Good Neighbor Next Door Sales Program; Technical Correction, 1974-1975 [E8-355]

Download as PDF ebenthall on PRODPC61 with RULES 1974 Federal Register / Vol. 73, No. 8 / Friday, January 11, 2008 / Rules and Regulations (c) At the personal conference, the individual is given the opportunity to: (1) Appear personally, testify, crossexamine any witnesses, and make arguments; (2) Be represented by an attorney or other representative (see § 416.1500), although the individual must be present at the conference; and (3) Submit documents for consideration by the decisionmaker. (d) At the personal conference, the decisionmaker: (1) Tells the individual that the decisionmaker was not previously involved in the issue under review, that the waiver decision is solely the decisionmaker’s, and that the waiver decision is based only on the evidence or information presented or reviewed at the conference; (2) Ascertains the role and identity of everyone present; (3) Indicates whether or not the individual reviewed the claims file; (4) Explains the provisions of law and regulations applicable to the issue; (5) Briefly summarizes the evidence already in file which will be considered; (6) Ascertains from the individual whether the information presented is correct and whether he/she fully understands it; (7) Allows the individual and the individual’s representative, if any, to present the individual’s case; (8) Secures updated financial information and verification, if necessary; (9) Allows each witness to present information and allows the individual and the individual’s representative to question each witness; (10) Ascertains whether there is any further evidence to be presented; (11) Reminds the individual of any evidence promised by the individual which has not been presented; (12) Lets the individual and the individual’s representative, if any, present any proposed summary or closing statement; (13) Explains that a decision will be made and the individual will be notified in writing; and (14) Explains repayment options and further appeal rights in the event the decision is adverse to the individual. (e) SSA issues a written decision to the individual (and his or her representative, if any) specifying the findings of fact and conclusions in support of the decision to approve or deny waiver and advising of the individual’s right to appeal the decision. If waiver is denied, adjustment or recovery of the overpayment begins even if the individual appeals. (f) If it appears that the waiver cannot be approved, and the individual VerDate Aug<31>2005 14:32 Jan 10, 2008 Jkt 214001 declines a personal conference or fails to appear for a second scheduled personal conference, a decision regarding the waiver will be made based on the written evidence of record. Reconsideration is the next step in the appeals process. community, to purchase and live in homes in these communities. The November 1, 2006, final rule, codified the GNND Sales Program regulations at 24 CFR part 291, subpart F. [FR Doc. E8–314 Filed 1–10–08; 8:45 am] It has come to HUD’s attention that the regulatory text of the November 1, 2006, final rule contained a typographical error regarding properties available for sale under the GNND Sales Program. The preamble to the final rule correctly makes clear that occupied properties, properties located in Asset Control Areas, and properties that HUD determines will be sold through an alternative sales method will not be made available for purchase under the GNND Sales Program (see 61 FR 64422, third column). However, due to typographical error regarding the closing of a parenthetical, § 291.510(b) of the regulatory text (entitled ‘‘Eligible properties’’) incorrectly provides that: BILLING CODE 4191–02–P DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT 24 CFR Part 291 [Docket No. FR–4712–C–04] RIN 2502–AH72 Good Neighbor Next Door Sales Program; Technical Correction Office of the Assistant Secretary for Housing—Federal Housing Commissioner, HUD. ACTION: Technical correction. AGENCY: This document makes a correction to HUD’s November 1, 2006, final rule establishing regulations for the Good Neighbor Next Door (GNND) Sales Program. It has come to HUD’s attention that the regulatory text of the November 1, 2006, final rule contained a typographical error regarding properties available for sale under the GNND Sales Program. The purpose of this document is to make the necessary correction. DATES: Effective Date: January 11, 2008. FOR FURTHER INFORMATION CONTACT: Ivery W. Himes, Director, Asset Management and Disposition Division, Office of Single Family Asset Management, Department of Housing and Urban Development, 451 Seventh Street, SW., Room 9172, Washington, DC 20410–8000; telephone (202) 708– 1672 (this is not a toll-free number). Hearing- or speech-impaired individuals may access this number through TTY by calling the toll-free Federal Information Relay Service at (800) 877–8339. SUPPLEMENTARY INFORMATION: SUMMARY: On November 1, 2006 (71 FR 64422), HUD published a final rule establishing regulations for the Good Neighbor Next Door (GNND) Sales Program. The GNND Sales Program seeks to improve the quality of life in distressed urban communities by encouraging law enforcement officers, teachers, and firefighters/emergency medical technicians, whose daily responsibilities and duties reflect a high level of public service commitment and represent a nexus to the needs of the Frm 00014 Fmt 4700 Under the GNND Sales Program, singleunit properties acquired by HUD located in HUD-designated revitalization areas (except occupied properties), those located in Asset Control Areas, or those that HUD has determined will be sold through an alternative sales method will be made available to interested law enforcement officers, teachers, and firefighters/emergency medical technicians prior to listing the properties for sale to other purchasers. Rather than ending after the phrase ‘‘occupied properties,’’ the parenthetical should close at the end of the list of excluded properties after the phrase ‘‘those that HUD has determined will be sold through an alternative sales method.’’ The purpose of this document is to make the necessary correction to § 291.510(b). List of Subjects in 24 CFR Part 291 Community facilities, Conflict of interests, Homeless, Lead poisoning, Low and moderate income housing, Mortgages, Reporting and recordkeeping requirements, Surplus government property. Accordingly, 24 CFR part 291 is corrected by making the following correcting amendment: I I. Background PO 00000 II. Need for Correction Sfmt 4700 PART 291—DISPOSITION OF HUDACQUIRED SINGLE FAMILY PROPERTY 1. The authority citation for 24 CFR part 291 continues to read as follows: I Authority: 12 U.S.C. 1701 et seq.; 42 U.S.C. 1441, 1441a, 1551a, and 3535(d). 2. Revise § 291.510(b) to read as follows: I E:\FR\FM\11JAR1.SGM 11JAR1 Federal Register / Vol. 73, No. 8 / Friday, January 11, 2008 / Rules and Regulations § 291.510 Overview of the GNND Sales Program. I. Background * * * * * (b) Eligible properties. Under the GNND Sales Program, single-unit properties acquired by HUD located in HUD-designated revitalization areas (except occupied properties, those located in Asset Control Areas, or those that HUD has determined will be sold through an alternative sales method) will be made available to interested law enforcement officers, teachers, and firefighters/emergency medical technicians prior to listing the properties for sale to other purchasers. * * * * * Dated: January 3, 2008. Brian D. Montgomery, Assistant Secretary for Housing—Federal Housing Commissioner. [FR Doc. E8–355 Filed 1–10–08; 8:45 am] BILLING CODE 4210–67–P DEPARTMENT OF THE TREASURY 31 CFR Part 103 RIN 1506–AA88 Financial Crimes Enforcement Network; Amendment Regarding Financial Institutions Exempt from Establishing Anti-Money Laundering Programs Financial Crimes Enforcement Network, Department of the Treasury. ACTION: Final rule. AGENCY: SUMMARY: The Financial Crimes Enforcement Network (‘‘FinCEN’’) is amending the provision in its regulations that defers, for certain categories of financial institutions, the application of the anti-money laundering program requirements in section 352 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (‘‘USA PATRIOT’’) Act of 2001. Two of the categories of financial institutions specifically exempted from having to establish an anti-money laundering program subsequently have been required by regulation to establish such programs, and this rulemaking will amend the regulations to reflect those changes. ebenthall on PRODPC61 with RULES DATES: Effective Date: January 11, 2008. FOR FURTHER INFORMATION CONTACT: Regulatory Policy and Programs Division (FinCEN), (800) 949–2732 (tollfree). SUPPLEMENTARY INFORMATION: VerDate Aug<31>2005 14:32 Jan 10, 2008 Jkt 214001 A. USA PATRIOT Act Section 352 On October 26, 2001, the President signed into law the USA PATRIOT Act (Pub. L. 107–56). Title III of the USA PATRIOT Act makes a number of amendments to the anti-money laundering provisions of the Bank Secrecy Act (‘‘BSA’’), which is codified in subchapter II of chapter 53 of title 31, United States Code. These amendments are intended to make it easier to prevent, detect, and prosecute money laundering and the financing of terrorism. Section 352(a) of the USA PATRIOT Act, amended section 5318(h) of the BSA, effective April 24, 2002, to require every financial institution to establish an anti-money laundering program that includes, at a minimum: (i) The development of internal policies, procedures, and controls; (ii) the designation of a compliance officer; (iii) an ongoing employee training program; and (iv) an independent audit function to test programs. The definition of ‘‘financial institution’’ in sections 5312(a)(2) and (c)(1) of the BSA is broad. It includes categories of institutions that were already subject to some federal antimoney laundering regulations at the time the USA PATRIOT Act was passed, such as banks, savings associations, credit unions, and money services businesses (such as money transmitters and currency dealers or exchangers). The definition also includes: Registered securities broker-dealers; futures commission merchants; dealers in precious metals, stones, or jewels; pawnbrokers; loan or finance companies; trust companies; private bankers; insurance companies; travel agencies; telegraph companies; sellers of vehicles, including automobiles, airplanes, and boats; persons engaged in real estate closings and settlements; investment bankers; investment companies; and commodity pool operators and commodity trading advisors that are registered or require to register under the Commodity Exchange Act (7 U.S.C. 1 et seq.). Section 352 of the USA PATRIOT Act requires all of these businesses to establish anti-money laundering programs. Section 5318(h)(2) of the BSA, however, also grants the Secretary of the Treasury, and by extension his delegate FinCEN, the authority to exempt certain financial institutions from the requirement to institute anti-money laundering programs. In April 2002, FinCEN issued a series of interim final rules implementing section 352 of the PO 00000 Frm 00015 Fmt 4700 Sfmt 4700 1975 USA PATRIOT Act.1 At the same time, FinCEN also exempted certain financial institutions, including dealers in precious metals, stones, or jewels, and insurance companies, from having to comply with section 352 of the USA PATRIOT Act for a six month period.2 In November 2002, FinCEN replaced this six month exemption from the application of the anti-money laundering program requirements in section 352 with an open-ended exemption (‘‘Temporary Exemption Rule’’).3 B. Updating 31 CFR Section 103.170 In the years since the Temporary Exemption Rule was published, FinCEN has promulgated a number of rules that require two previously exempted categories of financial institutions (dealers in precious metals, stones, or jewels,4 and insurance companies 5) to establish anti-money laundering programs.6 Although FinCEN has, through the publication of the abovementioned rules, ipso jure revoked the exemptions previously issued to those categories of financial institutions,7 the Temporary Exemption Rule is being amended to reflect these revocations and eliminate possible confusion. 1 These rules prescribed requirements for antimoney laundering programs for banks, savings associations, credit union, registered securities broker-dealers, futures commission merchants, and introducing brokers that are regulated by a federal functional regulator or a self-regulatory organization, and casinos. 67 FR 21110 (Apr. 29, 2002) (interim final rules). At the same time, FinCEN also issued interim final rules that required money services businesses (67 FR 21114 (Apr. 29, 2002)), mutual funds (67 FR 21117 (Apr. 29, 2002)), and operators of credit card systems (67 FR 21121 (Apr. 29, 2002)) to establish anti-money laundering programs. 2 Id. 3 31 CFR 103.170, 67 FR 67547 (Nov. 6, 2002), corrected at 67 FR 68953 (Nov. 14, 2002). 4 31 CFR 103.170(b)(i) 5 31 CFR 103.170(b)(ix). Only those insurance companies falling within the definition contained in 31 CFR 103.137(a)(9) are required to have an anti-money laundering program. The removal of the entire category of ‘‘insurance companies’’ from the exempted list should not be read to limit the breadth of the definition for purposes of the availability of the safe harbor under 31 U.S.C. 5318(g)(3) for voluntary reports of suspicious activities. See 70 FR 66755 (Nov. 3, 2005), fn 4. 6 FinCEN issued rules in 2005 requiring dealers in precious stones, metals, and jewels ((See 70 FR 33702 (June 9, 2005) (interim final rule)), and certain insurance companies (See 70 FR 66754 (Nov. 3, 2005) (final rule)) to establish anti-money laundering programs. 7 The removal of the temporary exemption occurs automatically pursuant to 31 CFR section 103.170(c), which states that ‘‘[t]he exemptions described in paragraphs (a)(2) and (b) of [this rule] shall not apply to any financial institution that is otherwise required to establish an anti-money laundering program by this subpart I.’’ E:\FR\FM\11JAR1.SGM 11JAR1

Agencies

[Federal Register Volume 73, Number 8 (Friday, January 11, 2008)]
[Rules and Regulations]
[Pages 1974-1975]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-355]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

24 CFR Part 291

[Docket No. FR-4712-C-04]
RIN 2502-AH72


Good Neighbor Next Door Sales Program; Technical Correction

AGENCY: Office of the Assistant Secretary for Housing--Federal Housing 
Commissioner, HUD.

ACTION: Technical correction.

-----------------------------------------------------------------------

SUMMARY: This document makes a correction to HUD's November 1, 2006, 
final rule establishing regulations for the Good Neighbor Next Door 
(GNND) Sales Program. It has come to HUD's attention that the 
regulatory text of the November 1, 2006, final rule contained a 
typographical error regarding properties available for sale under the 
GNND Sales Program. The purpose of this document is to make the 
necessary correction.

DATES: Effective Date: January 11, 2008.

FOR FURTHER INFORMATION CONTACT: Ivery W. Himes, Director, Asset 
Management and Disposition Division, Office of Single Family Asset 
Management, Department of Housing and Urban Development, 451 Seventh 
Street, SW., Room 9172, Washington, DC 20410-8000; telephone (202) 708-
1672 (this is not a toll-free number). Hearing- or speech-impaired 
individuals may access this number through TTY by calling the toll-free 
Federal Information Relay Service at (800) 877-8339.

SUPPLEMENTARY INFORMATION: 

I. Background

    On November 1, 2006 (71 FR 64422), HUD published a final rule 
establishing regulations for the Good Neighbor Next Door (GNND) Sales 
Program. The GNND Sales Program seeks to improve the quality of life in 
distressed urban communities by encouraging law enforcement officers, 
teachers, and firefighters/emergency medical technicians, whose daily 
responsibilities and duties reflect a high level of public service 
commitment and represent a nexus to the needs of the community, to 
purchase and live in homes in these communities. The November 1, 2006, 
final rule, codified the GNND Sales Program regulations at 24 CFR part 
291, subpart F.

II. Need for Correction

    It has come to HUD's attention that the regulatory text of the 
November 1, 2006, final rule contained a typographical error regarding 
properties available for sale under the GNND Sales Program. The 
preamble to the final rule correctly makes clear that occupied 
properties, properties located in Asset Control Areas, and properties 
that HUD determines will be sold through an alternative sales method 
will not be made available for purchase under the GNND Sales Program 
(see 61 FR 64422, third column). However, due to typographical error 
regarding the closing of a parenthetical, Sec.  291.510(b) of the 
regulatory text (entitled ``Eligible properties'') incorrectly provides 
that:

    Under the GNND Sales Program, single-unit properties acquired by 
HUD located in HUD-designated revitalization areas (except occupied 
properties), those located in Asset Control Areas, or those that HUD 
has determined will be sold through an alternative sales method will 
be made available to interested law enforcement officers, teachers, 
and firefighters/emergency medical technicians prior to listing the 
properties for sale to other purchasers.

    Rather than ending after the phrase ``occupied properties,'' the 
parenthetical should close at the end of the list of excluded 
properties after the phrase ``those that HUD has determined will be 
sold through an alternative sales method.'' The purpose of this 
document is to make the necessary correction to Sec.  291.510(b).

List of Subjects in 24 CFR Part 291

    Community facilities, Conflict of interests, Homeless, Lead 
poisoning, Low and moderate income housing, Mortgages, Reporting and 
recordkeeping requirements, Surplus government property.

0
Accordingly, 24 CFR part 291 is corrected by making the following 
correcting amendment:

PART 291--DISPOSITION OF HUD-ACQUIRED SINGLE FAMILY PROPERTY

0
1. The authority citation for 24 CFR part 291 continues to read as 
follows:

    Authority: 12 U.S.C. 1701 et seq.; 42 U.S.C. 1441, 1441a, 1551a, 
and 3535(d).


0
2. Revise Sec.  291.510(b) to read as follows:

[[Page 1975]]

Sec.  291.510  Overview of the GNND Sales Program.

* * * * *
    (b) Eligible properties. Under the GNND Sales Program, single-unit 
properties acquired by HUD located in HUD-designated revitalization 
areas (except occupied properties, those located in Asset Control 
Areas, or those that HUD has determined will be sold through an 
alternative sales method) will be made available to interested law 
enforcement officers, teachers, and firefighters/emergency medical 
technicians prior to listing the properties for sale to other 
purchasers.
* * * * *

    Dated: January 3, 2008.
Brian D. Montgomery,
Assistant Secretary for Housing--Federal Housing Commissioner.
 [FR Doc. E8-355 Filed 1-10-08; 8:45 am]
BILLING CODE 4210-67-P
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