[Federal Register: May 16, 2003 (Volume 68, Number 95)]
[Proposed Rules]
[Page 26551-26552]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr16my03-20]
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FARM CREDIT ADMINISTRATION
12 CFR Chapter VI
RIN 3052-AC15
Statement on Regulatory Burden
AGENCY: Farm Credit Administration.
ACTION: Notice of intent; request for comment.
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SUMMARY: The Farm Credit Administration (FCA, our, or we) is seeking
public comment on the appropriateness of the requirements it imposes on
the Farm Credit System (System). We ask for comments on our regulations
and policies that may duplicate other requirements, are ineffective, or
impose burdens that are greater than the benefits received. We are
taking this action to improve the regulatory framework within which
System institutions operate.
DATES: Please send your comments to the FCA by July 15, 2003.
ADDRESSES: You may send comments by electronic mail to reg-
comm@fca.gov, through the Pending Regulations section of the FCA's
interactive Web site at http://www.fca.gov, or through the Government-
wide http://www.regulations.gov portal. You may also send written
comments to Robert E. Donnelly, Acting Director, Regulation and Policy
Division, Office of Policy and Analysis, Farm Credit Administration,
1501 Farm Credit Drive, McLean, Virginia 22102-5090 or by facsimile to
(703) 734-5784. Copies of all comments we receive can be reviewed at
our office in McLean, Virginia.
FOR FURTHER INFORMATION CONTACT: Lori Markowitz, Policy Analyst, Office
of Policy and Analysis, Farm Credit Administration, McLean, VA 22102-
5090, (703) 883-4498, TTY (703) 883-4434; or Dale Aultman, Policy
Analyst, Office of Policy and Analysis, Farm Credit Administration,
McLean, VA 22102-5090, (703) 883-4498, TTY (703) 883-4434; or Gary K.
Van Meter, Senior Counsel, Regulatory Enforcement Division, Office of
General Counsel, Farm Credit Administration, McLean, VA 22102-5090,
(703) 883-4020, TTY (703) 883-4020.
SUPPLEMENTARY INFORMATION:
I. Objective
Consistent with law, safety, and soundness, the objective of this
notice is to continue our efforts to identify and review FCA
regulations and policies that:
[sbull] May duplicate other requirements;
[sbull] Are ineffective; or
[sbull] Impose burdens that are greater than the benefits received.
II. Background
The FCA is the independent Federal agency in the executive branch
of the Government responsible for examining and regulating System
institutions. As a Government-sponsored enterprise, the System
primarily provides loans to farmers, ranchers, aquatic producers and
harvesters, agricultural cooperatives, and rural utilities.
From 1988 through 1992, as part of our initial effort to eliminate
regulatory burden, we reduced, by more than 70 percent, the number of
matters that required ``prior approval'' by the FCA. In 1993, we took
an additional step to provide relief by requesting public comments on
regulatory requirements that are no longer necessary, which the FCA may
have imposed on the System. See 58 FR 34003 (June 23, 1993). After
reviewing the comments received, we eliminated or streamlined many
regulatory requirements.
The Farm Credit System Reform Act of 1996 (Reform Act) states that
we made considerable progress in reducing regulatory burden on System
institutions. The Reform Act also requires that we continue our efforts
to relieve regulatory burden.\1\
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\1\ See Pub. L. 104-105, Sec. 212, 110 Stat. 174 (1996).
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In 1998, we provided the public a summary of the actions we took in
response to the 1993 solicitation and again requested public comments
on regulatory requirements that are no longer necessary. See 63 FR
44176 (August 18, 1998) and 63 FR 64013 (November 18, 1998). After we
reviewed and analyzed the comments received, we:
1. Repealed or amended 16 FCA regulations through a direct final
rulemaking \2\--See 64 FR 43046 (August 9, 1999);
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\2\ However, the amended regulation on approval of insider loans
was subsequently withdrawn. See 64 FR 55621 (October 14, 1999).
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2. Informed the public of the regulations we retained without
amendment because they either are required by the Farm Credit Act of
1971, as amended (Act), or protect the safety and soundness of the
System--See 65 FR 21128 (April 20, 2000); and
3. Addressed other regulatory burden issues in separate regulatory
projects and other guidance, including:
[sbull] Loan Purchases and Sales Final Regulation--See 67 FR 1281
(January 10, 2002);
[sbull] Stock Issuance Final Regulation--See 66 FR 16841 (March 28,
2001);
[sbull] Disclosure to Shareholders Final Regulation--See 66 FR
14299 (March 12, 2001);
[sbull] Investment Management Final Regulation--See 64 FR 28884
(May 28, 1999); and
[sbull] Policy and Reporting Changes for Young, Beginning, and
Small Farmers and Ranchers Programs Bookletter--See BL-040 (December
11, 1998).
III. Continuing Efforts To Reduce Regulatory Burden
Future regulatory projects, including proposed regulations on
Distressed Loan Restructuring (See 68 FR 5595, February 4, 2003) and
Effective Interest Rates (See 68 FR 5587, February 4, 2003), will
address many of the regulatory burden
[[Page 26552]]
comments from the 1998 notice. In addition, we will consider the
remaining comments from our 1998 notice in subsequent rulemakings and
other guidance.
IV. Requesting Comments
In light of changes in the financial industry and its customers
since our 1998 notice, we request comments on any FCA regulations or
other guidance \3\ that may duplicate other requirements, are
ineffective, or impose burdens that are greater than the benefits
received.
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\3\ FCA regulations and other guidance may be reviewed through
the FCA Handbook section of the FCA's Web site at http://www.fca.gov
.
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Your comments are appreciated and will assist us in our continuing
efforts to identify and reduce regulatory burden on System
institutions. We will also continue our efforts to maintain and adopt
regulations and policies that are necessary to implement the Act and
ensure the safety and soundness of the System. These actions will
enable the System to better serve America's farmers, ranchers, aquatic
producers and harvesters, agricultural cooperatives, and rural
utilities in changing agricultural credit markets.
Dated: May 13, 2003.
Jeanette C. Brinkley,
Secretary, Farm Credit Administration Board.
[FR Doc. 03-12264 Filed 5-15-03; 8:45 am]
BILLING CODE 6705-01-P