[Federal Register Volume 65, Number 9 (Thursday, January 13, 2000)]
[Rules and Regulations]
[Pages 2034-2035]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-857]
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DEPARTMENT OF THE TREASURY
Fiscal Service
31 CFR Part 317
Regulations Governing Agencies for Issue of United States Savings
Bonds
AGENCY: Bureau of the Public Debt, Fiscal Service, Treasury.
ACTION: Final rule.
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SUMMARY: We're amending 31 CFR part 317 to remove the restriction on
non-federally chartered credit unions serving as issuing agents for
United States savings bonds. Currently, only federal credit unions are
permitted to serve as issuing agents, although the paying agent
regulations, found at 31 CFR part 321, have no such limitation. This
amendment would provide that credit unions chartered or incorporated
under state, territorial, District of Columbia, or Commonwealth of
Puerto Rico law may also serve as issuing agents. This change will
bring the issuing agent regulations in line with paying agent
regulations as to credit unions.
[[Page 2035]]
DATES: Effective January 13, 2000.
ADDRESSES: You can download this final rule at the following World Wide
Web address: <http://www.publicdebt.treas.gov>. You may also inspect
and copy this final rule at: Treasury Department Library, Freedom of
Information Act (FOIA) Collection, Room 5030, Main Treasury Building,
1500 Pennsylvania Ave., NW, Washington, DC 20220. Before visiting, you
must call (202) 622-0990 for an appointment.
.FOR FURTHER INFORMATION CONTACT:
Wallace L. Earnest, Director, Division of Staff Services,
Savings Bond Operations Office, Bureau of the Public Debt, at (304)
480-6319 or <[email protected]>
Susan J. Klimas, Attorney-Adviser, Office of the Chief
Counsel, Bureau of the Public Debt, at (304) 480-3688 or
<[email protected]>
Edward C. Gronseth, Deputy Chief Counsel, Bureau of the
Public Debt, at (304) 480-3692 or <[email protected]>
SUPPLEMENTARY INFORMATION: 31 CFR 317.2, is being amended by removing
the limitation on credit unions serving as issuing agents for United
States savings bonds. Currently, only federal credit unions may serve
as issuing agents. With this amendment, credit unions chartered or
incorporated under the laws of states, territories, the District of
Columbia, and the Commonwealth of Puerto Rico may also serve as issuing
agents. This amendment will make the issuing agent regulations
consistent with the paying agent regulations for savings bonds, found
at 31 CFR part 321, which permits credit unions chartered or
incorporated under federal, state, territorial, District of Columbia,
and Commonwealth of Puerto Rico laws to serve as paying agents.
Procedural Requirements
This final rule does not meet the criteria for a ``significant
regulatory action,'' as defined in Executive Order 12866. Therefore,
the regulatory review procedures contained therein do not apply.
This final rule relates to matters of public contract and
procedures for United States securities. The notice and public
procedures requirements of the Administrative Procedure Act are
inapplicable, pursuant to 5 U.S.C. 553(a)(2).
As no notice of proposed rulemaking is required, the Regulatory
Flexibility Act (5 U.S.C. 601, et seq.) does not apply.
We ask for no new collections of information in this final rule.
Therefore, the Paperwork Reduction Act (44 U.S.C. 3507) does not apply.
List of Subjects in 31 CFR Part 317
Bonds, Electronic funds transfers, Federal Reserve System,
Government securities, Securities.
1. The authority citation for part 317 continues to read as
follows:
Authority: 2 U.S.C. 901; 5 U.S.C. 301; 12 U.S.C. 391; 12 U.S.C.
1767; and 31 U.S.C. 3105.
2. Amend Sec. 317.2 by revising the introductory text and paragraph
(a) to read as follows:
Sec. 317.2 Organizations authorized to act.
The following organizations are eligible to apply for qualification
and to serve as savings bond issuing agents:
(a) Banks, credit unions, trust companies and savings institutions,
if they are chartered by or incorporated under the laws of the United
States, any State or Territory of the United States, the District of
Columbia, or the Commonwealth of Puerto Rico.
* * * * *
Dated: January 6, 2000.
Donald V. Hammond,
Fiscal Assistant Secretary.
[FR Doc. 00-857 Filed 1-12-00; 8:45 am]
BILLING CODE 4810-39-M