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FCC Wants Tougher Robocall Rules to Keep Bad Actors Out of U.S. Phone Networks

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The FCC is proposing tougher requirements for the database used to track voice providers’ robocall-mitigation compliance, part of a broader effort to keep illegal and fraudulent calls from reaching consumers. Prostock-studio/Shutterstock

The Federal Communications Commission is considering another crackdown on the infrastructure that allows illegal robocalls to reach American phones. The FCC has proposed strengthening its Robocall Mitigation Database, a system used to identify voice service providers and document the steps they take to prevent illegal robocalls from traveling across their networks. The proposal was published in the Federal Register on September 9 after the Commission adopted the Further Notice of Proposed Rulemaking on July 22.

For consumers tired of scam calls, the important point is that this isn’t simply a government database of phone companies. A provider’s ability to transmit calls through U.S. telephone networks can depend on whether it complies with FCC robocall requirements and maintains an appropriate database listing.

Why the Robocall Database Matters

The Robocall Mitigation Database is one part of a much larger FCC effort to make telephone providers responsible for the traffic moving through their networks. Voice service providers subject to FCC requirements file certifications describing their implementation of caller-ID authentication technology or the robocall mitigation measures they use. The database also gives other providers a way to determine whether companies sending them telephone traffic have met applicable FCC filing requirements.

That has real consequences.

Under existing FCC rules, downstream providers can be prohibited from accepting traffic from certain voice service or gateway providers that aren’t appropriately listed in the Robocall Mitigation Database. Removal from the database can therefore make it much harder for a noncompliant provider to get calls onto U.S. telephone networks.

FCC Wants Better Information About Who Is Filing

The latest proposal focuses heavily on making the database more accurate and preventing illegitimate providers from using it. The FCC is seeking comment on clarifying exactly which entities are required to file and improving the accuracy and completeness of the information those companies provide. It is also considering changes governing which portions of filings should be publicly available.

Those details may sound administrative, but accurate identifying information can matter when regulators and telephone companies are trying to determine who is responsible for suspicious call traffic. A database designed to identify legitimate providers becomes considerably less useful if filings are incomplete, outdated, misleading, or submitted by entities that shouldn’t be there.

Bad Actors Could Face Faster Removal

The FCC is also considering tougher screening and enforcement procedures. Proposals include strengthening reviews of new filers, improving methods for identifying noncompliant providers, creating faster processes for removing companies that fail to follow FCC requirements, and preventing previously removed entities from simply finding a way back into the database. The Commission has already established enforcement mechanisms that can lead to providers being removed for violating robocall rules.

Once a covered provider is removed, other U.S. providers can be required to stop accepting its traffic. Strengthening that process could give the FCC another tool for disrupting illegal robocall operations closer to their source instead of relying entirely on consumers to identify and block suspicious numbers one call at a time.

Unwanted Calls Remain a Major Consumer Problem

The FCC has been collecting complaints about unwanted calls for years. Its public Consumer Complaints Data for unwanted calls contains roughly 1.8 million complaint records dating back to October 2014. The agency cautions that the information reflects allegations submitted by consumers and that it does not verify every allegation contained in the dataset.

Those complaints nevertheless help regulators understand what consumers are experiencing. The FCC says robocall and unwanted-call complaints are shared internally with relevant bureaus and offices and can contribute to investigations and enforcement activity.

Consumers shouldn’t assume filing a complaint means the FCC will individually resolve an unwanted-call problem, but complaint data can help identify broader patterns.

Stronger Provider Rules Won’t Make Every Scam Call Disappear

Even if the FCC ultimately adopts the proposed changes, consumers should not expect robocalls to vanish overnight. Scammers can spoof caller ID information, change telephone numbers, move between providers, and continuously modify their tactics. The FCC itself says it cannot stop every illegal call instantly and instead attacks the problem through a combination of regulations, enforcement, caller-ID authentication, call blocking, and cooperation with telephone companies and technology providers. That means consumers still need to be cautious when answering unexpected calls. Never assume a caller is legitimate simply because the number displayed on your phone appears local or seems to belong to a government agency, bank, utility company, or other familiar organization.

Consumers Can Still Report Suspicious Calls

People receiving unwanted robocalls or texts can file complaints through the FCC’s Consumer Inquiries and Complaints Center. The agency accepts complaints involving unwanted calls, telemarketing, robocalls, caller-ID spoofing, and related issues.

For suspected fraud, consumers may also need to report what happened to other appropriate agencies, particularly when a caller has attempted to obtain money or sensitive personal information. The FCC’s latest proposal is primarily aimed at telephone providers rather than individual consumers, so there is no new registration or action consumers need to complete because of the rulemaking.

Instead, the goal is to make the system operating behind consumers’ phones more accountable—and make it harder for providers that don’t follow federal robocall rules to continue carrying traffic.

The Rules Aren’t Final Yet

The FCC’s proposal is a Further Notice of Proposed Rulemaking, which means the Commission is requesting input before deciding whether to adopt final requirements. Comments are due October 9, 2026, and reply comments are due November 9. Consumers, telephone companies, industry groups, and other interested parties can participate in the proceeding through the FCC’s Electronic Comment Filing System.

For everyday phone users, however, the biggest takeaway is simpler: the FCC is looking beyond individual scam calls and examining the companies that help carry those calls across the network.

Making its Robocall Mitigation Database more accurate—and making removal more consequential—could strengthen one of the regulatory barriers designed to keep illegal robocall traffic from reaching American phones in the first place.

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IRS Opens 2027 Corporate Tax Compliance Program — Applications Due October 30

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IRS Compliance Assurance Process 2027
Large corporations with at least $10 million in assets may qualify for the IRS Compliance Assurance Process, which allows participating taxpayers to work with the agency on tax issues before filing their returns. voronaman/Shutterstock

Large corporations interested in resolving federal tax issues with the IRS before filing their returns have a limited window to apply for a program designed to do exactly that. The Internal Revenue Service announced on September 8 that it is accepting applications for the 2027 Compliance Assurance Process, commonly known as CAP. The application period runs through October 30, 2026, and the IRS expects to notify applicants in February 2027 about whether they have been accepted. Unlike a traditional IRS examination that occurs after a tax return has been filed, CAP is built around identifying and resolving potential tax issues in real time.

What the IRS Compliance Assurance Process Does

The IRS Large Business and International Division launched CAP as a pilot program in 2005, and the program became permanent in 2011. According to the IRS Compliance Assurance Process overview, participating taxpayers work with the agency to identify and resolve tax issues before filing their returns. The approach is intended to increase return accuracy, provide taxpayers with greater certainty about their tax positions, and reduce the need for extensive post-filing examinations.

That doesn’t mean participating companies receive a pass on IRS scrutiny.

CAP relies on what the agency describes as transparent and cooperative interaction between the taxpayer and the IRS. Companies must make timely disclosures, respond to information requests, and work with the agency to resolve material tax issues. Participation is also something taxpayers must apply for each year.

Not Every Corporation Can Apply

The program is aimed at large corporate taxpayers, and the IRS eligibility requirements set a significant financial threshold. Applicants generally must have assets of at least $10 million and cannot be under an investigation or involved in litigation with the IRS or another government agency if the situation would limit the IRS’s access to current corporate tax records.

Eligible taxpayers include U.S. publicly traded C corporations required to file Forms 10-K, 10-Q, and 8-K with the Securities and Exchange Commission. Qualifying privately held C corporations, including foreign-owned corporations, may also participate. Those companies must meet financial-statement requirements, including providing audited annual financial statements and unaudited quarterly statements. The IRS expanded CAP eligibility to privately held U.S. C corporations beginning with the 2026 program year.

New and Returning Applicants Face Different Requirements

The application isn’t identical for every corporation. The IRS application and selection guidance shows that both new and returning applicants must submit Form 14234, the CAP application, along with several other required documents. New applicants have additional requirements, including a Material Intercompany Transactions Template, Tax Control Framework Questionnaire, and Cross Border Activities Questionnaire. Open tax years can also affect eligibility.

Current CAP participants generally cannot have more than one filed return and one unfiled return open on the first day of the applicant’s CAP tax year, although the IRS provides several exceptions. New applicants may have up to three tax years open for examination on the first day of their CAP tax year. However, the examination team must determine that those years can reasonably be closed within 12 months after the first day of the CAP tax year.

The IRS says it is making no substantive changes to CAP application requirements or eligibility criteria for the 2027 application period.

October 30 Is the Key Date for Interested Corporations

Corporations considering CAP participation have until October 30, 2026, to submit their applications. Returning applicants submit their application to their assigned account coordinator or case manager. New applicants are instructed to email their application to the IRS CAP program mailbox using “CAP Application” and the applicable tax year in the subject line.

Companies accepted into the program will receive a CAP Memorandum of Understanding that must be signed and returned to secure participation.

For corporate tax departments and advisors working with businesses that meet the $10 million asset threshold, the approaching deadline provides a reason to review eligibility now rather than waiting until late October. Because CAP requires extensive cooperation and disclosure but can provide greater certainty about tax positions before a return is filed, companies should evaluate whether that tradeoff fits their tax compliance strategy before applying.

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IRS Raises Clean Electricity Production Tax Credit to 3.1 Cents Per Kilowatt-Hour for 2026

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IRS Raises Clean Electricity Production Tax Credit to 3.1 Cents Per Kilowatt-Hour for 2026

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2026 Clean Electricity Production Credit
The IRS has set the 2026 Clean Electricity Production Credit at 0.6 cents per kilowatt-hour for the base rate and 3.1 cents per kilowatt-hour for qualifying facilities eligible for the higher rate. Sunday Stock/Shutterstock

Clean electricity producers may qualify for a federal tax credit of up to 3.1 cents per kilowatt-hour in 2026 after the IRS published its annual inflation adjustment for the Clean Electricity Production Credit. The IRS announced the updated amounts in a Federal Register notice published September 4. The credit, established under Section 45Y of the Internal Revenue Code, provides a tax incentive based on the amount of qualifying clean electricity a taxpayer produces.

For 2026, the inflation-adjusted base credit is 0.6 cents per kilowatt-hour, while qualifying facilities eligible for the higher alternative amount can receive 3.1 cents per kilowatt-hour.

The Higher Credit Increased From 3 Cents to 3.1 Cents

Section 45Y starts with statutory amounts of 0.3 cents per kilowatt-hour for the base credit and 1.5 cents for the higher alternative credit. Those figures are adjusted for inflation each year.

For 2026, the IRS calculated an inflation adjustment factor of 2.0570, using the 2025 GDP implicit price deflator of 128.986 and the 1992 figure of 62.707.

After applying the adjustment and the rounding rules required under Section 45Y, the 2026 base amount remains 0.6 cents per kilowatt-hour, while the higher amount rises to 3.1 cents. In comparison, the inflation-adjusted rates for 2025 were 0.6 cents and 3 cents per kilowatt-hour, respectively.

Who Can Qualify for the 3.1-Cent Rate?

Not every qualifying clean electricity facility receives the higher rate. The alternative amount generally applies when a qualified facility has a maximum net output of less than one megawatt, began construction before January 29, 2023, or meets applicable prevailing-wage and apprenticeship requirements.

Facilities that don’t satisfy the requirements for the alternative amount generally receive the lower base rate. The Clean Electricity Production Credit is technology-neutral and focuses on greenhouse gas emissions rather than limiting eligibility to a short list of specific renewable technologies.

A qualified facility generally must generate electricity, have been placed in service after 2024 and have a greenhouse gas emissions rate that isn’t greater than zero. Special rules can also apply to new units or additions of capacity at older facilities.

What Could the Credit Be Worth?

Because Section 45Y is based on electricity production, the financial value of the credit can become significant as output increases. For a simple illustration, 1 million qualifying kilowatt-hours multiplied by the 3.1-cent 2026 rate equals $31,000 before considering other requirements, limitations or potential increases.

At the 0.6-cent base rate, the same 1 million kilowatt-hours would produce a $6,000 credit before other applicable rules.

Those examples don’t mean every facility generating that amount of electricity will receive those exact tax benefits. Eligibility, qualifying production, facility characteristics and compliance with the tax code all matter. Still, they demonstrate why what looks like a tiny fraction of a dollar per kilowatt-hour can translate into substantial tax value for larger clean-energy projects.

Some Facilities Can Qualify for Additional Increases

The inflation-adjusted rate isn’t necessarily the end of the calculation. Section 45Y provides a 10% increase for qualifying facilities located in designated energy communities. The IRS also provides for a domestic-content bonus when a facility satisfies requirements involving domestically produced steel, iron and manufactured products.

Those incentives can affect the economics of developing and operating qualifying clean-energy facilities, making location, construction practices and sourcing financially important considerations. Businesses considering the credit should determine which provisions apply to a specific facility rather than assuming the published 3.1-cent figure represents the final credit available for every project.

The Credit Is Claimed on Form 7211

Taxpayers claiming the Section 45Y Clean Electricity Production Credit generally use Form 7211, Clean Electricity Production Credit. The IRS says taxpayers must complete a separate Form 7211 for each qualified facility when required to claim the credit. The credit can also be eligible for provisions allowing certain taxpayers to transfer credits to unrelated parties for cash. Certain tax-exempt and governmental entities may instead qualify for elective payment provisions.

Pre-filing registration is required for taxpayers using applicable transfer or elective-payment provisions. Businesses should also be aware that a Section 45Y credit generally can’t be claimed for the same facility when certain other federal energy credits have already been claimed for that facility.

Why the 2026 Adjustment Matters

The September IRS notice doesn’t create a new clean-energy tax credit. Instead, it establishes the inflation-adjusted amounts used to calculate an existing credit for electricity produced, sold, consumed or stored during calendar year 2026. For facilities qualifying for the higher rate, the adjustment raises the applicable amount from 3 cents per kilowatt-hour in 2025 to 3.1 cents in 2026.

That one-tenth-of-a-cent difference may sound insignificant to an individual household, but at commercial electricity-production levels it can add up quickly. A facility with 100 million qualifying kilowatt-hours, for example, would see a $100,000 difference between a 3-cent and 3.1-cent rate before considering all other eligibility rules and adjustments.

Clean-energy producers, developers and their tax advisers should therefore use the new 2026 rates when estimating the value of qualifying Section 45Y production and confirm that the facility satisfies the requirements for the particular credit rate and any additional increases being claimed.

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IRS Finalizes New Car Loan Interest Deduction — Who Can Claim Up to $10,000

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The IRS has finalized regulations for a temporary federal deduction allowing eligible taxpayers to deduct up to $10,000 a year in interest on loans used to buy qualifying new vehicles assembled in the United States. Zamrznuti tonovi/Shutterstock

Americans financing certain new vehicles can deduct up to $10,000 a year in car loan interest under a temporary federal tax break, and the IRS has now finalized regulations explaining who qualifies. The deduction was created by the One Big Beautiful Bill Act signed into law July 4, 2025, and applies to qualifying vehicle loans incurred after December 31, 2024. It is available for tax years 2025 through 2028 under current law.

One particularly important feature is that taxpayers don’t have to itemize deductions to claim it. Someone who takes the standard deduction may still qualify for the car loan interest deduction. But the $10,000 headline comes with several significant restrictions.

The Vehicle Generally Must Be New and Assembled in the United States

The deduction doesn’t apply to every car loan. To qualify, the loan must be used to purchase an eligible passenger vehicle for personal use, and the debt must be secured by a first lien on the vehicle. The original use of the vehicle must also begin with the taxpayer, which generally means the vehicle must be treated as new when purchased.

Another major requirement is final assembly in the United States. The IRS rules allow taxpayers to determine the final assembly location using information encoded in the vehicle identification number or the final assembly point shown on the vehicle’s required label.

Eligible vehicle classifications can include cars, minivans, vans, SUVs, pickup trucks and motorcycles that satisfy the applicable requirements. Vehicles must also have a gross vehicle weight rating below 14,000 pounds. Leases don’t qualify, nor do loans financing certain fleet sales, non-personal commercial vehicles, salvage-title vehicles, or vehicles intended for scrap or parts.

The Deduction Is Worth Up to $10,000 a Year

Eligible taxpayers can deduct qualified interest paid or accrued during the year, subject to a maximum of $10,000 per tax return per year. That doesn’t mean buying a qualifying vehicle automatically produces a $10,000 deduction. A taxpayer who pays $2,800 of qualifying interest during the year, for example, generally has only $2,800 potentially available for the deduction before considering other limitations. The tax savings also aren’t the same as the deduction itself.

A $3,000 deduction doesn’t mean the IRS sends someone an extra $3,000. Instead, a deduction generally reduces the amount of income subject to federal income tax. The tax break is temporary under current law and applies to qualifying interest for tax years 2025 through 2028.

Higher-Income Taxpayers May Get a Smaller Deduction

Income can reduce or completely eliminate the tax break. The deduction begins phasing out when modified adjusted gross income exceeds $100,000 for most filers or $200,000 for married couples filing jointly.

For each $1,000—or portion of $1,000—above the applicable threshold, the otherwise allowable deduction is reduced by $200. That means shoppers shouldn’t assume they’ll receive the full tax benefit simply because the vehicle and loan meet the other requirements.

Taxpayers should also remember that eligibility for a deduction is only one factor to consider when financing a vehicle. Paying thousands of dollars of additional interest solely to receive a tax deduction generally doesn’t make that interest free.

Your VIN Will Matter at Tax Time

Taxpayers claiming qualified passenger vehicle loan interest must include the vehicle’s VIN on their federal income tax return. The VIN is important both for identifying the vehicle and for helping establish whether its final assembly occurred in the United States. The IRS regulations point taxpayers toward vehicle-manufacturing information that can be used to determine final assembly location.

Consumers shopping for a new vehicle who expect to use the deduction may therefore want to verify final assembly before completing the purchase rather than assuming that an American brand name automatically means the vehicle qualifies. Where a vehicle was assembled—not simply the automaker’s headquarters or brand identity—is what matters for this requirement.

Lenders Will Have New Reporting Requirements

The final regulations also establish reporting requirements intended to help taxpayers document the interest they paid. A lender or other qualifying business that receives $600 or more in interest during a calendar year from an individual on a specified passenger vehicle loan generally must file an information return with the IRS and furnish a statement to the borrower.

The reporting requirements are established under new Internal Revenue Code Section 6050AA. Businesses required to file at least 10 information returns of any type during a calendar year generally must file electronically under the applicable IRS rules.

These reporting requirements should eventually give qualifying borrowers documentation that can help them determine the interest associated with an eligible vehicle loan.

Don’t Buy a More Expensive Car Just for the Tax Deduction

The new deduction can reduce the after-tax cost of borrowing for someone who already needs a qualifying vehicle, but it shouldn’t make an unaffordable car loan suddenly affordable. Consider someone who pays $4,000 in qualifying car loan interest and is able to deduct the entire amount. The financial benefit is the tax savings produced by that $4,000 deduction—not reimbursement of the $4,000 of interest.

Vehicle price, interest rate, loan term, insurance, maintenance, depreciation and the monthly payment can still matter far more to a household budget than the deduction. The tax break is also scheduled to disappear after 2028 unless Congress extends it, while a five-, six- or seven-year auto loan could continue long after the deduction expires.

For shoppers comparing vehicles, the better question isn’t simply, “Does this car qualify for the deduction?” It’s whether the total cost of the vehicle and financing still makes sense without counting on a temporary tax break.

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SEC Approves FINRA Change to Streamline How Investment Advisers Allocate Bulk Trades

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FINRA bulk trade allocation rule
The SEC has approved a FINRA rule change giving broker-dealers more flexibility when processing allocations from investment advisers that place bulk trades for multiple client accounts. Andrey_Popov/Shutterstock

Investment advisers sometimes place a single large securities order for multiple clients and then allocate portions of that trade among the individual accounts they manage. A newly approved FINRA rule change is intended to make that behind-the-scenes process more efficient without eliminating safeguards designed to prevent advisers from deciding who receives favorable trades after seeing how those trades performed.

The Securities and Exchange Commission approved the change to FINRA Rule 4515.01 on September 2, 2026. The approval was published in the Federal Register on September 8. Although the rule is primarily operational and will be most noticeable to broker-dealers and investment advisers, it involves a process that ultimately determines how trades are assigned to individual investors’ accounts.

What Is a Bulk Investment Adviser Order?

An investment adviser managing numerous client portfolios may determine that the same stock, bond or other security should be bought or sold for multiple accounts. Rather than sending a completely separate market order for every client, the adviser can place a larger—or “bulk”—order covering multiple accounts and subsequently provide instructions allocating portions of that trade among the participating clients.

FINRA Rule 4515 addresses recordkeeping and account-designation requirements associated with that process. The rule includes safeguards intended to prevent allocation practices that could disadvantage certain clients.

For investors, one particularly important principle is that an adviser shouldn’t be able to wait and see whether a trade rises or falls and then give the more favorable result to preferred accounts.

FINRA Is Removing a Trade-Date Deadline

Under the previous version of FINRA Rule 4515.01, broker-dealers could use an exception from certain principal-approval requirements for investment adviser bulk orders when allocation instructions were received no later than the end of the trade date. The newly approved amendment eliminates that timing requirement.

The exception will instead apply to allocations of qualifying investment adviser bulk orders regardless of when the broker-dealer receives the allocation instructions.

FINRA argued that the previous deadline could create unnecessary operational problems, particularly when investment advisers were unable to deliver final allocations before the end of the trading day. The SEC agreed that eliminating the timing condition could reduce operational burdens, help firms process allocations more efficiently and reduce potential settlement risks.

The Change Doesn’t Let Advisers Assign Winners After the Fact

Removing the trade-date condition doesn’t eliminate the investor-protection requirements surrounding bulk allocations. FINRA members still cannot knowingly facilitate an allocation that violates the investment adviser’s stated intent at the time the order was executed or breaches the adviser’s fiduciary duty to participating accounts. That includes allocations based on how a trade performs between execution and the time the accounts are assigned.

Imagine, for example, that an adviser places a bulk purchase for several client accounts and the security’s price jumps shortly afterward. The rule change isn’t intended to allow the adviser to wait for that price movement and then direct more of the profitable trade to favored clients.

The SEC specifically cited the continued existence of those protections when approving the amendment.

Why FINRA Wanted the Rule Changed

FINRA filed the proposed amendment with the SEC on July 9, 2026, and the Commission published notice of the proposal later that month. According to the regulatory filing, changes in trade settlement and industry operations can make timely and accurate allocation processing increasingly important. Requiring principal approval simply because instructions arrived after the end of the trade date could introduce additional steps and potentially delay processing.

The amendment also applies to qualifying delivery-versus-payment and receive-versus-payment arrangements and to prime brokers receiving allocation instructions directly from investment advisers. The SEC received no public comments on the proposed change before approving it.

The Commission concluded that the amendment was consistent with requirements of the Securities Exchange Act governing FINRA rules, including provisions intended to protect investors, prevent fraudulent and manipulative practices and remove unnecessary impediments to efficient markets.

What Does This Mean for Individual Investors?

Most people with brokerage or professionally managed investment accounts won’t need to take any action because of the rule change. The amendment primarily changes an operational requirement for FINRA-member broker-dealers handling bulk orders placed by investment advisers. It doesn’t change an investor’s account ownership, give advisers permission to ignore their fiduciary duties or eliminate protections against allocating trades based on their subsequent performance.

Individual investors may never see the allocation process at all, even though it can determine how a larger transaction ultimately appears in their accounts. For clients of investment advisers, the broader principle remains important: advisers handling aggregated trades should have policies designed to allocate investments fairly rather than favoring particular clients after the outcome of a trade becomes known.

The SEC’s September approval changes when a broker-dealer must obtain principal approval in the allocation process, but it does not remove that fundamental investor-protection principle.

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USDA Is Moving SNAP and Nutrition Program Offices Out of Washington — What Benefit Recipients Should Know

USDA Is Moving SNAP and Nutrition Program Offices Out of Washington — What Benefit Recipients Should Know

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USDA Food and Nutrition Administration
USDA is reorganizing the federal offices overseeing SNAP, WIC, school meals and other nutrition programs, with major operations moving to hubs in Indianapolis, Dallas, Kansas City, Raleigh and Denver. Tada Images/Shutterstock

USDA is moving much of the federal operation overseeing SNAP, WIC, school meals and other nutrition programs away from the Washington area as part of a major reorganization now underway.

The former Food and Nutrition Service and USDA’s Food, Nutrition, and Consumer Services mission area are being reorganized under the Food and Nutrition Administration, or FNA. The agency oversees 16 federal nutrition-assistance programs with a budget exceeding $160 billion.

USDA first announced the Food and Nutrition Administration plan April 30, but the transition has progressed considerably since then. The department says its former Northern Virginia headquarters was scheduled to be vacated by August 31, 2026, while additional restructuring and office moves will continue in phases.

SNAP Leadership Is Moving to Indianapolis

One of the biggest changes involves where major nutrition programs will be managed. Under USDA’s current reorganization plan, SNAP Implementation and Oversight will be based in Indianapolis, Indiana, while Child Nutrition Programs Implementation and Oversight will move to Dallas, Texas.

WIC and Food Distribution Programs Implementation and Oversight will be located in Kansas City, Missouri, and the Office of Research will move to Raleigh, North Carolina. Denver will house Emergency Management and Continuity of Operations functions.

USDA says the five hubs will be located in Dallas, Denver, Indianapolis, Kansas City and Raleigh. State-support and evaluation employees will operate across those hubs rather than under the previous regional-office structure.

Some USDA Nutrition Operations Will Stay in Washington

The reorganization does not mean every nutrition-program function is leaving the Washington area. The FNA Administrator’s Office and functions involving policy direction, congressional engagement, regulatory work and departmental coordination will remain in the National Capital Region.

Employees remaining in the area will work from existing USDA properties in Washington or Beltsville, Maryland, rather than the former Northern Virginia headquarters. Retailer Operations and Compliance will operate from offices in Atlanta, Dallas, Los Angeles and New York. These operations are particularly relevant to businesses authorized to participate in programs such as SNAP.

USDA expects the new hubs and Retailer Operations and Compliance offices to be open by summer 2027, when the agency’s internal restructuring is also expected to be fully implemented.

USDA Says SNAP and Other Benefits Won’t Be Interrupted

For households receiving nutrition assistance, the most important question is whether the reorganization changes their benefits. USDA says it does not.

The department says no nutrition-assistance programs are being eliminated as part of the reorganization and that it intends to maintain benefits and services throughout the transition. That means a SNAP recipient shouldn’t need to contact an Indianapolis federal office simply because SNAP’s federal implementation and oversight operation is moving there. SNAP continues to be administered through state agencies, which handle applications, eligibility determinations and many day-to-day interactions with recipients.

The same basic distinction applies to other nutrition programs: the reorganization changes USDA’s internal administrative structure and how the federal agency works with states and other partners rather than automatically changing an individual household’s eligibility or benefit amount.

USDA Says the New Structure Will Improve State Support

USDA says one goal is to replace separate regional structures with a system that allows specialists in different hubs to assist states nationwide. States, territories and Tribes will still be assigned to specific hubs, but USDA says specialists won’t necessarily be limited to helping jurisdictions in their immediate region.

The department says the change should improve consistency, technical assistance and oversight while reducing duplicated management structures.

USDA also says no layoffs, known in the federal government as reductions in force, are included in the reorganization plan, although numerous employees are being relocated. Some details and logistics remain subject to ongoing collective bargaining.

What SNAP and WIC Recipients Should Do

For now, people receiving SNAP, WIC or other USDA nutrition benefits generally don’t need to take action simply because federal offices are moving. Recipients should continue dealing with the state or local agency responsible for their benefits and follow official notices concerning applications, recertification, reporting requirements and other program-specific issues. That’s particularly important because the FNA reorganization shouldn’t be confused with separate policy changes that could affect SNAP, WIC, school meals or other nutrition programs.

Someone receiving an unexpected text, email or phone call claiming that benefits must be “transferred” because USDA offices have moved should verify the message through their state agency or official USDA resources before providing personal or financial information.

The Food and Nutrition Administration says the transition will continue in phases, with the new hub structure expected to be fully operational by summer 2027. For the millions of Americans using federal nutrition programs, however, USDA’s stated goal is for the administrative overhaul to happen behind the scenes without interrupting the benefits they rely on.

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HHS Plans Up to $1 Million Award to Expand Free Training for Foster, Adoptive and Kinship Families

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foster parent training
HHS plans to award up to $1 million to continue expanding the National Training and Development Curriculum, a free program designed to prepare and support foster, adoptive and kinship caregivers. PeopleImages/Shutterstock

The federal government plans to award up to $1 million to continue expanding a free national training program designed to help foster, adoptive and kinship caregivers prepare for the challenges of caring for children who have experienced trauma, separation and loss. The U.S. Department of Health and Human Services, through the Administration for Children and Families and Children’s Bureau, announced its intent to make a single-source cooperative agreement of up to $1 million to Spaulding for Children in Southfield, Michigan.

The proposed funding period will run from September 30, 2026, through September 29, 2027, according to a Federal Register notice published September 2. The money will support continued implementation and expansion of the National Training and Development Curriculum for Foster/Adoptive Parents, commonly known as NTDC.

What Is the National Training and Development Curriculum?

NTDC is a free, trauma-informed training curriculum that child welfare and adoption agencies can incorporate into preparation and ongoing education for foster, adoptive and kinship families.

The curriculum was developed with federal funding through a five-year cooperative agreement led by Spaulding for Children beginning in 2017. Its development incorporated research as well as input from experts, families with fostering and adoption experience, and former foster and adoptive youth. The program includes self-assessment, classroom-based training and what NTDC calls “Right-Time Training,” which gives caregivers access to additional educational resources when particular challenges arise.

The classroom portion currently includes 19 training themes totaling approximately 28 hours. Training topics are designed to help families better understand issues that can arise when parenting children who have experienced trauma, separation or loss while developing skills that can support children’s healthy development and family stability.

Why HHS Is Planning a Single-Source Award

The planned cooperative agreement differs from a typical competitive federal grant because HHS intends to award the funding directly to Spaulding for Children. According to the Federal Register notice, HHS determined that Spaulding is uniquely positioned to continue the work because the organization developed NTDC under the original Children’s Bureau cooperative agreement and owns and manages the curriculum.

Spaulding also hosts the NTDC materials and has experience helping child welfare systems implement the program.

Although the curriculum and resources were made publicly available at the end of the original project, HHS says agencies continue to need assistance implementing the training effectively. The new funding is intended to provide that support while allowing more states, tribes, territories and agencies to use NTDC.

The Training Is Free for Agencies and Families

One notable feature of NTDC is that the curriculum itself is available at no cost. Public and private child welfare and adoption agencies can access the materials without purchasing a commercial training program, and families can also access free online Right-Time Training courses.

Those courses can be completed using a phone, tablet, laptop or desktop computer and include videos, podcasts, activities and quizzes. Topics are designed to provide caregivers with information when they encounter particular situations or need additional support. The curriculum was originally piloted across several child welfare systems, including state, county, territorial and tribal sites, as well as a private agency serving families pursuing private domestic or intercountry adoption.

NTDC materials can also be adapted by agencies to address local training requirements and needs.

Why Caregiver Training Matters

Becoming a foster, adoptive or kinship caregiver can involve challenges that extend far beyond ordinary parenting preparation. Children entering foster care or joining adoptive families may have experienced trauma, loss, disrupted attachments or multiple changes in caregivers. Families may need specialized knowledge to understand behaviors, maintain children’s important connections and respond appropriately when challenges emerge.

HHS says effective and relevant training is critical for both prospective and current foster, adoptive and kinship caregivers. The federal agency also views caregiver preparation as part of developing and maintaining resource homes and supporting more stable placements for children.

Rather than creating a new training program, the proposed $1 million award is intended to keep an existing federally funded curriculum available while helping additional child welfare systems put it into practice.

Funding Could Continue Through September 2027

If the cooperative agreement proceeds as announced, Spaulding for Children could receive up to $1 million for work performed between September 30, 2026, and September 29, 2027. The funding is authorized through the federal Adoption Opportunities Program.

For foster, adoptive and kinship families, the immediate takeaway is that NTDC resources remain available free of charge. Families interested in the program can access its online training resources, while agencies can use the curriculum as part of their own caregiver preparation and continuing-education programs.

The new federal funding is primarily aimed at expanding implementation and providing the support agencies need to use those resources effectively, potentially bringing the curriculum to more caregivers and child welfare systems around the country.

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SEC Proposes Opening U.S. Futures Trading to European Union Debt

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European Union debt futures
The SEC has proposed adding European Union debt obligations to a rule that could allow futures based on those securities to be marketed and traded in the United States under CFTC oversight. The underlying EU debt securities would remain subject to federal securities laws. motioncenter/Shutterstock

The Securities and Exchange Commission is proposing a regulatory change that could make it easier for U.S. market participants to trade futures contracts tied to debt issued by the European Union.

The SEC proposed an amendment to Exchange Act Rule 3a12-8 on August 28, with the proposal published in the Federal Register on September 2. If finalized, the change would designate European Union debt obligations as “exempted securities” for the limited purpose of marketing and trading futures contracts on those securities in the United States or to U.S. persons.

The proposal does not change the regulatory status of the underlying EU bonds themselves. Instead, it addresses how futures contracts based on those securities would be regulated.

SEC Wants EU Debt Futures Treated Like Those of Certain Member States

Under the current version of Rule 3a12-8, debt obligations issued by several foreign governments receive exempted-security status specifically for futures marketing and trading. That list already includes debt issued by several individual European Union member states. EU-level debt, however, isn’t currently included.

The SEC’s proposal would eliminate that difference by adding debt obligations issued by the European Union itself to Rule 3a12-8.

SEC Chairman Paul S. Atkins described the current situation as a regulatory inconsistency, noting that debt from several EU member states is covered by the rule while debt issued by the EU itself is not. The Commission says the amendment would leave the rule’s other substantive requirements unchanged.

The CFTC Would Regulate the Futures Contracts

If the amendment is finalized and the applicable requirements are met, futures contracts on EU debt obligations traded in the United States or to U.S. persons would fall under the exclusive jurisdiction of the Commodity Futures Trading Commission. Those futures would therefore be regulated under the Commodity Exchange Act, consistent with the treatment already given to futures based on debt obligations from foreign governments currently included in Rule 3a12-8.

There is an important limitation to that change.

The SEC would not be giving up jurisdiction over the actual European Union debt securities underlying the contracts. Offerings of those securities would remain subject to federal securities laws. In other words, the proposal changes the regulatory treatment of futures based on EU debt, not EU debt securities generally.

Why the SEC Says the Change Could Matter

The Commission says adding EU debt to the rule could increase access to these futures products for U.S. market participants. Among the potential benefits identified by the SEC are improved opportunities for hedging, lower transaction costs, greater market depth, less operational friction and increased competition.

A futures contract can allow a market participant to gain or manage exposure to the future price of an asset without simply buying or selling the underlying security. In the government-debt market, futures can be used by sophisticated investors and financial institutions to manage risks associated with changes in bond prices and interest rates.

The proposal is therefore likely to be most relevant to institutional investors, derivatives dealers and other professional market participants rather than ordinary households looking for a new place to invest their savings. The SEC also notes that the amendment could bring the treatment of EU-level debt futures more closely in line with futures on debt issued by European governments already covered by the rule.

The Proposal Is Part of a Broader SEC-CFTC Harmonization Effort

The SEC has been working with the Commodity Futures Trading Commission on a broader effort to reduce unnecessary differences between the agencies’ regulatory frameworks. That initiative has included work involving derivatives definitions, portfolio margining, market-data reporting and other areas where the responsibilities of the two regulators intersect.

The EU debt proposal is a comparatively narrow change, but the SEC describes it as another example of regulatory harmonization. Atkins said the existing difference between treatment of certain EU member-state debt and EU-issued debt creates the type of inconsistency that can produce confusion in financial markets. If adopted, the amendment would remove that particular distinction while retaining the SEC’s authority over the underlying securities.

The Public Has Until November 2 to Comment

The proposal was published in the Federal Register on September 2, beginning a public comment period that runs through November 2, 2026.

The proposal is identified as File No. S7-2026-29 and Release No. 34-106225. Interested parties can submit comments through the SEC’s online comment system or by email, with File No. S7-2026-29 included in the subject line. Paper comments may also be mailed to the SEC’s Secretary at 100 F Street NE, Washington, D.C. 20549-1090.

The SEC warns commenters that submissions are posted publicly, so individuals should not include information they don’t want made publicly available. For now, the regulatory change remains a proposal. U.S. market participants interested in futures tied to European Union debt will need to watch the rulemaking process to see whether the SEC ultimately adopts the amendment and whether the final version differs from the proposal.

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FDIC Changes Reciprocal Deposit Rules for Banks Under New Housing Law

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FDIC reciprocal deposit rules
The FDIC’s new reciprocal-deposit rule took effect September 1, 2026, increasing the amount qualifying banks can exclude from brokered-deposit treatment under a tiered calculation capped at $30 billion. The rule also expands which well-capitalized institutions can qualify for the exception. nmoyPhoto/Shutterstock

Banks participating in reciprocal deposit networks have new federal rules to follow after the Federal Deposit Insurance Corporation implemented changes Congress made to how certain deposits are treated under banking regulations. The FDIC’s interim final rule took effect September 1 and implements Section 902 of the 21st Century ROAD to Housing Act, which became law on July 11, 2026. The change primarily affects banks and their compliance teams rather than requiring customers to take immediate action. However, reciprocal deposits are an important tool that some banks use to help customers obtain FDIC insurance coverage for deposits exceeding the standard insurance limit at a single institution.

What Are Reciprocal Deposits?

A reciprocal deposit arrangement can allow a customer to place a large amount of money with one participating bank while portions of those funds are placed at other participating insured institutions. In return, the original bank receives deposits placed through the network by other institutions.

The arrangement can allow a customer to maintain a relationship with one bank while potentially receiving FDIC insurance coverage across multiple institutions, subject to applicable insurance rules and program terms. That’s particularly useful for businesses, municipalities and individuals holding deposits that exceed the standard FDIC insurance limit. The regulatory question for banks is whether those reciprocal deposits must be classified as “brokered deposits.” Federal law places additional restrictions and regulatory requirements on brokered deposits, particularly when an institution’s financial condition deteriorates.

The New Law Raises the Reciprocal Deposit Cap

Congress changed the reciprocal-deposit framework when the 21st Century ROAD to Housing Act became law this summer. Under the new law and the FDIC’s implementing rule, qualifying “agent institutions” can exclude a larger amount of reciprocal deposits from being classified as brokered deposits. The new general cap uses a tiered calculation based on an institution’s total liabilities.

For the first $1 billion in liabilities, the calculation uses 50%. For liabilities above $1 billion and up to $10 billion, it adds 40% of that portion. For liabilities exceeding $10 billion, it adds 30% of that portion. The resulting general cap cannot exceed $30 billion.

That replaces the previous framework under which the general cap was generally the lesser of $5 billion or 20% of the institution’s total liabilities.

More Banks May Qualify as “Agent Institutions”

The rule also changes which banks can qualify for the reciprocal-deposit exception. Previously, an institution generally needed to be well capitalized and have a composite condition rating of 1 or 2 under the applicable supervisory rating system, among other potential ways to qualify.

The new law expands the definition to include institutions that are well capitalized and have a composite rating of 3. That change could allow additional institutions to make use of the reciprocal-deposit exception.

The FDIC’s rule also clarifies how institutions can requalify as agent institutions after circumstances change, such as a supervisory rating change, capital-category change, approval of a brokered-deposit waiver or reduction in reciprocal deposits below the applicable special cap.

What Does This Mean for Bank Customers?

For most consumers with ordinary checking and savings balances, the rule doesn’t require any immediate action. Its more direct impact is on financial institutions that participate in reciprocal-deposit networks and on customers with larger balances who use those services. Reciprocal-deposit networks can allow banks to retain relationships with customers whose deposits exceed the standard FDIC insurance limit by placing portions of the money with other participating insured institutions.

Customers shouldn’t assume, however, that simply participating in a reciprocal-deposit program automatically makes every dollar in every situation FDIC-insured. Deposit insurance depends on factors including account ownership category, how funds are placed and the institutions where deposits ultimately reside. Customers with large balances should review their specific arrangement and deposit-insurance coverage with their bank.

The FDIC Is Still Accepting Comments

Although the rule took effect September 1, it is an interim final rule, and the FDIC is requesting public comments. Comments must be received by October 1, 2026. The Federal Register notice says comments should reference RIN 3064-AG32 and can be submitted through the FDIC’s Federal Register publications page, by email or by mail.

The FDIC also says it will work with the Federal Financial Institutions Examination Council to update bank Call Report instructions to reflect the statutory and regulatory changes.

For financial institutions using reciprocal-deposit networks, the September rule means compliance procedures and deposit classifications may need to be revisited. For ordinary depositors, the more important takeaway is understanding why these networks exist in the first place: they can allow qualifying customers to spread large deposits among multiple insured banks while continuing to work primarily through one institution.

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IRS Proposes New Investment Rules for Trump Accounts: What Parents Need to Know

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Trump Account investment rules
The IRS and Treasury Department proposed new rules on August 20 governing investments in Trump Accounts for children. During the accounts’ growth period, funds generally would be limited to qualifying low-cost mutual funds and ETFs that track indexes made up primarily of U.S. companies. fizkes/Shutterstock

The IRS has proposed new rules governing how money in Trump Accounts for children can be invested, including strict limits on fund fees, leverage and the types of stock indexes the investments can track.

The Department of the Treasury and Internal Revenue Service issued the proposed regulations on August 20 as part of the ongoing rollout of Trump Accounts, a new type of traditional individual retirement account created for eligible children under the Working Families Tax Cuts.

During a child’s account “growth period,” families won’t have unlimited freedom to choose stocks, cryptocurrencies or other investments. Instead, money generally must remain in qualifying low-cost mutual funds or exchange-traded funds, or ETFs, that meet federal requirements.

The IRS says the restrictions are designed to encourage investment in low-fee funds that can potentially compound over many years.

What Investments Would Be Allowed in a Trump Account?

Under the proposed rules, an eligible investment generally must be a mutual fund or ETF that tracks an equity index composed primarily of U.S. companies.

The IRS points to an index such as the S&P 500 as an example.

The fund also cannot use leverage and generally cannot charge annual fees and expenses exceeding 0.1% of the amount invested in the fund.

That fee limit is equivalent to no more than about $1 annually for every $1,000 invested, although the actual dollar amount would change as the account balance changes.

The rules therefore steer Trump Accounts during childhood toward relatively low-cost, index-based investments rather than allowing families to select virtually any security they want.

What Happens If Parents Don’t Choose an Investment?

Families also won’t necessarily have to select a fund themselves.

According to the IRS announcement on the proposed investment regulations, if the beneficiary doesn’t select an eligible investment from the choices offered by the account trustee, the money will automatically be placed in an eligible investment selected by that trustee during the growth period.

The proposed regulations include procedures trustees would use to determine whether an investment meets the government’s requirements and to ensure Trump Account money remains invested appropriately.

Those restrictions don’t last forever.

The growth period begins when the beneficiary’s initial Trump Account is established and ends on December 31 of the calendar year in which the beneficiary turns 17. After that period ends, the special eligible-investment restrictions no longer apply, and most traditional IRA rules generally take over.

Some Children Can Receive a $1,000 Federal Contribution

A separate pilot program provides a one-time $1,000 Treasury contribution for certain children.

The IRS guidance on the Trump Account pilot program says an eligible child must be a U.S. citizen with a valid Social Security number who was born in 2025, 2026, 2027 or 2028, and an election must be made for the child.

Parents and other qualifying individuals can make the election using Form 4547, Trump Account Election(s).

The August IRS announcement says parents, guardians and other authorized individuals can use the IRS Individual Online Account to complete Form 4547 for a child with a Social Security number, provided the election is made before the calendar year in which the child turns 18.

For an eligible child born during the pilot-program years, the person making the election can check the applicable box on Form 4547 to request the $1,000 contribution.

Families Can Put Additional Money Into the Account

The $1,000 pilot contribution isn’t necessarily the only money that can go into a Trump Account.

IRS guidance says ordinary contributions from sources such as family members and friends generally count toward a $5,000 annual contribution limit during the growth period, with that limit subject to cost-of-living adjustments after 2027.

The $1,000 federal pilot contribution doesn’t count against that $5,000 limit.

Certain other types of contributions receive different treatment as well. For example, the IRS issued separate proposed regulations in August covering employers that choose to contribute to Trump Accounts for employees or their dependents.

The IRS employer-contribution guidance says qualifying employer contributions can be as much as $2,500 annually during the growth period, subject to the applicable rules and limits.

Parents Should Understand the Withdrawal Restrictions

Families should also understand that a Trump Account isn’t designed to function like an ordinary savings account for childhood expenses.

During the growth period, distributions generally aren’t allowed except for limited circumstances identified by the IRS, including certain rollovers, qualified rollovers to an ABLE account at age 17, distributions of excess contributions and distributions following the beneficiary’s death.

After the growth period, most traditional IRA rules generally apply.

That means distributions can potentially be subject to the 10% additional tax on early withdrawals unless an exception applies. IRS guidance identifies qualified higher-education expenses and certain first-home purchases as examples of situations in which an exception may be available.

Parents considering the account should therefore distinguish between money they want to invest for the child’s longer-term future and money they may need for ordinary expenses while the child is still growing up.

The Investment Rules Aren’t Final Yet

The August 20 regulations are proposed, which means the details aren’t being presented as final regulations yet.

Treasury and the IRS developed the proposal after considering stakeholder comments submitted in response to Notice 2025-68, which was issued in December 2025.

The agencies are now requesting another round of public feedback.

Comments on the proposed eligible-investment regulations are due by October 20, 2026, with submission instructions contained in the proposed regulations.

The IRS says the regulations generally are proposed to apply to tax years beginning on or after January 1, 2026.

For families considering a Trump Account, the proposal provides a clearer picture of how the accounts are intended to operate during childhood: money generally would be directed into low-cost, primarily U.S. stock-index mutual funds or ETFs, while access to the funds would remain restricted until the special childhood growth period ends.

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