Federal Register / Vol. 66, No. 81 / Thursday, April 26, 2001 / Rules and Regulations 20901

the pace of economic activity

unacceptably weak. As a consequence,

the FOMC agreed that an adjustment in

the stance of policy is warranted during

this extended intermeeting period.

The FOMC continues to believe that

against the background of its long-run

goals of price stability and sustainable

economic growth and of the information

currently available, the risks are

weighted mainly toward conditions that

may generate economic weakness in the

foreseeable future.

Regulatory Flexibility Act Certification

Pursuant to section 605(b) of the

Regulatory Flexibility Act (5 U.S.C.

605(b)), the Board certifies that the

change in the basic discount rate will

not have a significant adverse economic

impact on a substantial number of small

entities. The rule does not impose any

additional requirements on entities

affected by the regulation.

Administrative Procedure Act

The provisions of 5 U.S.C. 553(b)

relating to notice and public

participation were not followed in

connection with the adoption of the

amendment because the Board for good

cause finds that delaying the change in

the basic discount rate in order to allow

notice and public comment on the

change is impracticable, unnecessary,

and contrary to the public interest in

fostering price stability and sustainable

economic growth.

The provisions of 5 U.S.C. 553(d) that

prescribe 30 days prior notice of the

effective date of a rule have not been

followed because section 553 (d)

provides that such prior notice is not

necessary whenever there is good cause

for finding that such notice is contrary

to the public interest. As previously

stated, the Board determined that

delaying the changes in the basic

discount rate is contrary to the public

interest.

List of Subjects in 12 CFR Part 201

Banks, Banking, Credit, Federal

Reserve System.

For the reasons set out in the

preamble, 12 CFR part 201 is amended

as set forth below:

PART 201—EXTENSIONS OF CREDIT

BY FEDERAL RESERVE BANKS

(REGULATION A)

1. The authority citation for 12 CFR

part 201 continues to read as follows:

Authority: 12 U.S.C. 343 et seq., 347a,

347b, 347c, 347d, 348 et seq., 357, 374, 374a

and 461.

2. Section 201.51 is revised to read as

follows:

§ 201.51 Adjustment credit for depository

institutions.

The rates for adjustment credit

provided to depository institutions

under § 201.3(a) are:

Federal Reserve Bank Rate Effective

Boston ............. 4.0 April 18, 2001.

New York ........ 4.0 April 18, 2001.

Philadelphia ..... 4.0 April 18, 2001.

Cleveland ........ 4.0 April 18, 2001.

Richmond ........ 4.0 April 19, 2001.

Atlanta ............. 4.0 April 18, 2001.

Chicago ........... 4.0 April 19, 2001.

St. Louis .......... 4.0 April 20, 2001.

Minneapolis ..... 4.0 April 18, 2001.

Kansas City ..... 4.0 April 18, 2001.

Dallas .............. 4.0 April 18, 2001.

San Francisco 4.0 April 18, 2001.

By order of the Board of Governors of the

Federal Reserve System, April 23, 2001.

Jennifer J. Johnson,

Secretary of the Board.

[FR Doc. 01–10407 Filed 4–25–01; 8:45 am]

BILLING CODE 6210–01–M

NATIONAL CREDIT UNION

ADMINISTRATION

12 CFR Part 705

Community Development Revolving

Loan Program for Credit Unions

AGENCY: National Credit Union

Administration (NCUA).

ACTION: Final rule.

SUMMARY: The NCUA is revising its

regulations pertaining to the

Community Development Revolving

Loan Program For Credit Unions

(CDRLP) to make more flexible the

manner in which NCUA may deliver

technical assistance to participating

credit unions. This revision reflects the

broad authority granted to NCUA by the

Federal Credit Union Act (Act) in this

context.

DATES: This rule is effective April 26,

2001.

ADDRESSES: National Credit Union

Administration, 1775 Duke Street,

Alexandria, VA 22314–3428.

FOR FURTHER INFORMATION CONTACT:

Frank S. Kressman, Staff Attorney, at

the above address, or telephone: (703)

518–6540.

SUPPLEMENTARY INFORMATION:

A. Background

The CDRLP is intended to support the

community development activities of

participating credit unions. It does this

by making low interest loans and

providing technical assistance to those

credit unions. This increases economic

and employment opportunities for the

credit unions’ low-income members.

The Act authorizes the NCUA Board

to use interest earned by the CDRLP to

provide technical assistance to

participating credit unions. 12 U.S.C.

1772c–1. Section 705.10 of NCUA’s

rules implements this authority. 12 CFR

705.10. When this rule was initially

adopted, the rule’s preamble noted,

‘‘NCUA plans to contract with a

provider that can render necessary

technical assistance to credit unions

selected for participation in the

[Community Development Revolving

Loan] Program.’’ 52 FR 34891,

September 16, 1987. The NCUA Board

later amended the rule to allow the

agency to contract with more than one

technical assistance provider. 58 FR

21648, April 23, 1993. The NCUA Board

further amended the rule by eliminating

the $120,000 annual limit on technical

assistance that NCUA could provide in

the aggregate to all participating credit

unions. 61 FR 50694, September 27,

1996. Section 705.10 then provided:

‘‘Based on available earnings, NCUA

may contract with outside providers to

render technical assistance to

participating credit unions.’’

In December 2000, shortly after

Congress appropriated an additional $1

million to the CDRLP, $350,000 of

which was specifically earmarked for

technical assistance, the NCUA further

amended § 705.10 by interim final rule

with request for comments. 65 FR

80298, December 21, 2000. The NCUA

Board recognized that the technical

assistance provision in § 705.10 was

more restrictive than the statutory

authority granted to it by the Act. The

NCUA Board determined that § 705.10

was unnecessarily restrictive and may

interfere with the CDRLP’s ability to

provide technical assistance to

participating credit unions efficiently.

Specifically, the interim final rule gives

CDRLP the flexibility to provide

technical assistance to participating

credit unions directly or through

outside providers selected by the credit

unions or NCUA.

B. Summary of Comments

NCUA received comment letters about

the interim final rule from three credit

union trade associations. One

commenter expressed its general

support of the rule. Another asked if

NCUA intends to use appropriated

funds or earnings on the CDRLP fund to

reimburse itself for technical assistance

the NCUA renders directly to credit

unions. No, NCUA does not intend, nor

is it appropriate for it, to use

20902 Federal Register / Vol. 66, No. 81 / Thursday, April 26, 2001 / Rules and Regulations

appropriated funds or earnings on the

CDRLP fund to reimburse itself for

technical assistance it provides directly

to credit unions. Such appropriated

funds or earnings on the CDRLP fund

will only be used to pay for technical

assistance rendered by outside

providers.

That commenter also questioned

NCUA’s procedural decision to issue the

latest amendment to § 705.10 as an

interim final rule. As discussed in the

preamble to the interim final rule, the

NCUA Board issued an interim final

rule because there was a strong public

interest in having in place rules that

made CDRLP technical assistance as

readily accessible and easily deliverable

to participating credit unions as

possible. Also, the interim final rule

imposed no additional regulatory

burden or expense on participating

credit unions. The NCUA Board found

that, pursuant to 5 U.S.C. 553(b)(3)(B),

notice and public procedures were

impracticable, unnecessary, and

contrary to the public interest; and,

pursuant to 5 U.S.C. 553(d)(3), the rule

would be effective immediately upon

publication. Although the rule was

issued as an interim final rule, the

NCUA Board encouraged interested

parties to submit comments.

Regulatory Procedures

Regulatory Flexibility Act

The Regulatory Flexibility Act

requires NCUA to prepare an analysis to

describe any significant economic

impact any regulation may have on a

substantial number of small entities. For

purposes of this analysis, credit unions

under $1 million in assets will be

considered small entities.

The NCUA Board has determined and

certifies that this rule will not have a

significant economic impact on a

substantial number of small entities.

The reason for this determination is that

this rule provides the CDRLP with more

options and flexibility in providing

technical assistance to participating

credit unions without any additional

regulatory burden or expense to credit

unions. Accordingly, the NCUA has

determined that a Regulatory Flexibility

Analysis is not required.

Paperwork Reduction Act

NCUA has determined that this rule

does not increase paperwork

requirements under the Paperwork

Reduction Act of 1995 and regulations

of the Office of Management and

Budget.

Executive Order 13132

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. This rule will

apply to some state-chartered credit

unions, but will not have 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. NCUA has

determined that this rule does not

constitute a policy that has federalism

implications for purposes of the

executive order.

Assessment of Federal Regulations and

Policies on Families

NCUA has determined that this final

rule will not affect family well-being

within the meaning of Section 654 of

the Treasury and General Government

Appropriations Act, 1999, Pub. L. 105–

277, 112 Stat. 2681 (1998).

Small Business Regulatory Enforcement

Fairness Act

The Small Business Regulatory

Enforcement Fairness Act 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 Procedure Act. 5 U.S.C.

551. The Office of Management and

Budget has determined that this final

rule is not a major rule for purposes of

the Small Business Regulatory

Enforcement Fairness Act of 1996.

List of Subjects in 12 CFR Part 705

Community development, Credit

unions, Loan programs-housing and

community development, Reporting and

recordkeeping requirements, Technical

assistance.

By the National Credit Union

Administration Board, on April 19, 2001.

Becky Baker,

Secretary of the Board.

PART 705—COMMUNITY

DEVELOPMENT REVOLVING LOAN

PROGRAM FOR CREDIT UNIONS

Accordingly, the interim final rule

amending 12 CFR 705.10, which was

published at 65 FR 80298 on December

21, 2000, is adopted as a final rule

without change.

[FR Doc. 01–10307 Filed 4–25–01; 8:45 am]

BILLING CODE 7535–01–U

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. 2000–CE–31–AD; Amendment

39–12187; AD 2001–08–10]

RIN 2120–AA64

Airworthiness Directives; Aerostar

Aircraft Corporation Models PA–60–

600 (Aerostar 600), PA–60–601

(Aerostar 601), PA–60–601P (Aerostar

601P), PA–60–602P (Aerostar 602P),

and PA–60–700P (Aerostar 700P)

Airplanes

AGENCY: Federal Aviation

Administration, DOT.

ACTION: Final rule.

SUMMARY: This amendment adopts a

new airworthiness directive (AD) that

applies to certain Aerostar Aircraft

Corporation (Aerostar) Models PA–60–

600, PA–60–601, PA–60–601P, PA–60–

602P, and PA–60–700P airplanes. This

AD requires you to replace both of the

existing main landing gear lower side

brace assemblies with parts of improved

design. This AD is the result of several

reports of cracking of the main landing

gear lower side brace at the upper bolt

lug discovered on preflight inspection.

The actions specified by this AD are

intended to correct damage or cracks in

the main landing gear lower side brace

at the upper bolt lug where the upper

and lower side braces connect. This

could result in failure of the main

landing gear lower side brace. Such

failure could lead to loss of control of

the airplane.

DATES: This AD becomes effective on

June 12, 2001.

The Director of the Federal Register

approved the incorporation by reference

of certain publications listed in the

regulations as of June 12, 2001.

ADDRESSES: You may get the service

information referenced in this AD from

Aerostar Aircraft Corporation, 10555

Airport Drive, Hayden Lake, ID 83835;

telephone: (208) 762–0338; facsimile:

(208) 762–8349. You may read this

information at the Federal Aviation

Administration (FAA), Central Region,

Office of the Regional Counsel,

Attention: Rules Docket No. 2000–CE–

31–AD, 901 Locust, Room 506, Kansas

City, Missouri 64106; or at the Office of

the Federal Register, 800 North Capitol

Street, NW, suite 700, Washington, DC.

FOR FURTHER INFORMATION CONTACT:

Richard Simonson, Aerospace Engineer,

FAA, Transport Airplane Directorate,

1601 Lind Avenue, SW, Renton,