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 [phone] 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 [e-mail]>
     Susan J. Klimas, Attorney-Adviser, Office of the Chief 
Counsel, Bureau of the Public Debt, at [phone] or 
[e-mail]>
     Edward C. Gronseth, Deputy Chief Counsel, Bureau of the 
Public Debt, at [phone] or [e-mail]>

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