[Federal Register Volume 62, Number 71 (Monday, April 14, 1997)]
[Rules and Regulations]
[Pages 18037-18038]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-9473]


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FARM CREDIT ADMINISTRATION

12 CFR Parts 600, 603, 611, 614, 615, 618, and 619

RIN 3052-AB61


Organization and Functions; Privacy Act Regulations; 
Organization; Loan Policies and Operations; Funding and Fiscal Affairs, 
Loan Policies and Operations, and Funding Operations; General 
Provisions; Definitions

AGENCY: Farm Credit Administration.

ACTION: Final rule and notice of effective date.

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SUMMARY: The Farm Credit Administration (FCA or Agency) through the 
Farm Credit Administration Board adopts as final without change an 
interim rule that updates the regulations in parts 600, 603, 611, 614, 
615, 618, and 619. This rule eliminates unnecessary, outdated, 
duplicative, or burdensome regulatory requirements, replaces outdated 
regulatory language with more current terminology, and clarifies the 
intended meaning of certain regulatory provisions.

EFFECTIVE DATE: March 4, 1997.

FOR FURTHER INFORMATION CONTACT:

Linda C. Sherman, Policy Analyst, Regulation Development Division, 
Office of Policy Development and Risk Control, Farm Credit 
Administration, McLean, VA 22102-5090, (703) 883-4498, TDD (703) 883-
4444.
    or
Wendy R. Laguarda, Senior Attorney, Legal Counsel Division, Office of 
General Counsel, Farm Credit Administration, McLean, VA 22102-5090, 
(703) 883-4020, TDD (703) 883-4444.

SUPPLEMENTARY INFORMATION: On December 20, 1996, the FCA published an 
interim rule with request for public comments (61 FR 67181). The 
interim rule is part of the FCA's ongoing efforts to streamline the 
regulatory process and reduce regulatory burden. The regulatory changes 
made in parts 600, 603, 611, 614, 615, 618, and 619 update the 
regulatory language with more current terminology, remove 
contradictions between the regulations and the Farm Credit Act of 1971, 
as amended (Act), clarify certain regulations, and eliminate 
regulations or sections of regulations that are burdensome or 
unnecessary. These changes cover a wide variety of technical issues, 
such as bylaw amendments, Federal records retention, liquidation of 
associations and banks, interest rate programs, loan servicing 
requirements, purchasing automobiles through the General Services 
Administration, retirement of eligible borrower stock, the definition 
of banks for cooperatives, disclosure of data regarding borrowers to 
credit bureaus, disposal of obsolete records, Farm Credit System 
(System) institution employees being summoned as witnesses, and issues 
on borrower rights and agricultural credit banks.
    The public comment period closed on January 31, 1997. The FCA 
received two comments on the interim rule, both from System 
institutions. One commenter thanked the FCA for clarifying an issue 
regarding release of borrower information to consumer reporting 
agencies at Sec. 618.8320. The comment letter stated that the change 
would eliminate uncertainty in a sensitive area of lending operations 
and result in benefits to borrowers and the System.
    The other comment received responded to the FCA's request that 
institutions inform the Agency of any Federal records still in their 
possession. The commenter stated that they do not have any of the 
records referred to in the previous FCA regulation at Sec. 618.8390. As 
noted in the preamble to the interim rule, the FCA's goal is to 
identify all Federal records still retained by System institutions so 
that they can either be destroyed (at the institution's discretion) or 
archived, as appropriate. Additional guidance on the maintenance and 
disposition of Federal records will be provided by the Agency in the 
near future.
    The FCA Board adopts the interim rule amending 12 CFR parts 600, 
603, 611, 614, 615, 618, and 619, which was published at 61 FR 67181 on 
December 20, 1996, as final without change.

[[Page 18038]]

List of Subjects

12 CFR Part 600

    Organization and functions (Government agencies).

12 CFR Part 603

    Privacy.

12 CFR Part 611

    Agriculture, Banks, Banking, Rural areas.

12 CFR Part 614

    Agriculture, Banks, Banking, Flood insurance, Foreign trade, 
Reporting and recordkeeping requirements, Rural areas.

12 CFR Part 615

    Accounting, Agriculture, Banks, Banking, Government securities, 
Investments, Rural areas.

12 CFR Part 618

    Agriculture, Archives and records, Banks, Banking, Insurance, 
Reporting and recordkeeping requirements, Rural areas, Technical 
assistance.

12 CFR Part 619

    Agriculture, Banks, Banking, Rural areas.

    Dated: April 8, 1997.
Floyd Fithian,
Secretary, Farm Credit Administration Board.
[FR Doc. 97-9473 Filed 4-11-97; 8:45 am]
BILLING CODE 6705-01-P