2010-4858. Borrower Rights; Effective Interest Rates; Effective Date

AGENCY:

Farm Credit Administration.

ACTION:

Notice of effective date.

SUMMARY:

The Farm Credit Administration (FCA or Agency), through the FCA Board (Board), issued a final rule under part 617 on December 22, 2009 (74 FR 67970) amending FCA's regulations to ensure that borrowers with loans directly tied to a widely publicized external index receive appropriate disclosure of interest rate changes in accordance with statutory requirements while allowing Farm Credit System institutions to provide the notices in a more efficient manner. In accordance with 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 March 2, 2010.

DATES:

Effective Date: Under the authority of 12 U.S.C. 2252, the regulation amending 12 CFR part 617 published on December 22, 2009 (74 FR 67970) is effective March 2, 2010.

FOR FURTHER INFORMATION CONTACT:

Jacqueline R. Melvin, Policy Analyst, Office of Regulatory Policy, Farm Credit Administration, McLean, Virginia 22102-5090, [phone], TTY [phone], or Howard Rubin, Senior Counsel, Office of General Counsel, Farm Credit Administration, McLean, Virginia 22102-5090, [phone], TTY [phone].

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

Dated: March 3, 2010.

Roland E. Smith,

Secretary, Farm Credit Administration Board.