Justia Agencies And Commissions Farm Credit Administration Farm Credit Administration Board Meetings; Assessment and Apportionment of Administrative Expenses; Standards of Conduct and Referral of Known or Suspected Criminal Violations; Loan Policies and Operations; Funding and Fiscal Affairs, Loan Policies and Operations, and Funding Operations; General Provisions; and Title IV Conservators, Receivers, and Voluntary Liquidations; Technical Changes, 35966-35968 [2010-15327]

Farm Credit Administration Board Meetings; Assessment and Apportionment of Administrative Expenses; Standards of Conduct and Referral of Known or Suspected Criminal Violations; Loan Policies and Operations; Funding and Fiscal Affairs, Loan Policies and Operations, and Funding Operations; General Provisions; and Title IV Conservators, Receivers, and Voluntary Liquidations; Technical Changes, 35966-35968 [2010-15327]

Download as PDF 35966 Federal Register / Vol. 75, No. 121 / Thursday, June 24, 2010 / Rules and Regulations § 1774.19 Applications determined ineligible. FARM CREDIT ADMINISTRATION If at any time an application is determined ineligible, the processing office will notify the applicant in writing of the reasons. The notification to the applicant will state that an appeal of this decision may be made by the applicant under 7 CFR part 11. 12 CFR Parts 604, 607, 612, 614, 615, 618, and 627 § 1774.17 cprice-sewell on DSK8KYBLC1PROD with RULES (1) ‘‘Water and Waste Project Information Summary’’; (2) Form RD 442–3, ‘‘Balance Sheet’’ or a financial statement or audit that includes a balance sheet; (3) Letter of Conditions; (4) Form RD 1942–46, ‘‘Letter of Intent to Meet Conditions’’; (5) Form RD 1940–1, ‘‘Request for Obligation of Funds’’; Any processing or servicing activity conducted pursuant to this part involving authorized assistance to Rural Development employees with Water and Environmental Programs responsibility, members of their families, known close relatives, or business or close personal associates, is subject to the provisions of subpart D of part 1900 of this title. Applicants of this assistance are required to identify any known relationship or association with an RUS employee. Grant closing and disbursement. (a) Grant closing. RUS Bulletin 1780– 12 ‘‘Water or Waste System Grant Agreement’’ will be completed and executed in accordance with the requirements of grant approval. The grant will be considered closed when RUS Bulletin 1780–12 has been properly executed. Processing officials or Approval officials are authorized to sign the grant agreement on behalf of RUS. (b) Grant disbursements. Agency policy is not to disburse grant funds from the Treasury until they are actually needed by the applicant. If an approved grant includes applicant or other contributions, then these funds will be disbursed before the disbursal of any Agency grant funds. (c) Payment for project costs. Project costs will be monitored by the RUS processing office. Invoices will be approved by the borrower and submitted to the Processing Official for concurrence. The review and acceptance of project costs by the Agency does not attest to the correctness of the amounts, the quantities shown or that the work has been performed under the terms of the agreements or contracts. (d) Use of remaining funds. Funds remaining after all costs incident to the basic project have been paid or provided for will not include applicant contributions if SEARCH grants funds are financing less than 100 percent of the project. Funds remaining may be considered in direct proportion to the amounts obtained from each source. Remaining funds will be handled as follows: (1) Remaining funds may be used for eligible grant purposes as described in 1774.14 of this subpart, or (2) Grant funds not expended will be canceled. Prior to the actual cancellation, the borrower, its attorney and its engineer will be notified of RUS’ intent to cancel the remaining funds. § 1774.20 Conflict of Interest. §§ 1774.21–1774.23 § 1774.24 [Reserved] Exception authority. The Administrator may, in individual cases, make an exception to any requirement or provision of this part which is not inconsistent with the authorizing statute or other applicable law and is determined to be in the Government’s interest. Requests for exceptions must be made in writing by the State Director and supported with documentation to explain the adverse effect on the Government’s interest, propose alternative course(s) of action, and show how the adverse affect will be eliminated or minimized if the exception is granted. The exception decision will be documented in writing, signed by the Administrator, and retained in the files. § 1774.25–1774.99 § 1774.100 [Reserved] OMB Control Number. The information collection requirements in this part will not be effective until approved by the Office of Management and Budget (OMB), subject to the submission of a paperwork package to OMB and assigned an OMB Control Number. Dated: May 10, 2010. Jonathan Adelstein, Administrator, Rural Utilities Service. [FR Doc. 2010–15265 Filed 6–23–10; 8:45 am] § 1774.18 Reporting requirements, accounting methods and audits. BILLING CODE 3410–15–P All Agency grantees will follow the reporting requirements as outlined in 7 CFR 1780.47. VerDate Mar<15>2010 12:53 Jun 23, 2010 Jkt 220001 PO 00000 Frm 00010 Fmt 4700 Sfmt 4700 RIN 3052–AC63 Farm Credit Administration Board Meetings; Assessment and Apportionment of Administrative Expenses; Standards of Conduct and Referral of Known or Suspected Criminal Violations; Loan Policies and Operations; Funding and Fiscal Affairs, Loan Policies and Operations, and Funding Operations; General Provisions; and Title IV Conservators, Receivers, and Voluntary Liquidations; Technical Changes Farm Credit Administration. ACTION: Direct final rule. AGENCY: SUMMARY: The Farm Credit Administration (FCA or Agency) amends the current regulations in parts 604, 607, 612, 614, 615, 618, and 627 to eliminate unnecessary, redundant or outdated regulations, to correct crossreference errors, and to clarify the intent of a regulatory provision. This direct final rule covers issues that are technical in nature. DATES: If no significant adverse comment is received on or before July 26, 2010, these regulations shall be effective upon the expiration of 30 days after publication in the Federal Register during which either or both Houses of Congress are in session. We will publish notice of the effective date in the Federal Register. If we receive significant adverse comment on an amendment, paragraph, or section of this rule, and that provision may be addressed separately from the remainder of the rule, we will withdraw that amendment, paragraph, or section and adopt as final those provisions of the rule that are not the subject of a significant comment. In such a case, we would then inform you of how we expect to continue further rulemaking on the provisions that were the subject of significant adverse comment. FOR FURTHER INFORMATION CONTACT: Jacqueline R. Melvin, Policy Analyst, Office of Regulatory Policy, Farm Credit Administration, McLean, VA 22102–5090, (703) 883–4498, TTY (703) 883–4434, or Mary Alice Donner, Senior Attorney, Office of General Counsel, Farm Credit Administration, McLean, VA 22102–5090, (703) 883–4020, TTY (703) 883–4020. SUPPLEMENTARY INFORMATION: E:\FR\FM\24JNR1.SGM 24JNR1 Federal Register / Vol. 75, No. 121 / Thursday, June 24, 2010 / Rules and Regulations I. Objective The objective of this direct final rule is to carry out the FCA Board’s commitment to the principles contained in the Board’s Policy Statement on Regulatory Philosophy,1 which includes the elimination of outdated regulations and technical amendments to ensure that regulations are accurate. In furtherance of this objective, the Agency is making a number of technical changes to its regulations. II. Section-by-Section Analysis A. Section 604.420(i)(1)—Farm Credit Administration Board Meetings; § 607.2(j)—Assessment and Apportionment of Administrative Expenses; § 612.2300(a)—Standards of Conduct and Referral of Known or Suspected Criminal Violations; §§ 615.5030(b) and 615.5560—Funding and Fiscal Affairs, Loan Policies and Operations, and Funding Operations; and § 627.2705(b)—Title IV Conservators, Receivers, and Voluntary Liquidations In each of the above-listed sections, the direct final rule eliminates obsolete references or deletes obsolete regulations that directly or indirectly relate to either the Farm Credit System Assistance Board (Assistance Board) or the Farm Credit System Financial Assistance Corporation (Financial Assistance Corporation or FAC). The Assistance Board’s charter was cancelled by the FCA Board, effective December 31, 1992, as required by section 6.12 of the Farm Credit Act of 1971, as amended (Act). In addition, the Financial Assistance Corporation’s charter was cancelled by the FCA Board on December 31, 2006. cprice-sewell on DSK8KYBLC1PROD with RULES B. Section 614.4265(d)(Subpart F)— Collateral Evaluation Requirements The direct final rule amends § 614.4265(d) to correctly reference paragraph (c) of that section regarding the evaluation of the income-earning and debt-servicing capacity for real property. C. Sections 614.4510, 614.4512, and 614.4513 (Subpart N)—Loan Servicing Requirements; State Agricultural Loan Mediation Programs; Right of First Refusal We previously removed §§ 614.4514 through 614.4522 of subpart N, part 614, and redesignated them to the newly created part 617 to make the borrower rights rules more readily identifiable; however, we overlooked §§ 614.4510, 614.4512 and 614.4513 in the 1 See 70 FR 71142, November 25, 2005. VerDate Mar<15>2010 12:53 Jun 23, 2010 Jkt 220001 relocation.2 Therefore, this direct final rule redesignates the remaining regulations, § 614.4510 and § 614.4513 of subpart N, part 614, to § 614.4170 and § 614.4175 of subpart D, part 614. In addition, the definitions in subpart N, part 614, in § 614.4512 are redundant and are removed. D. Section 618.8320 (Subpart G)— Releasing Information The direct final rule amends § 618.8320(b)(4) by inserting the phrase ‘‘, administration of credit,’’ after ‘‘extension of credit’’. This is a technical change that does not alter the intended meaning of the provision but clarifies that borrower information that is shared in connection with the extension of credit and the collection of loans would also necessarily include the administration of credit for the confidential use of Farm Credit System (System) institutions. E. Section 627.2735 (Subpart B)—Notice to Holders of Uninsured Accounts and Stockholders The direct final rule amends § 627.2735(a) by deleting the reference to § 614.4513 and replacing it with § 614.4175 to conform to the redesignation of that provision described in part C of this preamble. III. Direct Final Rule We are amending regulations described in the ‘‘Section-by-Section Analysis’’ above by a direct final rulemaking. The Administrative Conference of the United States recommends direct final rulemaking for Federal agencies to enact noncontroversial regulations on an expedited basis, without the usual notice and comment period.3 This process enables us to reduce the time and resources we need to develop, review, and publish a final rule while still affording the public an adequate opportunity to comment or object to the rule. In a direct final rulemaking, we notify the public that the rule will become final on a specified date unless we receive a significant adverse comment during the comment period. A significant adverse comment is one where the commenter explains why the rule would be inappropriate (including challenges to its underlying premise or approach), ineffective, or unacceptable without a change. In general, a significant adverse comment would 2 See 69 FR 10901, March 9, 2004. 95–4, referencing the Administrative Procedure Act ‘‘good cause’’ exemption at 5 U.S.C. 553(b)(B), adopted June 15, 1995. 3 Recommendation PO 00000 Frm 00011 Fmt 4700 Sfmt 4700 35967 raise an issue serious enough to warrant a substantive response from the Agency in a notice-and-comment proceeding. We believe that a direct final rulemaking is the appropriate method for amending the regulations in Section II above because the changes are technical in nature and do not substantively alter the rights or responsibilities of any party. We do not anticipate there will be significant adverse comments. If, however, we receive a significant adverse comment during the comment period, we will publish a notice of withdrawal of the relevant provisions of this rule that will also indicate how further rulemaking will proceed. If we receive no significant adverse comments, we will publish notice of the effective date of the rule following the required Congressional waiting period under section 5.17(c)(1) of the Farm Credit Act of 1971, as amended. IV. Regulatory Flexibility Act Pursuant to section 605(b) of the Regulatory Flexibility Act (5 U.S.C. 601 et seq.), the FCA hereby certifies that the direct final rule will not have a significant economic impact on a substantial number of small entities. Each of the banks in the System, considered together with its affiliated associations, has assets and annual income in excess of the amounts that would qualify them as small entities. Therefore, System institutions are not ‘‘small entities’’ as defined in the Regulatory Flexibility Act. List of Subjects in 12 CFR Parts 604, 607, 612, 614, 615, 618, and 627 Accounting, Agriculture, Archives and records, Banks, Banking, Claims, Conflict of interest, Credit, Crime, Foreign trade, Government securities, Insurance, Investigations, Investments, Organization and functions (Government agencies), Reporting and recordkeeping requirements, Rural areas, Sunshine Act, Technical assistance. For the reasons stated in the preamble, parts 604, 607, 612, 614, 615, 618, and 627 of chapter VI, title 12 of the Code of Federal Regulations are amended as follows: ■ PART 604—FARM CREDIT ADMINISTRATION BOARD MEETINGS 1. The authority citation for part 604 continues to read as follows: ■ Authority: Secs. 5.9, 5.17 of the Farm Credit Act (12 U.S.C. 2243, 2252). 2. Amend § 604.420 by revising paragraph (i)(1) to read as follows: ■ E:\FR\FM\24JNR1.SGM 24JNR1 35968 Federal Register / Vol. 75, No. 121 / Thursday, June 24, 2010 / Rules and Regulations § 604.420 Exemptive provisions. * * * * * (i) * * * (1) Significantly endanger the stability of any Farm Credit System institution, including banks, associations, service organizations, or the Funding Corporation; or * * * * * Subpart F—Collateral Evaluation Requirements the phrase ‘‘extension of credit’’ in paragraph (b)(4). § 614.4265 PART 627—TITLE IV CONSERVATORS, RECEIVERS, AND VOLUNTARY LIQUIDATIONS [Amended] 8. Section 614.4265(d) is amended by removing the reference to ‘‘paragraph (d)’’ and adding in its place, a reference to ‘‘paragraph (c).’’ ■ Subpart I—Loss-Sharing Agreements Authority: Secs. 4.2, 5.9, 5.10, 5.17, 5.51, 5.58, 5.61 of the Farm Credit Act (12 U.S.C. 2183, 2243, 2244, 2252, 2277a, 2277a–7, 2277a–10). PART 607—ASSESSMENT AND APPORTIONMENT OF ADMINISTRATIVE EXPENSES § 614.4341 Subpart N—[Removed and Reserved] Subpart A—General ■ 3. The authority citation for part 607 continues to read as follows: §§ 614.4510 and 614.4513 [Redesignated as §§ 614.4170 and 614.4175 of subpart D] ■ Authority: Secs. 5.15, 5.17 of the Farm Credit Act (12 U.S.C. 2250, 2252) and 12 U.S.C. 3025. ■ § 607.2 ■ 9. Section 614.4341 is removed. 10. Subpart N is amended by redesignating §§ 614.4510 and 614.4513 as newly designated §§ 614.4170 and 614.4175 in subpart D of part 614, removing § 614.4512, and reserving subpart N. [Amended] 4. Amend § 607.2 by removing the words ‘‘the Farm Credit System Financial Assistance Corporation,’’ in paragraph (j). ■ PART 615—FUNDING AND FISCAL AFFAIRS, LOAN POLICIES AND OPERATIONS, AND FUNDING OPERATIONS PART 612—STANDARDS OF CONDUCT AND REFERRAL OF KNOWN OR SUSPECTED CRIMINAL VIOLATIONS 11. The authority citation for part 615 continues to read as follows: ■ 5. The authority citation for part 612 continues to read as follows: ■ Authority: Secs. 5.9, 5.17, 5.19 of the Farm Credit Act (12 U.S.C. 2243, 2252, 2254). Subpart B—Referral of Known or Suspected Criminal Violations § 612.2300 [Removed] 16. The authority citation for part 627 continues to read as follows: ■ [Amended] 6. Amend § 612.2300 by removing the words ‘‘the Farm Credit System Financial Assistance Corporation,’’ in the first sentence of paragraph (a). ■ PART 614—LOAN POLICIES AND OPERATIONS Authority: Secs. 1.5, 1.7, 1.10, 1.11, 1.12, 2.2, 2.3, 2.4, 2.5, 2.12, 3.1, 3.7, 3.11, 3.25, 4.3, 4.3A, 4.9, 4.14B, 4.25, 5.9, 5.17, 6.20, 6.26, 8.0, 8.3, 8.4, 8.6, 8.8, 8.10, 8.12 of the Farm Credit Act (12 U.S.C. 2013, 2015, 2018, 2019, 2020, 2073, 2074, 2075, 2076, 2093, 2122, 2128, 2132, 2146, 2154, 2154a, 2160, 2202b, 2211, 2243, 2252, 2278b, 2278b–6, 2279aa, 2279aa–3, 2279aa–4, 2279aa–6, 2279aa–8, 2279aa–10, 2279aa–12); sec. 301(a) of Pub. L. 100–233, 101 Stat. 1568, 1608. 17. Section 627.2705 is amended by revising paragraph (b) to read as follows: § 627.2705 Definitions. * * * * * (b) Farm Credit institution(s) or institution(s) means all associations, banks, service corporations chartered under title IV of the Act, and the Federal Farm Credit Banks Funding Corporation. * * * * * Subpart B—Receivers and Receiverships § 627.2735 [Amended] 18. Section 627.2735(a) is amended by removing the reference ‘‘§ 614.4513’’ and adding in its place, the reference ‘‘§ 614.4175’’. ■ Dated: June 18, 2010. Roland E. Smith, Secretary, Farm Credit Administration Board. [FR Doc. 2010–15327 Filed 6–23–10; 8:45 am] BILLING CODE 6705–01–P Subpart A—Funding § 615.5030 [Amended] 12. Amend § 615.5030 by removing paragraph (b) and the designation for paragraph (a). ■ DEPARTMENT OF HOMELAND SECURITY Coast Guard Subpart R—[Removed and Reserved] 7. The authority citation for part 614 continues to read as follows: cprice-sewell on DSK8KYBLC1PROD with RULES ■ 12:53 Jun 23, 2010 Jkt 220001 13. Subpart R, consisting of § 615.5560, is removed and reserved. [Docket No. USCG–2010–0332] ■ Authority: 42 U.S.C. 4012a, 4104a, 4104b, 4106, and 4128; secs. 1.3, 1.5, 1.6, 1.7, 1.9, 1.10, 1.11, 2.0, 2.2, 2.3, 2.4, 2.10, 2.12, 2.13, 2.15, 3.0, 3.1, 3.3, 3.7, 3.8, 3.10, 3.20, 3.28, 4.12, 4.12A, 4.13B, 4.14, 4.14A, 4.14C, 4.14D, 4.14E, 4.18, 4.18A, 4.19, 4.25, 4.26, 4.27, 4.28, 4.36, 4.37, 5.9, 5.10, 5.17, 7.0, 7.2, 7.6, 7.8, 7.12, 7.13, 8.0, 8.5 of the Farm Credit Act (12 U.S.C. 2011, 2013, 2014, 2015, 2017, 2018, 2019, 2071, 2073, 2074, 2075, 2091, 2093, 2094, 2097, 2121, 2122, 2124, 2128, 2129, 2131, 2141, 2149, 2183, 2184, 2201, 2202, 2202a, 2202c, 2202d, 2202e, 2206, 2206a, 2207, 2211, 2212, 2213, 2214, 2219a, 2219b, 2243, 2244, 2252, 2279a, 2279a-2, 2279b, 2279c–1, 2279f, 2279f–1, 2279aa, 2279aa–5); sec. 413 of Pub. L. 100–233, 101 Stat. 1568, 1639. VerDate Mar<15>2010 33 CFR Part 165 PART 618—GENERAL PROVISIONS 14. The authority citation for part 618 continues to read as follows: ■ Authority: Secs. 1.5, 1.11, 1.12, 2.2, 2.4, 2.5, 2.12, 3.1, 3.7, 4.12, 4.13A, 4.25, 4.29, 5.9, 5.10, 5.17 of the Farm Credit Act (12 U.S.C. 2013, 2019, 2020, 2073, 2075, 2076, 2093, 2122, 2128, 2183, 2200, 2211, 2218, 2243, 2244, and 2252). Subpart G—Releasing Information § 618.8320 [Amended] 15. Amend § 618.8320 by adding the phrase ‘‘, administration of credit,’’ after ■ PO 00000 Frm 00012 Fmt 4700 Sfmt 4700 RIN 1625–AA00 Safety Zone; Fireworks Display in Stevenson, WA Coast Guard, DHS. Temporary final rule. AGENCY: ACTION: SUMMARY: The U.S. Coast Guard is establishing a temporary safety zone covering the waters of the Columbia River in the vicinity of Stevenson, Washington. The safety zone is necessary to help ensure the safety of the maritime public during the fireworks display and will do so by prohibiting all persons and vessels from E:\FR\FM\24JNR1.SGM 24JNR1

Agencies

Farm Credit Administration

[Federal Register Volume 75, Number 121 (Thursday, June 24, 2010)]
[Rules and Regulations]
[Pages 35966-35968]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-15327]


=======================================================================
-----------------------------------------------------------------------

FARM CREDIT ADMINISTRATION

12 CFR Parts 604, 607, 612, 614, 615, 618, and 627

RIN 3052-AC63


Farm Credit Administration Board Meetings; Assessment and 
Apportionment of Administrative Expenses; Standards of Conduct and 
Referral of Known or Suspected Criminal Violations; Loan Policies and 
Operations; Funding and Fiscal Affairs, Loan Policies and Operations, 
and Funding Operations; General Provisions; and Title IV Conservators, 
Receivers, and Voluntary Liquidations; Technical Changes

AGENCY: Farm Credit Administration.

ACTION: Direct final rule.

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

SUMMARY: The Farm Credit Administration (FCA or Agency) amends the 
current regulations in parts 604, 607, 612, 614, 615, 618, and 627 to 
eliminate unnecessary, redundant or outdated regulations, to correct 
cross-reference errors, and to clarify the intent of a regulatory 
provision. This direct final rule covers issues that are technical in 
nature.

DATES: If no significant adverse comment is received on or before July 
26, 2010, these regulations shall be effective upon the expiration of 
30 days after publication in the Federal Register during which either 
or both Houses of Congress are in session. We will publish notice of 
the effective date in the Federal Register. If we receive significant 
adverse comment on an amendment, paragraph, or section of this rule, 
and that provision may be addressed separately from the remainder of 
the rule, we will withdraw that amendment, paragraph, or section and 
adopt as final those provisions of the rule that are not the subject of 
a significant comment. In such a case, we would then inform you of how 
we expect to continue further rulemaking on the provisions that were 
the subject of significant adverse comment.

FOR FURTHER INFORMATION CONTACT: 
Jacqueline R. Melvin, Policy Analyst, Office of Regulatory Policy, Farm 
Credit Administration, McLean, VA 22102-5090, (703) 883-4498, TTY (703) 
883-4434, or
Mary Alice Donner, Senior Attorney, Office of General Counsel, Farm 
Credit Administration, McLean, VA 22102-5090, (703) 883-4020, TTY (703) 
883-4020.

SUPPLEMENTARY INFORMATION: 

[[Page 35967]]

I. Objective

    The objective of this direct final rule is to carry out the FCA 
Board's commitment to the principles contained in the Board's Policy 
Statement on Regulatory Philosophy,\1\ which includes the elimination 
of outdated regulations and technical amendments to ensure that 
regulations are accurate. In furtherance of this objective, the Agency 
is making a number of technical changes to its regulations.
---------------------------------------------------------------------------

    \1\ See 70 FR 71142, November 25, 2005.
---------------------------------------------------------------------------

II. Section-by-Section Analysis

A. Section 604.420(i)(1)--Farm Credit Administration Board Meetings; 
Sec.  607.2(j)--Assessment and Apportionment of Administrative 
Expenses; Sec.  612.2300(a)--Standards of Conduct and Referral of Known 
or Suspected Criminal Violations; Sec. Sec.  615.5030(b) and 615.5560--
Funding and Fiscal Affairs, Loan Policies and Operations, and Funding 
Operations; and Sec.  627.2705(b)--Title IV Conservators, Receivers, 
and Voluntary Liquidations

    In each of the above-listed sections, the direct final rule 
eliminates obsolete references or deletes obsolete regulations that 
directly or indirectly relate to either the Farm Credit System 
Assistance Board (Assistance Board) or the Farm Credit System Financial 
Assistance Corporation (Financial Assistance Corporation or FAC). The 
Assistance Board's charter was cancelled by the FCA Board, effective 
December 31, 1992, as required by section 6.12 of the Farm Credit Act 
of 1971, as amended (Act). In addition, the Financial Assistance 
Corporation's charter was cancelled by the FCA Board on December 31, 
2006.

B. Section 614.4265(d)(Subpart F)--Collateral Evaluation Requirements

    The direct final rule amends Sec.  614.4265(d) to correctly 
reference paragraph (c) of that section regarding the evaluation of the 
income-earning and debt-servicing capacity for real property.

C. Sections 614.4510, 614.4512, and 614.4513 (Subpart N)--Loan 
Servicing Requirements; State Agricultural Loan Mediation Programs; 
Right of First Refusal

    We previously removed Sec. Sec.  614.4514 through 614.4522 of 
subpart N, part 614, and redesignated them to the newly created part 
617 to make the borrower rights rules more readily identifiable; 
however, we overlooked Sec. Sec.  614.4510, 614.4512 and 614.4513 in 
the relocation.\2\ Therefore, this direct final rule redesignates the 
remaining regulations, Sec.  614.4510 and Sec.  614.4513 of subpart N, 
part 614, to Sec.  614.4170 and Sec.  614.4175 of subpart D, part 614. 
In addition, the definitions in subpart N, part 614, in Sec.  614.4512 
are redundant and are removed.
---------------------------------------------------------------------------

    \2\ See 69 FR 10901, March 9, 2004.
---------------------------------------------------------------------------

D. Section 618.8320 (Subpart G)--Releasing Information

    The direct final rule amends Sec.  618.8320(b)(4) by inserting the 
phrase ``, administration of credit,'' after ``extension of credit''. 
This is a technical change that does not alter the intended meaning of 
the provision but clarifies that borrower information that is shared in 
connection with the extension of credit and the collection of loans 
would also necessarily include the administration of credit for the 
confidential use of Farm Credit System (System) institutions.

E. Section 627.2735 (Subpart B)--Notice to Holders of Uninsured 
Accounts and Stockholders

    The direct final rule amends Sec.  627.2735(a) by deleting the 
reference to Sec.  614.4513 and replacing it with Sec.  614.4175 to 
conform to the redesignation of that provision described in part C of 
this preamble.

III. Direct Final Rule

    We are amending regulations described in the ``Section-by-Section 
Analysis'' above by a direct final rulemaking. The Administrative 
Conference of the United States recommends direct final rulemaking for 
Federal agencies to enact noncontroversial regulations on an expedited 
basis, without the usual notice and comment period.\3\ This process 
enables us to reduce the time and resources we need to develop, review, 
and publish a final rule while still affording the public an adequate 
opportunity to comment or object to the rule.
---------------------------------------------------------------------------

    \3\ Recommendation 95-4, referencing the Administrative 
Procedure Act ``good cause'' exemption at 5 U.S.C. 553(b)(B), 
adopted June 15, 1995.
---------------------------------------------------------------------------

    In a direct final rulemaking, we notify the public that the rule 
will become final on a specified date unless we receive a significant 
adverse comment during the comment period. A significant adverse 
comment is one where the commenter explains why the rule would be 
inappropriate (including challenges to its underlying premise or 
approach), ineffective, or unacceptable without a change. In general, a 
significant adverse comment would raise an issue serious enough to 
warrant a substantive response from the Agency in a notice-and-comment 
proceeding.
    We believe that a direct final rulemaking is the appropriate method 
for amending the regulations in Section II above because the changes 
are technical in nature and do not substantively alter the rights or 
responsibilities of any party. We do not anticipate there will be 
significant adverse comments. If, however, we receive a significant 
adverse comment during the comment period, we will publish a notice of 
withdrawal of the relevant provisions of this rule that will also 
indicate how further rulemaking will proceed. If we receive no 
significant adverse comments, we will publish notice of the effective 
date of the rule following the required Congressional waiting period 
under section 5.17(c)(1) of the Farm Credit Act of 1971, as amended.

IV. Regulatory Flexibility Act

    Pursuant to section 605(b) of the Regulatory Flexibility Act (5 
U.S.C. 601 et seq.), the FCA hereby certifies that the direct final 
rule will not have a significant economic impact on a substantial 
number of small entities. Each of the banks in the System, considered 
together with its affiliated associations, has assets and annual income 
in excess of the amounts that would qualify them as small entities. 
Therefore, System institutions are not ``small entities'' as defined in 
the Regulatory Flexibility Act.

List of Subjects in 12 CFR Parts 604, 607, 612, 614, 615, 618, and 
627

    Accounting, Agriculture, Archives and records, Banks, Banking, 
Claims, Conflict of interest, Credit, Crime, Foreign trade, Government 
securities, Insurance, Investigations, Investments, Organization and 
functions (Government agencies), Reporting and recordkeeping 
requirements, Rural areas, Sunshine Act, Technical assistance.


0
For the reasons stated in the preamble, parts 604, 607, 612, 614, 615, 
618, and 627 of chapter VI, title 12 of the Code of Federal Regulations 
are amended as follows:

PART 604--FARM CREDIT ADMINISTRATION BOARD MEETINGS

0
1. The authority citation for part 604 continues to read as follows:

    Authority: Secs. 5.9, 5.17 of the Farm Credit Act (12 U.S.C. 
2243, 2252).


0
2. Amend Sec.  604.420 by revising paragraph (i)(1) to read as follows:

[[Page 35968]]

Sec.  604.420  Exemptive provisions.

* * * * *
    (i) * * *
    (1) Significantly endanger the stability of any Farm Credit System 
institution, including banks, associations, service organizations, or 
the Funding Corporation; or
* * * * *

PART 607--ASSESSMENT AND APPORTIONMENT OF ADMINISTRATIVE EXPENSES

0
3. The authority citation for part 607 continues to read as follows:

    Authority: Secs. 5.15, 5.17 of the Farm Credit Act (12 U.S.C. 
2250, 2252) and 12 U.S.C. 3025.


Sec.  607.2  [Amended]

0
4. Amend Sec.  607.2 by removing the words ``the Farm Credit System 
Financial Assistance Corporation,'' in paragraph (j).

PART 612--STANDARDS OF CONDUCT AND REFERRAL OF KNOWN OR SUSPECTED 
CRIMINAL VIOLATIONS

0
5. The authority citation for part 612 continues to read as follows:

    Authority: Secs. 5.9, 5.17, 5.19 of the Farm Credit Act (12 
U.S.C. 2243, 2252, 2254).

Subpart B--Referral of Known or Suspected Criminal Violations


Sec.  612.2300  [Amended]

0
6. Amend Sec.  612.2300 by removing the words ``the Farm Credit System 
Financial Assistance Corporation,'' in the first sentence of paragraph 
(a).

PART 614--LOAN POLICIES AND OPERATIONS

0
7. The authority citation for part 614 continues to read as follows:

    Authority: 42 U.S.C. 4012a, 4104a, 4104b, 4106, and 4128; secs. 
1.3, 1.5, 1.6, 1.7, 1.9, 1.10, 1.11, 2.0, 2.2, 2.3, 2.4, 2.10, 2.12, 
2.13, 2.15, 3.0, 3.1, 3.3, 3.7, 3.8, 3.10, 3.20, 3.28, 4.12, 4.12A, 
4.13B, 4.14, 4.14A, 4.14C, 4.14D, 4.14E, 4.18, 4.18A, 4.19, 4.25, 
4.26, 4.27, 4.28, 4.36, 4.37, 5.9, 5.10, 5.17, 7.0, 7.2, 7.6, 7.8, 
7.12, 7.13, 8.0, 8.5 of the Farm Credit Act (12 U.S.C. 2011, 2013, 
2014, 2015, 2017, 2018, 2019, 2071, 2073, 2074, 2075, 2091, 2093, 
2094, 2097, 2121, 2122, 2124, 2128, 2129, 2131, 2141, 2149, 2183, 
2184, 2201, 2202, 2202a, 2202c, 2202d, 2202e, 2206, 2206a, 2207, 
2211, 2212, 2213, 2214, 2219a, 2219b, 2243, 2244, 2252, 2279a, 
2279a-2, 2279b, 2279c-1, 2279f, 2279f-1, 2279aa, 2279aa-5); sec. 413 
of Pub. L. 100-233, 101 Stat. 1568, 1639.

Subpart F--Collateral Evaluation Requirements


Sec.  614.4265  [Amended]

0
8. Section 614.4265(d) is amended by removing the reference to 
``paragraph (d)'' and adding in its place, a reference to ``paragraph 
(c).''

Subpart I--Loss-Sharing Agreements


Sec.  614.4341  [Removed]

0
9. Section 614.4341 is removed.

Subpart N--[Removed and Reserved]


Sec. Sec.  614.4510 and 614.4513  [Redesignated as Sec. Sec.  614.4170 
and 614.4175 of subpart D]

0
10. Subpart N is amended by redesignating Sec. Sec.  614.4510 and 
614.4513 as newly designated Sec. Sec.  614.4170 and 614.4175 in 
subpart D of part 614, removing Sec.  614.4512, and reserving subpart 
N.

PART 615--FUNDING AND FISCAL AFFAIRS, LOAN POLICIES AND OPERATIONS, 
AND FUNDING OPERATIONS

0
11. The authority citation for part 615 continues to read as follows:

    Authority: Secs. 1.5, 1.7, 1.10, 1.11, 1.12, 2.2, 2.3, 2.4, 2.5, 
2.12, 3.1, 3.7, 3.11, 3.25, 4.3, 4.3A, 4.9, 4.14B, 4.25, 5.9, 5.17, 
6.20, 6.26, 8.0, 8.3, 8.4, 8.6, 8.8, 8.10, 8.12 of the Farm Credit 
Act (12 U.S.C. 2013, 2015, 2018, 2019, 2020, 2073, 2074, 2075, 2076, 
2093, 2122, 2128, 2132, 2146, 2154, 2154a, 2160, 2202b, 2211, 2243, 
2252, 2278b, 2278b-6, 2279aa, 2279aa-3, 2279aa-4, 2279aa-6, 2279aa-
8, 2279aa-10, 2279aa-12); sec. 301(a) of Pub. L. 100-233, 101 Stat. 
1568, 1608.

Subpart A--Funding


Sec.  615.5030  [Amended]

0
12. Amend Sec.  615.5030 by removing paragraph (b) and the designation 
for paragraph (a).

Subpart R--[Removed and Reserved]

0
13. Subpart R, consisting of Sec.  615.5560, is removed and reserved.

PART 618--GENERAL PROVISIONS

0
14. The authority citation for part 618 continues to read as follows:

    Authority: Secs. 1.5, 1.11, 1.12, 2.2, 2.4, 2.5, 2.12, 3.1, 3.7, 
4.12, 4.13A, 4.25, 4.29, 5.9, 5.10, 5.17 of the Farm Credit Act (12 
U.S.C. 2013, 2019, 2020, 2073, 2075, 2076, 2093, 2122, 2128, 2183, 
2200, 2211, 2218, 2243, 2244, and 2252).

Subpart G--Releasing Information


Sec.  618.8320  [Amended]

0
15. Amend Sec.  618.8320 by adding the phrase ``, administration of 
credit,'' after the phrase ``extension of credit'' in paragraph (b)(4).

PART 627--TITLE IV CONSERVATORS, RECEIVERS, AND VOLUNTARY 
LIQUIDATIONS

0
16. The authority citation for part 627 continues to read as follows:

    Authority: Secs. 4.2, 5.9, 5.10, 5.17, 5.51, 5.58, 5.61 of the 
Farm Credit Act (12 U.S.C. 2183, 2243, 2244, 2252, 2277a, 2277a-7, 
2277a-10).

Subpart A--General

0
17. Section 627.2705 is amended by revising paragraph (b) to read as 
follows:


Sec.  627.2705  Definitions.

* * * * *
    (b) Farm Credit institution(s) or institution(s) means all 
associations, banks, service corporations chartered under title IV of 
the Act, and the Federal Farm Credit Banks Funding Corporation.
* * * * *

Subpart B--Receivers and Receiverships


Sec.  627.2735  [Amended]

0
18. Section 627.2735(a) is amended by removing the reference ``Sec.  
614.4513'' and adding in its place, the reference ``Sec.  614.4175''.

    Dated: June 18, 2010.
Roland E. Smith,
Secretary, Farm Credit Administration Board.
[FR Doc. 2010-15327 Filed 6-23-10; 8:45 am]
BILLING CODE 6705-01-P

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