On Friday, December 19, 2014, EDA's Regulatory Revision Final Rule appeared in the Federal Register. The new regulations will take effect on January 20, 2015.
- Removes outdated provisions (e.g., RLF Recipient no longer required to request that EDA subordinate its interest when seeking EDA approval to sell or securitize its RLF portfolio).
- Streamlines burdensome or unnecessary requirements (e.g., removes the “laundry-list” elements of CEDS and replaces them with four essential planning elements).
- Clarifies definitions, processes and requirements (e.g., EDA will use most recent data from BLS to determine economic distress levels based on unemployment rate, and ACS data to determine distress levels based on per capita income).
A complete summary of the key provisions in the rule is available here