[Federal Register Volume 63, Number 68 (Thursday, April 9, 1998)]
[Rules and Regulations]
[Pages 17311-17315]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-9017]
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Rules and Regulations
Federal Register
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This section of the FEDERAL REGISTER contains regulatory documents
having general applicability and legal effect, most of which are keyed
to and codified in the Code of Federal Regulations, which is published
under 50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by the Superintendent of Documents.
Prices of new books are listed in the first FEDERAL REGISTER issue of each
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Federal Register / Vol. 63, No. 68 / Thursday, April 9, 1998 / Rules
and Regulations
[[Page 17311]]
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DEPARTMENT OF AGRICULTURE
Commodity Credit Corporation
7 CFR Part 1425
RIN 0560-AF33
Cooperative Marketing Associations
AGENCY: Commodity Credit Corporation, USDA.
ACTION: Interim rule and request for comments.
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SUMMARY: This rule amends the Commodity Credit Corporation's (CCC's)
Cooperative Marketing Association (CMA) program to reduce workload and
reporting burdens and focus CCC's monitoring efforts on the CMA's
participation in the commodity loan and loan deficiency payment
programs. Other CMA business functions will no longer be subject to
review or approval.
DATES: This rule is effective April 9, 1998. Comments concerning this
rule should be received on or before May 11, 1998 to be assured
consideration.
ADDRESSES: Address all comments concerning this interim rule to James
Goff, Agricultural Program Specialist, Price Support Division, USDA,
FSA, STOP 0512, 1400 Independence Avenue, S.W., Washington, DC 20250-
0512, telephone (202) 720-5396: e-mail James__Goff@wdc.fsa.usda.gov.
SUPPLEMENTARY INFORMATION:
Executive Order 12866
It has been determined that this rule does not have sufficient
Federalism implications to warrant the preparation of a Federalism
Assessment. The provisions contained in this rule will not have a
substantial direct effect on States or their political subdivisions, or
on the distribution of power and responsibilities among various levels
of government.
Executive Order 12866
This interim rule is issued in conformance with Executive Order
12866 and has been determined to be not significant and therefore has
not been reviewed by the Office of Management and Budget.
Executive Order 12988
The interim rule has been reviewed in accordance with Executive
Order 12988. The provisions of this interim rule preempt State laws to
the extent such laws are inconsistent with the provisions of this rule.
The provisions of this rule are not retroactive. Before any judicial
action may be brought concerning the provisions of this rule, the
administrative remedies must be exhausted.
Regulatory Flexibility Act
It has been determined that the Regulatory Flexibility Act is not
applicable to this rule because FSA and CCC are not required by 5
U.S.C. 553 or any other provision of law to publish a notice of
proposed rulemaking with respect to the subject matter of this rule.
Unfunded Mandates Reform Act of 1995
This rule contains no Federal mandates under the regulatory
provisions of Title II of the Unfunded Mandates Reform Act of 1995
(UMRA) for State, local, and tribal governments or the private sector.
Thus, this rule is not subject to the requirements of sections 202 and
205 of UMRA.
Federal Assistance Programs
The titles and numbers of the Federal assistance programs, as found
in the Catalog of Federal Domestic Assistance, to which this rule
applies are:
Executive Order 12372
This program is not subject to the provisions of Executive Order
12372, which require intergovernmental consultation with State and
local officials. See the notice related to 7 CFR part 3015, subpart V,
published at 48 FR 29115 (June 24, 1983).
Environmental Evaluation
It has been determined by an environmental evaluation that this
action will have no significant impact on the quality of the human
environment. Therefore, neither an environmental assessment nor an
Environmental Impact Statement is needed.
Paperwork Reduction Act of 1995
The Information Collections for the program are covered under OMB
control number 0560-0040. A Notice with request for comments on the
information collection was published in the Federal Register on April
7, 1998, at 63 FR 16958. An information collection package will be sent
to OMB for review at the end of the 60-day comment period.
Background
CCC made loans and loan deficiency payments (LDP's) available to
producers through agricultural marketing cooperatives for over 60
years. USDA first extended commodity loans to cotton cooperatives in
1934. Commodities now authorized for marketing assistance loans and
LDP's through approved CMA's are: barley, canola, corn, cotton,
flaxseed, mustard seed, oats, rapeseed, rice, safflower, sorghum,
soybeans, sunflower seed, and wheat.
Explanation of Changes
Existing regulations have not been substantially changed or updated
in the last 15 years. Many of the old regulations dealt with monitoring
changes in the CMA's by-laws, equity requirements, and conflict-of-
interest issues of board members and key employees. Cooperatives are
voluntary organizations. Producers who join cooperatives have the right
to review by-laws before joining the cooperative and approve by-law
changes after becoming a member. CMA loans are non-recourse commodity
loans for which CCC determines the loan value. CCC allows CMA's
terminated for non-compliance to forfeit the collateral without
additional financial penalty. CCC is not financially at risk for any
program losses because, as stated in Sec. 1425.17(m), CMA's are
responsible to CCC for all losses. In addition, CCC does not require
individual producers receiving similar loans to meet any equity
requirements. Conflict of interest concerns have become important to
cooperatives, their insurance companies, and members. Therefore, CCC's
concern with respect to by-law, equity, or conflict of interest issues
is diminished and CCC believes it is in the best interest of the
government to focus on marketing
[[Page 17312]]
assistance loans and LDP-related activity by the CMA's. CCC will now
rely on the CMA's Articles of Incorporation and its marketing
agreements with its members to establish that the CMA is operating as a
cooperative and is allocating marketing assistance loan and LDP
proceeds back to the applicable eligible producers.
Summary of Changes
The entire part 1425 has been rewritten. In addition, specific
changes are as follows:
(a) Seed cotton has been removed from the definition of an
authorized commodity in Sec. 1425.3. CMA's will no longer be authorized
to obtain seed cotton loans.
(b) Section 1425.4 is amended by replacing required audit
submissions with balance sheet submissions;
(c) All references to bylaw submissions and bylaw requirements are
removed. This affected Sec. 1425.4, Sec. 1425.6, Sec. 1425.8,
Sec. 1425.9, and Sec. 1425.19. Section 1425.11 was removed as a result
and is now reserved;
(d) Equity requirements in Sec. 1425.10(c) have been removed;
(e) Conflict of interest statement submissions by cooperative Board
members and key employees was removed from Sec. 1425.12. Section
1425.12 is now reserved;
(f) Provisions to allow discrepancies between CCC and CMA records
related to the eligibility status for a producer under certain
situations were added to Sec. 1425.17;
(g) In Sec. 1425.14 the member volume requirement for a crop
involved in loan or LDP activity has been reduced from 80 percent to 50
percent;
(h) The requirements in Sec. 1425.10 (d) to adjust a CMA's net
worth for pledged assets and restricted accounts have been removed;
(i) Section 1425.7(b) is amended so CCC may terminate a suspended
CMA in less than 1 year;
(j) In Sec. 1425.4(d) the requirements for CMA's to submit revised
applications every 5 years is changed to require submissions when CCC
questions whether the CMA is operating according to documents
previously submitted; and
(k) Definitions have been added to Sec. 1425.3 for cooperative,
market gain, and loan pool.
Submit comments as an:
1. ASCII file avoiding the use of special characters and any form
of encryption; or
2. WordPerfect 5.1--7.0 file on diskette.
Identify all comments and data in electronic form by RIN 0560-AF33.
List of Subjects in 7 CFR Part 1425
Agricultural commodities Cooperatives, Marketing agreements.
Accordingly, for the reasons stated in the preamble, 7 CFR part
1425 is revised as set forth below:
PART 1425--COOPERATIVE MARKETING ASSOCIATIONS
Sec.
1425.1 Applicability.
1425.2 Administration.
1425.3 Definitions.
1425.4 Approval.
1425.5 Confidentiality.
1425.6 Approved CMA's.
1425.7 Suspension and termination of approval.
1425.8 Ownership and control.
1425.9 Open membership.
1425.10 Financial ratio requirement.
1425.11-1425.12 [Reserved]
1425.13 Uniform marketing agreement.
1425.14 Member business.
1425.15 Vested authority.
1425.16 Payment limitation.
1425.17 Eligible commodity and pooling.
1425.18 Distribution of proceeds.
1425.19 Member cooperatives.
1425.20 [Reserved]
1425.21 Records required.
1425.22 Inspection and investigation.
1425.23 Reports.
1425.24 OMB control number assigned pursuant to Paperwork Reduction
Act.
1425.25 Appeals.
Authority: 7 U.S.C. 1441 and 1421, 7 U.S.C. 7231-7237; and 15
U.S.C. 714b, 714c, and 714j.
Sec. 1425.1 Applicability.
This part sets forth the terms and conditions an approved
Cooperative Marketing Association (CMA) must meet to obtain commodity
marketing assistance loans (loans) and loan deficiency payments (LDP's)
from CCC on behalf of its members. A CMA meeting these terms and
conditions may obtain loans and LDP's for any eligible commodity for
which a loan and LDP program is in effect.
Sec. 1425.2 Administration.
On behalf of CCC, the Farm Service Agency will administer the
provisions of this part under the general direction and supervision of
the Deputy Administrator for Farm Programs. In the field, the
provisions of this part will be administered by the State and county
FSA committees.
Sec. 1425.3 Definitions.
The definitions set forth in this section shall be applicable for
all purposes of program administration. The terms defined in parts 718
of this title and parts 1421 and 1427 of this chapter shall also be
applicable, except where those definitions conflict with the
definitions in this section.
Active member is a member who has utilized the services offered by
a CMA in one of the three preceding CMA fiscal years or such shorter
period as may be provided in the CMA's articles of incorporation or
bylaws.
Approved cooperative marketing association (CMA) is a cooperative
approved by CCC to participate in loan and LDP programs for any
authorized commodity.
Authorized commodity is a commodity for which a CMA is approved by
CCC to obtain loans or LDP's. Commodities for which a CMA may be
approved by CCC are barley, canola, corn, cotton, flaxseed, mustard
seed, oats, rapeseed, rice, safflower, sorghum, soybeans, sunflower
seed, and wheat.
Cooperative is a business owned and controlled by the producers who
use its services and operated under generally accepted cooperative
principles.
Eligible commodity is a commodity which meets the commodity's
eligibility requirements set forth in chapter XIV of this title, and is
produced and delivered to the CMA from a producer eligible for loan or
LDP.
Loan pool is any CMA pool containing commodities used by the CMA to
obtain either loans or LDP's.
Market gain is the sum of loan rate, minus the repayment rate on
loans repaid with less than the loan rate, plus for LDP's, the same
rate, times the quantity of commodity. Market gains cannot exceed the
producer's applicable payment limitation as set out in part 1400 of
this chapter.
Member is a producer who:
(a) Has fully paid for membership stock or earned equity credits in
the CMA;
(b) Has executed a uniform marketing agreement with the CMA; and
(c) Is entitled to all CMA membership rights.
Sec. 1425.4 Approval.
(a) For a cooperative to gain CMA status to participate in a
marketing assistance loan or LDP program for the 1997 through 2002 crop
years, a cooperative must submit an application for approval to CCC. An
application must include:
(1) A completed Form CCC-846 indicating commodities for which it
seeks approval;
(2) A balance sheet, dated within the last year, prepared for the
cooperative and accompanied by a letter from an independent Certified
Public Accountant, certifying that the balance sheet was prepared in
accordance with
[[Page 17313]]
generally accepted accounting principles;
(3) A copy of the articles of incorporation or articles of
association and all marketing agreements for loan pools, together with
a certification that this material is current;
(4) Resolutions made by the cooperative's board of directors
stating the cooperative will abide by provisions of this part, the
nondiscrimination provisions thereof, and all other related CCC
policies;
(5) A detailed description of how proceeds from each loan pool will
be distributed to members as provided for in Sec. 1425.18;
(6) An executed form CCC-Cotton G, Cotton Cooperative Loan
Agreement, by cooperatives applying for approval to participate in the
cotton loan and LDP program; and
(7) Other information as requested by CCC concerning the
organizational, operational, financial or any other aspect of the
cooperative requested by CCC related to the cooperative's proposed
methods of conducting CCC loan and LDP business.
(b) A CMA must submit, on an annual basis, the following
information to CCC:
(1) A completed Form CCC-846-1, which shall disclose:
(i) The number of active and inactive CMA members;
(ii) The CMA's allocated equity;
(iii) The CMA's unallocated equity; and
(iv) Quantity of each loan pool commodity delivered to the CMA for
marketing and the portion of such commodities received from active
members during the prior year.
(2) The CMA's latest balance sheet. This balance sheet must be
dated within the past year and be accompanied by a letter from an
independent Certified Public Accountant certifying that the balance
sheet was prepared in accordance with generally accepted accounting
principles.
(c) A CMA shall furnish information to CCC within thirty calendar
days relating to any:
(1) Change in its articles of incorporation and loan pool marketing
agreements;
(2) Resolution affecting loan or LDP operations;
(3) Change to the CMA's name, address, phone number, or related
data shown on the CCC-846-1;
(4) Change in loan pool operations with an explanation and
justification; and
(5) Additional information CCC may request related to the CMA's
continued approval by CCC.
(d) CCC may require a CMA to submit a new initial application
instead of a recertification application when it questions whether the
CMA is operating according to documents previously submitted.
Sec. 1425.5 Confidentiality.
Information submitted to CCC related to trade secrets, financial or
commercial operations, or the financial condition of a CMA, whether for
initial approval or continued approval, shall be kept confidential by
the officers, agents, and employees of CCC and the Department of
Agriculture except as required to be disclosed by law.
Sec. 1425.6 Approved CMA's.
(a) CCC shall, in accordance with the provisions of this part,
approve a CMA to obtain marketing assistance loans and LDP's.
(b) CCC may approve a CMA to participate in a marketing assistance
loan and LDP program for the 1997 through 2002 crop as:
(1) Unconditionally approved; or
(2) Conditionally approved.
(c) If CCC determines a CMA is in substantial but not total
compliance with the requirements of this part, CCC may make the
approval conditional on CMA coming into full compliance within a
reasonable period of time as specified in the notification of
conditional approval.
(d) A CMA is approved to participate in a marketing assistance loan
and LDP program until the CMA's approval is suspended or terminated by
CCC.
Sec. 1425.7 Suspension and termination of approval.
(a) CCC may suspend a CMA from obtaining loans and LDP's when CCC
determines the CMA has not:
(1) Operated according to the CMA's application for approval or its
last recertification submission;
(2) Complied with applicable regulations;
(3) Corrected deficiencies of the CMA's operation as noted by CCC;
or
(4) Violated any of its agreements with CCC.
(b) A suspension may be lifted when CCC determines the CMA has
complied with all requirements for approval. When suspensions are not
lifted within 1 year, or a shorter time period if so indicated in CCC's
suspension notification, the CMA's approval automatically terminates.
(c) CCC may terminate a CMA's approval by giving the CMA written
notice of the termination.
(d) A CMA may, when it does not have any marketing assistance loans
outstanding, through written notice to CCC, voluntarily terminate its
participation in a loan and LDP program.
(e) CCC may, on demand, call all outstanding CCC loans made to a
suspended or terminated CMA. When loans are called, CCC will provide at
least 10 calendar days written notice to the CMA. Commodities pledged
as collateral for loans must be repaid by the date specified by CCC. If
redemption is not made by the date specified, title to the commodity
shall vest in CCC and CCC shall have no obligation to pay the
commodity's market value above the principal amount of such loans.
Sec. 1425.8 Ownership and control.
(a) CMA's must be owned and controlled by active members of the
CMA.
(b) The CMA must provide evidence that:
(1) Active members own more than 50 percent of its allocated
equity; and
(2) A majority of directors are active members of the CMA or
authorized representatives of active members.
(c) An applicant cooperative or a CMA, not under the ownership or
control, of its active members, may be approved by CCC if it is able to
establish that, by retiring the equity of its inactive members or by
obtaining new members, it can vest ownership and control in its active
members, as required by this section, by a date specified by CCC.
Sec. 1425.9 Open membership.
(a) The CMA shall provide CCC documented proof that the CMA admits
every membership applicant who is eligible under the statute regulating
the CMA.
(b) Notwithstanding paragraph (a) of this section, a CMA may refuse
membership to an applicant whose admission would prejudice, hinder, or
otherwise obstruct the interests or purposes of the CMA.
Sec. 1425.10 Financial ratio requirement.
To be financially able to make advances to their members and to
market their commodities, CMA's shall have a current ratio of at least
1 dollar of current assets for each 1 dollar of current liabilities
(current ratio of 1:1 or better) on the balance sheet it submits to CCC
with its initial application or annual recertification required in
Sec. 1425.4.
Sec. 1425.11-Sec. 1425.12 [Reserved]
Sec. 1425.13 Uniform marketing agreement.
(a) A CMA must enter into a uniform marketing agreement with each
member who delivers a commodity to a loan pool.
[[Page 17314]]
(b) The identification number used by the member to report acreage
on applicable farms to FSA must appear on the marketing agreement.
Sec. 1425.14 Member business.
(a) At least 50 percent of a crop of an authorized commodity
acquired by, or delivered to, a CMA for marketing must be produced by
its members for the CMA to obtain a loan or LDP for such crop. CCC may,
for a period not to exceed 2 years, waive this requirement if:
(1) The CMA can establish to CCC that such authorization is
necessary for the efficient operation of the CMA; and
(2) The CMA's plan, approved by CCC, will bring the CMA into
compliance with the provisions of this section.
(b) Commodities purchased or acquired from CCC and processed
products acquired from other processors or merchandisers shall not be
considered in determining the volume of member or nonmember business.
Sec. 1425.15 Vested authority.
The marketing agreement between the CMA and its members shall give
the CMA the authority to pledge the commodity as collateral for a loan,
to place a lien on such commodity, and to market the commodity on
behalf of its members even though the individual members retain the
right, in effect, to determine the price at which the commodity can be
marketed by the CMA.
Sec. 1425.16 Payment limitation.
CMA's shall monitor market gains they receive from CCC on behalf of
their members and not obtain market gains for a member above the
member's payment limitation determined in accordance with part 1400 of
this chapter.
Sec. 1425.17 Eligible commodity and pooling.
(a) A CMA may establish separate loan pools as needed for
quantities of a commodity.
(b) Loans and, if applicable, LDP's will be available to CMA's for
any eligible commodity in a loan pool as provided in paragraph (e) of
this section and the beneficial interest provisions of parts 1421 and
1427 of this chapter.
(c) A pool shall be eligible for loans and LDP's if:
(1) All of the commodity in the pool is eligible for loans or
LDP's, except as provided in paragraphs (d) and (e) of this section;
(2) The commodity was delivered by members to the CMA for their
benefit;
(3) The commodity was delivered and the members are eligible for
loans and LDP's;
(4) Members retain the right to share in marketing proceeds from
the commodity in accordance with Sec. 1425.18; and
(5) Members agreed to accept a payment of initial advances from the
CMA in accordance with Sec. 1425.18(a).
(d) Ineligible commodities may be included in eligible pools when:
(1) The CMA inadvertently included ineligible quantities based on
grade, quality, bale weight or repacking in the case of cotton, or
other factors; or
(2) There are eligibility discrepancies within FSA records, the
producer has certified to the CMA that the commodity is eligible for
loan, and there is no market gain or LDP involved in the loan pool for
the crop year.
(e) A CMA may, for a period of time as specified in Handbook 1-CMA,
include a commodity that is ineligible based on FSA records when the
producer has certified to the CMA the commodity is eligible. In these
instances, CCC specifies a time period during which CMA's may obtain
loan or LDP's on the applicable quantity while the eligibility status
is resolved. If the final resolution is that the commodity was
ineligible, the CMA must repay any loans outstanding with principal
plus interest and any market gains obtained plus interest from the date
of receiving the market gain through the repayment date.
(f) The CMA must have in inventory a quantity of commodity
delivered by members of each class and grade at least equal to the
quantity each class and grade pledged as loan collateral.
(g) Loans will be available to the CMA for the quantity of a farm-
stored commodity that is, pursuant to such CMA marketing agreement with
a member, part of the CMA's loan pool.
(h) A CMA shall have identity-preserved loan pool commodities
stored in approved warehouses while the commodities are pledged as
collateral for loan.
(i) Loan eligibility for commingled commodities stored on a farm or
in a warehouse may be transferred to an approved warehouse.
(j) Commodities pledged as collateral for CCC loans shall be free
and clear of all liens and encumbrances based on a CMA's financial
agreements or the CMA shall obtain a completed form CCC-679, Lien
Waiver. When liens are applicable based on CMA financial agreements,
the CMA shall provide CCC the completed CCC-679. CMA's shall not take
any action to cause a lien or encumbrance to be placed on a commodity
after a loan is approved.
(k) If a loan or LDP is obtained for any quantity in a loan pool,
allocations of costs and expenses among separate pools for the
commodity in the pool shall be made according to generally accepted
accounting principles.
(l) A CMA shall not apply marketing losses from a commodity not
used to obtain a loan or LDP against the marketing proceeds of a
commodity used to obtain a loan or LDP.
(m) CMA's shall not carry forward losses from one loan pool and
apply them against a subsequent loan pool without CCC's authorization.
CCC may grant authorization when it determines that carrying forward
the loss complies with CCC's loan and LDP program intent.
(n) The CMA is responsible to CCC for any loss related to
commodities the CMA pledged as collateral for loan or used to obtain
LDP related to:
(1) The CMA failing to comply with these regulations;
(2) Changes in quantity or quality of either warehouse or farm
stored commodities; or
(3) Liens based on either the CMA's or its members' financial
agreements.
Sec. 1425.18 Distribution of proceeds.
(a)(1) If CCC makes loans or LDP's for any quantity in a loan pool,
the related proceeds shall be distributed to members participating in
the pool:
(i) Based on the quantity and quality of the commodity delivered by
each member;
(ii) Less any authorized charges for services performed or paid by
the CMA necessary to condition the commodity or otherwise make the
commodity eligible for loans or LDP's; and
(iii) Within 15 work days from the date the CMA receives loan or
LDP proceeds from CCC, except when loans are redeemed within 15 work
days of the date of the loan.
(2) CMA's may credit advances to its members made before loans and
LDP's are obtained against the distribution of loan and LDP proceeds
requirement in paragraph (a)(1)(iii) of this section.
(b)(1) Except as provided in paragraph (b)(2) of this section, loan
pool proceeds shall not be combined with non-loan pool proceeds and the
CMA shall distribute loan pool proceeds according to the information it
provided CCC in accordance with Sec. 1425.4(b)(7).
(2) Sales proceeds from a loan pool may be combined with sales
proceeds from other pools if the proceeds from such pools are allocated
among the pools according to the quantity and quality of the commodity
included in the pools.
[[Page 17315]]
(3) Loan and LDP proceeds shall only be issued to members involved
in pools used for loans or LDP's.
(4) When notified by CCC that loan and LDP distributions to a
member must be reduced for a program year, farm, or crop, a CMA shall
not make subsequent pool distributions and shall reimburse CCC for
distributions previously issued, if applicable.
Sec. 1425.19 Member cooperatives.
A CMA may obtain loans or LDP's on behalf of a member cooperative
when the member cooperative is itself a CMA operating in accordance
with this part. Loans and LDP's are restricted based on the CMA
obtaining the loan or LDP.
Sec. 1425.20 [Reserved]
Sec. 1425.21 Records required.
(a) A CMA shall maintain records for each loan or LDP commodity
showing the quantity:
(1) Received from each member and nonmember;
(2) Eligible for loans and LDP's;
(3) By quality factors specified in the applicable commodity
regulations including class, grade, and quality, where applicable; and
(4) Of unprocessed inventory broken down by items 1 through 3
above.
(b) Except as provided in paragraph (c) of this section, inventory
shall be allocated in the following manner until all inventory in a
loan pool is depleted:
(1) For processed commodities, the pool's inventory shall be
adjusted when the commodity is withdrawn from inventory for processing;
and
(2) For commodities that are not processed, the pool's inventory
shall be allocated to the pool and the pool's inventories adjusted when
the commodity is shipped.
(c) Records of loan and non-loan pool dispositions do not have to
be maintained separately when sales proceeds from pools are allocated
according to the quantity and quality of commodity in the pools.
Sec. 1425.22 Inspection and investigation.
(a) The books, documents, papers, and records of the CMA and
subsidiaries shall be maintained for five years after the applicable
crop year and shall be available to CCC for inspection and examination
at all reasonable times.
(b) At any time after an application is received, CCC shall have
the right to examine all books, documents, papers, and determine
whether the CMA is operating or has operated in accordance with the
regulations in this part, its articles of incorporation or articles
association, and agreements with producers, the representations made by
the CMA in its application for approval, and, where applicable, its
agreements with CCC.
Sec. 1425.23 Reports.
(a) CMA's shall annually provide CCC a report of all commodity
deliveries involved in loans and LDP's by FSA farm number for each
member.
(b) When requested by CCC, CMA's shall report market gains received
on behalf of each member.
Sec. 1425.24 OMB control number assigned pursuant to Paperwork
Reduction Act.
The information collection requirements contained in these
regulations (7 CFR 1425) have been approved by the Office of Management
and Budget (OMB) under the provisions of 44 U.S.C. Chapter 35 and have
been assigned OMB number 0560-0040.
Sec. 1425.25 Appeals.
A CMA may obtain reconsideration and review of determinations made
under this part in accordance with the appeal regulations set forth at
part 780 of this title.
Signed at Washington, D.C., on March 27, 1998.
Keith Kelly,
Executive Vice President, Commodity Credit Corporation.
[FR Doc. 98-9017 Filed 4-8-98; 8:45 am]
BILLING CODE 3410-05-P
