Regulatory Roundup: November 19-December 2
AICPA
Nov 18, 2024
CBO
As ordered reported by the House Committee on Transportation and Infrastructure on September 18, 2024
As ordered reported by the House Committee on Transportation and Infrastructure on September 25, 2024
As passed by the House of Representatives on November 18, 2024
As ordered reported by the House Committee on Transportation and Infrastructure on September 18, 2024
As ordered reported by the House Committee on Homeland Security on September 25, 2024
As ordered reported by the House Committee on Homeland Security on September 25, 2024
As ordered reported by the House Committee on Homeland Security on September 25, 2024
As ordered reported by the House Committee on Homeland Security on September 25, 2024
As ordered reported by the Senate Committee on Indian Affairs on September 25, 2024
FAF
November 19, 2024
November 19, 2024
FASB
GAO
Semiconductors, also called computer chips, are used to make electronics. Advanced computer chip technology can be used for AI, communication devices, weapons, and more. To protect this technology from foreign military use, the Department of Commerce issued rules in 2022 and 2023 to control its export and the equipment used to make it. This Q&A report reviews this effort. Commerce: Published the 2022 rules so...
Released on Nov 26, 2024
Released on Nov 25, 2024
Bank failures in 2023 raised questions about federal regulators' ability to promptly address unsafe banking practices. For this report, we reviewed documents from 60 institutions, interviewed 109 bank examiners, and more. We found weaknesses in regulators' processes for addressing issues. For example, Federal Deposit Insurance Corp. examiners told us managers sometimes altered their reports without consultation or documentation, potentially introducing risk of bias. Also, the...
This report—the first in a series—looks at how 4 agencies implemented telework and how it affected their operations, performance, and more during and after the COVID-19 pandemic. All the agencies implemented three of the four telework practices we looked for, such as establishing eligibility criteria to ensure teleworking employees are approved equitably. But some agencies haven't yet evaluated telework's effect on their ability to provide...
Nearly 760,000 trips are made each weekday using Washington, D.C.'s Metro rail and bus system. In recent years, Metro's operations have come under scrutiny. Metro's Office of Inspector General is supposed to provide independent oversight of its operations, but we found some threats to that independence. For example, Metro's board doesn't have procedures to remove an IG—meaning an IG could be terminated for any reason...
Special Forces personnel conduct high-risk training to prepare for challenging missions. But serious accidents have raised questions about the safety of some of these activities. About 80% of the over 3,600 on-duty, non-combat accidents reported from FY 2012-2022 occurred during training. Parachute and dive training accounted for about 40% of those accidents. The U.S. Special Operations Command designated 7 training areas as high-risk, including parachuting...
Cryptography is a set of mathematical processes that can "lock," "unlock," or authenticate information. Agencies, banks, utilities, and others rely on cryptography—e.g., data encryption algorithms—to secure systems and data. Experts predict that a quantum computer capable of breaking such cryptography may exist within 10-20 years. Various federal entities have developed documents that inform a national strategy for addressing this threat. But the strategy lacks details...
The Department of Energy has a record of inadequate contract management, which can lead to increased acquisition costs and delays. This has raised concerns among congressional committees and others about how DOE plans for its acquisitions. We assessed how DOE implemented certain acquisition planning practices for some acquisitions. It wasn't always clear that DOE reviewed lessons learned from prior acquisitions, which is a way to...
As part of FY 2022 and 2023 appropriations, Members of Congress could request to designate a certain amount of funding for specific projects in their communities. While agencies often have discretion over how they award funds, Congress has directed them to distribute these funds to the designated recipients. We're tracking the funds to help ensure transparency. FY 2022 and 2023 appropriations included $24.4 billion for...
As part of FY 2024 appropriations, members of Congress could request to designate a certain amount of funding for specific projects in their communities. While agencies often have discretion over how they award funds, Congress has directed them to distribute these funds to the designated recipients. We're tracking these funds to help ensure transparency. FY 2024 appropriations included about $14.6 billion for 8,098 projects. This...
The military services use digital marketing on social media platforms—such as Facebook, X, and Instagram, among others—to inform young people about career paths and military life. But favorable views of the military are declining among Gen Z. And in FY 2023, several military services missed their recruiting goals by thousands. The services need to better manage risks to their brands, assess whether marketing efforts are...
The Department of Energy is responsible for cleaning groundwater contamination that poses threats to public health and the environment. At 4 sites we examined, of the 13 involved, DOE is cleaning groundwater to drinking water standards. Site officials estimated these efforts will collectively cost at least $10 billion over the next 5 decades. However, DOE doesn't have comprehensive information on cleanup progress at all 13...
Each year thousands of migrant children enter the U.S. without a parent or guardian. We testified on efforts to address 9 of our prior recommendations related to the Office of Refugee Resettlement's role in caring for unaccompanied children. Our recommendations included: Ensuring care providers are qualified Overseeing and monitoring care facilities Tracking services after the children are released to sponsors The agency fully addressed 5...
Cyberattacks can disrupt the transportation systems that many people and businesses rely on, like mass transit and freight rail. The TSA is responsible for protecting the nation's transportation sector. We testified about our work on TSA's efforts to address cybersecurity issues. For example, TSA has taken steps to bolster its cybersecurity workforce and meet workforce needs. But TSA could do more to reduce risks from...
Women amputees, in particular, have unique needs when they seek prosthetics. For example, there may be fewer commercially available prosthetic devices available for women. Women are also studied less than their male counterparts in prosthetic and amputee rehabilitation research. Prosthetic care is an important part of veterans health care. This statement for the Congressional Record discusses the prosthetic services the Veterans Health Administration provided to...
Emerging technologies—like facial recognition or AI—have rapidly increased the amount of personally identifiable information federal agencies collect, share, and use. This Q&A report examines how agencies protect the public's civil rights and civil liberties while using personal data. Some agencies have policies and procedures to guide them in these efforts. But the specifics are different across agencies because there's no government-wide laws or guidance. We...
Published: Nov 19, 2024 . Publicly Released: Nov 19, 2024 .
Greenhouse gas emissions from public transportation can contribute to climate change. These can be reduced by transitioning to zero-emission (e.g., electric) buses. Their use is expected to triple by 2030. But frontline transit workers—drivers and mechanics—will need new skills to service and operate electric buses. The Federal Transit Administration has taken several steps to help address workforce needs. For example, the FTA helps transit agencies...
Millions of Americans—many of them children—have a rare disease. But only about 5% of the nearly 10,000 identified rare diseases have Food and Drug Administration-approved treatments. Developing rare disease drugs is challenging. The diseases aren't well understood, and small patient populations can limit clinical trial results. FDA has 18 rare disease programs to address such complexities. FDA is also implementing a new Rare Disease Innovation...
GASB
November 25, 2024
November 19, 2024
IASB
29 Nov 2024
29 Nov 2024
27 Nov 2024
26 Nov 2024
26 Nov 2024
26 Nov 2024
26 Nov 2024
26 Nov 2024
21 Nov 2024
18 Nov 2024
IRS
IR-2024-299, Nov. 26, 2024 — The Internal Revenue Service today issued Notice 2024-85 providing transition relief for third-party settlement organizations (TPSOs), also known as payment apps and online marketplaces, regarding transactions during calendar years 2024 and 2025.
IR-2024-298, Nov. 25, 2024 —The Internal Revenue Service today reminded low- and moderate-income taxpayers that they can save for retirement now and possibly earn a tax credit in 2025 and future years.
IR-2024-297, Nov. 22, 2024 — As the nation's tax season approaches, the Internal Revenue Service is reminding people of simple steps they can take now to prepare to file their 2024 federal tax returns.
IR-2024-296, Nov. 21, 2024 — With a Nov. 22 deadline rapidly approaching for the second Voluntary Disclosure Program, the Internal Revenue Service urgently recommends that businesses review Employee Retention Credit guidelines and resolve incorrect claims soon to avoid future issues.
IR-2024-291, Nov. 18, 2024 — As part of International Fraud Awareness Week, the Internal Revenue Service reminds taxpayers how to report tax-related fraud in their community to protect personal and financial information from scam artists and tax schemes.
NYS
November 29, 2024
PCAOB
Nov. 19, 2024
SEC
Washington D.C., Nov. 27, 2024 — The Securities and Exchange Commission today announced that it updated its list of unregistered entities that use misleading information to solicit primarily non-U.S. investors, adding 14 soliciting entities, two impersonators of genuine firms, and four bogus regulators.
Washington D.C., Nov. 25, 2024 — The Securities and Exchange Commission today announced fraud charges against Stephen Kenneth (“Ken”) Leech, the former co-chief investment officer (CIO) of registered investment adviser Western Asset Management Company LLC or WAMCO, for engaging in a multi-year scheme to allocate favorable trades to certain portfolios, while allocating unfavorable trades to other portfolios, a practice known as cherry-picking.
Washington D.C., Nov. 22, 2024 — The Securities and Exchange Commission today announced that it filed 583 total enforcement actions in fiscal year 2024 while obtaining orders for $8.2 billion in financial remedies, the highest amount in SEC history.
Washington D.C., Nov. 22, 2024 — The Securities and Exchange Commission today announced that broker-dealers Webull Financial LLC, Lightspeed Financial Services Group LLC, and Paulson Investment Company, LLC have agreed to settle charges that they filed with law enforcement suspicious activity reports (SARs) that failed to include important, required information. The three broker-dealers agreed to pay $275,000 combined in civil penalties to settle the SEC’s charges.
Washington D.C., Nov. 22, 2024 — The Securities and Exchange Commission today announced settled charges against United Parcel Service Inc. for materially misrepresenting its earnings because it failed to follow generally accepted accounting principles (GAAP) in valuing one of its worst performing businesses.
Washington D.C., Nov. 21, 2024 — The Securities and Exchange Commission today charged David Kushner, a resident of Boca Raton, Florida, and his company La Mancha Funding Corp. with defrauding nearly two dozen investors out of approximately $2.1 million in a series of private securities offerings. Kushner is La Mancha’s president and sole owner.
Washington D.C., Nov. 20, 2024 — The Securities and Exchange Commission today charged Gautam Adani and Sagar Adani, executives of Adani Green Energy Ltd., and Cyril Cabanes, an executive of Azure Power Global Ltd., for conduct arising out of a massive bribery scheme. According to the SEC’s allegations, the bribery scheme was orchestrated to enable the two renewable energy companies to capitalize on a multi-billion-dollar solar energy project that the companies had been awarded by the Indian government. During the alleged scheme, Adani Green raised more than $175 million from U.S. investors and Azure Power’s stock was traded on the New York Stock Exchange
TIGTA