order (E.O.) 12866 
(``Regulatory Planning and Review''), which require the publication by 
the Department of a semiannual agenda of regulations. E.O. 12866 also 
requires the publication by the Department of a regulatory plan for the 
upcoming fiscal year. The purpose of the agenda is to provide advance 
information about pending regulatory activities and encourage public 
participation in the regulatory process.

FOR FURTHER INFORMATION CONTACT: The Agency contact identified in the 
item relating to that regulation.

SUPPLEMENTARY INFORMATION: The semiannual regulatory agenda includes 
regulations that the Department has issued or expects to issue and 
rules currently in effect that are under departmental or bureau review. 
For this edition of the regulatory agenda, the most important 
significant regulatory actions and a Statement of Regulatory Priorities 
are included in the Regulatory Plan, which appears in both the online 
Unified Agenda and in part II of the Federal Register publication that 
includes the Unified Agenda.
    The complete Unified Agenda will be available online at 
www.reginfo.gov and www.regulations.gov in a format that offers users 
an enhanced ability to obtain information from the Agenda database. 
Because publication in the Federal Register is mandated for the 
regulatory flexibility agenda required by the Regulatory Flexibility 
Act (5 U.S.C. 602), Treasury's printed agenda entries include only:
    (1) Rules that are in the regulatory flexibility agenda, in 
accordance with the Regulatory Flexibility Act, because they are likely 
to have a significant economic impact on a substantial number of small 
entities; and
    (2) Rules that have been identified for periodic review under 
section 610 of the Regulatory Flexibility Act.
    Printing of these entries is limited to fields that contain 
information required by the Regulatory Flexibility Act's Agenda 
requirements. Additional information on these entries is available in 
the Unified Agenda published on the internet. In addition, for fall 
editions of the Agenda, the entire Regulatory Plan will continue to be 
printed in the Federal Register, as in past years.
    The Department has listed in this agenda all regulations and 
regulatory reviews pending at the time of publication, except for 
technical, minor, and routine actions. On occasion, a regulatory matter 
may be inadvertently left off of the agenda or an emergency may arise 
that requires the Department to initiate a regulatory action not yet on 
the agenda. There is no legal significance to the omission of an item 
from this agenda. For most entries, Treasury includes a projected date 
for the next rulemaking action; however, the date is an estimate and is 
not a commitment to publish on the projected date. In addition, some 
agenda entries are marked as ``withdrawn'' when there has been no 
publication activity. Withdrawal of a rule from the agenda does not 
necessarily mean that a rule will not be included in a future agenda 
but may mean that further consideration is warranted and that the 
regulatory action is unlikely in the next 12 months.
    Public participation in the rulemaking process is the foundation of 
effective regulations. For this reason, the Department invites comments 
on all regulatory and deregulatory items included in the agenda and 
invites input on items that should be included in the semiannual 
agenda.

Michael Briskin,
Deputy Assistant General Counsel for General Law and Regulation.

        Financial Crimes Enforcement Network--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
359.......................  Clarification of the               1506-AB41
                             Requirement to Collect,
                             Retain, and Transmit
                             Information on
                             Transactions Involving
                             Convertible Virtual
                             Currencies and Digital
                             Assets With Legal Tender
                             Status.
360.......................  Section 6403. Corporate            1506-AB49
                             Transparency Act.
361.......................  Section 6110. Bank Secrecy         1506-AB50
                             Act Application to
                             Dealers in Antiquities
                             and Assessment of Bank
                             Secrecy Act Application
                             to Dealers in Arts.
362.......................  Section 6212. Pilot                1506-AB51
                             Program on Sharing of
                             Information Related to
                             Suspicious Activity
                             Reports Within a
                             Financial Group.
363.......................  Section 6101.                      1506-AB52
                             Establishment of National
                             Exam and Supervision
                             Priorities.
------------------------------------------------------------------------


         Financial Crimes Enforcement Network--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
364.......................  Requirements for Certain           1506-AB47
                             Transactions Involving
                             Convertible Virtual
                             Currency or Digital
                             Assets.
------------------------------------------------------------------------


         Financial Crimes Enforcement Network--Long-Term Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
365.......................  Amendments of the                  1506-AB36
                             Definition of Broker or
                             Dealer in Securities
                             (Crowd Funding).
------------------------------------------------------------------------


[[Page 5279]]


         Financial Crimes Enforcement Network--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
366.......................  Threshold for the                  1506-AB48
                             Requirement to Collect,
                             Retain, and Transmit
                             Information on Funds
                             Transfers and
                             Transmittals of Funds
                             That Begin or End Outside
                             the United States.
------------------------------------------------------------------------


               Customs Revenue Function--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
367.......................  Enforcement of Copyrights          1515-AE26
                             and the Digital
                             Millennium Copyright Act.
------------------------------------------------------------------------


              Internal Revenue Service--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
368.......................  MEPs and the Unified Plan          1545-BO97
                             Rule.
369.......................  Requirements Related to            1545-BQ02
                             Surprise Billing, Part 2.
370.......................  Information Reporting of           1545-BQ11
                             Health Insurance Coverage
                             and Other Issues Under
                             Sections 6055 and 6056.
------------------------------------------------------------------------


               Internal Revenue Service--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
371.......................  Guidance on the                    1545-BO91
                             Elimination of Interbank
                             Offered Rates.
372.......................  Section 42 Low-Income              1545-BO92
                             Housing Credit Average
                             Income Test Regulations.
373.......................  Requirements Related to            1545-BQ01
                             Surprise Billing, Part 1.
374.......................  Requirements Related to            1545-BQ04
                             Surprise Billing, Part 1
                             (Temporary Regulation).
375.......................  Requirements Related to            1545-BQ05
                             Surprise Billing, Part 2
                             (Temporary Regulation).
------------------------------------------------------------------------

DEPARTMENT OF THE TREASURY (TREAS)

Financial Crimes Enforcement Network (FINCEN)

Proposed Rule Stage

359. Clarification of the Requirement To Collect, Retain, and Transmit 
Information on Transactions Involving Convertible Virtual Currencies 
and Digital Assets With Legal Tender Status

    Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1959; 31 U.S.C. 
5311 to 5314; 31 U.S.C. 5316 to 5336
    Abstract: The Board of Governors of the Federal Reserve System and 
FinCEN (collectively, the ``Agencies'') intend to issue a revised 
proposal to clarify the meaning of ``money'' as used in the rules 
implementing the Bank Secrecy Act requiring financial institutions to 
collect, retain, and transmit information on certain funds transfers 
and transmittals of funds. The Agencies intend that the revised 
proposal will ensure that the rules apply to domestic and cross-border 
transactions involving convertible virtual currency, which is a medium 
of exchange (such as cryptocurrency) that either has an equivalent 
value as currency, or acts as a substitute for currency, but lacks 
legal tender status. The Agencies further intend that the revised 
proposal will clarify that these rules apply to domestic and cross-
border transactions involving digital assets that have legal tender 
status.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   10/27/20  85 FR 68005
NPRM Comment Period End.............   11/27/20
Second NPRM.........................   03/00/22
Second NPRM Comment Period End......   05/00/22
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: FinCEN Regulatory Support Section, Department of 
the Treasury, Financial Crimes Enforcement Network, P.O. Box 39, 
Vienna, VA 22183, Phone: 800 767-2825, Email: [email protected].
    RIN: 1506-AB41

360. Section 6403. Corporate Transparency Act

    Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1959; 31 U.S.C. 
5311 to 5314; 31 U.S.C. 5316 to 5336
    Abstract: On April 5, 2021, FinCEN issued an Advance Notice of 
Proposed Rulemaking (ANPRM) entitled ``Beneficial Ownership Information 
Reporting Requirements,'' relating to the Corporate Transparency Act 
(Sections 6401-6403 of the Anti-Money Laundering Act of 2020 (the AML 
Act)), and intends to issue a Notice of Proposed Rulemaking. Section 
6403 amends the Bank Secrecy Act by adding new Section 5336 to title 31 
of the United States Code. New Section 5336 requires FinCEN to issue 
rules requiring: (i) Reporting companies to submit certain information 
about the individuals who are beneficial owners of those entities and 
the individuals who formed or registered those entities; (ii) 
establishing a mechanism for issuing FinCEN identifiers to entities and 
individuals that request them; (iii) requiring FinCEN to maintain the 
information in a confidential, secure non-public database; and (iv) 
authorizing FinCEN to disclose the information to certain government 
agencies and financial institutions for purposes specified in the 
legislation and subject to protocols to protect the confidentiality of 
the information. Section 5336 requires that the first of these 
requirements, notably the

[[Page 5280]]

beneficial ownership information reporting regulation for legal 
entities (the ``reporting regulation''), be published in final form by 
January 1, 2022. The ANPRM solicited comments on a wide range of 
questions having to do with the possible shape of the reporting 
regulation, as well as questions that concern the interaction of the 
requirements of this regulation and the shape and functionality of the 
database that will be populated with the information reported under 
Section 5336.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
ANPRM...............................   04/05/21  86 FR 17557
ANPRM Comment Period End............   05/05/21
NPRM................................   02/00/22
NPRM Comment Period End.............   04/00/22
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: FinCEN Regulatory Support Section, Department of 
the Treasury, Financial Crimes Enforcement Network, P.O. Box 39, 
Vienna, VA 22183, Phone: 800 767-2825, Email: [email protected].
    RIN: 1506-AB49

361. Section 6110. Bank Secrecy Act Application to Dealers in 
Antiquities and Assessment of Bank Secrecy Act Application to Dealers 
in Arts

    Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1959; 31 U.S.C. 
5311 to 5314; 31 U.S.C. 5316 to 5336
    Abstract: On September 24, 2021, FinCEN issued an Advance Notice of 
Proposed Rulemaking in order to implement Section 6110 of the Anti-
Money Laundering Act of 2020 (the AML Act). This section amends the 
Bank Secrecy Act (31 U.S.C. 5312(a)(2)) to include as a financial 
institution a person engaged in the trade of antiquities, including an 
advisor, consultant, or any other person who engages as a business in 
the solicitation or the sale of antiquities, subject to regulations 
prescribed by the Secretary of the Treasury. The section further 
requires the Secretary of the Treasury to issue proposed rules to 
implement the amendment within 360 days of enactment of the AML Act.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
ANPRM...............................   09/24/21  86 FR 53021
ANPRM Comment Period End............   10/25/21
NPRM................................   06/00/22
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: FinCEN Regulatory Support Section, Department of 
the Treasury, Financial Crimes Enforcement Network, P.O. Box 39, 
Vienna, VA 22183, Phone: 800 767-2825, Email: [email protected].
    RIN: 1506-AB50

362. Section 6212. Pilot Program on Sharing of Information Related to 
Suspicious Activity Reports Within a Financial Group

    Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1959; 31 U.S.C. 
5311 to 5314; 31 U.S.C. 5316 to 5336
    Abstract: FinCEN intends to issue a Notice of Proposed Rulemaking 
in order to implement Section 6212 of the Anti-Money Laundering Act of 
2020 (the AML Act). This section amends the Bank Secrecy Act (31 U.S.C. 
5318(g)) to establish a pilot program that permits financial 
institutions to share suspicious activity report (SAR) information with 
their foreign branches, subsidiaries, and affiliates for the purpose of 
combating illicit finance risks. The section further requires the 
Secretary of the Treasury to issue rules to implement the amendment 
within one year of enactment of the AML Act.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   03/00/22
NPRM Comment Period End.............   05/00/22
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: FinCEN Regulatory Support Section, Department of 
the Treasury, Financial Crimes Enforcement Network, P.O. Box 39, 
Vienna, VA 22183, Phone: 800 767-2825, Email: [email protected].
    RIN: 1506-AB51

363. Section 6101. Establishment of National Exam and Supervision 
Priorities

    Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1959; 31 U.S.C. 
5311 to 5314; 31 U.S.C. 5316 to 5336
    Abstract: FinCEN intends to issue a Notice of Proposed Rulemaking 
to implement Section 6101 of the Anti-Money Laundering Act of 2020 (the 
AML Act). That section, among other things, amends section 5318(h) to 
title 31 of the United States Code to: (1) Require financial 
institutions to establish countering the financing of terrorism (CFT) 
in addition to AML programs; (2) require FinCEN to establish national 
AML/CFT priorities and, as appropriate, promulgate implementing 
regulations within 180 days of the issuance of those priorities; and 
(3) provide that the duty to establish, maintain, and enforce a Bank 
Secrecy Act AML/CFT program remains the responsibility of, and must be 
performed by, persons in the United States who are accessible to, and 
subject to oversight and supervision by, the Secretary of the Treasury 
and the appropriate Federal functional regulator. Additionally, FinCEN 
intends to propose other changes, including regulatory amendments to 
establish that all financial institutions subject to an AML/CFT program 
requirement must maintain an effective and reasonably designed AML/CFT 
program, and that such a program must include a risk assessment 
process.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   04/00/22
NPRM Comment Period End.............   06/00/22
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: FinCEN Regulatory Support Section, Department of 
the Treasury, Financial Crimes Enforcement Network, P.O. Box 39, 
Vienna, VA 22183, Phone: 800 767-2825, Email: [email protected].
    RIN: 1506-AB52

DEPARTMENT OF THE TREASURY (TREAS)

Financial Crimes Enforcement Network (FINCEN)

Final Rule Stage

364. Requirements for Certain Transactions Involving Convertible 
Virtual Currency or Digital Assets

    Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1959; 31 U.S.C. 
5311 to 5314; 31 U.S.C. 5316 to 5336
    Abstract: FinCEN is proposing to amend the regulations implementing 
the Bank Secrecy Act (BSA) to require banks and money service 
businesses (MSBs) to submit reports, keep records, and verify the 
identity of customers in relation to transactions involving convertible 
virtual currency (CVC) or digital assets with legal tender status 
(``legal tender digital assets'' or ``LTDA'') held in unhosted wallets, 
or held in wallets hosted in a jurisdiction identified by FinCEN.
    Timetable:

[[Page 5281]]



------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   12/23/20  85 FR 83840
NPRM Comment Period End.............   01/04/21
Final Action........................   09/00/22
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: FinCEN Regulatory Support Section, Department of 
the Treasury, Financial Crimes Enforcement Network, P.O. Box 39, 
Vienna, VA 22183, Phone: 800 767-2825, Email: [email protected].
    RIN: 1506-AB47

DEPARTMENT OF THE TREASURY (TREAS)

Financial Crimes Enforcement Network (FINCEN)

Long-Term Actions

365. Amendments of The Definition of Broker or Dealer in Securities 
(Crowd Funding)

    Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1959; 31 U.S.C. 
5311 to 5314; 31 U.S.C. 5316 to 5332
    Abstract: FinCEN is finalizing amendments to the regulatory 
definitions of ``broker or dealer in securities'' under the regulations 
implementing the Bank Secrecy Act. The changes are intended to expand 
the current scope of the definitions to include funding portals. In 
addition, these amendments would require funding portals to implement 
policies and procedures reasonably designed to achieve compliance with 
all of the Bank Secrecy Act requirements that are currently applicable 
to brokers or dealers in securities. The rule to require these 
organizations to comply with the Bank Secrecy Act regulations is 
intended to help prevent money laundering, terrorist financing, and 
other financial crimes.
    Note: This is not a new requirement; it replaces RINs 1506-AB24 and 
1506-AB29.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   04/04/16  81 FR 19086
NPRM Comment Period End.............   06/03/16  .......................
Final Action........................   11/00/22  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: FinCEN Regulatory Support Section, Phone: 800 767-
2825, Email: [email protected].
    RIN: 1506-AB36

DEPARTMENT OF THE TREASURY (TREAS)

Financial Crimes Enforcement Network (FINCEN)

Completed Actions

366. Threshold for the Requirement To Collect, Retain, and Transmit 
Information on Funds Transfers and Transmittals of Funds That Begin or 
End Outside the United States

    Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1959; 31 U.S.C. 
5311 to 5314; 31 U.S.C. 5316 to 5336
    Abstract: In October 2020, the Board of Governors of the Federal 
Reserve System and FinCEN (collectively, the ``Agencies'') issued a 
proposed rule to modify the threshold in the rules implementing the 
Bank Secrecy Act requiring financial institutions to collect and retain 
information on certain funds transfers and transmittals of funds. The 
modification would reduce this threshold from $3,000 for certain funds 
transfers and transmittals of funds. At the same time, FinCEN likewise 
issued a proposal to reduce from $3,000 the threshold in the rule 
requiring financial institutions to transmit to other financial 
institutions in the payment chain information on certain funds 
transfers and transmittals of funds. The public comment period for the 
proposed rulemaking expired on November 27, 2020. The Agencies are 
working to develop a rule in light of the comments received from the 
public.
    Completed:

------------------------------------------------------------------------
               Reason                    Date            FR Cite
------------------------------------------------------------------------
Withdrawn...........................   09/03/21  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: FinCEN Regulatory Support Section, Phone: 800 767-
2825, Email: [email protected].
    RIN: 1506-AB48

BILLING CODE 4810-02-P

DEPARTMENT OF THE TREASURY (TREAS)

Customs Revenue Function (CUSTOMS)

Final Rule Stage

367. Enforcement of Copyrights and the Digital Millennium Copyright Act

    Legal Authority: Title III of the Trade Facilitation and Trade 
Enforcement Act of 2015 (Pub. L. 114-125); 19 U.S.C. 1595a(c)(2)(G); 19 
U.S.C. 1624
    Abstract: This rule amends the U.S. Customs and Border Protection 
(CBP) regulations pertaining to importations of merchandise that 
violate or are suspected of violating the copyright laws in accordance 
with title III of the Trade Facilitation and Trade Enforcement Act of 
2015 (TFTEA) and certain provisions of the Digital Millennium Copyright 
Act (DMCA).
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   10/16/19  84 FR 55251
NPRM Comment Period End.............   12/16/19  .......................
Final Rule..........................   08/00/22  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Alaina Van Horn, Chief, Intellectual Property 
Enforcement Branch, Department of the Treasury, Customs Revenue 
Function, 1331 Pennsylvania Avenue NW, Washington, DC 20229, Phone: 202 
325-0083, Email: [email protected].
    RIN: 1515-AE26

BILLING CODE 9111-14-P

DEPARTMENT OF THE TREASURY (TREAS)

Internal Revenue Service (IRS)

Proposed Rule Stage

368. MEPS and the Unified Plan Rule

    Legal Authority: 26 U.S.C. 7805; 26 U.S.C. 413
    Abstract: These proposed regulations provide guidance relating to 
the tax qualification of multiple employer plans (MEPs) described in 
section 413(e) of the Internal Revenue Code (Code). The proposed 
regulations would provide an exception, if certain requirements are 
met, to the application of the ``unified plan rule'' for section 413(e) 
MEPs in the event of a failure by one or more participating employers 
to take actions required of them to satisfy the requirements of section 
401(a) or 408 of the Code. The regulations affect participants in MEPs, 
MEP sponsors and administrators, and employers maintaining MEPs.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   07/03/19  84 FR 31777
NPRM Comment Period End.............   10/01/19  .......................
Second NPRM.........................   04/00/22  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Jamie Dvoretzky, Attorney, Department of the 
Treasury,

[[Page 5282]]

Internal Revenue Service, 1111 Constitution Avenue NW, Washington, DC 
20224, Phone: 202 317-4102, Fax: 855 604-6087, 
Email:[email protected].
    RIN: 1545-BO97

369. Requirements Related to Surprise Billing, Part 2

    Legal Authority: 26 U.S.C. 7805; Pub. L. 116-260, Division BB, 
Title I and Title II
    Abstract: This notice of proposed rulemaking would implement 
additional protections against surprise medical bills under the No 
Surprises Act and certain provisions related to Title II of Division BB 
of the Consolidated Appropriations Act, by cross-reference to temporary 
regulations.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   10/07/21  86 FR 55980
NPRM Comment Period End.............   12/06/21  .......................
Final Action........................   12/00/22  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Kari L. DiCecco, General Attorney (Tax), Department 
of the Treasury, Internal Revenue Service, 1111 Constitution Avenue NW, 
Room 5712, Washington, DC 20224, Phone: 202 317-5500, 
Email:[email protected].
    RIN: 1545-BQ02

370.  Information Reporting of Health Insurance Coverage and 
Other Issues Under Sections 6055 and 6056

    Legal Authority: 26 U.S.C. 7805; 26 U.S.C. 5000A; 26 U.S.C. 6056
    Abstract: These regulations revise notice and filing requirements 
under sections 6055 and 6056 of the Internal Revenue Code. The 
regulations are needed to provide health coverage reporters an 
extension of time in which to furnish certain statements and an 
alternative manner of allowing certain health coverage reporters to 
provide information to covered individuals.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   11/00/21  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Gerald Semasek, Attorney, Department of the 
Treasury, Internal Revenue Service, 1111 Constitution Avenue NW, 
Washington, DC 20024, Phone: 202 317-7006, Fax: 855 576-2339, Email: 
[email protected].
    RIN: 1545-BQ11

DEPARTMENT OF THE TREASURY (TREAS)

Internal Revenue Service (IRS)

Final Rule Stage

371. Guidance on the Elimination of Interbank Offered Rates

    Legal Authority: 26 U.S.C. 1001b and 7805; 26 U.S.C. 7805
    Abstract: The final regulations will provide guidance on the tax 
consequences of the phased elimination of interbank offered rates 
(IBORs) that is underway in the United States and many foreign 
countries. Taxpayers have requested guidance that addresses whether a 
modification to a debt instrument or other financial contract to 
accommodate the elimination of the relevant IBOR will be treated as a 
realization event for federal income tax purposes.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   10/09/19  84 FR 54068
NPRM Comment Period End.............   11/25/19  .......................
Final Action........................   12/00/21  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Caitlin Holzem, Attorney, Department of the 
Treasury, Internal Revenue Service, 1111 Constitution Avenue NW, Room 
3547, Washington, DC 20224, Phone: 202 317-7036, Fax: 855 574-9023, 
Email: [email protected].
    RIN: 1545-BO91

372. Section 42 Low-Income Housing Credit Average Income Test 
Regulations

    Legal Authority: 26 U.S.C. 7805; 26 U.S.C. 42
    Abstract: The Consolidated Appropriations Act of 2018 added a new 
applicable minimum set-aside test under section 42(g) of the Internal 
Revenue Code known as the average income test. This proposed regulation 
will implement requirements related to the average income test.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   10/30/20  85 FR 68816
NPRM Comment Period End.............   12/29/20  .......................
NPRM; Correction and Notice of         02/03/21  86 FR 8271
 Public Hearing.
Public Hearing......................   03/24/21  .......................
Final Action........................   07/00/22  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Dillon J. Taylor, Attorney, Department of the 
Treasury, Internal Revenue Service, 1111 Constitution Avenue NW, Room 
5107, Washington, DC 20224, Phone: 202 317-4137, Fax: 855 591-7867, 
Email: [email protected].
    RIN: 1545-BO92

373. Requirements Related to Surprise Billing, Part 1

    Legal Authority: 26 U.S.C. 7805; Pub. L. 116-260, Division BB, 
Title I and Title II
    Abstract: This notice of proposed rulemaking would implement the 
protections against surprise medical bills under the No Surprises Act, 
by cross-reference to temporary regulations.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   07/13/21  86 FR 36870
NPRM Comment Period End.............   09/13/21  .......................
Final Action........................   12/00/21  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Kari L. DiCecco, General Attorney (Tax), Department 
of the Treasury, Internal Revenue Service, 1111 Constitution Avenue NW, 
Room 5712, Washington, DC 20224, Phone: 202 317-5500, Email: 
[email protected].
    RIN: 1545-BQ01

374. Requirements Related to Surprise Billing, Part 1 (Temporary 
Regulation)

    Legal Authority: 26 U.S.C. 7805; Pub. L. 116-260, Division BB, 
Title I and Title II
    Abstract: This temporary regulation implements the protections 
against surprise medical bills under the No Surprises Act.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
Temporary Regulation................   07/13/21  86 FR 36872
Temporary Regulation Effective......   09/13/21  .......................
Removal of Temporary Action.........   12/00/21  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.

[[Page 5283]]

    Agency Contact: Kari L. DiCecco, General Attorney (Tax), Department 
of the Treasury, Internal Revenue Service, 1111 Constitution Avenue NW, 
Room 5712, Washington, DC 20224, Phone: 202 317-5500, Email: 
[email protected].
    RIN: 1545-BQ04

375. Requirements Related to Surprise Billing, Part 2 (Temporary 
Regulation)

    Legal Authority: 26 U.S.C. 7805; Pub. L. 116-260, Division BB, 
Title I and Title II
    Abstract: This temporary regulation would implement additional 
protections against surprise medical bills under the No Surprises Act 
and certain provisions related to Title II of Division BB of the 
Consolidated Appropriations Act.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
Temporary Rule......................   10/07/21  86 FR 55980
Temporary Rule Effective............   10/07/21  .......................
Temporary Rule Comment Period End...   12/06/21  .......................
                                     -----------------------------------
Reviewing Comments..................           To Be Determined
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Kari L. DiCecco, General Attorney (Tax), Department 
of the Treasury, Internal Revenue Service, 1111 Constitution Avenue NW, 
Room 5712, Washington, DC 20224, Phone: 202 317-5500, Email: 
[email protected].
    RIN: 1545-BQ05

[FR Doc. 2021-27949 Filed 1-28-22; 8:45 am]
BILLING CODE 4810-01-P