[Federal Register Volume 61, Number 22 (Thursday, February 1, 1996)]
[Rules and Regulations]
[Page 3776]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-2155]




[[Page 3775]]

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Part IV





Department of Education





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34 CFR Parts 668 and 690



Student Assistance General Provisions and Federal Pell Grant Program; 
Final Rule

  Federal Register / Vol. 61, No. 22 / Thursday, February 1, 1996 / 
Rules and Regulations   

[[Page 3776]]


DEPARTMENT OF EDUCATION

34 CFR Parts 668 and 690


Student Assistance General Provisions and Federal Pell Grant 
Program

AGENCY: Department of Education.

ACTION: Final regulations; correction.

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SUMMARY: This document corrects errors in the Student Assistance 
General Provisions and the Federal Pell Grant Program regulations 
published in the Federal Register on December 1, 1995.

EFFECTIVE DATE: July 1, 1996.

FOR FURTHER INFORMATION CONTACT: Ms. Rachael Sternberg, U.S. Department 
of Education, 600 Independence Avenue, S.W., Room 3053, ROB-3, 
Washington, D.C. 20202. Telephone (202) 708-7888. Individuals who use a 
telecommunications device for the deaf (TDD) may call the Federal 
Information Relay Service (FIRS) at 1-800-877-8339 between 8 a.m. and 8 
p.m., Eastern time, Monday through Friday.

SUPPLEMENTARY INFORMATION: On December 1, 1995, final regulations were 
published in the Federal Register (60 FR 61796) as part of the 
Secretary's response to the President's March 4, 1995 Regulatory Reform 
Initiative. This document corrects errors in the text of the amendments 
to sections 668.37, 668.164, 668.165, and 690.83.

    Dated: January 29, 1996.
David A. Longanecker,
Assistant Secretary for Postsecondary Education.
    The following corrections are made in FR Doc. 95-29180 published on 
December 1, 1995 (60 FR 61796):

PART 668--STUDENT ASSISTANCE GENERAL PROVISIONS


Sec. 668.37  [Corrected]

    1. On page 61812, column 3, Sec. 668.37 is corrected by removing 
``and/'' in paragraph (a)(2)(iii).
    2. On page 61814, column 1, amendment 11 to Sec. 668.164 did not 
reflect prior amendments to paragraph (a), which are repeated here for 
the convenience of the public. In order to correctly incorporate 
amendment 11, Sec. 668.164 is corrected by revising paragraph (a) to 
read as follows:


Sec. 668.164  Maintaining funds.

* * * * *
    (a) General. (1) The requirements in this section apply only to 
title IV, HEA program funds an institution receives under the campus-
based, Direct Loan, and Federal Pell Grant programs. An institution 
that receives FFEL program funds through electronic funds transfer or 
by master check must maintain those funds as provided under 34 CFR 
682.207(b).
    (2)(i) Except as provided in paragraph (e) of this section, an 
institution is not required to maintain a separate account for funds an 
institution receives under the campus-based, Direct Loan, and Federal 
Pell Grant programs, but must maintain these funds in a bank account 
that meets the requirements of this paragraph and under paragraph (b) 
or (c) of this section. An institution must--
    (ii) Ensure that the name of the account includes the phrase 
``Federal Funds'' to clearly identify that title IV, HEA program funds 
are maintained in that account; or
    (iii)(A) Notify the bank of the accounts that contain Federal funds 
and retain a record of that notice in its recordkeeping system; and
    (B) Except for public institutions, file with the appropriate State 
or municipal government entity a UCC-1 statement disclosing that the 
account contains Federal funds and maintain a copy of that statement in 
its records.
* * * * *


Sec. 668.165  [Corrected]

    3. On page 61814, column 1, amendment 12 to Sec. 668.165 is 
corrected by redesignating paragraphs (e)(3) as (e)(3)(i) and (e)(4) as 
(e)(3)(ii).

PART 690--FEDERAL PELL GRANT PROGRAM


Sec. 690.83  [Corrected]

    4. On page 61816, column 2, amendment 47 to Sec. 690.83 is 
corrected by adding ``, and removing paragraph (e)'' after ``(d)''in 
the amendatory language.

[FR Doc. 96-2155 Filed 1-31-96; 8:45 am]
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