Extensions of Credit by Federal Reserve Banks, 28562-28563 [06-4592]

Download as PDF 28562 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 http:// 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]


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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