25266 Federal Register / Vol. 65, No. 84 / Monday, May 1, 2000 / Rules and Regulations

III. Review Under Executive Order

12988

Section 3 of Executive Order 12988,

61 FR 4729 (February 7, 1996), instructs

each agency to adhere to certain

requirements in promulgating new

regulations. These requirements, set

forth in Section 3(a) and (b), include

eliminating drafting errors and needless

ambiguity, drafting the regulations to

minimize litigation, providing clear and

certain legal standards for affected legal

conduct, and promoting simplification

and burden reduction. Agencies are also

instructed to make every reasonable

effort to ensure that the regulation

describes any administrative proceeding

to be available prior to judicial review

and any provisions for the exhaustion of

administrative remedies. The

Department has determined that today’s

regulatory action meets the

requirements of Section 3(a) and (b) of

Executive Order 12988.

IV. Review Under Executive Order

13132

Executive Order 13132 (64 FR 43255,

August 4, 1999) imposes certain

requirements on agencies formulating

and implementing policies or

regulations that preempt State law or

that have federalism implications.

Agencies are required to examine the

constitutional and statutory authority

supporting any action that would limit

the policymaking discretion of the

States and carefully assess the necessity

for such actions. DOE has examined

today’s rule and has determined that it

does not preempt State law and does not

have a substantial direct effect on the

States, on the relationship between the

national government and the States, or

on the distribution of power and

responsibilities among the various

levels of government. No further action

is required by Executive Order 13132.

V. Review Under the Paperwork

Reduction Act

No new information collection or

record keeping requirements are

imposed on the public by today’s rules.

VI. Review Under the National

Environmental Policy Act

A programmatic environmental

assessment has been prepared covering

the grant program under the final rule

published today which was sent to the

States for comment on March 27, 1996.

No comments were received by the end

of the 14-day comment period. This

programmatic environmental

assessment resulted in a finding of no

significant impact (FONSI). A FONSI

was issued on June 7, 1996. The

documents relating to this programmatic

environmental assessment are available

in the DOE Freedom of Information

Reading Room, United States

Department of Energy, Room 1E–190,

Forrestal Building, 1000 Independence

Avenue, SW, Washington, DC 20585,

(202) 586–3142.

VII. Review Under the Small Business

Regulatory Enforcement Fairness Act of

1996

The final rule published today is

subject to the Congressional notification

requirements of the Small Business

Regulatory Enforcement Fairness Act of

1996 (Act), 5 U.S.C. 801. DOE will

report to Congress on the promulgation

of the final rule prior to the effective

date set forth at the beginning of this

notice.

VIII. Review Under the Unfunded

Mandates Reform Act 1995

The Unfunded Mandates Reform Act

of 1995 (Pub. L. 104–4) places a variety

of review and consultative obligations

on Federal agencies proposing

regulatory actions for Federal

intergovernmental mandates. Today’s

rule does not involve such a mandate

because the Unfunded Mandates Reform

Act excludes from the definition of

‘‘Federal intergovernmental mandate’’

provisions in a regulation that would

impose conditions incident to a

financial assistance program (not

involving an entitlement) or a duty

arising from participation in a voluntary

Federal program 2 U.S.C. 658(5). This

program is a standard non-entitlement

financial assistance program and States

are not obligated to participate in it.

IX. Review Under the Regulatory

Flexibility Act

The regulatory flexibility analysis

requirements in the Regulatory

Flexibility Act, 5 U.S.C 601 et seq., do

not apply to this final rule because a

general notice of proposed rulemaking

was not required by law.

X. The Catalog of Federal Domestic

Assistance

The Catalog of Federal Domestic

Assistance number for the State Energy

Program is 81.041. The Catalog of

Federal Domestic Assistance number for

the State Energy Program Special

Projects is 81.119.

List of Subjects in 10 CFR Part 420

Energy conservation, Grant

programs—energy, Incorporation by

reference, Reporting and record keeping

requirements, Technical assistance.

Issued in Washington, DC, on April 25,

2000.

Dan W. Reicher,

Assistant Secretary, Energy Efficiency and

Renewable Energy.

Accordingly, the interim rule

amending 10 CFR part 420 which was

published at 64 FR 46111 on August 24,

1999 is adopted as a final rule without

change.

[FR Doc. 00–10753 Filed 4–28–00; 8:45 am]

BILLING CODE 6450–01–P

NATIONAL CREDIT UNION

ADMINISTRATION

12 CFR Part 790

Federal Credit Unions; Miscellaneous

Technical Amendment

AGENCY: National Credit Union

Administration (NCUA).

ACTION: Final rule.

SUMMARY: The National Credit Union

Administration (NCUA) is renaming its

Office of Technology and Information

Services to make it more consistent with

other government agencies. This

amendment is technical rather than

substantive.

DATES: This rule is effective May 1,

2000.

FOR FURTHER INFORMATION CONTACT:

Chrisanthy J. Loizos, Staff Attorney,

Division of Operations, Office of

General Counsel, (703) 518–6540,

National Credit Union Administration,

1775 Duke Street, Alexandria, VA

22314–3428.

SUPPLEMENTARY INFORMATION: In 1994,

NCUA changed the name of its Office of

Information Systems to the Office of

Technology and Information Services.

59 FR 47072, Sept. 14, 1994. On

November 18, 1999, the NCUA Board

voted to rename this office as the Office

of the Chief Information Officer (OCIO).

This name is more consistent with

similar offices within other government

agencies and private industry.

Additionally, the name is comparable to

the offices of other NCUA executive

staff, such as the Office of Chief

Financial Officer, Office of the

Executive Director, Office of General

Counsel, and Office of the Inspector

General. 12 CFR 790.2(b). The name

change does not alter the description or

responsibilities of the OCIO.

Regulatory Procedures

Final Rule Under the Administrative

Procedure Act

The amendment to the final rule is

technical rather than substantive. NCUA

Federal Register / Vol. 65, No. 84 / Monday, May 1, 2000 / Rules and Regulations 25267

finds good cause that notice and public

comment are unnecessary under section

553(b)(B) of the Administrative

Procedure Act (APA), 5 U.S.C.

553(b)(B).

Effective Date

NCUA also finds good cause to

dispense with the 30-day delayed

effective date requirement under section

553(d)(3) of the APA. The rule is

technical rather than substantive. The

rule will, therefore, be effective

immediately upon publication of this

notice.

Regulatory Flexibility Act

An initial regulatory flexibility

analysis under the Regulatory

Flexibility Act is required only when an

agency is required to publish a general

notice of proposed rulemaking for any

proposed rule. 5 U.S.C. 603. As noted

previously, NCUA has determined that

it is unnecessary to publish a notice of

proposed rulemaking for this rule.

Accordingly, an initial regulatory

analysis is not required. Moreover, since

this final rule imposes no new

requirements and makes only a

technical amendment, NCUA has

determined and certifies that this rule

will not have any significant economic

impact on a substantial number of small

credit unions (primarily those under $1

million in assets).

Small Business Regulatory Enforcement

Fairness Act

Title II of the Small Business

Regulatory Enforcement Fairness Act

(SBREFA) of 1996 (Pub. L. 104–121)

provides, generally, for congressional

review of agency rules. A reporting

requirement is triggered in instances

where NCUA issues a final rule as

defined by section 551 of the

Administrative Procedures Act. 5 U.S.C.

551. The Office of Management and

Budget has reviewed this rule and has

determined that for purposes of the

Small Business Regulatory Enforcement

Fairness Act of 1996 it is not a major

rule.

Paperwork Reduction Act

NCUA has determined that the final

rule does not increase paperwork

requirements under the Paperwork

Reduction Act of 1995 (44 U.S.C. 3501

et seq.) and regulations of the Office of

Management and Budget.

Executive Order 13132 Statement

Executive Order 13132 encourages

independent regulatory agencies to

consider the impact of their regulatory

actions on state and local interests. In

adherence to fundamental federalism

principles, NCUA, an independent

regulatory agency as defined in 44

U.S.C. 3502(5), voluntarily complies

with the executive order. NCUA has

determined that this final rule does not

constitute a policy that has federalism

implications for purposes of the

executive order.

List of Subjects in 12 CFR Part 790

Credit unions.

By the National Credit Union

Administration Board on April 13, 2000.

Becky Baker,

Secretary of the Board.

For the reasons stated in the

preamble, NCUA amends 12 CFR

chapter VII as set forth below:

PART 790—DESCRIPTION OF NCUA;

REQUESTS FOR AGENCY ACTION

1. The authority citation for part 790

continues to read as follows:

Authority: 12 U.S.C. 1766, 1789, 1795f.

§ 790.2 [Amended]

2. Amend § 790.2 as follows:

a. In paragraph (b)(7), remove

‘‘Technology and Information Systems’’

and add, in its place, ‘‘Chief Information

Officer’’.

b. In paragraph (b)(10), remove

‘‘Office of Technology and Information Services’’ in the heading and add, in

its place, ‘‘Office of the Chief

Information Officer’’.

c. In paragraph (b)(10), remove

‘‘Director of the Office of Technology

and Information Services’’ in the first

sentence and add, in its place, ‘‘Chief

Information Officer’’.

[FR Doc. 00–10616 Filed 4–28–00; 8:45 am]

BILLING CODE 7535–01–U

FEDERAL HOUSING FINANCE BOARD

12 CFR Parts 900, 917 and 940

[No. 2000–14]

RIN 3069–AA90

Powers and Responsibilities of Federal

Home Loan Bank Boards of Directors

and Senior Management

AGENCY: Federal Housing Finance

Board.

ACTION: Final rule.

SUMMARY: The Federal Housing Finance

Board (Finance Board) is promulgating

new regulations to set forth the

responsibilities of the boards of

directors and senior management of the

Federal Home Loan Banks (Banks) as a

means of ensuring that they fulfill their

duties to operate the Banks in a safe and

sound manner and in furtherance of the

Banks’ housing finance and community

lending mission.

EFFECTIVE DATE: This final rule is

effective on May 31, 2000.

FOR FURTHER INFORMATION CONTACT:

James L. Bothwell, Director and Chief

Economist, (202) 408–2821; Scott L.

Smith, Deputy Director, (202) 408–2991;

Julie Paller, Senior Financial Analyst

(202) 408–2842; Office of Policy,

Research and Analysis; Eric M.

Raudenbush, Senior Attorney-Advisor,

(202) 408–2932; Office of General

Counsel, Federal Housing Finance

Board, 1777 F Street, NW., Washington,

DC 20006.

SUPPLEMENTARY INFORMATION:

I. The Proposed Rule

On January 3, 2000, the Finance

Board published for comment a

proposed rule to add to its regulations

a new part 917, setting forth a state-ofthe-art corporate governance framework

for the Banks’ boards of directors and

senior management. See 65 FR 81

(2000). The 30-day public comment

period closed on February 2, 2000. The

Finance Board received a total of sixteen

comment letters: eleven from Banks,

three from trade associations and one

from a Bank director.

II. Comments on the Proposed Rule and

Analysis of Changes Made in the Final

Rule

A. General

While all commenters suggested

modifications to the proposed rule, six

expressed general support for the

overall purpose of the rule. No

commenters expressed general

opposition to the rule, but two

commenters believed that the rule as a

whole was too detailed. Specifically,

one commenter (a Bank) opposed the

proposed rule’s detailed allocation of

responsibilities between Banks’ boards

of directors and senior management and

recommended that each Bank’s board of

directors be permitted to determine the

appropriate allocation of responsibilities

between itself and the Bank’s senior

management. Another commenter (a

trade association) stated that the rule

would create unnecessary

administrative burdens and operational

complexities.

It is the opinion of the Finance Board

that an active and informed board of

directors is one of the cornerstones of

safe and sound Bank operation. The

agency understands that, as is the case

with any bank or corporation, most of a

Bank’s day-to-day operational functions

will be undertaken by management and

other Bank personnel. However, while a