New regs for Thursday: American flag, credit cards, coal mines

Thursday’s edition of the Federal Register contains new rules for credit card companies, farm system banks, underground coal mines, and farmers who export livestock.

Here’s what is happening:

Credit cards: The Consumer Financial Protection Bureau (CFPB) is proposing to reduce the reporting requirements for credit card companies.

Credit card companies are currently required to send their offers to the CFPB for review, but the agency said Wednesday it is looking to temporarily suspend that requirement. 

The CFPB is developing an electronic submission system that will make it more simple for credit card companies to comply with the regulation. The requirement would be reintroduced in one year once that system is ready.

Meanwhile, credit card companies will still be required to place these offers on their websites.

The public has 15 days to comment.

Banks: The Farm Credit Administration (FCA) is moving forward with new disclosure rules for system banks.

Farm Credit System banks will still be required to disclose to shareholders and investors the compensation of senior officers, but the new rules clarify they do not have to report the compensation of other employees.

The new rules go into effect in 30 days.

Coal mines: The Mine Safety and Health Administration (MSHA) is considering new health and safety standards to protect underground coal miners.

The MSHA is requesting information about mine ventilation, atmospheric monitoring systems, and roof control plans, among other things, as it looks to develop new rules.

The public has 60 days to comment.

American flag: The Department of Defense (DOD) is proposing a new rule that would prohibit the military from purchasing American flags that are manufactured outside the country.

However, the rule would not apply to flagpoles and other components used to hang a flag, the DOD noted.

The Defense Acquisition Regulations System proposed the rule Wednesday in accordance with requirements from the DOD’s appropriations bill from Congress.

The public has 60 days to comment.

Exports: The U.S. Department of Agriculture (USDA) is proposing to loosen the requirements for American farmers exporting livestock to another country.

The USDA’s Animal and Plant Health Inspection Service proposed Wednesday to eliminate export requirements for health certifications, tests, and treatments, and instead have American farmers follow the import rules of the countries they are shipping to.

The public has 60 days to comment.