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- Removes outdated provisions (e.g., RLF Recipient no longer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
- 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