[Federal Register Volume 63, Number 159 (Tuesday, August 18, 1998)]
[Proposed Rules]
[Pages 44176-44177]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-22100]


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FARM CREDIT ADMINISTRATION

12 CFR Ch. VI


Statement on Regulatory Burden

AGENCY: Farm Credit Administration.

ACTION: Notice of intent; request for comment.

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SUMMARY: The Farm Credit Administration (FCA or Agency), through the 
FCA Board, is requesting commenters to identify regulations and 
policies that duplicate other requirements, are ineffective, or impose 
burdens that are greater than the benefits received. This action is 
being taken to improve the regulatory framework within which the Farm 
Credit System (FCS or System) operates.

DATES: Written comments should be received on or before November 20, 
1998.

ADDRESSES: Comments may be mailed or delivered to Patricia W. DiMuzio, 
Director, Regulation and Policy Division, Office of Policy and 
Analysis, Farm Credit Administration, 1501 Farm Credit Drive, McLean, 
Virginia 22102-5090 or sent by facsimile transmission to (703) 734-
5784. Comments may also be submitted via electronic mail to ``reg-
[email protected]'' or through the Pending Regulations section of the FCA's 
interactive website at ``www.fca.gov.'' Copies of all communications 
received will be available for review by interested parties in the 
Office of Policy and Analysis, Farm Credit Administration.

FOR FURTHER INFORMATION CONTACT:
S. Robert Coleman, Senior Policy Analyst, Regulation and Policy 
Division, Office of Policy and Analysis, 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: The FCA is the independent Federal agency in 
the executive branch of the government responsible for regulating FCS 
institutions. As a Government-sponsored enterprise, the FCS primarily 
provides loans to farmers, ranchers, aquatic producers and harvesters, 
agricultural cooperatives, and rural utilities.
    The FCA is committed to continually updating its regulations and 
policies so they remain useful to the FCS and the public without 
sacrificing safety and soundness. Our efforts to reduce regulatory 
burdens on FCS institutions are consistent with the National 
Performance Review (NPR), which seeks to eliminate regulations that 
unnecessarily impede the ability of businesses to compete efficiently 
in the marketplace. Although independent Federal agencies are not 
required to comply with the NPR, the FCA voluntarily participates in 
this program because FCA subscribes to its primary objectives.
    This initiative is designed to meet the needs of the System for 
effective regulation as agricultural credit markets continually change. 
Our efforts to remove unnecessary regulatory requirements on the System 
began in 1993 when we initiated a project seeking comments on 
regulatory burden. See 58 FR 34003 (June 23, 1993). Many regulatory 
requirements have been eliminated or streamlined during the past 5 
years in response to the above-referenced 1993 publication. More 
specifically, a rulemaking project in 1995 repealed several regulations 
that prescribed unnecessarily detailed managerial or operational 
practices at FCS institutions, or required System institutions to 
obtain FCA approval before they engaged in certain activities. See 60 
FR 2552 (January 10, 1995); 60 FR 20008 (April 24, 1995). On November 
24, 1995, the FCA published a notice in the Federal Register that 
informed the public of those regulations that the FCA decided to retain 
without amendment because they were determined necessary to implement 
the Farm Credit Act of 1971, as amended (Act), or to protect the safety 
and soundness of the System. See 60 FR 57913. Another rulemaking made 
technical corrections by: (1) Repealing other FCA prior-approval 
requirements; (2) conforming several regulations to recent statutory 
amendments; and (3) abolishing other burdensome regulatory 
requirements. See 61 FR 67181 (December 20, 1996). Additionally, the 
FCA responded to comments about regulatory burden by amending many 
regulations and policies, including:
     Related Services. See 60 FR 34090 (June 30, 1995);
     Ten-Day Notification Requirements for Changes in Interest 
Rates. See 61 FR 11303 (March 20, 1996);
     Capital Adequacy and Customer Eligibility. See 62 FR 4429 
(January 30, 1997);
     Quarterly Reports to Shareholders. See 62 FR 15089 (March 
31, 1997);
     Loan Underwriting Standards. See 62 FR 51007 (September 
30, 1997); and,
     General Financing Agreements. See 63 FR 5721 (February 4, 
1998).
    In its continuing effort to update its regulations and policies, 
the FCA is soliciting comments from the public as to any of its 
regulations and policies that may duplicate other governmental 
requirements, are not effective in achieving stated objectives, or 
create a burden that is perceived to be greater than the benefits 
received. Although the Agency will strive to minimize

[[Page 44177]]

regulatory burden on the System, the FCA will ensure that safety and 
soundness is maintained and that its regulations and policies implement 
the Act.

    Dated: August 11, 1998.
Floyd Fithian,
Secretary, Farm Credit Administration Board.
[FR Doc. 98-22100 Filed 8-17-98; 8:45 am]
BILLING CODE 6705-01-P