[Federal Register Volume 68, Number 95 (Friday, May 16, 2003)]
[Proposed Rules]
[Pages 26551-26552]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-12264]


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FARM CREDIT ADMINISTRATION

12 CFR Chapter VI

RIN 3052-AC15


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, our, or we) is seeking 
public comment on the appropriateness of the requirements it imposes on 
the Farm Credit System (System). We ask for comments on our regulations 
and policies that may duplicate other requirements, are ineffective, or 
impose burdens that are greater than the benefits received. We are 
taking this action to improve the regulatory framework within which 
System institutions operate.

DATES: Please send your comments to the FCA by July 15, 2003.

ADDRESSES: You may send comments by electronic mail to [email protected], through the Pending Regulations section of the FCA's 
interactive Web site at http://www.fca.gov, or through the Government-
wide http://www.regulations.gov portal. You may also send written 
comments to Robert E. Donnelly, Acting Director, Regulation and Policy 
Division, Office of Policy and Analysis, Farm Credit Administration, 
1501 Farm Credit Drive, McLean, Virginia 22102-5090 or by facsimile to 
(703) 734-5784. Copies of all comments we receive can be reviewed at 
our office in McLean, Virginia.

FOR FURTHER INFORMATION CONTACT: Lori Markowitz, Policy Analyst, Office 
of Policy and Analysis, Farm Credit Administration, McLean, VA 22102-
5090, (703) 883-4498, TTY (703) 883-4434; or Dale Aultman, Policy 
Analyst, Office of Policy and Analysis, Farm Credit Administration, 
McLean, VA 22102-5090, (703) 883-4498, TTY (703) 883-4434; or Gary K. 
Van Meter, Senior Counsel, Regulatory Enforcement Division, Office of 
General Counsel, Farm Credit Administration, McLean, VA 22102-5090, 
(703) 883-4020, TTY (703) 883-4020.

SUPPLEMENTARY INFORMATION:

I. Objective

    Consistent with law, safety, and soundness, the objective of this 
notice is to continue our efforts to identify and review FCA 
regulations and policies that:
    [sbull] May duplicate other requirements;
    [sbull] Are ineffective; or
    [sbull] Impose burdens that are greater than the benefits received.

II. Background

    The FCA is the independent Federal agency in the executive branch 
of the Government responsible for examining and regulating System 
institutions. As a Government-sponsored enterprise, the System 
primarily provides loans to farmers, ranchers, aquatic producers and 
harvesters, agricultural cooperatives, and rural utilities.
    From 1988 through 1992, as part of our initial effort to eliminate 
regulatory burden, we reduced, by more than 70 percent, the number of 
matters that required ``prior approval'' by the FCA. In 1993, we took 
an additional step to provide relief by requesting public comments on 
regulatory requirements that are no longer necessary, which the FCA may 
have imposed on the System. See 58 FR 34003 (June 23, 1993). After 
reviewing the comments received, we eliminated or streamlined many 
regulatory requirements.
    The Farm Credit System Reform Act of 1996 (Reform Act) states that 
we made considerable progress in reducing regulatory burden on System 
institutions. The Reform Act also requires that we continue our efforts 
to relieve regulatory burden.\1\
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    \1\ See Pub. L. 104-105, Sec.  212, 110 Stat. 174 (1996).
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    In 1998, we provided the public a summary of the actions we took in 
response to the 1993 solicitation and again requested public comments 
on regulatory requirements that are no longer necessary. See 63 FR 
44176 (August 18, 1998) and 63 FR 64013 (November 18, 1998). After we 
reviewed and analyzed the comments received, we:
    1. Repealed or amended 16 FCA regulations through a direct final 
rulemaking \2\--See 64 FR 43046 (August 9, 1999);
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    \2\ However, the amended regulation on approval of insider loans 
was subsequently withdrawn. See 64 FR 55621 (October 14, 1999).
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    2. Informed the public of the regulations we retained without 
amendment because they either are required by the Farm Credit Act of 
1971, as amended (Act), or protect the safety and soundness of the 
System--See 65 FR 21128 (April 20, 2000); and
    3. Addressed other regulatory burden issues in separate regulatory 
projects and other guidance, including:
    [sbull] Loan Purchases and Sales Final Regulation--See 67 FR 1281 
(January 10, 2002);
    [sbull] Stock Issuance Final Regulation--See 66 FR 16841 (March 28, 
2001);
    [sbull] Disclosure to Shareholders Final Regulation--See 66 FR 
14299 (March 12, 2001);
    [sbull] Investment Management Final Regulation--See 64 FR 28884 
(May 28, 1999); and
    [sbull] Policy and Reporting Changes for Young, Beginning, and 
Small Farmers and Ranchers Programs Bookletter--See BL-040 (December 
11, 1998).

III. Continuing Efforts To Reduce Regulatory Burden

    Future regulatory projects, including proposed regulations on 
Distressed Loan Restructuring (See 68 FR 5595, February 4, 2003) and 
Effective Interest Rates (See 68 FR 5587, February 4, 2003), will 
address many of the regulatory burden

[[Page 26552]]

comments from the 1998 notice. In addition, we will consider the 
remaining comments from our 1998 notice in subsequent rulemakings and 
other guidance.

IV. Requesting Comments

    In light of changes in the financial industry and its customers 
since our 1998 notice, we request comments on any FCA regulations or 
other guidance \3\ that may duplicate other requirements, are 
ineffective, or impose burdens that are greater than the benefits 
received.
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    \3\ FCA regulations and other guidance may be reviewed through 
the FCA Handbook section of the FCA's Web site at http://www.fca.gov.
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    Your comments are appreciated and will assist us in our continuing 
efforts to identify and reduce regulatory burden on System 
institutions. We will also continue our efforts to maintain and adopt 
regulations and policies that are necessary to implement the Act and 
ensure the safety and soundness of the System. These actions will 
enable the System to better serve America's farmers, ranchers, aquatic 
producers and harvesters, agricultural cooperatives, and rural 
utilities in changing agricultural credit markets.

    Dated: May 13, 2003.
Jeanette C. Brinkley,
Secretary, Farm Credit Administration Board.
[FR Doc. 03-12264 Filed 5-15-03; 8:45 am]
BILLING CODE 6705-01-P