[Federal Register Volume 64, Number 245 (Wednesday, December 22, 1999)]
[Proposed Rules]
[Page 71689]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-33164]


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 Proposed Rules
                                                 Federal Register
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 This section of the FEDERAL REGISTER contains notices to the public of 
 the proposed issuance of rules and regulations. The purpose of these 
 notices is to give interested persons an opportunity to participate in 
 the rule making prior to the adoption of the final rules.
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  Federal Register / Vol. 64, No. 245 / Wednesday, December 22, 1999 / 
Proposed Rules  

[[Page 71689]]


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FEDERAL HOUSING FINANCE BOARD

12 CFR Part 935

[No. 99-63]
RIN 3069-AA80


Advance Participations; Sales of Whole Advances; Withdrawal of 
Proposed Rule

AGENCY: Federal Housing Finance Board.

ACTION: Withdrawal of proposed rule.

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SUMMARY: In light of the enactment of the Federal Home Loan Bank System 
Modernization Act of 1999 (Modernization Act), the Federal Housing 
Finance Board (Finance Board) is withdrawing its proposed rule that 
would have amended Part 935 of its regulation to approve the sale of 
whole advances between Federal Home Loan Banks (Banks) under certain 
limited circumstances.

FOR FURTHER INFORMATION CONTACT: Jonathan Curtis, Senior Financial 
Analyst, Office of Policy, Research and Analysis, (202) 408-2866; Jane 
S. Converse, Attorney-Advisor, Office of General Counsel, (202) 408-
2976; or Neil R. Crowley, Deputy General Counsel, Office of General 
Counsel, (202) 408-2990, Federal Housing Finance Board, 1777 F Street, 
N.W., Washington, D.C. 20006.

SUPPLEMENTARY INFORMATION:

I. Background

    The Finance Board proposed a regulation in the Federal Register of 
August 16, 1999, to amend part 935 of its regulation to approve any 
sale and purchase of whole advances between Banks that met the 
requirements of the proposed rule. See 64 FR 44444 (August 16, 1999). 
The preamble to the proposed rule includes a detailed discussion of the 
background of, basis of, and reasons for, the proposed regulation.

II. Reasons for Withdrawal of the Proposed Regulation

    Section 606(f)(2)(B) of the Modernization Act, Title VI, Pub. L. 
106-102 (Nov. 12, 1999), removed the requirement for Finance Board 
approval of the sale of whole advances, or participations in advances, 
between Banks. See 12 U.S.C. 1430(d), as amended by section 
606(f)(2)(B), Pub. L. 106-102 (Nov. 12, 1999). In light of the 
enactment of this provision, the Finance Board is withdrawing the 
proposed regulation approving the sale of whole advances.
    In a separate action, the Finance Board also will be rescinding 
current section 935.16 of its regulation, which authorizes the sale of 
participation interests in advances between Banks.

List of Subjects in 12 CFR Part 935

    Credit, Federal home loan banks, Reporting and recordkeeping 
requirements.

    Accordingly, the Finance Board hereby withdraws the Proposed Rule 
published at 64 FR 44444 on August 16, 1999.

    Dated: December 14, 1999.

    By the Board of Directors of the Federal Housing Finance Board.
Bruce A. Morrison,
Chairman.
[FR Doc. 99-33164 Filed 12-21-99; 8:45 am]
BILLING CODE 6725-01-P