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Important Changes

5498 – IRA RMDs For 2023

On December 29, 2022, the SECURE 2.0 Act was signed into law as part of the government spending bill (see Division T of the Consolidated Appropriations Act 2023 – P.L. 117-328).

Section 107 of the SECURE 2.0 Act changed the “required beginning date” (RBD) for IRA required minimum distributions (RMDs) as follows:

  • Old Rule – The RBD is April 1 of the calendar year following the calendar year in which the participant attains age 72.
  • New Rule – The RBD is April 1 of the calendar year following the calendar year in which the participant attains age 73.

This change is effective for distributions required to be made after 12/31/22, with respect to individuals who will attain age 72 after 12/31/22.

IRA participants who will reach age 72 in 2023 (i.e., after 12/31/22) will not have an RMD for 2023.

This means that such participants should not receive RMD information on a 2022 IRS Form 5498 (Boxes 11, 12a, and 12b) or in a separate statement.

NOTE: This is similar to relief that was provided back in early 2020 following the enactment of the “original” SECURE Act on 12/20/19. Reference: IRS NOTICE 2023-23

Emerging Issues

TABS Act H.R. 1382

03/08/23 Introduced in the House by Andy Barr

Key Provisions:

  • Taking Account of Bureaucrats’ Spending
  • Would make funding for the CFPB become part of the congressional appropriations process.
  • Would make the CFPB an independent agency name the “Consumer Financial Empowerment Agency”.

FDIC Board Accountability Act H.R. 1409

03/07/23 Introduced in the House by Angie Craig

Key Provisions:

  • Would remove the CFPB Director from the FDIC Board of Directors.
  • Would put term limits in place for FDIC Board of Directors members’ service.

Compliance Questions & Answers

Question / ECOA

Our understanding of when providing an appraisal to an applicant is that if there is an application that has multiple first-lien dwellings, then the appraisal disclosure and appraisals would not need to be given to the customer. This is because Regulation B provides that this requirement applies to “Applications for credit that is to be secured by a first lien on a dwelling.” Is this correct?


No, this is not accurate. There is no exception to this requirement for transactions secured by more than one dwelling. As long as there is at least one dwelling with a first lien (mortgage or deed of trust), the requirement to provide a copy of any appraisal / valuation would apply.