Source: http://www.fca.gov/preambles_historical.nsf/3cd4c307304299078525721700705e5d/200d1d087b8ab5708525774c004704d7?OpenDocument
Timestamp: 2014-07-30 09:05:22
Document Index: 101393704

Matched Legal Cases: ['arts 604', 'arts 604', 'arts 604', 'art 614', 'art 617', 'art 614', 'art 614', 'art 614', 'art 614', 'ART 618', 'art 618', 'ART 627']

Title:	DIRECT FINAL RULE--Farm Credit Administration Board Meetings; Assessment and Apportionment of Administrative Expenses; Standards of Conduct and Referral of Known or Suspected Criminal Violations; Loan Policies and Operations; Funding and Fiscal Affairs, Loan Policies and Operations, and Funding Operations; General Provisions; and Title IV Conservators, Receivers, and Voluntary Liquidations; Technical Changes--12 CFR Parts 604, 607, 612, 614, 615, 618, and 627	Issue Date:	06/24/2010
Federal Register Cite:	75 FR 35966
12 CFR Parts 604, 607, 612, 614, 615, 618, and 627
RIN 3052-AC63
SUMMARY: The Farm Credit Administration (FCA or Agency) amends the current regulations in parts 604, 607, 612, 614, 615, 618, and 627 to eliminate unnecessary, redundant or outdated regulations, to correct cross-reference errors, and to clarify the intent of a regulatory provision. This direct final rule covers issues that are technical in nature. DATES: If no significant adverse comment is received on or before July 26, 2010, these regulations shall be effective upon the expiration of 30 days after publication in the Federal Register during which either or both Houses of Congress are in session. We will publish notice of the effective date in the Federal Register. If we receive significant adverse comment on an amendment, paragraph, or section of this rule, and that provision may be addressed separately from the remainder of the rule, we will withdraw that amendment, paragraph, or section and adopt as final those provisions of the rule that are not the subject of a significant comment. In such a case, we would then inform you of how we expect to continue further rulemaking on the provisions that were the subject of significant adverse comment.
The objective of this direct final rule is to carry out the FCA Board’s commitment to the principles contained in the Board's Policy Statement on Regulatory Philosophy,1 which includes the elimination of outdated regulations and technical amendments to ensure that regulations are accurate. In furtherance of this objective, the Agency is making a number of technical changes to its regulations.
A. Section 604.420(i)(1)--Farm Credit Administration Board Meetings; � 607.2(j)--Assessment and Apportionment of Administrative Expenses; � 612.2300(a)--Standards of Conduct and Referral of Known or Suspected Criminal Violations; �� 615.5030(b) and 615.5560--Funding and Fiscal Affairs, Loan Policies and Operations, and Funding Operations; and � 627.2705(b)--Title IV Conservators, Receivers, and Voluntary Liquidations In each of the above-listed sections, the direct final rule eliminates obsolete references or deletes obsolete regulations that directly or indirectly relate to either the Farm Credit System Assistance Board (Assistance Board) or the Farm Credit System Financial Assistance Corporation (Financial Assistance Corporation or FAC). The Assistance Board’s charter was cancelled by the FCA Board, effective December 31, 1992, as required by section 6.12 of the Farm Credit Act of 1971, as amended (Act). In addition, the Financial Assistance Corporation’s charter was cancelled by the FCA Board on December 31, 2006. B. Section 614.4265(d)(Subpart F)--Collateral Evaluation Requirements
The direct final rule amends � 614.4265(d) to correctly reference paragraph (c) of that section regarding the evaluation of the income-earning and debt-servicing capacity for real property.
C. Sections 614.4510, 614.4512, and 614.4513 (Subpart N) --Loan Servicing Requirements; State Agricultural Loan Mediation Programs; Right of First Refusal We previously removed �� 614.4514 through 614.4522 of subpart N, part 614, and redesignated them to the newly created part 617 to make the borrower rights rules more readily identifiable; however, we overlooked �� 614.4510, 614.4512 and 614.4513 in the relocation.2 Therefore, this direct final rule redesignates the remaining regulations, � 614.4510 and � 614.4513 of subpart N, part 614, to � 614.4170 and � 614.4175 of subpart D, part 614. In addition, the definitions in subpart N, part 614, in � 614.4512 are redundant and are removed. D. Section 618.8320 (Subpart G)--Releasing Information
The direct final rule amends � 618.8320(b)(4) by inserting the phrase “, administration of credit,” after “extension of credit”. This is a technical change that does not alter the intended meaning of the provision but clarifies that borrower information that is shared in connection with the extension of credit and the collection of loans would also necessarily include the administration of credit for the confidential use of Farm Credit System (System) institutions. E. Section 627.2735 (Subpart B)--Notice to Holders of Uninsured Accounts and Stockholders The direct final rule amends � 627.2735(a) by deleting the reference to � 614.4513 and replacing it with � 614.4175 to conform to the redesignation of that provision described in Part C of this preamble.
We are amending regulations described in the “Section-by-Section Analysis” above by a direct final rulemaking. The Administrative Conference of the United States recommends direct final rulemaking for Federal agencies to enact noncontroversial regulations on an expedited basis, without the usual notice and comment period.3 This process enables us to reduce the time and resources we need to develop, review, and publish a final rule while still affording the public an adequate opportunity to comment or object to the rule.
2See 69 FR 10901, March 9, 2004.
Accounting, Agriculture, Archives and records, Banks, banking, Claims, Conflict of Interest, Credit, Crime, Foreign trade, Government securities, Insurance, Investigations, Investments, Organization and functions (Government agencies), Reporting and recordkeeping requirements, Rural areas, Sunshine Act, Technical assistance.
2. Amend � 604.420 by revising paragraph (i)(1) to read as follows:
� 607.2 [Amended]
4. Amend � 607.2 by removing the words “the Farm Credit System Financial Assistance Corporation,” in paragraph (j).
� 612.2300 [Amended]
6. Amend � 612.2300 by removing the words “the Farm Credit System Financial Assistance Corporation,” in the first sentence of paragraph (a).
Subpart I--Loss-Sharing Agreements
� 614.4341 [Removed]
Subpart N--[Removed and Reserved]
�� 614.4510 and 614.4513 [Redesignated as �� 614.4170 and 614.4175 of subpart D]
10. Subpart N is amended by redesignating �� 614.4510 and 614.4513 as newly designated �� 614.4170 and 614.4175 in subpart D of part 614, removing � 614.4512, and reserving subpart N.
Subpart A--Funding
� 615.5030 [Amended]
12. Amend � 615.5030 by removing paragraph (b) and the designation for paragraph (a).
Subpart R--[Removed and Reserved]
13. Subpart R, consisting of � 615.5560, is removed and reserved.
PART 618--GENERAL PROVISIONS 14. The authority citation for part 618 continues to read as follows: Authority: Secs. 1.5, 1.11, 1.12, 2.2, 2.4, 2.5, 2.12, 3.1, 3.7, 4.12, 4.13A, 4.25, 4.29, 5.9, 5.10, 5.17 of the Farm Credit Act (12 U.S.C. 2013, 2019, 2020, 2073, 2075, 2076, 2093, 2122, 2128, 2183, 2200, 2211, 2218, 2243, 2244, and 2252). Subpart G--Releasing Information
� 618.8320 [Amended]
15. Amend � 618.8320 by adding the phrase “, administration of credit,” after the phrase “extension of credit” in paragraph (b)(4). PART 627--TITLE IV CONSERVATORS, RECEIVERS, AND VOLUNTARY LIQUIDATIONS
� 627.2705 Definitions.
� 627.2735 [Amended]
18. Section 627.2735(a) is amended by removing the reference “� 614.4513” and adding in its place, the reference “� 614.4175”.
Dated: June 18, 2010 Roland E. Smith,