[Federal Register Volume 68, Number 107 (Wednesday, June 4, 2003)]
[Rules and Regulations]
[Pages 33347-33348]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-14029]


=======================================================================
-----------------------------------------------------------------------

FARM CREDIT ADMINISTRATION

12 CFR Part 615

RIN 3052-AC14


Funding and Fiscal Affairs, Loan Policies and Operations, and 
Funding Operations; Capital Adequacy--ABS and MBS Investments; 
Effective Date

AGENCY: Farm Credit Administration.

ACTION: Notice of effective date.

-----------------------------------------------------------------------

SUMMARY: The Farm Credit Administration (FCA) published an interim 
final rule with request for comments under part 615 on March 28, 2003 
(68 FR 15045). This interim final rule amends our regulatory capital 
standards to allow Farm Credit System institutions to use a lower risk 
weighting for highly rated investments in non-agency asset-backed 
securities (ABS) and mortgage-backed securities (MBS) that have reduced 
exposure to credit risk. We are adopting this rule so that the capital 
requirements for risk weighting of highly rated non-agency ABS and MBS 
investments will more closely reflect an institution's relative 
exposure to credit risk and help achieve a more consistent regulatory 
capital treatment with the other financial regulatory agencies. In 
accordance with 12 U.S.C. 2252, the effective date of the interim final 
rule is 30 days from the date of publication in the Federal Register 
during which either or both Houses of Congress are in session. Based on 
the records of the sessions of Congress, the effective date of the 
regulations is May 13, 2003.

EFFECTIVE DATE: The regulation amending 12 CFR part 615 published on 
March 28, 2003 (68 FR 15045) is effective May 13, 2003.

FOR FURTHER INFORMATION CONTACT: Laurie A. Rea, Senior Policy Analyst, 
Office of Policy and Analysis, Farm Credit Administration, McLean, VA 
22102-5090, (703) 883-4498, TTY (703) 883-4434; or Jennifer A. Cohn, 
Senior Attorney, Office of General Counsel, Farm Credit Administration, 
McLean, VA 22102-5090, (703) 883-4020, TTY (703) 883-2020.

(12 U.S.C. 2252(a)(9) and (10))


[[Page 33348]]


    Dated: May 30, 2003.
Jeanette C. Brinkley,
Secretary, Farm Credit Administration Board.
[FR Doc. 03-14029 Filed 6-3-03; 8:45 am]
BILLING CODE 6705-01-P