[Federal Register: October 14, 1999 (Volume 64, Number 198)] [Rules and Regulations] [Page 55621] From the Federal Register Online via GPO Access [wais.access.gpo.gov] [DOCID:fr14oc99-1] ======================================================================== Rules and Regulations Federal Register ________________________________________________________________________ This section of the FEDERAL REGISTER contains regulatory documents having general applicability and legal effect, most of which are keyed to and codified in the Code of Federal Regulations, which is published under 50 titles pursuant to 44 U.S.C. 1510. The Code of Federal Regulations is sold by the Superintendent of Documents. Prices of new books are listed in the first FEDERAL REGISTER issue of each week. ======================================================================== [[Page 55621]] ======================================================================= ----------------------------------------------------------------------- FARM CREDIT ADMINISTRATION 12 CFR Parts 612, 614 and 618 RIN 3052-AB85 Standards of Conduct; Loan Policies and Operations; General Provisions; Regulatory Burden; Effective Date AGENCY: Farm Credit Administration. ACTION: Confirmation of effective date; partial withdrawal. ----------------------------------------------------------------------- SUMMARY: The Farm Credit Administration (FCA) published a direct final rule, with opportunity for comment, amending parts 612, 614 and 618 on August 9, 1999 (64 FR 43046). This direct final rule would reduce regulatory burden on the Farm Credit System (FCS or System) by repealing or amending 16 regulations. These revisions provide System banks and associations with greater flexibility concerning loan sales, agricultural secondary market activities, loans to insiders, letters of credit, information programs, travel expenses, and disclosing borrower information during litigation. The opportunity for comment expired on September 8, 1999. We received a significant adverse comment on the direct final rule regarding insider loans. As a result, the revision to subpart M of part 614 will not become effective. All other regulations in the direct final rule will become effective in accordance with this document. Pursuant to 12 U.S.C. 2252, the effective date of the final rule is 30 days from the date of publication in the Federal Register during which either or both Houses of Congress are in session. Based on the records of the sessions of Congress, the effective date of the regulations is October 13, 1999. EFFECTIVE DATE: The regulation amending 12 CFR parts 612, 614 and 618 published on August 9, 1999 (64 FR 43046) is effective October 13, 1999, except that the revision to subpart M of part 614 (amendatory instruction #9 on page 43049) is withdrawn as of October 13, 1999. FOR FURTHER INFORMATION CONTACT: Eric Howard, Senior Policy Analyst, or Dale Aultman, Policy Analyst, Office of Policy and Analysis, Farm Credit Administration, McLean, VA 22102-5090, (703) 883-4498, TDD (703) 883-4444, or Richard A. Katz, Senior Attorney, Office of General Counsel, Farm Credit Administration, McLean, VA 22102-5090, (703) 883-4020, TDD (703) 883-4444. SUPPLEMENTARY INFORMATION: Our direct final rule reduces unnecessary regulatory burden on FCS institutions by repealing or revising 16 regulations that System commenters identified as burdensome. Direct final rulemaking enables Federal agencies to quickly adopt noncontroversial regulations without the usual notice and comment period. On August 9, 1999, we notified you that this rule would become effective 30 days after publication in the Federal Register during which either or both Houses of Congress are in session unless we received a significant adverse comment by September 8, 1999. A significant adverse comment is one where a commenter explains why the rule would be inappropriate (including challenges to its underlying premise of approach), ineffective, or unacceptable. Our August 9, 1999 notice informed you that if we received a significant adverse comment about any amendment, paragraph, or section of this rule, we would withdraw it, but adopt all other provisions as a final rule. We received a significant adverse comment on the revision to Sec. 614.4460 concerning insider loans. As a result, the revision to subpart M of part 614 will not become effective, and we will notify you how we plan to proceed. Existing Secs. 614.4450, 614.4460 and 614.4470 remain in full force and effect. All other regulations in the direct final rule take effect on October 13, 1999. (12 U.S.C. 2252(a)(9) and (10)) Dated: October 7, 1999. Vivian L. Portis, Secretary, Farm Credit Administration Board. [FR Doc. 99-26749 Filed 10-13-99; 8:45 am] BILLING CODE 6705-01-P