Environmental Quality Incentive Program, 14578-14579 [05-5556]
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14578
Proposed Rules
Federal Register
Vol. 70, No. 55
Wednesday, March 23, 2005
This section of the FEDERAL REGISTER
contains notices to the public of the proposed
issuance of rules and regulations. The
purpose of these notices is to give interested
persons an opportunity to participate in the
rule making prior to the adoption of the final
rules.
DEPARTMENT OF AGRICULTURE
Commodity Credit Corporation
Natural Resources Conservation
Service
General Information About the
Environmental Quality Incentive
Program
7 CFR Part 1466
Environmental Quality Incentive
Program
Commodity Credit Corporation
and the Natural Resources Conservation
Service, USDA.
ACTION: Request for public comments.
AGENCY:
SUMMARY: Under the regulations of the
Commodity Credit Corporation for the
Environmental Quality Incentives
Program (EQIP), the Natural Resources
Conservation Service (NRCS) will
review and update national priorities for
implementation based upon information
gained from state and national listening
sessions and response to this document.
This document requests the public to
provide input to NRCS about which
resource concerns should be given
national priority in the implementation
of EQIP for FY 2006 and thereafter.
DATES: Comments must be received in
writing by June 5, 2005. A national
listening session will be on May 5, 2005,
1 to 2 p.m., Media Center, Room 107A,
Whitten Building, 14th & Independence
Avenue, SW., Washington, DC. The
national listening session will be
chaired by Bruce I. Knight, Chief, NRCS.
ADDRESSES: Send written comments by
mail to the Financial Assistance
Programs Division, Natural Resources
Conservation Service, EQIP Comments,
Room 5231 South Office Building, 14th
& Independence Avenue, SW.,
Washington, DC 20250 or by e-mail to
david.webster@usda.gov; Subject: EQIP
Comments. This request for comments
may also be accessed via the Internet
through the NRCS homepage, at https://
www.nrcs.usda.gov, and by selecting
‘‘Farm Bill 2002’’. All comments that are
submitted, including names and
addresses when provided, are placed in
VerDate jul<14>2003
16:19 Mar 22, 2005
Jkt 205001
the record and are available for public
inspection.
FOR FURTHER INFORMATION CONTACT:
David Webster, EQIP Specialist,
Financial Assistance Programs Division,
NRCS, Room 5231 South Office
Building, 14th & Independence Avenue,
SW., Washington, DC 20250; telephone:
(202) 720–5742; fax: (202) 720–4265;
submit e-mail to:
david.webster@usda.gov, Attention:
Environmental Quality Incentive
Program comments.
SUPPLEMENTARY INFORMATION:
The Farm Security and Rural
Investment Act of 2002 (the 2002 Act)
(Pub. L. 107–171, May 13, 2002) reauthorized and amended EQIP, 16
U.S.C. 3840 et seq. NRCS is seeking
public comment to help the agency
review and assess the national priorities
for EQIP.
Background
Through EQIP, NRCS assists farmers
and ranchers who face threats to soil,
water, air, and related natural resources
on their land. Eligible lands for EQIP
assistance include grazing lands,
wetlands, private non-industrial
forestland, and wildlife habitat lands.
Participation in the program is
voluntary. Under EQIP, NRCS provides
assistance in a manner that promotes
agricultural production and
environmental quality as compatible
goals, optimizes environmental benefits,
and helps farmers and ranchers meet
Federal, State, and local environmental
requirements. NRCS offers the program
throughout the Nation using the services
of NRCS personnel and technical
service providers.
NRCS’ approach to optimize
environmental benefits integrates
consideration of national priorities in
four key program components: (1) The
allocation of financial resources to
States; (2) the allocation of financial
resources within States; (3) the selection
of conservation practices and the
establishment of cost-share and
incentive payment levels; and (4) the
application ranking process.
With consideration and evaluation of
the input obtained from this public
notice and the public meetings, NRCS
will update its national priorities to
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Frm 00001
Fmt 4702
Sfmt 4702
reflect our most pressing natural
resource needs and emphasize off-site
benefits to the environment. In the EQIP
final rule, published May 30, 2003 (68
FR 32337), NRCS identified the
following national priorities: (1)
Reduction of non-point source
pollution, such as nutrients, sediment,
pesticides, or excess salinity in
impaired watersheds consistent with
Total Daily Maximum Loads (TMDL’s),
where available, as well as the reduction
of groundwater contamination and the
conservation of ground and surface
water resources; (2) reduction of
emissions, such as particulate matter,
nitrogen oxides (NO2), volatile organic
compounds, and ozone precursors and
depleters that contribute to air quality
impairment violations of National
Ambient Air Quality Standards; (3)
reduction in soil erosion and
sedimentation from unacceptable levels
on agricultural land; and (4) promotion
of at-risk species habitat conservation.
In establishing the promotion of atrisk species habitat conservation as a
national priority, NRCS recognizes
unique local situations have the
potential to add to federally-listed and
candidate species. NRCS supports
activities that will reduce the need for
additional regulation, but will monitor
implementation of this aspect of the
program to assure that primary focus is
listed and candidate species.
NRCS has also identified national
measures that can help EQIP achieve its
national priorities and statutory
requirements more efficiently. These
measures include identifying and
implementing conservation practices
that: (1) Increase overall environmental
benefits, for example by addressing
multiple resource concerns, ensuring
more durable environmental benefits
and limiting adverse ancillary impacts;
(2) encourage innovation; (3) support
the statutory mandate to apply
nationally 60 percent of available EQIP
financial assistance to livestock-related
conservation practices; and (4) employ
appropriate tools to more
comprehensively serve EQIP purposes,
such as Comprehensive Nutrient
Management Plans and Integrated Pest
Management Plans.
In the allocation of EQIP financial
resource to States, NRCS uses the
national priorities as guidance in
helping to determine the amount of
funds received by NRCS State
E:\FR\FM\23MRP1.SGM
23MRP1
Federal Register / Vol. 70, No. 55 / Wednesday, March 23, 2005 / Proposed Rules
Conservationists to use within their
States. NRCS also retains a portion of
EQIP funding to reward NRCS State
operations that demonstrate a higher
level of performance and address
national priorities. Within States, the
NRCS State Conservationists consider
national priorities and measures as they
allocate funds and determine priority
resource concerns within their State.
The NRCS State Conservationist, and
the NRCS Designated Conservationists
in consultation with the local work
group, develops an application ranking
that reflects both priority resource
concerns within States and the national
priorities and measures.
NRCS will continue to rely on locallyled conservation as an important
cornerstone of EQIP. Using a locally-led
process ensures consideration of the
wide variability between and within
States regarding resource issues,
solutions, and limitations. Resource
issues and concerns change because of
shifts in population, climatic, or
consumer habits; and Federal, State and
local laws. Likewise, technical solutions
evolve with the advent of new
technology and the availability of new
data on the effectiveness of practices.
As a result, EQIP implementation may
vary across jurisdictional boundaries.
For example, some States may use Statelevel based program delivery while
others will use county or parish based
or regional (multi-county) based
delivery.
NRCS is, by this document, requesting
the public to provide comment to which
natural resource concerns should be
given national priority in the
implementation of EQIP. NRCS will
utilize this input from the public,
including affected stakeholders, and
Federal agencies to make any revision as
required to address emerging resource
issues. Information and updates about
the national priorities and measures will
be provided to the NRCS State
Conservationists through revisions to
the Conservation Programs Manual, Part
515, Environmental Quality Incentives
Program.
Signed in Washington, DC, on March 9,
2005.
Bruce I. Knight,
Chief, Natural Resources Conservation
Service, Vice President, Commodity Credit
Corporation.
[FR Doc. 05–5556 Filed 3–22–05; 8:45 am]
BILLING CODE 3410–16–P
VerDate jul<14>2003
16:19 Mar 22, 2005
Jkt 205001
NATIONAL CREDIT UNION
ADMINISTRATION
12 CFR Part 712
Audit Requirement for Credit Union
Service Organizations (CUSOs)
National Credit Union
Administration (NCUA).
ACTION: Proposed rule.
AGENCY:
SUMMARY: NCUA proposes to change its
rule concerning credit union service
organizations (CUSOs) to provide that a
wholly owned CUSO need not obtain its
own annual financial statement audit
from a certified public accountant if it
is included in the annual consolidated
audit of the Federal credit union (FCU)
that is its parent. The amendment will
reduce regulatory burden and conform
the regulation with agency practice,
which since 1997 has been to view
credit unions with wholly owned
CUSOs in compliance with the rule if
the parent FCU has obtained an annual
financial statement audit on a
consolidated basis.
DATES: Comments must be received on
or before May 23, 2005.
ADDRESSES: You may submit comments
by any of the following methods (Please
send comments by one method only):
• Federal eRulemaking Portal: https://
www.regulations.gov. Follow the
instructions for submitting comments.
• NCUA Web Site: https://
www.ncua.gov/
RegulationsOpinionsLaws/
proposed_regs/proposed_regs.html.
Follow the instructions for submitting
comments.
• E-mail: Address to
regcomments@ncua.gov. Include ‘‘[Your
name] Comments on Proposed Rule 712,
CUSO Audit Requirements,’’ in the email subject line.
• Fax: (703) 518–6319. Use the
subject line described above for e-mail.
• Mail: Address to Mary Rupp,
Secretary of the Board, National Credit
Union Administration, 1775 Duke
Street, Alexandria, Virginia 22314–
3428.
• Hand Delivery/Courier: Same as
mail address.
FOR FURTHER INFORMATION CONTACT: Ross
P. Kendall, Staff Attorney, Office of
General Counsel, at the above address or
telephone (703) 518–6540.
SUPPLEMENTARY INFORMATION:
Proposed Changes
The NCUA Board proposes revising
§ 712.3(d) so that a CUSO that is wholly
owned need not secure its own public
accounting firm financial statement
audit if it is included on a consolidated
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Frm 00002
Fmt 4702
Sfmt 4702
14579
basis in the audit of the FCU itself.
Currently, this section requires an FCU
to obtain a written commitment from
any CUSO in which it has made an
investment or to which it has made a
loan that the CUSO will secure an
annual opinion audit of its financial
statements, performed in accordance
with generally accepted auditing
standards by a licensed, certified public
accountant. 12 CFR 712.3(d)(2).
The current rule is designed to assure
that any CUSO with respect to which an
FCU intends to make a loan or an
investment maintains its books and
records in a manner that will enable the
FCU to obtain accurate financial
information about its operations and
financial condition. The rule also
requires that a CUSO provide NCUA
with access to any of its books and
records. 12 CFR 712.3(d)(3). The
proposed amendment recognizes that,
where a CUSO is controlled by an FCU
by virtue of its ownership of one
hundred percent of its voting shares,
generally accepted accounting
principles (GAAP) call for the
preparation of financial statements of
both the FCU and the CUSO on a
consolidated basis. Accordingly, where
the FCU has a financial statement audit
prepared on a consolidated basis, the
proposed rule would excuse the CUSO
from having to obtain a separate audit
opinion. Implicit in the proposal is the
recognition that NCUA has full access to
the information by virtue of its oversight
of the parent FCU.
Consolidated financial statements
present the results of operations,
financial position, and cash flows of a
parent and its subsidiaries as if the
group were a single enterprise. Under
GAAP, consolidated financial
statements generally include enterprises
in which the parent has a controlling
financial interest, usually, a majority
voting interest. There is a presumption
that consolidated statements are more
meaningful than separate statements
and are usually necessary for a fair
presentation when one of the
enterprises in a group directly or
indirectly has a controlling financial
interest in another.
The Board notes this proposed change
is consistent with its ongoing efforts to
reduce regulatory burden while
preserving necessary guidelines to
assure that FCUs operate in a safe and
sound manner. As a matter of practice,
NCUA staff has since 1997 considered
wholly-owned CUSOs to be in
compliance with the rule if the parent
FCU has obtained an opinion audit on
consolidated financial statements. See
Preamble to Proposed Amendments to
12 CFR part 712, 62 FR 11779, 11783
E:\FR\FM\23MRP1.SGM
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]]>Agencies
[Federal Register Volume 70, Number 55 (Wednesday, March 23, 2005)]
[Proposed Rules]
[Pages 14578-14579]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-5556]
========================================================================
Proposed Rules
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains notices to the public of
the proposed issuance of rules and regulations. The purpose of these
notices is to give interested persons an opportunity to participate in
the rule making prior to the adoption of the final rules.
========================================================================
Federal Register / Vol. 70, No. 55 / Wednesday, March 23, 2005 /
Proposed Rules
[[Page 14578]]
DEPARTMENT OF AGRICULTURE
Commodity Credit Corporation
Natural Resources Conservation Service
7 CFR Part 1466
Environmental Quality Incentive Program
AGENCY: Commodity Credit Corporation and the Natural Resources
Conservation Service, USDA.
ACTION: Request for public comments.
-----------------------------------------------------------------------
SUMMARY: Under the regulations of the Commodity Credit Corporation for
the Environmental Quality Incentives Program (EQIP), the Natural
Resources Conservation Service (NRCS) will review and update national
priorities for implementation based upon information gained from state
and national listening sessions and response to this document. This
document requests the public to provide input to NRCS about which
resource concerns should be given national priority in the
implementation of EQIP for FY 2006 and thereafter.
DATES: Comments must be received in writing by June 5, 2005. A national
listening session will be on May 5, 2005, 1 to 2 p.m., Media Center,
Room 107A, Whitten Building, 14th & Independence Avenue, SW.,
Washington, DC. The national listening session will be chaired by Bruce
I. Knight, Chief, NRCS.
ADDRESSES: Send written comments by mail to the Financial Assistance
Programs Division, Natural Resources Conservation Service, EQIP
Comments, Room 5231 South Office Building, 14th & Independence Avenue,
SW., Washington, DC 20250 or by e-mail to david.webster@usda.gov;
Subject: EQIP Comments. This request for comments may also be accessed
via the Internet through the NRCS homepage, at https://
www.nrcs.usda.gov, and by selecting ``Farm Bill 2002''. All comments
that are submitted, including names and addresses when provided, are
placed in the record and are available for public inspection.
FOR FURTHER INFORMATION CONTACT: David Webster, EQIP Specialist,
Financial Assistance Programs Division, NRCS, Room 5231 South Office
Building, 14th & Independence Avenue, SW., Washington, DC 20250;
telephone: (202) 720-5742; fax: (202) 720-4265; submit e-mail to:
david.webster@usda.gov, Attention: Environmental Quality Incentive
Program comments.
SUPPLEMENTARY INFORMATION:
General Information About the Environmental Quality Incentive Program
The Farm Security and Rural Investment Act of 2002 (the 2002 Act)
(Pub. L. 107-171, May 13, 2002) re-authorized and amended EQIP, 16
U.S.C. 3840 et seq. NRCS is seeking public comment to help the agency
review and assess the national priorities for EQIP.
Background
Through EQIP, NRCS assists farmers and ranchers who face threats to
soil, water, air, and related natural resources on their land. Eligible
lands for EQIP assistance include grazing lands, wetlands, private non-
industrial forestland, and wildlife habitat lands. Participation in the
program is voluntary. Under EQIP, NRCS provides assistance in a manner
that promotes agricultural production and environmental quality as
compatible goals, optimizes environmental benefits, and helps farmers
and ranchers meet Federal, State, and local environmental requirements.
NRCS offers the program throughout the Nation using the services of
NRCS personnel and technical service providers.
NRCS' approach to optimize environmental benefits integrates
consideration of national priorities in four key program components:
(1) The allocation of financial resources to States; (2) the allocation
of financial resources within States; (3) the selection of conservation
practices and the establishment of cost-share and incentive payment
levels; and (4) the application ranking process.
With consideration and evaluation of the input obtained from this
public notice and the public meetings, NRCS will update its national
priorities to reflect our most pressing natural resource needs and
emphasize off-site benefits to the environment. In the EQIP final rule,
published May 30, 2003 (68 FR 32337), NRCS identified the following
national priorities: (1) Reduction of non-point source pollution, such
as nutrients, sediment, pesticides, or excess salinity in impaired
watersheds consistent with Total Daily Maximum Loads (TMDL's), where
available, as well as the reduction of groundwater contamination and
the conservation of ground and surface water resources; (2) reduction
of emissions, such as particulate matter, nitrogen oxides
(NO2), volatile organic compounds, and ozone precursors and
depleters that contribute to air quality impairment violations of
National Ambient Air Quality Standards; (3) reduction in soil erosion
and sedimentation from unacceptable levels on agricultural land; and
(4) promotion of at-risk species habitat conservation.
In establishing the promotion of at-risk species habitat
conservation as a national priority, NRCS recognizes unique local
situations have the potential to add to federally-listed and candidate
species. NRCS supports activities that will reduce the need for
additional regulation, but will monitor implementation of this aspect
of the program to assure that primary focus is listed and candidate
species.
NRCS has also identified national measures that can help EQIP
achieve its national priorities and statutory requirements more
efficiently. These measures include identifying and implementing
conservation practices that: (1) Increase overall environmental
benefits, for example by addressing multiple resource concerns,
ensuring more durable environmental benefits and limiting adverse
ancillary impacts; (2) encourage innovation; (3) support the statutory
mandate to apply nationally 60 percent of available EQIP financial
assistance to livestock-related conservation practices; and (4) employ
appropriate tools to more comprehensively serve EQIP purposes, such as
Comprehensive Nutrient Management Plans and Integrated Pest Management
Plans.
In the allocation of EQIP financial resource to States, NRCS uses
the national priorities as guidance in helping to determine the amount
of funds received by NRCS State
[[Page 14579]]
Conservationists to use within their States. NRCS also retains a
portion of EQIP funding to reward NRCS State operations that
demonstrate a higher level of performance and address national
priorities. Within States, the NRCS State Conservationists consider
national priorities and measures as they allocate funds and determine
priority resource concerns within their State. The NRCS State
Conservationist, and the NRCS Designated Conservationists in
consultation with the local work group, develops an application ranking
that reflects both priority resource concerns within States and the
national priorities and measures.
NRCS will continue to rely on locally-led conservation as an
important cornerstone of EQIP. Using a locally-led process ensures
consideration of the wide variability between and within States
regarding resource issues, solutions, and limitations. Resource issues
and concerns change because of shifts in population, climatic, or
consumer habits; and Federal, State and local laws. Likewise, technical
solutions evolve with the advent of new technology and the availability
of new data on the effectiveness of practices.
As a result, EQIP implementation may vary across jurisdictional
boundaries. For example, some States may use State-level based program
delivery while others will use county or parish based or regional
(multi-county) based delivery.
NRCS is, by this document, requesting the public to provide comment
to which natural resource concerns should be given national priority in
the implementation of EQIP. NRCS will utilize this input from the
public, including affected stakeholders, and Federal agencies to make
any revision as required to address emerging resource issues.
Information and updates about the national priorities and measures will
be provided to the NRCS State Conservationists through revisions to the
Conservation Programs Manual, Part 515, Environmental Quality
Incentives Program.
Signed in Washington, DC, on March 9, 2005.
Bruce I. Knight,
Chief, Natural Resources Conservation Service, Vice President,
Commodity Credit Corporation.
[FR Doc. 05-5556 Filed 3-22-05; 8:45 am]
BILLING CODE 3410-16-P
