Regulatory Roundup - Nov. 10-16
AICPA
Press Release
Professors honored with CGMA-Sponsored Finance Education Award
The Association and the Financial Management Association (FMA) have recognized two professors for their innovation in teaching algorithmic trading as part of a hands-on robotics class for students.
November 11, 2020
Press Release
AICPA and CPA Practice Advisor Name Most Powerful Women in Accounting
The AICPA and CPA Practice Advisor have announced the 25 winners of the 2020 Most Powerful Women in Accounting Award.
November 11, 2020
Press Release
New AICPA Webcast Series Tackles Health Care Accounting and Auditing Issues Related to the CARES Act and COVID-19
Nine lives sessions provide a customized view of the health care industry.
November 11, 2020
Press Release
AICPA Recognizes Outstanding Contributors to Forensic and Valuation Fields
CPAs Armstrong and York named Volunteers of the Year and 22 outstanding CFFs and ABVs age 40 and younger honored with the FVS Standing Ovations
November 10, 2020
CBO
Cost Estimate
Controlled Substances Act Legislation
November 13, 2020
As ordered reported by the House Committee on Energy and Commerce on September 9, 2020
Cost Estimate
Controlled Substances Act Legislation
November 13, 2020
As ordered reported by the House Committee on Energy and Commerce on September 9, 2020
Cost Estimate
Controlled Substances Act Legislation
November 13, 2020
As ordered reported by the House Committee on Energy and Commerce on September 9, 2020
Cost Estimate
H.R. 4611, Ocean Pollution Reduction Act II
November 13, 2020
As ordered reported by the House Committee on Transportation and Infrastructure on September 30, 2020
Cost Estimate
H.R. 7703, Caribbean Basin Security Initiative Authorization Act
November 13, 2020
As ordered reported by the House Committee on Foreign Affairs on July 29, 2020
Cost Estimate
H.R. 7785, a bill to amend title 38, United States Code, to extend certain employment and reemployment rights to members of the National Guard who perform State active duty
November 13, 2020
As ordered reported by the House Committee on Veterans’ Affairs on September 17, 2020
Cost Estimate
H.R. 7954, Tropical Forest and Coral Reef Conservation Reauthorization Act of 2020
November 13, 2020
As ordered reported by the House Committee on Foreign Affairs on October 1, 2020
Presentation
An Overview of CBO’s Work on Climate Change
November 12, 2020
Presentation by Phillip Swagel, CBO’s Director, at the EY Corporate Carbon Forum.
Cost Estimate
H.R. 1494, Historically Black Colleges and Universities (HBCUs) Homeland Security Partnerships Act
November 12, 2020
As passed by the House of Representatives on February 10, 2020
Cost Estimate
H.R. 5919, National Children’s Museum Act
November 12, 2020
As ordered reported by the House Committee on Transportation and Infrastructure on September 30, 2020
Cost Estimate
H.R. 8259, A bill to prohibit Russian Participation in the G7, and for other purposes
November 12, 2020
As ordered reported by the House Committee on Foreign Affairs on October 1, 2020
Cost Estimate
S. 3191, Industries of the Future Act of 2020
November 12, 2020
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on March 11, 2020
Cost Estimate
S. 3412, Guidance Clarity Act of 2020
November 10, 2020
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 11, 2020
Cost Estimate
S. 4222, GAO Database Modernization Act
November 10, 2020
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on July 22, 2020
Report
The Volume and Repayment of Federal Student Loans: 1995 to 2017
November 10, 2020
Between 1995 and 2017, the balance of outstanding federal student loan debt increased from $187 billion to $1.4 trillion (in 2017 dollars). CBO examines factors that contributed to that growth, including changes to student loan policies and how they affected borrowing and repayment.
Cost Estimate
H.R. 5758, Ceiling Fan Improvement Act of 2020
As ordered reported by the House Committee on Energy and Commerce on July 15, 2020
Cost Estimate
H.R. 7045, a bill to require the Secretary of Agriculture to conduct a study on lands that could be included in a National Forest in Hawai’i, and for other purposes
As ordered reported by the House Committee on Natural Resources on July 29, 2020
Cost Estimate
H.R. 7673, Represent America Abroad Act of 2020
As ordered reported by the House Committee on Foreign Affairs on October 1, 2020
Cost Estimate
H.R. 7694, Abuse of the Pardon Prevention Act of 2020
As ordered reported by the House Committee on the Judiciary
on July 23, 2020
Report
Monthly Budget Review: Summary for Fiscal Year 2020
In fiscal year 2020, the federal budget deficit totaled $3.1 trillion—more than triple the shortfall recorded in fiscal year 2019. The deficit in 2020 was equal to 14.9 percent of GDP, up from 4.6 percent in 2019 and 3.8 percent in 2018.
Cost Estimate
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on September 16, 2020
GAO
Private Health Insurance:
Markets Remained Concentrated through 2018, with Increases in the Individual and Small Group Markets
GAO-21-34: Published: Nov 13, 2020. Publicly Released: Nov 13, 2020.
Medicaid Program Integrity:
Action Needed to Ensure CMS Completes Financial Management Reviews in a Timely Manner
GAO-21-17: Published: Oct 14, 2020. Publicly Released: Nov 13, 2020.
Indian Health Service:
Actions Needed to Improve Oversight of Federal Facilities' Decision-Making About the Use of Funds
GAO-21-20: Published: Nov 12, 2020. Publicly Released: Nov 12, 2020.
Veterans Health Care:
Agency Efforts to Provide and Study Prosthetics for Small but Growing Female Veteran Population
GAO-21-60: Published: Nov 12, 2020. Publicly Released: Nov 12, 2020.
Coast Guard Acquisitions:
Opportunities Exist to Reduce Risk for the Offshore Patrol Cutter Program
GAO-21-9: Published: Oct 28, 2020. Publicly Released: Nov 12, 2020.
Financial Audit:
IRS's FY 2020 and FY 2019 Financial Statements
GAO-21-162: Published: Nov 10, 2020. Publicly Released: Nov 10, 2020.
Financial Audit:
Office of Financial Stability's (Troubled Asset Relief Program) FY 2020 and FY 2019 Financial Statements
GAO-21-173R: Published: Nov 10, 2020. Publicly Released: Nov 10, 2020.
IASB
12 November 2020
Andreas Barckow appointed as IASB Chair from July 2021
IRS
IRS to mask key business transcript details; protect taxpayers from identity theft
IR-2020-254, November 13, 2020 — Moving to protect business taxpayers from identity theft, the Internal Revenue Service today announced that starting December 13 it will begin masking sensitive data on business tax transcripts.
IRS reminder to non-filers: Nov. 10 is ‘National EIP Registration Day;’ Community partners can help people sign up for Economic Impact Payment
IR-2020-253, November 9, 2020 — The Internal Revenue Service today urged anyone who doesn’t normally file a tax return and has not yet received an Economic Impact Payment (EIP) to take advantage of “National EIP Registration Day,” on Tuesday, November 10.
IRS provides certainty regarding the deductibility of payments by partnerships and S corporations for State and local income taxes
IR-2020-252, November 9, 2020 — The Internal Revenue Service (IRS) today issued Notice 2020-75, which announces rules to be included in forthcoming proposed regulations.
PCAOB
PCAOB Posts Resource for Audit Committees Regarding New Requirements Related to Estimates and Specialists
(November 12)
SEC
SEC Chairman Jay Clayton Confirms Plans to Conclude Tenure at Year End
2020-284, Nov. 16, 2020 — Jay Clayton, Chairman of the Securities and Exchange Commission, confirmed today that after serving for more than three and a half years, he will conclude his tenure at the end of this year. Chairman Clayton was sworn in on May 4, 2017, and will leave the SEC as one of its longest serving Chairs. During his tenure, Chairman Clayton focused the agency’s resources on advancing the interests of Main Street investors through initiatives that promoted economic growth, investment opportunity, market integrity and investor protection. Under Chairman Clayton’s leadership, the Commission enhanced the ability of businesses of all sizes to raise capital in our public and private markets, subject to strong and effective investor protections.
2020-282, Nov. 13, 2020 — The Securities and Exchange Commission today filed settled actions against three investment advisory firms and two dually-registered broker-dealer and advisory firms for violations that related to unsuitable sales of complex exchange-traded products to retail investors. The sales occurred between January 2016 and April 2020. These actions are the first arising from investigations generated by the Division of Enforcement's Exchange-Traded Products Initiative, which utilized trading data analytics to uncover potential unsuitable sales.
SEC Charges Former Wells Fargo Executives for Misleading Investors About Key Performance Metric
2020-281, Nov. 13, 2020 — The Securities and Exchange Commission today charged former Wells Fargo & Co. CEO and Chairman John G. Stumpf and former head of Wells Fargo’s Community Bank Carrie L. Tolstedt for their roles in allegedly misleading investors about the success of the Community Bank, Wells Fargo’s core business. The SEC’s filings include settled charges against Stumpf, who agreed to pay a $2.5 million penalty, and a litigated action alleging Tolstedt committed fraud. The SEC previously filed settled charges against Wells Fargo for engaging in the misconduct.
Mike Willis Named Associate Director in Division of Economic and Risk Analysis
2020-280, Nov. 12, 2020 — The Securities and Exchange Commission today announced that it has named Mike Willis as an Associate Director in the Division of Economic and Risk Analysis (DERA). Mr. Willis will lead DERA’s newly created Office of Data Science and Innovation, which provides the Commission and its staff with expertise on data analytics, risk assessment, and structured disclosure. He will oversee the development of data analytics tools to enhance program data quality and information. Mr. Willis will coordinate with other offices and divisions to address structured machine-readable open data in rulemaking, analytics, dissemination and other areas. He will also oversee data ingestion and work with the SEC’s Chief Data Officer and others within the agency to develop a unified vision of data ingestion, analysis, visualization and use
SEC Publishes Notice of German Substituted Compliance Application and Proposed Order
2020-279, Nov. 9, 2020 —The Securities and Exchange Commission today voted to publish a notice of a substituted compliance application by Germany’s Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) as well as a proposed order that would conditionally provide substituted compliance for German firms that are registered with the Commission as security-based swap dealers and security-based swap participants. These are the latest of a series of actions that the Commission has taken to stand up Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, including cross-border regulation.