[Federal Register Volume 61, Number 138 (Wednesday, July 17, 1996)]
[Proposed Rules]
[Pages 37229-37230]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-18132]


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[[Page 37230]]

FARM CREDIT ADMINISTRATION

12 CFR Part 614

RIN 3052-AB67


Loan Policies and Operations; Other Financing Institutions

AGENCY: Farm Credit Administration.

ACTION: Advance notice of proposed rulemaking; comment period 
extension.

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SUMMARY: On May 17, 1996, the Farm Credit Administration (FCA) 
published for public comment an Advance Notice of Proposed Rulemaking 
(ANPRM) concerning potential revisions to the regulations in subpart P 
of part 614 that govern the funding and discount relationship between 
Farm Credit System (Farm Credit, FCS, or System) banks that operate 
under title I of the Farm Credit Act of 1971, as amended (Act), and 
non-System other financing institutions (OFIs). See 61 FR 24907, May 
17, 1996. The comment period expired on July 16, 1996. In order to 
allow interested parties additional time to respond, the FCA extends 
the comment period until August 30, 1996, and invites public comment on 
the questions in the ANPRM.

DATES: Written comments should be received on or before August 30, 
1996.

ADDRESSES: Comments may be mailed or delivered to Patricia W. DiMuzio, 
Associate Director, Regulation Development, Office of Examination, Farm 
Credit Administration, 1501 Farm Credit Drive, McLean, Virginia 22102-
5090 or sent by facsimile transmission to the FAX number at (703) 734-
5784. Copies of all communications received will be available for 
review by interested parties in the Office of Examination, Farm Credit 
Administration.

FOR FURTHER INFORMATION CONTACT:
Eric Howard, Policy Analyst, Regulation Development, Office of 
Examination, Farm Credit Administration, McLean, VA 22102-5090, (703) 
883-4498,

      or

Richard A. Katz, Senior Attorney, Regulatory Enforcement Division, 
Office of General Counsel, Farm Credit Administration, McLean, VA 
22102-5090, (703) 883-4020, TDD (703) 883-4444.

SUPPLEMENTARY INFORMATION: On May 17, 1996, the FCA published an ANPRM 
in the Federal Register that sought information and guidance from the 
public about how to revise regulations in subpart P of part 614 that 
govern the funding and discount relationship between System banks that 
operate under title I of the Farm Credit Act of 1971, as amended (Act), 
and non-System OFIs. Farm Credit Banks (FCBs) and agricultural credit 
banks (ACBs) are authorized to fund and discount certain short- and 
intermediate-term loans for non-System lenders, such as commercial 
banks, savings associations, credit unions, trust companies, 
agricultural credit corporations, and other agricultural and aquatic 
lenders as part of their mission to finance agriculture, aquaculture, 
and other specified rural credit needs. External developments, such as 
the consolidation of the commercial banking industry, the advent of 
interstate banking and branching, the gradual reduction of Federal 
assistance to agriculture and rural communities, and the increased 
interest of non-System financial institutions in additional sources of 
funding and liquidity may necessitate revisions to the regulations in 
subpart P of part 614 so that System banks can fulfill their obligation 
to meet demands in rural communities for short- and intermediate-term 
credit. The purpose of any future rulemaking would be to ensure that 
eligible and creditworthy farmers, ranchers, aquatic producers and 
harvesters, processing and marketing operators, farm-related 
businesses, and rural homeowners will continue to have access to 
affordable, dependable, and stable short- and intermediate-term credit 
through both System and non-System lenders. Specifically, the ANPRM 
sought comments regarding the FCA's OFI regulations and how they may be 
revised to better implement the statutory provisions. Several 
interested parties have advised the FCA that they need additional time 
to prepare thoughtful responses to the questions in the ANPRM. For this 
reason, the FCA hereby extends the comment period until August 30, 
1996.

    Dated: July 11, 1996.
Floyd Fithian,
Secretary, Farm Credit Administration Board.
[FR Doc. 96-18132 Filed 7-16-96; 8:45 am]
BILLING CODE 6705-01-P