[Federal Register Volume 64, Number 198 (Thursday, October 14, 1999)]
[Rules and Regulations]
[Page 55621]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-26749]
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Rules and Regulations
Federal Register
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Federal Register / Vol. 64, No. 198 / Thursday, October 14, 1999 /
Rules and Regulations
[[Page 55621]]
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FARM CREDIT ADMINISTRATION
12 CFR Parts 612, 614 and 618
RIN 3052-AB85
Standards of Conduct; Loan Policies and Operations; General
Provisions; Regulatory Burden; Effective Date
AGENCY: Farm Credit Administration.
ACTION: Confirmation of effective date; partial withdrawal.
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SUMMARY: The Farm Credit Administration (FCA) published a direct final
rule, with opportunity for comment, amending parts 612, 614 and 618 on
August 9, 1999 (64 FR 43046). This direct final rule would reduce
regulatory burden on the Farm Credit System (FCS or System) by
repealing or amending 16 regulations. These revisions provide System
banks and associations with greater flexibility concerning loan sales,
agricultural secondary market activities, loans to insiders, letters of
credit, information programs, travel expenses, and disclosing borrower
information during litigation. The opportunity for comment expired on
September 8, 1999. We received a significant adverse comment on the
direct final rule regarding insider loans. As a result, the revision to
subpart M of part 614 will not become effective. All other regulations
in the direct final rule will become effective in accordance with this
document. Pursuant to 12 U.S.C. 2252, the effective date of the final
rule is 30 days from the date of publication in the Federal Register
during which either or both Houses of Congress are in session. Based on
the records of the sessions of Congress, the effective date of the
regulations is October 13, 1999.
EFFECTIVE DATE: The regulation amending 12 CFR parts 612, 614 and 618
published on August 9, 1999 (64 FR 43046) is effective October 13,
1999, except that the revision to subpart M of part 614 (amendatory
instruction #9 on page 43049) is withdrawn as of October 13, 1999.
FOR FURTHER INFORMATION CONTACT:
Eric Howard, Senior Policy Analyst, or Dale Aultman, Policy Analyst,
Office of Policy and Analysis, Farm Credit Administration, McLean, VA
22102-5090, (703) 883-4498, TDD (703) 883-4444,
or
Richard A. Katz, Senior Attorney, Office of General Counsel, Farm
Credit Administration, McLean, VA 22102-5090, (703) 883-4020, TDD (703)
883-4444.
SUPPLEMENTARY INFORMATION: Our direct final rule reduces unnecessary
regulatory burden on FCS institutions by repealing or revising 16
regulations that System commenters identified as burdensome. Direct
final rulemaking enables Federal agencies to quickly adopt
noncontroversial regulations without the usual notice and comment
period. On August 9, 1999, we notified you that this rule would become
effective 30 days after publication in the Federal Register during
which either or both Houses of Congress are in session unless we
received a significant adverse comment by September 8, 1999. A
significant adverse comment is one where a commenter explains why the
rule would be inappropriate (including challenges to its underlying
premise of approach), ineffective, or unacceptable. Our August 9, 1999
notice informed you that if we received a significant adverse comment
about any amendment, paragraph, or section of this rule, we would
withdraw it, but adopt all other provisions as a final rule. We
received a significant adverse comment on the revision to Sec. 614.4460
concerning insider loans. As a result, the revision to subpart M of
part 614 will not become effective, and we will notify you how we plan
to proceed. Existing Secs. 614.4450, 614.4460 and 614.4470 remain in
full force and effect. All other regulations in the direct final rule
take effect on October 13, 1999.
(12 U.S.C. 2252(a)(9) and (10))
Dated: October 7, 1999.
Vivian L. Portis,
Secretary, Farm Credit Administration Board.
[FR Doc. 99-26749 Filed 10-13-99; 8:45 am]
BILLING CODE 6705-01-P