Federal Register / Vol. 61, No. 20 / Tuesday, January 30, 1996 / Rules and Regulations 2899

Signed at Washington, DC on December 1,

1995.

August Schumacher, Jr.,

Administrator, Foreign Agricultural Service.

[FR Doc. 96–330 Filed 1–29–96; 8:45 am]

BILLING CODE 3410–10–M

Rural Housing Service

Rural Business-Cooperative Service

Rural Utilities Service

Farm Service Agency

7 CFR Chapter XVIII

Agency Name Change

AGENCIES: Rural Housing Service, Rural

Business-Cooperative Service, Rural

Utilities Service, and Farm Service

Agency.

ACTION: Final rule.

SUMMARY: This document amends the

regulations to change the names of the

Rural Housing and Community

Development Service to the Rural

Housing Service and the Rural Business

and Cooperative Development Service

to the Rural Business-Cooperative

Service as a result of the Department of

Agriculture reorganization.

EFFECTIVE DATE: January 30, 1996.

FOR FURTHER INFORMATION CONTACT:

Richard A. Gartman, Regulations and

Paperwork Management Division, Rural

Economic and Community

Development, room 6348–S,

Washington, DC 20250, telephone 202–

720–9745.

SUPPLEMENTARY INFORMATION:

Background

The Secretary of Agriculture

announced that the agency previously

referred to as the Rural Housing and

Community Development Service

(RHCDS) is to be named the Rural

Housing Service (RHS), and the agency

previously referred to as the Rural

Business and Cooperative Development

Service (RBCDS) is to be named the

Rural Business-Cooperative Service

(RBS). On December 26, 1995, USDA

published in the Federal Register (60

FR 66713) a final rule that contained

redelegations of authority for the

Department of Agriculture and changed

the names of RHCDS to RHS and RBCDS

to RBS. This rule includes amendments

to 7 CFR chapter XVIII that are

necessary to bring agency regulations

into alignment with the departmental

reorganization.

This action is not subject to the

provisions of Executive Order 12866

since it involves only internal agency

management. This action is not

published for comment under the

Administrative Procedure Act since it

involves only internal agency

management and publication for

comment is unnecessary.

Accordingly, 7 CFR Chapter XVIII is

amended as follows:

1. The heading of 7 CFR chapter XVIII

is revised to read as follows:

CHAPTER XVIII—RURAL HOUSING

SERVICE, RURAL BUSINESSCOOPERATIVE SERVICE, RURAL

UTILITIES SERVICE, AND FARM SERVICE

AGENCY, DEPARTMENT OF

AGRICULTURE

2. In 7 CFR chapter XVIII, all

references to ‘‘Rural Housing and

Community Development Service’’ are

revised to read ‘‘Rural Housing

Service’’, all references to ‘‘Rural

Business and Cooperative Development

Service’’ are revised to read ‘‘Rural

Business-Cooperative Service’’, all

references to ‘‘RHCDS’’ are revised to

read ‘‘RHS’’ and all references to

‘‘RBCDS’’ are revised to read ‘‘RBS’’.

Dated: January 23, 1996.

Arthur C. Campbell,

Acting Under Secretary, Rural Economic and

Community Development.

[FR Doc. 96–1577 Filed 1–29–96; 8:45 am]

BILLING CODE 3410–07–U

FEDERAL RESERVE SYSTEM

12 CFR Part 211

[Regulation K; Docket No. R–0754]

Foreign Banking Organizations

AGENCY: Board of Governors of the

Federal Reserve System.

ACTION: Final rule.

SUMMARY: The Board is publishing

amendments to Subpart B of Regulation

K (Foreign Banking Organizations). The

amendments permit the establishment

of U.S. representative offices by certain

foreign banks through prior notice

procedures. These prior notice

procedures are designed to permit

foreign banks meeting certain

requirements to establish representative

offices without the need to file a formal

application with the Board. A foreign

bank that is subject to federal regulation

under the Bank Holding Company Act

(BHC Act), either directly or through the

International Banking Act (IBA), and

that the Board has previously

determined is subject to comprehensive

supervision or regulation on a

consolidated basis by its home country

supervisor, or which previously has

been approved for a representative

office by Board order, would be

permitted to establish a full service

representative office by prior notice. In

addition, the amendments clarify that

only those foreign banking organizations

subject to the IBA and the BHC Act may

establish under general consent

procedures a representative office to

engage in limited administrative

functions in connection with their

existing U.S. banking operations. Lastly,

the Board has determined to review and

act upon inquiries by ‘‘special purpose

government banks’’ seeking exemptions

from regulation under the Foreign Bank

Supervision Enhancement Act (FBSEA)

on the basis that they do not fall within

the definition of ‘‘foreign bank’’ under

Regulation K. Such inquiries would be

handled on a case-by-case basis.

EFFECTIVE DATE: January 24, 1996.

FOR FURTHER INFORMATION CONTACT:

Kathleen M. O’Day, Associate General

Counsel (202/452–3786), Ann E.

Misback, Managing Senior Counsel

(202/452–6406), or Andres L. Navarrete,

Attorney (202/452–2300), Legal

Division; William A. Ryback, Associate

Director (202/452–2722), Michael G.

Martinson, Assistant Director (202/452–

2798), or Betsy Cross, Manager (202/

452–2574), Division of Banking

Supervision and Regulation, Board of

Governors of the Federal Reserve

System. For the users of

Telecommunication Device for the Deaf

(TDD) only, please contact Dorothea

Thompson (202/452–3544), Board of

Governors of the Federal Reserve

System, 20th and C Streets NW.,

Washington, DC 20551.

SUPPLEMENTARY INFORMATION: The

FBSEA required for the first time that a

foreign bank receive federal approval to

establish a representative office. Prior to

the FBSEA, federal regulation provided

a limited definition of a representative

office of a foreign bank and only

required a foreign bank to register a

representative office established in the

United States with the Treasury

Department. Federal law did not

provide for the ongoing oversight or

regulation of representative offices of

foreign banks.

To fill these and other gaps in federal

regulation of foreign banks, Congress

adopted a broader definition of

representative office in the FBSEA to

ensure that all direct operations of a

foreign bank are subject to federal

regulation and supervision. The FBSEA

expanded the definition of a

representative office of a foreign bank in

the IBA to include any place of business

of a foreign bank that is not a branch,

agency, or subsidiary.