[Federal Register Volume 62, Number 71 (Monday, April 14, 1997)]
[Rules and Regulations]
[Pages 18037-18038]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-9473]
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FARM CREDIT ADMINISTRATION
12 CFR Parts 600, 603, 611, 614, 615, 618, and 619
RIN 3052-AB61
Organization and Functions; Privacy Act Regulations;
Organization; Loan Policies and Operations; Funding and Fiscal Affairs,
Loan Policies and Operations, and Funding Operations; General
Provisions; Definitions
AGENCY: Farm Credit Administration.
ACTION: Final rule and notice of effective date.
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SUMMARY: The Farm Credit Administration (FCA or Agency) through the
Farm Credit Administration Board adopts as final without change an
interim rule that updates the regulations in parts 600, 603, 611, 614,
615, 618, and 619. This rule eliminates unnecessary, outdated,
duplicative, or burdensome regulatory requirements, replaces outdated
regulatory language with more current terminology, and clarifies the
intended meaning of certain regulatory provisions.
EFFECTIVE DATE: March 4, 1997.
FOR FURTHER INFORMATION CONTACT:
Linda C. Sherman, Policy Analyst, Regulation Development Division,
Office of Policy Development and Risk Control, Farm Credit
Administration, McLean, VA 22102-5090, (703) 883-4498, TDD (703) 883-
4444.
or
Wendy R. Laguarda, Senior Attorney, Legal Counsel Division, Office of
General Counsel, Farm Credit Administration, McLean, VA 22102-5090,
(703) 883-4020, TDD (703) 883-4444.
SUPPLEMENTARY INFORMATION: On December 20, 1996, the FCA published an
interim rule with request for public comments (61 FR 67181). The
interim rule is part of the FCA's ongoing efforts to streamline the
regulatory process and reduce regulatory burden. The regulatory changes
made in parts 600, 603, 611, 614, 615, 618, and 619 update the
regulatory language with more current terminology, remove
contradictions between the regulations and the Farm Credit Act of 1971,
as amended (Act), clarify certain regulations, and eliminate
regulations or sections of regulations that are burdensome or
unnecessary. These changes cover a wide variety of technical issues,
such as bylaw amendments, Federal records retention, liquidation of
associations and banks, interest rate programs, loan servicing
requirements, purchasing automobiles through the General Services
Administration, retirement of eligible borrower stock, the definition
of banks for cooperatives, disclosure of data regarding borrowers to
credit bureaus, disposal of obsolete records, Farm Credit System
(System) institution employees being summoned as witnesses, and issues
on borrower rights and agricultural credit banks.
The public comment period closed on January 31, 1997. The FCA
received two comments on the interim rule, both from System
institutions. One commenter thanked the FCA for clarifying an issue
regarding release of borrower information to consumer reporting
agencies at Sec. 618.8320. The comment letter stated that the change
would eliminate uncertainty in a sensitive area of lending operations
and result in benefits to borrowers and the System.
The other comment received responded to the FCA's request that
institutions inform the Agency of any Federal records still in their
possession. The commenter stated that they do not have any of the
records referred to in the previous FCA regulation at Sec. 618.8390. As
noted in the preamble to the interim rule, the FCA's goal is to
identify all Federal records still retained by System institutions so
that they can either be destroyed (at the institution's discretion) or
archived, as appropriate. Additional guidance on the maintenance and
disposition of Federal records will be provided by the Agency in the
near future.
The FCA Board adopts the interim rule amending 12 CFR parts 600,
603, 611, 614, 615, 618, and 619, which was published at 61 FR 67181 on
December 20, 1996, as final without change.
[[Page 18038]]
List of Subjects
12 CFR Part 600
Organization and functions (Government agencies).
12 CFR Part 603
Privacy.
12 CFR Part 611
Agriculture, Banks, Banking, Rural areas.
12 CFR Part 614
Agriculture, Banks, Banking, Flood insurance, Foreign trade,
Reporting and recordkeeping requirements, Rural areas.
12 CFR Part 615
Accounting, Agriculture, Banks, Banking, Government securities,
Investments, Rural areas.
12 CFR Part 618
Agriculture, Archives and records, Banks, Banking, Insurance,
Reporting and recordkeeping requirements, Rural areas, Technical
assistance.
12 CFR Part 619
Agriculture, Banks, Banking, Rural areas.
Dated: April 8, 1997.
Floyd Fithian,
Secretary, Farm Credit Administration Board.
[FR Doc. 97-9473 Filed 4-11-97; 8:45 am]
BILLING CODE 6705-01-P