[Federal Register: February 1, 1996 (Volume 61, Number 22)]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
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Part IV
Department of Education
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34 CFR Parts 668 and 690
Student Assistance General Provisions and Federal Pell Grant Program;
Final Rule
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DEPARTMENT OF EDUCATION
34 CFR Parts 668 and 690
Student Assistance General Provisions and Federal Pell Grant
Program
AGENCY: Department of Education.
ACTION: Final regulations; correction.
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SUMMARY: This document corrects errors in the Student Assistance
General Provisions and the Federal Pell Grant Program regulations
published in the Federal Register on December 1, 1995.
EFFECTIVE DATE: July 1, 1996.
FOR FURTHER INFORMATION CONTACT: Ms. Rachael Sternberg, U.S. Department
of Education, 600 Independence Avenue, S.W., Room 3053, ROB-3,
Washington, D.C. 20202. Telephone (202) 708-7888. Individuals who use a
telecommunications device for the deaf (TDD) may call the Federal
Information Relay Service (FIRS) at 1-800-877-8339 between 8 a.m. and 8
p.m., Eastern time, Monday through Friday.
SUPPLEMENTARY INFORMATION: On December 1, 1995, final regulations were
published in the Federal Register (60 FR 61796) as part of the
Secretary's response to the President's March 4, 1995 Regulatory Reform
Initiative. This document corrects errors in the text of the amendments
to sections 668.37, 668.164, 668.165, and 690.83.
Dated: January 29, 1996.
David A. Longanecker,
Assistant Secretary for Postsecondary Education.
The following corrections are made in FR Doc. 95-29180 published on
December 1, 1995 (60 FR 61796):
PART 668--STUDENT ASSISTANCE GENERAL PROVISIONS
Sec. 668.37 [Corrected]
1. On page 61812, column 3, Sec. 668.37 is corrected by removing
``and/'' in paragraph (a)(2)(iii).
2. On page 61814, column 1, amendment 11 to Sec. 668.164 did not
reflect prior amendments to paragraph (a), which are repeated here for
the convenience of the public. In order to correctly incorporate
amendment 11, Sec. 668.164 is corrected by revising paragraph (a) to
read as follows:
Sec. 668.164 Maintaining funds.
* * * * *
(a) General. (1) The requirements in this section apply only to
title IV, HEA program funds an institution receives under the campus-
based, Direct Loan, and Federal Pell Grant programs. An institution
that receives FFEL program funds through electronic funds transfer or
by master check must maintain those funds as provided under 34 CFR
682.207(b).
(2)(i) Except as provided in paragraph (e) of this section, an
institution is not required to maintain a separate account for funds an
institution receives under the campus-based, Direct Loan, and Federal
Pell Grant programs, but must maintain these funds in a bank account
that meets the requirements of this paragraph and under paragraph (b)
or (c) of this section. An institution must--
(ii) Ensure that the name of the account includes the phrase
``Federal Funds'' to clearly identify that title IV, HEA program funds
are maintained in that account; or
(iii)(A) Notify the bank of the accounts that contain Federal funds
and retain a record of that notice in its recordkeeping system; and
(B) Except for public institutions, file with the appropriate State
or municipal government entity a UCC-1 statement disclosing that the
account contains Federal funds and maintain a copy of that statement in
its records.
* * * * *
Sec. 668.165 [Corrected]
3. On page 61814, column 1, amendment 12 to Sec. 668.165 is
corrected by redesignating paragraphs (e)(3) as (e)(3)(i) and (e)(4) as
(e)(3)(ii).
PART 690--FEDERAL PELL GRANT PROGRAM
Sec. 690.83 [Corrected]
4. On page 61816, column 2, amendment 47 to Sec. 690.83 is
corrected by adding ``, and removing paragraph (e)'' after ``(d)''in
the amendatory language.
[FR Doc. 96-2155 Filed 1-31-96; 8:45 am]
BILLING CODE 4000-01-P