00-857. Regulations Governing Agencies for Issue of United States Savings Bonds  

  • [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 wearnest@bpd.treas.gov>
         Susan J. Klimas, Attorney-Adviser, Office of the Chief 
    Counsel, Bureau of the Public Debt, at (304) 480-3688 or 
    sklimas@bpd.treas.gov>
         Edward C. Gronseth, Deputy Chief Counsel, Bureau of the 
    Public Debt, at (304) 480-3692 or egronset@bpd.treas.gov>
    
    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
    
    
    

Document Information

Effective Date:
1/13/2000
Published:
01/13/2000
Department:
Fiscal Service
Entry Type:
Rule
Action:
Final rule.
Document Number:
00-857
Dates:
Effective January 13, 2000.
Pages:
2034-2035 (2 pages)
PDF File:
00-857.pdf
CFR: (1)
31 CFR 317.2