Extensions of Credit by Federal Reserve Banks, 28562-28563 [06-4592]
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Federal Register / Vol. 71, No. 95 / Wednesday, May 17, 2006 / Rules and Regulations
value are considered confidential
information, and shall only be disclosed
as determined at the sole discretion of
NRCS in accordance with applicable
law.
§ 625.19
Scheme and device.
(a) If it is determined by NRCS that a
person has employed a scheme or
device to defeat the purposes of this
part, any part of any program payment
otherwise due or paid such person
during the applicable period may be
withheld or be required to be refunded
with interest thereon, as determined
appropriate by NRCS.
(b) A scheme or device includes, but
is not limited to, coercion, fraud,
misrepresentation, depriving any other
person of payments for cost-share
practices or easements for the purpose
of obtaining a payment to which a
person would otherwise not be entitled.
(c) A person who succeeds to the
responsibilities under this part shall
report in writing to NRCS any interest
of any kind in enrolled land that is held
by a predecessor or any lender. A failure
of full disclosure will be considered a
scheme or device under this section.
Signed in Washington, DC, on May 8, 2006.
Bruce I. Knight,
Chief, Natural Resources Conservation
Service.
[FR Doc. 06–4587 Filed 5–16–06; 8:45 am]
BILLING CODE 3410–16–P
FEDERAL RESERVE SYSTEM
12 CFR Part 201
[Regulation A]
Extensions of Credit by Federal
Reserve Banks
Board of Governors of the
Federal Reserve System.
ACTION: Final rule.
AGENCY:
The Board of Governors of the
Federal Reserve System (Board) has
adopted final amendments to its
Regulation A to reflect the Board’s
approval of an increase in the primary
credit rate at each Federal Reserve Bank.
The secondary credit rate at each
Reserve Bank automatically increased
by formula as a result of the Board’s
primary credit rate action.
DATES: The amendments to part 201
(Regulation A) are effective May 17,
2006. The rate changes for primary and
secondary credit were effective on the
dates specified in 12 CFR 201.51, as
amended.
dsatterwhite on PROD1PC76 with RULES
SUMMARY:
FOR FURTHER INFORMATION CONTACT:
Jennifer J. Johnson, Secretary of the
VerDate Aug<31>2005
18:32 May 16, 2006
Jkt 208001
Board (202/452–3259); for users of
Telecommunication Devices for the Deaf
(TDD) only, contact 202/263–4869.
The
Federal Reserve Banks make primary
and secondary credit available to
depository institutions as a backup
source of funding on a short-term basis,
usually overnight. The primary and
secondary credit rates are the interest
rates that the twelve Federal Reserve
Banks charge for extensions of credit
under these programs. In accordance
with the Federal Reserve Act, the
primary and secondary credit rates are
established by the boards of directors of
the Federal Reserve Banks, subject to
the review and determination of the
Board.
The Board approved requests by the
Reserve Banks to increase by 25 basis
points the primary credit rate in effect
at each of the twelve Federal Reserve
Banks, thereby increasing from 5.75
percent to 6.00 percent the rate that
each Reserve Bank charges for
extensions of primary credit. As a result
of the Board’s action on the primary
credit rate, the rate that each Reserve
Bank charges for extensions of
secondary credit automatically
increased from 6.25 percent to 6.50
percent under the secondary credit rate
formula. The final amendments to
Regulation A reflect these rate changes.
The 25-basis-point increase in the
primary credit rate was associated with
a similar increase in the target for the
Federal funds rate (from 4.75 percent to
5.00 percent) approved by the Federal
Open Market Committee (Committee)
and announced at the same time. A
press release announcing these actions
indicated that:
SUPPLEMENTARY INFORMATION:
Economic growth has been quite strong so
far this year. The Committee sees growth as
likely to moderate to a more sustainable pace,
partly reflecting a gradual cooling of the
housing market and the lagged effects of
increases in interest rates and energy prices.
As yet, the run-up in the prices of energy
and other commodities appears to have had
only a modest effect on core inflation,
ongoing productivity gains have helped to
hold the growth of unit labor costs in check,
and inflation expectations remain contained.
Still, possible increases in resource
utilization, in combination with the elevated
prices of energy and other commodities, have
the potential to add to inflation pressures.
The Committee judges that some further
policy firming may yet be needed to address
inflation risks but emphasizes that the extent
and timing of any such firming will depend
importantly on the evolution of the economic
outlook as implied by incoming information.
In any event, the Committee will respond to
changes in economic prospects as needed to
support the attainment of its objectives.
PO 00000
Frm 00018
Fmt 4700
Sfmt 4700
Regulatory Flexibility Act Certification
Pursuant to the Regulatory Flexibility
Act (5 U.S.C. 605(b)), the Board certifies
that the new primary and secondary
credit rates will not have a significantly
adverse economic impact on a
substantial number of small entities
because the final rule does not impose
any additional requirements on entities
affected by the regulation.
Administrative Procedure Act
The Board did not follow the
provisions of 5 U.S.C. 553(b) relating to
notice and public participation in
connection with the adoption of these
amendments because the Board for good
cause determined that delaying
implementation of the new primary and
secondary credit rates in order to allow
notice and public comment would be
unnecessary and contrary to the public
interest in fostering price stability and
sustainable economic growth. For these
same reasons, the Board also has not
provided 30 days prior notice of the
effective date of the rule under section
553(d).
12 CFR Chapter II
List of Subjects in 12 CFR Part 201
Banks, Banking, Federal Reserve
System, Reporting and recordkeeping.
Authority and Issuance
For the reasons set forth in the
preamble, the Board is amending 12
CFR chapter II to read as follows:
I
PART 201—EXTENSIONS OF CREDIT
BY FEDERAL RESERVE BANKS
(REGULATION A)
1. The authority citation for part 201
continues to read as follows:
I
Authority: 12 U.S.C. 248(i)–(j), 343 et seq.,
347a, 347b, 347c, 348 et seq., 357, 374, 374a,
and 461.
2. In § 201.51, paragraphs (a) and (b)
are revised to read as follows:
I
§ 201.51 Interest rates applicable to credit
extended by a Federal Reserve Bank.1
(a) Primary credit. The interest rates
for primary credit provided to
depository institutions under § 201.4(a)
are:
Federal reserve
bank
Boston ................
New York ...........
Philadelphia .......
Rate
6.00
6.00
6.00
Effective
May 10, 2006.
May 10, 2006.
May 10, 2006.
1 The primary, secondary, and seasonal credit
rates described in this section apply to both
advances and discounts made under the primary,
secondary, and seasonal credit programs,
respectively.
E:\FR\FM\17MYR1.SGM
17MYR1
Federal Register / Vol. 71, No. 95 / Wednesday, May 17, 2006 / Rules and Regulations
Federal reserve
bank
Rate
Cleveland ...........
Richmond ...........
Atlanta ................
Chicago ..............
St. Louis .............
Minneapolis ........
Kansas City .......
Dallas .................
San Francisco ....
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
May
May
May
May
May
May
May
May
May
10,
10,
10,
10,
11,
10,
11,
10,
10,
2006.
2006.
2006.
2006.
2006.
2006.
2006.
2006.
2006.
(b) Secondary credit. The interest
rates for secondary credit provided to
depository institutions under 201.4(b)
are:
Federal reserve
bank
Rate
Boston ................
New York ...........
Philadelphia .......
Cleveland ...........
Richmond ...........
Atlanta ................
Chicago ..............
St. Louis .............
Minneapolis ........
Kansas City .......
Dallas .................
San Francisco ....
6.50
6.50
6.50
6.50
6.50
6.50
6.50
6.50
6.50
6.50
6.50
6.50
10,
10,
10,
10,
10,
10,
10,
11,
10,
11,
10,
10,
DEPARTMENT OF TRANSPORTATION
12 CFR Chapter II
RIN 2120–AA64
List of Subjects in 12 CFR Part 202
Airworthiness Directives; BAE
Systems (Operations) Limited Model
BAe 146 Airplanes and Model Avro
146–RJ Airplanes
Aged, Banks, banking, Civil rights,
Consumer protections, Credit,
Discrimination, Federal Reserve System,
Marital status discrimination, Penalties,
Religious discrimination, Sex
discrimination.
Effective
May
May
May
May
May
May
May
May
May
May
May
May
The Board
published a document in the Federal
Register on March 7, 2006, (71 FR
11296) which updated the addresses of
certain Federal enforcement agencies.
The Board is publishing this notice to
correct the address of the Office of the
Comptroller of the Currency.
SUPPLEMENTARY INFORMATION:
Effective
2006.
2006.
2006.
2006.
2006.
2006.
2006.
2006.
2006.
2006.
2006.
2006.
Authority and Issuance
For the reasons set forth in the
preamble, the Board amends 12 CFR
part 202 to read as follows:
I
PART 202—EQUAL CREDIT
OPPORTUNITY ACT (REGULATION B)
1. The authority citation for part 202
continues to read as follows:
I
Authority: 15 U.S.C. 1691–1691f.
*
*
*
*
*
By order of the Board of Governors of the
Federal Reserve System, May 11, 2006.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 06–4592 Filed 5–16–06; 8:45 am]
2. Appendix A is amended by revising
the following Federal Enforcement
Agency’s address to read as follows:
I
Appendix A to Part 202—Federal
Enforcement Agencies
BILLING CODE 6210–02–P
*
FEDERAL RESERVE SYSTEM
12 CFR Part 202
National banks, and federal branches and
federal agencies of foreign banks: Office of
the Comptroller of the Currency, Customer
Assistance Group, 1301 McKinney Street,
Suite 3450, Houston, TX 77010–9050
[Regulation B; Docket No. R–1251]
*
Equal Credit Opportunity
By order of the Board of Governors of the
Federal Reserve System, acting through the
Secretary of the Board under delegated
authority, May 11, 2006.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 06–4593 Filed 5–16–06; 8:45 am]
Board of Governors of the
Federal Reserve System.
ACTION: Final rule; technical
amendments.
dsatterwhite on PROD1PC76 with RULES
AGENCY:
SUMMARY: The Board is publishing a
technical amendment to Regulation B
(Equal Credit Opportunity Act) to
correct the address of the Office of the
Comptroller of the Currency as
published in the Federal Register on
March 7, 2006.
DATES: Effective Date: May 17, 2006.
FOR FURTHER INFORMATION CONTACT:
Minh-Duc T. Le, Senior Attorney,
Division of Consumer and Community
Affairs, Board of Governors of the
Federal Reserve System, at (202) 452–
3667. For the users of
Telecommunications Device for the Deaf
(‘‘TDD’’) only, contact (202) 263–4869.
VerDate Aug<31>2005
18:32 May 16, 2006
Jkt 208001
28563
*
*
*
*
*
*
*
*
BILLING CODE 6210–01–P
PO 00000
Federal Aviation Administration
14 CFR Part 39
[Docket No. FAA–2005–23215; Directorate
Identifier 2005–NM–212–AD; Amendment
39–14596; AD 2006–10–12]
Federal Aviation
Administration (FAA), Department of
Transportation (DOT).
ACTION: Final rule.
AGENCY:
SUMMARY: The FAA is adopting a new
airworthiness directive (AD) for all BAE
Systems (Operations) Limited Model
BAe 146 airplanes and Model Avro 146–
RJ airplanes. This AD requires repetitive
replacement of the elevator servo tab
hinge bearings, elevator servo tab
mechanism bearings, elevator trim tab
hinge bearings, and elevator trim tab
drive rod bearings with new bearings.
This AD results from reported incidents
of flight control surface restrictions due
to the deterioration of flight control
surface bearings. We are issuing this AD
to prevent corrosion of flight control
surface bearings and freezing of
moisture inside the bearings, due to loss
of lubrication in the bearings, which
could lead to flight control restrictions
and result in reduced controllability of
the airplane.
DATES: This AD becomes effective June
21, 2006.
The Director of the Federal Register
approved the incorporation by reference
of a certain publication listed in the AD
as of June 21, 2006.
ADDRESSES: You may examine the AD
docket on the Internet at https://
dms.dot.gov or in person at the Docket
Management Facility, U.S. Department
of Transportation, 400 Seventh Street,
SW., Nassif Building, room PL–401,
Washington, DC.
Contact British Aerospace Regional
Aircraft American Support, 13850
Mclearen Road, Herndon, VA 20171, for
service information identified in this
AD.
Dan
Rodina, Aerospace Engineer,
International Branch, ANM–116, FAA,
Transport Airplane Directorate, 1601
Lind Avenue, SW., Renton, WA 98055–
4056; telephone (425) 227–2125; fax
(425) 227–1149.
SUPPLEMENTARY INFORMATION:
FOR FURTHER INFORMATION CONTACT:
Frm 00019
Fmt 4700
Sfmt 4700
E:\FR\FM\17MYR1.SGM
17MYR1
]]>Agencies
[Federal Register Volume 71, Number 95 (Wednesday, May 17, 2006)]
[Rules and Regulations]
[Pages 28562-28563]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 06-4592]
=======================================================================
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
12 CFR Part 201
[Regulation A]
Extensions of Credit by Federal Reserve Banks
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
has adopted final amendments to its Regulation A to reflect the Board's
approval of an increase in the primary credit rate at each Federal
Reserve Bank. The secondary credit rate at each Reserve Bank
automatically increased by formula as a result of the Board's primary
credit rate action.
DATES: The amendments to part 201 (Regulation A) are effective May 17,
2006. The rate changes for primary and secondary credit were effective
on the dates specified in 12 CFR 201.51, as amended.
FOR FURTHER INFORMATION CONTACT: Jennifer J. Johnson, Secretary of the
Board (202/452-3259); for users of Telecommunication Devices for the
Deaf (TDD) only, contact 202/263-4869.
SUPPLEMENTARY INFORMATION: The Federal Reserve Banks make primary and
secondary credit available to depository institutions as a backup
source of funding on a short-term basis, usually overnight. The primary
and secondary credit rates are the interest rates that the twelve
Federal Reserve Banks charge for extensions of credit under these
programs. In accordance with the Federal Reserve Act, the primary and
secondary credit rates are established by the boards of directors of
the Federal Reserve Banks, subject to the review and determination of
the Board.
The Board approved requests by the Reserve Banks to increase by 25
basis points the primary credit rate in effect at each of the twelve
Federal Reserve Banks, thereby increasing from 5.75 percent to 6.00
percent the rate that each Reserve Bank charges for extensions of
primary credit. As a result of the Board's action on the primary credit
rate, the rate that each Reserve Bank charges for extensions of
secondary credit automatically increased from 6.25 percent to 6.50
percent under the secondary credit rate formula. The final amendments
to Regulation A reflect these rate changes.
The 25-basis-point increase in the primary credit rate was
associated with a similar increase in the target for the Federal funds
rate (from 4.75 percent to 5.00 percent) approved by the Federal Open
Market Committee (Committee) and announced at the same time. A press
release announcing these actions indicated that:
Economic growth has been quite strong so far this year. The
Committee sees growth as likely to moderate to a more sustainable
pace, partly reflecting a gradual cooling of the housing market and
the lagged effects of increases in interest rates and energy prices.
As yet, the run-up in the prices of energy and other commodities
appears to have had only a modest effect on core inflation, ongoing
productivity gains have helped to hold the growth of unit labor
costs in check, and inflation expectations remain contained. Still,
possible increases in resource utilization, in combination with the
elevated prices of energy and other commodities, have the potential
to add to inflation pressures.
The Committee judges that some further policy firming may yet be
needed to address inflation risks but emphasizes that the extent and
timing of any such firming will depend importantly on the evolution
of the economic outlook as implied by incoming information. In any
event, the Committee will respond to changes in economic prospects
as needed to support the attainment of its objectives.
Regulatory Flexibility Act Certification
Pursuant to the Regulatory Flexibility Act (5 U.S.C. 605(b)), the
Board certifies that the new primary and secondary credit rates will
not have a significantly adverse economic impact on a substantial
number of small entities because the final rule does not impose any
additional requirements on entities affected by the regulation.
Administrative Procedure Act
The Board did not follow the provisions of 5 U.S.C. 553(b) relating
to notice and public participation in connection with the adoption of
these amendments because the Board for good cause determined that
delaying implementation of the new primary and secondary credit rates
in order to allow notice and public comment would be unnecessary and
contrary to the public interest in fostering price stability and
sustainable economic growth. For these same reasons, the Board also has
not provided 30 days prior notice of the effective date of the rule
under section 553(d).
12 CFR Chapter II
List of Subjects in 12 CFR Part 201
Banks, Banking, Federal Reserve System, Reporting and
recordkeeping.
Authority and Issuance
0
For the reasons set forth in the preamble, the Board is amending 12 CFR
chapter II to read as follows:
PART 201--EXTENSIONS OF CREDIT BY FEDERAL RESERVE BANKS (REGULATION
A)
0
1. The authority citation for part 201 continues to read as follows:
Authority: 12 U.S.C. 248(i)-(j), 343 et seq., 347a, 347b, 347c,
348 et seq., 357, 374, 374a, and 461.
0
2. In Sec. 201.51, paragraphs (a) and (b) are revised to read as
follows:
Sec. 201.51 Interest rates applicable to credit extended by a Federal
Reserve Bank.\1\
---------------------------------------------------------------------------
\1\ The primary, secondary, and seasonal credit rates described
in this section apply to both advances and discounts made under the
primary, secondary, and seasonal credit programs, respectively.
---------------------------------------------------------------------------
(a) Primary credit. The interest rates for primary credit provided
to depository institutions under Sec. 201.4(a) are:
------------------------------------------------------------------------
Federal reserve bank Rate Effective
------------------------------------------------------------------------
Boston............................. 6.00 May 10, 2006.
New York........................... 6.00 May 10, 2006.
Philadelphia....................... 6.00 May 10, 2006.
[[Page 28563]]
Cleveland.......................... 6.00 May 10, 2006.
Richmond........................... 6.00 May 10, 2006.
Atlanta............................ 6.00 May 10, 2006.
Chicago............................ 6.00 May 10, 2006.
St. Louis.......................... 6.00 May 11, 2006.
Minneapolis........................ 6.00 May 10, 2006.
Kansas City........................ 6.00 May 11, 2006.
Dallas............................. 6.00 May 10, 2006.
San Francisco...................... 6.00 May 10, 2006.
------------------------------------------------------------------------
(b) Secondary credit. The interest rates for secondary credit
provided to depository institutions under 201.4(b) are:
------------------------------------------------------------------------
Federal reserve bank Rate Effective
------------------------------------------------------------------------
Boston............................. 6.50 May 10, 2006.
New York........................... 6.50 May 10, 2006.
Philadelphia....................... 6.50 May 10, 2006.
Cleveland.......................... 6.50 May 10, 2006.
Richmond........................... 6.50 May 10, 2006.
Atlanta............................ 6.50 May 10, 2006.
Chicago............................ 6.50 May 10, 2006.
St. Louis.......................... 6.50 May 11, 2006.
Minneapolis........................ 6.50 May 10, 2006.
Kansas City........................ 6.50 May 11, 2006.
Dallas............................. 6.50 May 10, 2006.
San Francisco...................... 6.50 May 10, 2006.
------------------------------------------------------------------------
* * * * *
By order of the Board of Governors of the Federal Reserve
System, May 11, 2006.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 06-4592 Filed 5-16-06; 8:45 am]
BILLING CODE 6210-02-P
