99-26749. Standards of Conduct; Loan Policies and Operations; General Provisions; Regulatory Burden; Effective Date

[Federal Register Volume 64, Number 198 (Thursday, October 14, 1999)]
[Rules and Regulations]
[Page 55621]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-26749]



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Federal Register / Vol. 64, No. 198 / Thursday, October 14, 1999 / 
Rules and Regulations

[[Page 55621]]


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FARM CREDIT ADMINISTRATION

12 CFR Parts 612, 614 and 618

RIN 3052-AB85


Standards of Conduct; Loan Policies and Operations; General 
Provisions; Regulatory Burden; Effective Date

AGENCY: Farm Credit Administration.

ACTION: Confirmation of effective date; partial withdrawal.

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SUMMARY: The Farm Credit Administration (FCA) published a direct final 
rule, with opportunity for comment, amending parts 612, 614 and 618 on 
August 9, 1999 (64 FR 43046). This direct final rule would reduce 
regulatory burden on the Farm Credit System (FCS or System) by 
repealing or amending 16 regulations. These revisions provide System 
banks and associations with greater flexibility concerning loan sales, 
agricultural secondary market activities, loans to insiders, letters of 
credit, information programs, travel expenses, and disclosing borrower 
information during litigation. The opportunity for comment expired on 
September 8, 1999. We received a significant adverse comment on the 
direct final rule regarding insider loans. As a result, the revision to 
subpart M of part 614 will not become effective. All other regulations 
in the direct final rule will become effective in accordance with this 
document. Pursuant to 12 U.S.C. 2252, the effective date of the 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 October 13, 1999.

EFFECTIVE DATE: The regulation amending 12 CFR parts 612, 614 and 618 
published on August 9, 1999 (64 FR 43046) is effective October 13, 
1999, except that the revision to subpart M of part 614 (amendatory 
instruction #9 on page 43049) is withdrawn as of October 13, 1999.

FOR FURTHER INFORMATION CONTACT:

Eric Howard, Senior Policy Analyst, or Dale Aultman, Policy Analyst, 
Office of Policy and Analysis, Farm Credit Administration, McLean, VA 
22102-5090, [phone], TDD [phone],
      or
Richard A. Katz, Senior Attorney, Office of General Counsel, Farm 
Credit Administration, McLean, VA 22102-5090, [phone], TDD (703) 
883-4444.

SUPPLEMENTARY INFORMATION: Our direct final rule reduces unnecessary 
regulatory burden on FCS institutions by repealing or revising 16 
regulations that System commenters identified as burdensome. Direct 
final rulemaking enables Federal agencies to quickly adopt 
noncontroversial regulations without the usual notice and comment 
period. On August 9, 1999, we notified you that this rule would become 
effective 30 days after publication in the Federal Register during 
which either or both Houses of Congress are in session unless we 
received a significant adverse comment by September 8, 1999. A 
significant adverse comment is one where a commenter explains why the 
rule would be inappropriate (including challenges to its underlying 
premise of approach), ineffective, or unacceptable. Our August 9, 1999 
notice informed you that if we received a significant adverse comment 
about any amendment, paragraph, or section of this rule, we would 
withdraw it, but adopt all other provisions as a final rule. We 
received a significant adverse comment on the revision to Sec. 614.4460 
concerning insider loans. As a result, the revision to subpart M of 
part 614 will not become effective, and we will notify you how we plan 
to proceed. Existing Secs. 614.4450, 614.4460 and 614.4470 remain in 
full force and effect. All other regulations in the direct final rule 
take effect on October 13, 1999.

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

    Dated: October 7, 1999.
Vivian L. Portis,
Secretary, Farm Credit Administration Board.
[FR Doc. 99-26749 Filed 10-13-99; 8:45 am]
BILLING CODE 6705-01-P