[Federal Register Volume 70, Number 237 (Monday, December 12, 2005)]
[Rules and Regulations]
[Page 73347]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-23886]



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  Federal Register / Vol. 70, No. 237 / Monday, December 12, 2005 / 
Rules and Regulations  

[[Page 73347]]



DEPARTMENT OF AGRICULTURE

Rural Housing Service

Rural Business-Cooperative Service; Rural Utilities Service

Farm Service Agency

7 CFR Part 1902


Disbursement of Funds; Correction

AGENCY: Rural Housing Service, Rural Business-Cooperative Service, 
Rural Utilities Service, and Farm Service Agency, USDA.

ACTION: Final rule, correction.

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SUMMARY: This action corrects a final rule that was published in the 
Federal Register on Wednesday, October 12, 2005.

DATES: December 12, 2005.

FOR FURTHER INFORMATION CONTACT: Renita Bolden, Management Analyst, 
Regulations and Paperwork Management Branch, Support Services Division, 
U.S. Department of Agriculture, Stop 0742, 1400 Independence Avenue, 
SW., Washington, DC 20250-0742; Telephone: 202-692-0035.

SUPPLEMENTARY INFORMATION:

Background

    In FR rule document 05-20357 published October 12, 2005 (70 FR 
59224), the Agencies published a final rule revising their disbursement 
of funds regulations to reflect current disbursement methodologies.

Need for Correction

    As published, the final rule contained an incorrect reference that 
may prove to be misleading. This action will correct the error to 
insure that the accurate information is received.

List of Subjects in 7 CFR Part 1902

    Accounting, banks, banking, grant programs-housing and community 
development, loan programs-agriculture, loan programs-housing and 
community development.

0
For reasons set forth in the preamble, Chapter XVIII, title 7, Code of 
Federal Regulations is amended as follows:

PART 1902-SUPERVISED BANK ACCOUNTS

0
1. The authority citation for part 1902 continues to read as follows:

    Authority: 5 U.S.C. 301; 7 U.S.C. 1989; 7 U.S.C. 6991, et seq.; 
42 U.S.C. 1480; Reorganization Plan No. 2 of 1953 (5 U.S.C. App.).

Subpart A--Supervised Bank Accounts of Loan, Grant, and Other Funds

0
2. Section 1902.4 is amended by revising paragraph (a)(5) to read as 
follows:


Sec.  1902.4  Establishing MFH reserve accounts in a supervised bank 
account.

    (a) * * *
    (5) Financial institutions. The reserve account must be maintained 
in authorized financial institutions set out in 7 CFR part 3560, 
subpart G; e.g., banks, savings associations, credit unions, brokerage 
firms, mutual funds. Generally, any financial institution may be used 
provided invested or deposited funds are insured to protect against 
theft and dishonesty. The reserve account funds need not be Federally 
insured, but must be otherwise covered by non-Federal insurance against 
theft and dishonesty.
* * * * *

    Dated: December 6, 2005.
Russell T. Davis,
Administrator, Rural Housing Service.
[FR Doc. 05-23886 Filed 12-9-05; 8:45 am]
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