[Federal Register Volume 59, Number 80 (Tuesday, April 26, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-9922]


[[Page Unknown]]

[Federal Register: April 26, 1994]


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FARM CREDIT ADMINISTRATION

12 CFR Parts 600, 604, 605, 611, and 615

RIN 3052-AB41

 

Miscellaneous Technical Changes

AGENCY: Farm Credit Administration.

ACTION: Final rule.

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SUMMARY: The Farm Credit Administration Board (Board) adopts, as final 
regulations, technical amendments to certain regulations relating to 
the organization and responsibilities of the Farm Credit Administration 
(FCA) and other technical revisions. The objective of this action is to 
reflect changes in the FCA organization and to update a statutory 
citation and a mailing address.

EFFECTIVE DATE: These regulations shall become effective on the 
expiration of 30 days after this publication during which either or 
both houses of Congress are in session. Notice of the effective date 
will be published in the Federal Register.

FOR FURTHER INFORMATION CONTACT:
John J. Hays, Policy Analyst, Regulation Development, Office of 
Examination, Farm Credit Administration, McLean, VA 22102-5090, (703) 
883-4498, TDD (703) 883-4444;

       or

Frances A. Pedersen, Senior Attorney, Administrative Law and 
Enforcement Division, Office of General Counsel, Farm Credit 
Administration, McLean, VA 22102-5090, (703) 883-4020, TDD (703) 883-
4444.

SUPPLEMENTARY INFORMATION: The amended regulations, described in detail 
below, reflect changes in the FCA organizational structure and revise a 
statutory citation and a mailing address.
    The amendments pertaining to the FCA organizational structure 
include the following:
    (1) Adding a Chief Operating Officer and an Office of Secondary 
Market Oversight to the FCA organizational structure;
    (2) Revising the name of the Office of Regulatory Enforcement to 
read Office of Special Supervision and Corporate Affairs; and
    (3) Revising the descriptions of office responsibilities within the 
FCA.
    The amendments that do not relate to agency organization include:
    (1) Revising a statutory citation regarding the transfer of funds 
and equities between Farm Credit System (System) institutions, to 
reflect amendments to the Farm Credit Act of 1971; and
    (2) Updating the mailing address of the Federal Farm Credit Banks 
Funding Corporation to reflect its move from New York to New Jersey.
    In acting on the regulations, the Board determined that notice and 
public comment are neither required nor necessary. Section 553(b)(A) of 
title 5 of the United States Code provides that the notice and comment 
requirements do not apply to rules of agency organization, procedure, 
or practice; thus, no notice is required for regulations relating to 
the FCA internal organization. In addition, 5 U.S.C. 553(b)(B) provides 
that notice and comment requirements do not apply when the agency for 
good cause finds that notice and public comment are impracticable, 
unnecessary, or contrary to the public interest. Because the amendments 
other than those that relate to agency organization are not substantive 
changes to the regulations, involving only technical revisions to a 
statutory citation and a mailing address, the Board finds that notice 
and public comment are unnecessary and contrary to the public interest. 
Therefore, the Board finds for good cause that public participation in 
the promulgation of these regulations is not required, and these 
regulations are hereby published in final form.

List of Subjects

12 CFR Part 600

    Organization and functions (Government agencies).

12 CFR Part 604

    Sunshine Act.

12 CFR Part 605

    Classified information.

12 CFR Part 611

    Agriculture, Banks, Banking, Rural areas.

12 CFR Part 615

    Accounting, Agriculture, Banks, Banking, Government securities, 
Investments, Rural areas.

    For the reasons stated in the preamble, parts 600, 604, 605, 611, 
and 615 of chapter VI, title 12 of the Code of Federal Regulations are 
amended to read as follows:

PART 600--ORGANIZATION AND FUNCTIONS

    1. The authority citation for part 600 is revised to read as 
follows:

    Authority: Secs. 5.7, 5.8, 5.9, 5.10, 5.11, 5.17, 8.11 of the 
Farm Credit Act; 12 U.S.C. 2241, 2242, 2243, 2244, 2245, 2252, 
2279aa-11.

Subpart A--Farm Credit Administration


Sec. 600.1  [Amended]

    2. Section 600.1 is amended by adding the number ``6,'' after the 
word ``January'' in the third sentence and by adding the words ``; Pub. 
L. 102-237, December 13, 1991; Pub. L. 102-552, October 28, 1992'' at 
the end of the third sentence.
    3. Section 600.4 is amended by revising paragraph (b) and adding 
new paragraphs (c) and (d) to read as follows:


Sec. 600.4  Chairman of the Farm Credit Administration Board.

    (a) * * *
    (b) The Chairman has the authority to appoint such personnel as may 
be necessary to carry out the functions of the Farm Credit 
Administration, including the appointment of a Secretary to the Board 
and noncareer Office Directors. The Board has the authority to approve 
the appointment by the Chairman of a Chief Operating Officer and career 
Office Directors. Each Board member has the authority to appoint 
personnel employed regularly and full-time in his or her immediate 
office. The Chairman may not delegate powers specifically reserved to 
the Chairman by the Act without the approval of the Board. In carrying 
out authorities and responsibilities, the Chairman is governed by 
general policies adopted by the Board and by such regulatory decisions, 
findings, and determinations as the Board may by law be authorized to 
make.
    (c) The Chairman as Chief Executive Officer is responsible for 
overseeing the agency's equal employment opportunity programs. An Equal 
Employment Opportunity Manager reports directly to the Chairman as 
Chief Executive Officer.
    (d) The Chairman, as head of the agency, has general supervisory 
authority over the Inspector General. The Inspector General has the 
authority to select, appoint, and employ such officers and employees as 
may be necessary to carry out the functions, powers, and duties of the 
Office of Inspector General. The Inspector General is also authorized 
to enter into contracts and other arrangements for audits, studies, 
analyses, and other services with public agencies and private persons, 
and to obtain the temporary or intermittent services of experts or 
consultants or an organization of any such professionals. In exercising 
these authorities, the Inspector General is subject to applicable 
statutory and regulatory constraints, as well as agency and 
governmentwide administrative and budgetary limitations.
    4. Section 600.5 is amended by redesignating paragraphs (a), (b), 
and (c) as paragraphs (b), (d), and (e); adding new paragraphs (a) and 
(c); and revising newly redesignated paragraphs (b) and (d) to read as 
follows:


Sec. 600.5  Organization of the Farm Credit Administration.

    (a) Chief Operating Officer. The Chief Operating Officer (COO) 
reports to and is subject to the direction of the Chief Executive 
Officer (CEO) concerning administrative matters and to the Board 
regarding general planning and policy matters, budgetary issues, 
rulemaking issues, and other matters for which the Board is 
responsible. Within this context, the COO has responsibility for 
planning, organizing, directing, coordinating, and controlling agency 
operations.
    (b) Office Directors. Each Office of the Farm Credit Administration 
is headed by a Director. The Director of the Office of Congressional 
and Public Affairs reports to the CEO. The Director of the Office of 
Secondary Market Oversight reports to the CEO on administrative matters 
and to the Board concerning general policy and rulemaking issues. The 
Directors of the Offices of Examination, Special Supervision and 
Corporate Affairs, and Resources Management report to the COO. The 
General Counsel reports to the COO on administrative matters and to the 
Board on matters of agency policy. Each Office Director may, with the 
approval of the CEO or COO, as appropriate, establish and fix the 
responsibilities of the divisions and such other units as the Director 
deems necessary for the efficient functioning of the Office.
    (c) Inspector General. The Inspector General reports directly to 
the Chairman.
    (d) Offices and functions--(1) Office of Examination. The Office of 
Examination plans and conducts examinations of System institutions and 
other institutions as required by law; prepares and issues reports of 
examination summarizing examination findings; recommends corrective 
action as appropriate; coordinates the agency's preparation of rules 
and regulations; and oversees compliance with the borrower rights 
provisions of the Act and agency regulations. The Office of Examination 
recommends formal administrative action to correct deficiencies when 
System institutions are found to be operating in an unsafe or unsound 
manner or are in violation of law or regulation. The Office Director 
prepares examination schedules for approval by the Board and advises 
the Board on matters affecting policy, regulation, and legislation 
relating to examination activities. The Director, Office of 
Examination, is the Chief Examiner of the Farm Credit Administration.
    (2) Office of Special Supervision and Corporate Affairs. The Office 
of Special Supervision and Corporate Affairs (OSSCA) makes 
recommendations to the Board regarding corporate restructuring 
activities, charter changes among System institutions, related 
activities required by law or regulation, the initiation of enforcement 
actions against System institutions as provided in part C of title V of 
the Act, and the termination of enforcement actions. The OSSCA 
prepares, delivers, and oversees compliance with enforcement documents. 
It monitors, analyzes, and forecasts the economic, financial, and 
policy environment in which System institutions operate, including the 
risk to which those institutions are exposed; provides analytical 
expertise for policy matters, strategic planning, and regulation 
development; and oversees receiverships that were appointed prior to 
January 6, 1993.
    (3) Office of Resources Management. The Office of Resources 
Management provides agency administrative management for the agency 
budget, accounting, human resources, training, procurement, electronic 
data processing, document processing, property, supply, facilities, 
records and other administrative services. The Chairman and the Board 
members have delegated to the Chief of the Human Resources Division the 
authority to serve as appointing officer, including the authority to 
classify or place positions in the appropriate pay plan and pay ranges.
    (4) Office of General Counsel. The Office of General Counsel 
provides legal advice and services to the Board, the Chairman, and the 
agency staff. The Office interprets the Farm Credit Act of 1971, as 
amended, and other applicable laws; participates in the preparation of 
agency rules and regulations; and represents the agency in litigation, 
in enforcement proceedings brought by the agency, and in proceedings 
before other administrative bodies. The Office of General Counsel also 
has the responsibility to ensure that the agency meets all statutory 
and regulatory ethics requirements. The Director, Office of General 
Counsel, is the General Counsel of the Farm Credit Administration.
    (5) Office of Congressional and Public Affairs. The Office of 
Congressional and Public Affairs coordinates and disseminates all 
communication by the agency with the Congress and plans and implements 
all public communications. The Office is the first source of 
information to the Farm Credit System and borrowers concerning the Farm 
Credit Administration and provides other representational services for 
the Board and the agency to the public.
    (6) Office of Inspector General. The Office of Inspector General is 
an independent office established by the Inspector General Act 
Amendments of 1988 to:
    (i) Conduct and supervise audits and investigations relating to the 
programs and operations of the Farm Credit Administration;
    (ii) Provide leadership and coordination and recommend policies for 
activities designed to promote economy, efficiency, and effectiveness 
in the administration of the Farm Credit Administration's programs and 
operations;
    (iii) Prevent and detect fraud and abuse in the Farm Credit 
Administration's programs and operations; and
    (iv) Provide a means to keep the Chairman and Congress fully and 
currently informed about problems and deficiencies relating to the Farm 
Credit Administration's programs and operations and the necessity for, 
and progress of, corrective actions.
    (7) Office of Secondary Market Oversight. The Office of Secondary 
Market Oversight, a separate office within the Farm Credit 
Administration pursuant to section 8.11 of the Act, provides for:
    (i) The examination of the Federal Agricultural Mortgage 
Corporation and its affiliates; and
    (ii) The general supervision of the safe and sound performance of 
the powers, functions, and duties vested in the Federal Agricultural 
Mortgage Corporation and its affiliates.
* * * * *

Subpart B--Rules and Procedures for Service Upon the Farm Credit 
Administration


Sec. 600.10  [Amended]

    5. Section 600.10 is amended by removing the words ``Associate 
General Counsel, Litigation and Enforcement,'' and adding, in their 
place, the words ``General Counsel'' in paragraph (c).

PART 604--FARM CREDIT ADMINISTRATION BOARD MEETINGS

    6. The authority citation for part 604 is revised to read as 
follows:

    Authority: Secs. 5.9, 5.17 of the Farm Credit Act; 12 U.S.C. 
2243, 2252.


Sec. 604.440  [Amended]

    7. Section 604.440 is amended by removing the words ``Director, 
Office of Administration'' and adding, in their place, the words 
``Secretary to the Board''.

PART 605--INFORMATION

    8. The authority citation for part 605 is revised to read as 
follows:

    Authority: Secs. 5.9, 5.12, 5.17 of the Farm Credit Act; 12 
U.S.C. 2243, 2246, 2252.


Sec. 605.502  [Amended]

    9. Section 605.502 is amended by removing the words ``Field 
Division'' from paragraph (f) and adding, in their place, the words ``a 
Field Office''.

PART 611--ORGANIZATION

    10. The authority citation for part 611 continues to read as 
follows:

    Authority: Secs. 1.3, 1.13, 2.0, 2.10, 3.0, 3.21, 4.12, 4.15, 
5.9, 5.10, 5.17, 7.0-7.13, 8.5(e) of the Farm Credit Act; 12 U.S.C. 
2011, 2021, 2071, 2091, 2121, 2142, 2183, 2203, 2243, 2244, 2252, 
2279a-2279f-1, 2279aa-5(e); secs. 411 and 412 of Pub. L. 100-233, 
101 Stat. 1568, 1638; secs. 409 and 414 of Pub. L. 100-399, 102 
Stat. 989, 1003 and 1004.

Subpart H--Rules for Inter-System Fund Transfers


Sec. 611.1130  [Amended]

    11. Section 611.1130 is amended by removing the reference 
``5.18(11)'' from paragraph (a) and adding, in its place, the reference 
``5.17(a)(6).''

PART 615--FUNDING AND FISCAL AFFAIRS, LOAN POLICIES AND OPERATIONS, 
AND FUNDING OPERATIONS

    12. The authority citation for part 615 continues to read as 
follows:

    Authority: Secs. 1.5, 1.7, 1.10, 1.11, 1.12, 2.2, 2.3, 2.4, 2.5, 
2.12, 3.1, 3.7, 3.11, 3.25, 4.3, 4.9, 4.14B, 4.25, 5.9, 5.17, 6.20, 
6.26, 8.0, 8.4, 8.6, 8.7, 8.8, 8.10, 8.12 of the Farm Credit Act; 12 
U.S.C. 2013, 2015, 2018, 2019, 2020, 2073, 2074, 2075, 2076, 2093, 
2122, 2128, 2132, 2146, 2154, 2160, 2202b, 2211, 2243, 2252, 2278b, 
2278b-6, 2279aa, 2279aa-4, 2279aa-6, 2279aa-7, 2279aa-8, 2279aa-10, 
2279aa-12; sec. 301(a) of Pub. L. 100-233, 101 Stat. 1568, 1608.

Subpart O--Issuance of Farm Credit Securities


Sec. 615.5495  [Amended]

    13. Section 615.5495 is amended by removing the words ``90 William 
Street, New York, NY 10038'' from paragraph (b) and adding, in their 
place, the words ``10 Exchange Place, Suite 1401, Jersey City, NJ 
07302''.

    Dated: April 18, 1994.
Curtis M. Anderson,
Secretary, Farm Credit Administration Board.
[FR Doc. 94-9922 Filed 4-25-94; 8:45 am]
BILLING CODE 6705-01-P