Funding and Fiscal Affairs, Loan Policies and Operations, and Funding Operations; Accounting and Reporting Requirements; Federal Agricultural Mortgage Corporation Funding and Fiscal Affairs; GAAP References and Other Conforming Amendments, 21035-21037 [2013-08140]
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Federal Register / Vol. 78, No. 68 / Tuesday, April 9, 2013 / Rules and Regulations
(1) Requested by the retail forex
customer;
(2) Made by the Federal Deposit
Insurance Corporation as receiver or
conservator under the Federal Deposit
Insurance Act or other law; or
(3) Otherwise authorized by
applicable law.
(c) Obligations of transferee banking
institution. A banking institution to
which retail forex accounts or positions
are assigned or transferred under
paragraph (a) of this section must
provide to the affected retail forex
customers the risk disclosure statements
and forms of acknowledgment required
by this part and receive the required
signed acknowledgments within sixty
days of such assignments or transfers.
This requirement shall not apply if the
banking institution has clear written
evidence that the retail forex customer
has received and acknowledged receipt
of the required disclosure statements.
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§ 240.16
Customer dispute resolution.
(a) No banking institution shall enter
into any agreement or understanding
with a retail forex customer in which
the customer agrees, prior to the time a
claim or grievance arises, to submit any
claim or grievance regarding any retail
forex transaction or disclosure to any
settlement procedure.
(b) Election of forum. (1) Within 10
business days after the receipt of notice
from the retail forex customer that the
customer intends to submit a claim to
arbitration, the banking institution shall
provide the customer with a list of
persons qualified in dispute resolution.
(2) The customer must, within 45
days after receipt of such list, notify the
banking institution of the person
selected. The customer’s failure to
provide such notice shall give the
banking institution the right to select a
person from the list.
(c) Enforceability. A dispute
settlement procedure may require
parties using the procedure to agree,
under applicable state law, submission
agreement, or otherwise, to be bound by
an award rendered in the procedure if
the agreement to submit the claim or
grievance to the procedure was made
after the claim or grievance arose. Any
award so rendered by the procedure will
be enforceable in accordance with
applicable law.
(d) Time limits for submission of
claims. The dispute settlement
procedure used by the parties may not
include any unreasonably short
limitation period foreclosing submission
of a customer’s claims or grievances or
counterclaims.
(e) Counterclaims. A procedure for the
settlement of a retail forex customer’s
claims or grievances against a banking
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institution or employee thereof may
permit the submission of a counterclaim
in the procedure by a person against
whom a claim or grievance is brought if
the counterclaim:
(1) Arises out of the transaction or
occurrence that is the subject of the
retail forex customer’s claim or
grievance; and
(2) Does not require for adjudication
the presence of essential witnesses,
parties, or third persons over which the
settlement process lacks jurisdiction.
(f) Cross-border transactions. This
section shall not apply to transactions
within the scope of sections 202, 302,
and 305 of the Federal Arbitration Act
(9 U.S.C. 202, 302, and 305).
§ 240.17
Reservation of authority.
The Board may modify the disclosure,
recordkeeping, capital and margin,
reporting, business conduct,
documentation, or other standards or
requirements under this part for a
specific retail forex transaction or a
class of retail forex transactions if the
Board determines that the modification
is consistent with safety and soundness
and the protection of retail forex
customers.
By order of the Board of Governors of the
Federal Reserve System, April 3, 2013.
Margaret McCloskey Shanks,
Deputy Secretary of the Board.
[FR Doc. 2013–08163 Filed 4–8–13; 8:45 am]
BILLING CODE 6210–01–P
FARM CREDIT ADMINISTRATION
12 CFR Parts 615, 621, and 652
RIN 3052–AC75
Funding and Fiscal Affairs, Loan
Policies and Operations, and Funding
Operations; Accounting and Reporting
Requirements; Federal Agricultural
Mortgage Corporation Funding and
Fiscal Affairs; GAAP References and
Other Conforming Amendments
AGENCY: Farm Credit Administration.
ACTION: Direct final rule.
SUMMARY: The Farm Credit
Administration (FCA, Agency, or our) is
adopting technical amendments to
various regulations to conform certain
references to accounting standards in
these rules to the Financial Accounting
Standards Board (FASB) Accounting
Standards Codification®.
DATES: The regulation shall become
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.
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21035
FOR FURTHER INFORMATION CONTACT:
Michael T. Wilson, Policy Analyst,
Office of Regulatory Policy, Farm
Credit Administration, McLean, VA
22102–5090, (703) 883–4124, TTY
(703) 883–4056,
or
Jeff Pienta, Senior Attorney, Office of
General Counsel, Farm Credit
Administration, McLean, VA 22102–
5090, (703) 883–4431, TTY (703) 883–
4020.
SUPPLEMENTARY INFORMATION:
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 amend the current regulations in
parts 615, 621 and 652 to conform
certain references in these rules to the
FASB Accounting Standards
Codification.
II. Background
On June 30, 2009, the FASB issued
Statement of Financial Accounting
Standards No. 168, ‘‘The Financial
Accounting Standards Board
Accounting Standards CodificationTM
and the Hierarchy of Generally
Accepted Accounting Principles—a
replacement of FASB Statement No.
162’’ (SFAS 168), which established the
Accounting Standards Codification as
the source of authoritative accounting
principles recognized by the FASB to be
applied in the preparation of financial
statements in conformity with U.S.
generally accepted accounting
principles (GAAP). The Accounting
Standards Codification restructured the
numerous existing U.S. accounting and
reporting standards and literature issued
by the FASB and other related privatesector standard setters into a single
source of authoritative literature. With
the issuance of SFAS 168, all guidance
contained in the Accounting Standards
Codification carries equal authority, and
accounting literature not included in the
Accounting Standards Codification will
be considered non-authoritative. Also,
the issuance of SFAS 168 was not
intended to, and did not, change current
GAAP. The Accounting Standards
Codification is effective for interim and
1 See
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70 FR 71142, November 25, 2005.
09APR1
21036
Federal Register / Vol. 78, No. 68 / Tuesday, April 9, 2013 / Rules and Regulations
annual periods ending after September
15, 2009.
III. Discussion
The issuance of the Accounting
Standards Codification affects existing
references in certain FCA regulations,
bookletters and other forms of Agency
guidance that refer to specific FASB
standards and literature of other related
private-sector standard setters, because
these references are now superseded by
the Accounting Standards Codification.
For this reason, on September 3, 2009,
the FCA issued an Informational
Memorandum 2 to clarify that,
concurrent with the issuance of SFAS
168, references in FCA regulations,
bookletters and other guidance to
specific standards under GAAP should
be understood to mean the
corresponding reference in the
Accounting Standards Codification as
identified using the cross-reference
finding tool included in the Accounting
Standards Codification. The FCA stated
in the Informational Memorandum that,
as appropriate, it intended to initiate an
effort to update the GAAP references.
This direct final rule is a result of that
initiative with respect to the FCA’s
regulations.
The amendments in this direct final
rule result from a direct conversion of
the prior GAAP reference to the
corresponding reference in the
Accounting Standards Codification. All
of the amendments are technical in
nature and none of the changes are
intended to represent a substantive
change in the underlying regulation.
tkelley on DSK3SPTVN1PROD with RULES
IV. Certain Findings
Under the Administrative Procedure
Act, a notice of proposed rulemaking is
not required when the Agency, for good
cause, finds that notice and public
comment are impracticable,
unnecessary, or contrary to the public
interest. These amendments are
technical changes to eliminate obsolete
terminology and revise reporting and
disclosure requirements as necessary to
achieve consistency between the
Agency’s compliance requirements and
the FASB Accounting Standards
Codification. It is unlikely that the
public would have comments on such
non-substantive, technical amendments,
and the Agency therefore finds that it is
unnecessary to publish notice of these
amendments.
V. Direct Final Rule
We are amending regulations
described in the text of amendments
2 See
FCA Informational Memorandum, Financial
Accounting Standards Board Accounting Standards
Codification, dated September 3, 2009.
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below 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 direct final 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
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 Part I.
above because the changes are technical
in nature and do not substantively alter
the rights or responsibilities of any
party.
VI. 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
12 CFR Part 615
Accounting, Agriculture, Banks,
banking, Government securities,
Investments, Rural areas.
12 CFR Part 621
Accounting, Agriculture, Banks,
banking, Penalties, Reporting and
recordkeeping requirements, rural areas.
12 CFR Part 652
Agriculture, Banks, banking, Capital,
Investments, Rural areas.
For the reasons stated in the
preamble, parts 615, 621 and 652 of
3 Recommendation 95–4, referencing the
Administrative Procedure Act ‘‘good cause’’
exemption at 5 U.S.C. 553(b)(B), adopted June 15,
1995.
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chapter VI, title 12 of the Code of
Federal Regulations are amended as
follows:
PART 615—FUNDING AND FISCAL
AFFAIRS, LOAN POLICIES AND
OPERATIONS, AND FUNDING
OPERATIONS
1. 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.
§ 615.5207
[Amended]
2. Amend paragraph (j) by removing
the phrase, ‘‘covered by the definition of
‘‘accumulated other comprehensive
income’’ contained in the Statement of
Financial Accounting Standards No.
130, as promulgated by the Financial
Accounting Standards Board’’ and
adding in its place, the phrase
‘‘included in the component of equity
referred to as ‘‘accumulated other
comprehensive income’’ (or similar
term) as provided by Financial
Accounting Standards Board
Accounting Standards Codification 220,
Comprehensive Income, and pursuant to
Financial Accounting Standards Board
Accounting Standards Codification
subparagraph 220–10–45–14’’.
■
§ 615.5301
[Amended]
3. Amend § 615.5301 by:
a. Removing the phrase in paragraphs
(b)(5) and (i)(5), ‘‘covered by the
definition of ‘‘accumulated other
comprehensive income’’ contained in
the Statement of Financial Accounting
Standards No. 130, as promulgated by
the Financial Accounting Standards
Board’’ and adding in its place, the
phrase ‘‘included in the component of
equity referred to as ‘‘accumulated other
comprehensive income’’ (or similar
term) as provided by Financial
Accounting Standards Board
Accounting Standards Codification 220,
Comprehensive Income, and pursuant to
Financial Accounting Standards Board
Accounting Standards Codification
subparagraph 220–10–45–14’’.
■ b. Removing the phrase in paragraph
(j)(1) introductory text, ‘‘As set forth in
Statement of Financial Accounting
Standards No. 133, Accounting for
Derivative Instruments and Hedging
Activities, as promulgated by the
Financial Accounting Standards
■
■
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Federal Register / Vol. 78, No. 68 / Tuesday, April 9, 2013 / Rules and Regulations
Board—’’ and adding in its place, the
phrase ‘‘As set forth in Financial
Accounting Standards Board
Accounting Standards Codification
Topic 815, Derivatives and Hedging—’’.
Authority: Secs. 5.17, 8.11 of the Farm
Credit Act (12 U.S.C. 2252, 2279aa–11); sec.
514 of Pub. L. 102–552.
[Amended]
5. Amend paragraph (b) by removing
the phrase, ‘‘Statement of Financial
Accounting Standards No. 15,
Accounting by Debtors and Creditors for
Troubled Debt Restructurings, as
promulgated by the FASB’’, and adding
in its place, the phrase ‘‘Financial
Accounting Standards Board
Accounting Standards Codification
Subtopic 310—40, Receivables—
Troubled Debt Restructurings by
Creditors’’.
■
PART 652—FEDERAL AGRICULTURAL
MORTGAGE CORPORATION FUNDING
AND FISCAL AFFAIRS
6. The authority citation for part 652
continues to read as follows:
■
Authority: Secs. 4.12, 5.9, 5.17, 8.11, 8.31,
8.32, 8.33, 8.34, 8.35, 8.36, 8.37, 8.41 of the
Farm Credit Act (12 U.S.C. 2183, 2243, 2252,
2279aa–11, 2279bb, 2279bb–1, 2279bb–2,
2279bb–3, 2279bb–4, 2279bb–5, 2279bb–6,
2279cc); sec. 514 of Pub. L. 102–552, 106
Stat. 4102; sec. 118 of Pub. L. 104–105, 110
Stat. 168.
[Amended]
7. Amend paragraph b. of Appendix A
by removing the phrase ‘‘Financial
Accounting Standards Board
Interpretation No. 45 (FIN 45)
Guarantor’s Accounting and Disclosure
Requirements for Guarantees, Including
Indirect Guarantees of Indebtedness of
Others’’ and adding in its place, the
phrase ‘‘Financial Accounting
Standards Board Accounting Standards
Codification Topic 460, Guarantees’’.
tkelley on DSK3SPTVN1PROD with RULES
■
Dated: April 3, 2013.
Dale L. Aultman,
Secretary, Farm Credit Administration Board.
[FR Doc. 2013–08140 Filed 4–8–13; 8:45 am]
BILLING CODE 6705–01–P
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14 CFR Part 25
Special Conditions: Airbus Model
A330–200 Airplanes; Bulk Cargo Lower
Deck Crew Rest Compartments
4. The authority citation for part 621
continues to read as follows:
■
5.0
Federal Aviation Administration
[Docket No. FAA–2013–0317; Special
Conditions No. 25–487–SC]
PART 621—ACCOUNTING AND
REPORTING REQUIREMENTS
§ 621.6
DEPARTMENT OF TRANSPORTATION
Federal Aviation
Administration (FAA), DOT.
ACTION: Final special condition; request
for comments.
AGENCY:
SUMMARY: These special conditions are
issued for the Airbus Model A330–200
airplane. This airplane as modified by
TTF Aerospace LLC will have a novel or
unusual design feature associated with
the installation of bulk cargo lower deck
crew rest compartments. The applicable
airworthiness regulations do not contain
adequate or appropriate safety standards
for this design feature. These special
conditions contain the additional safety
standards that the Administrator
considers necessary to establish a level
of safety equivalent to that established
by the existing airworthiness standards.
DATES: The effective date of these
special conditions is April 3, 2013. We
must receive your comments by May 24,
2013.
ADDRESSES: Send comments identified
by docket number FAA–2013–0317
using any of the following methods:
Federal eRegulations Portal: Go to
https://www.regulations.gov/ and follow
the online instructions for sending your
comments electronically.
Mail: Send comments to Docket
Operations, M–30, U.S. Department of
Transportation (DOT), 1200 New Jersey
Avenue SE., Room W12–140, West
Building Ground Floor, Washington, DC
20590–0001.
Hand Delivery or Courier: Take
comments to Docket Operations in
Room W12–140 of the West Building
Ground Floor at 1200 New Jersey
Avenue SE., Washington, DC, between 8
a.m. and 5 p.m., Monday through
Friday, except federal holidays.
Fax: Fax comments to Docket
Operations at 202–493–2251.
Privacy: The FAA will post all
comments it receives, without change,
to https://www.regulations.gov/,
including any personal information the
commenter provides. Using the search
function of the docket Web site, anyone
can find and read the electronic form of
all comments received into any FAA
docket, including the name of the
individual sending the comment (or
signing the comment for an association,
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21037
business, labor union, etc.). DOT’s
complete Privacy Act Statement can be
found in the Federal Register published
on April 11, 2000 (65 FR 19477–19478),
as well as at https://DocketsInfo.dot.
gov/.
Docket: Background documents or
comments received may be read at
https://www.regulations.gov/ at any time.
Follow the online instructions for
accessing the docket or go to the Docket
Operations in Room W12–140 of the
West Building Ground Floor at 1200
New Jersey Avenue SE., Washington,
DC, between 9 a.m. and 5 p.m., Monday
through Friday, except federal holidays.
FOR FURTHER INFORMATION CONTACT:
Alan Sinclair, Airframe and Cabin
Safety Branch, ANM–115, Transport
Airplane Directorate, Aircraft
Certification Service, 1601 Lind Avenue
SW., Renton, Washington 98057–3356;
telephone 425–227–2195; facsimile
425–227–1232.
SUPPLEMENTARY INFORMATION: The FAA
has determined that notice of, and
opportunity for prior public comment
on, these special conditions are
unnecessary because the substance of
these special conditions has been
subject to the public comment process
in several prior instances with no
substantive comments received. The
FAA therefore finds that good cause
exists for making these special
conditions effective upon issuance.
Comments Invited
We invite interested people to take
part in this rulemaking by sending
written comments, data, or views. The
most helpful comments reference a
specific portion of the special
conditions, explain the reason for any
recommended change, and include
supporting data.
We will consider all comments we
receive by the closing date for
comments. We may change these special
conditions based on the comments we
receive.
Background
On May 19, 2011, TTF Aerospace LLC
applied for a supplemental type
certificate to install a bulk cargo lower
deck crew rest compartment in the
Airbus Model A330–200 airplane. The
Airbus Model A330–200 airplane is a
wide-body, twin engine jet airplane.
Operating this model requires two
pilots. Model A330–200 airplanes that
carry up to 375 passengers have three
pairs of Type A exits, and one pair of
Type 1 exits, and Model A330–200
airplanes that carry up to 379
passengers have four pairs of Type A
exits. Versions of the Model A330
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]]>Agencies
[Federal Register Volume 78, Number 68 (Tuesday, April 9, 2013)]
[Rules and Regulations]
[Pages 21035-21037]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-08140]
=======================================================================
-----------------------------------------------------------------------
FARM CREDIT ADMINISTRATION
12 CFR Parts 615, 621, and 652
RIN 3052-AC75
Funding and Fiscal Affairs, Loan Policies and Operations, and
Funding Operations; Accounting and Reporting Requirements; Federal
Agricultural Mortgage Corporation Funding and Fiscal Affairs; GAAP
References and Other Conforming Amendments
AGENCY: Farm Credit Administration.
ACTION: Direct final rule.
-----------------------------------------------------------------------
SUMMARY: The Farm Credit Administration (FCA, Agency, or our) is
adopting technical amendments to various regulations to conform certain
references to accounting standards in these rules to the Financial
Accounting Standards Board (FASB) Accounting Standards
Codification[supreg].
DATES: The regulation shall become 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.
FOR FURTHER INFORMATION CONTACT:
Michael T. Wilson, Policy Analyst, Office of Regulatory Policy, Farm
Credit Administration, McLean, VA 22102-5090, (703) 883-4124, TTY (703)
883-4056,
or
Jeff Pienta, Senior Attorney, Office of General Counsel, Farm Credit
Administration, McLean, VA 22102-5090, (703) 883-4431, TTY (703) 883-
4020.
SUPPLEMENTARY INFORMATION:
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 amend the current
regulations in parts 615, 621 and 652 to conform certain references in
these rules to the FASB Accounting Standards Codification.
---------------------------------------------------------------------------
\1\ See 70 FR 71142, November 25, 2005.
---------------------------------------------------------------------------
II. Background
On June 30, 2009, the FASB issued Statement of Financial Accounting
Standards No. 168, ``The Financial Accounting Standards Board
Accounting Standards CodificationTM and the Hierarchy of
Generally Accepted Accounting Principles--a replacement of FASB
Statement No. 162'' (SFAS 168), which established the Accounting
Standards Codification as the source of authoritative accounting
principles recognized by the FASB to be applied in the preparation of
financial statements in conformity with U.S. generally accepted
accounting principles (GAAP). The Accounting Standards Codification
restructured the numerous existing U.S. accounting and reporting
standards and literature issued by the FASB and other related private-
sector standard setters into a single source of authoritative
literature. With the issuance of SFAS 168, all guidance contained in
the Accounting Standards Codification carries equal authority, and
accounting literature not included in the Accounting Standards
Codification will be considered non-authoritative. Also, the issuance
of SFAS 168 was not intended to, and did not, change current GAAP. The
Accounting Standards Codification is effective for interim and
[[Page 21036]]
annual periods ending after September 15, 2009.
III. Discussion
The issuance of the Accounting Standards Codification affects
existing references in certain FCA regulations, bookletters and other
forms of Agency guidance that refer to specific FASB standards and
literature of other related private-sector standard setters, because
these references are now superseded by the Accounting Standards
Codification. For this reason, on September 3, 2009, the FCA issued an
Informational Memorandum \2\ to clarify that, concurrent with the
issuance of SFAS 168, references in FCA regulations, bookletters and
other guidance to specific standards under GAAP should be understood to
mean the corresponding reference in the Accounting Standards
Codification as identified using the cross-reference finding tool
included in the Accounting Standards Codification. The FCA stated in
the Informational Memorandum that, as appropriate, it intended to
initiate an effort to update the GAAP references. This direct final
rule is a result of that initiative with respect to the FCA's
regulations.
---------------------------------------------------------------------------
\2\ See FCA Informational Memorandum, Financial Accounting
Standards Board Accounting Standards Codification, dated September
3, 2009.
---------------------------------------------------------------------------
The amendments in this direct final rule result from a direct
conversion of the prior GAAP reference to the corresponding reference
in the Accounting Standards Codification. All of the amendments are
technical in nature and none of the changes are intended to represent a
substantive change in the underlying regulation.
IV. Certain Findings
Under the Administrative Procedure Act, a notice of proposed
rulemaking is not required when the Agency, for good cause, finds that
notice and public comment are impracticable, unnecessary, or contrary
to the public interest. These amendments are technical changes to
eliminate obsolete terminology and revise reporting and disclosure
requirements as necessary to achieve consistency between the Agency's
compliance requirements and the FASB Accounting Standards Codification.
It is unlikely that the public would have comments on such non-
substantive, technical amendments, and the Agency therefore finds that
it is unnecessary to publish notice of these amendments.
V. Direct Final Rule
We are amending regulations described in the text of amendments
below 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 direct final 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 Part I. above because the changes are
technical in nature and do not substantively alter the rights or
responsibilities of any party.
VI. 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
12 CFR Part 615
Accounting, Agriculture, Banks, banking, Government securities,
Investments, Rural areas.
12 CFR Part 621
Accounting, Agriculture, Banks, banking, Penalties, Reporting and
recordkeeping requirements, rural areas.
12 CFR Part 652
Agriculture, Banks, banking, Capital, Investments, Rural areas.
For the reasons stated in the preamble, parts 615, 621 and 652 of
chapter VI, title 12 of the Code of Federal Regulations are amended as
follows:
PART 615--FUNDING AND FISCAL AFFAIRS, LOAN POLICIES AND OPERATIONS,
AND FUNDING OPERATIONS
0
1. 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.
Sec. 615.5207 [Amended]
0
2. Amend paragraph (j) by removing the phrase, ``covered by the
definition of ``accumulated other comprehensive income'' contained in
the Statement of Financial Accounting Standards No. 130, as promulgated
by the Financial Accounting Standards Board'' and adding in its place,
the phrase ``included in the component of equity referred to as
``accumulated other comprehensive income'' (or similar term) as
provided by Financial Accounting Standards Board Accounting Standards
Codification 220, Comprehensive Income, and pursuant to Financial
Accounting Standards Board Accounting Standards Codification
subparagraph 220-10-45-14''.
Sec. 615.5301 [Amended]
0
3. Amend Sec. 615.5301 by:
0
a. Removing the phrase in paragraphs (b)(5) and (i)(5), ``covered by
the definition of ``accumulated other comprehensive income'' contained
in the Statement of Financial Accounting Standards No. 130, as
promulgated by the Financial Accounting Standards Board'' and adding in
its place, the phrase ``included in the component of equity referred to
as ``accumulated other comprehensive income'' (or similar term) as
provided by Financial Accounting Standards Board Accounting Standards
Codification 220, Comprehensive Income, and pursuant to Financial
Accounting Standards Board Accounting Standards Codification
subparagraph 220-10-45-14''.
0
b. Removing the phrase in paragraph (j)(1) introductory text, ``As set
forth in Statement of Financial Accounting Standards No. 133,
Accounting for Derivative Instruments and Hedging Activities, as
promulgated by the Financial Accounting Standards
[[Page 21037]]
Board--'' and adding in its place, the phrase ``As set forth in
Financial Accounting Standards Board Accounting Standards Codification
Topic 815, Derivatives and Hedging--''.
PART 621--ACCOUNTING AND REPORTING REQUIREMENTS
0
4. The authority citation for part 621 continues to read as follows:
Authority: Secs. 5.17, 8.11 of the Farm Credit Act (12 U.S.C.
2252, 2279aa-11); sec. 514 of Pub. L. 102-552.
Sec. 621.6 [Amended]
0
5. Amend paragraph (b) by removing the phrase, ``Statement of Financial
Accounting Standards No. 15, Accounting by Debtors and Creditors for
Troubled Debt Restructurings, as promulgated by the FASB'', and adding
in its place, the phrase ``Financial Accounting Standards Board
Accounting Standards Codification Subtopic 310--40, Receivables--
Troubled Debt Restructurings by Creditors''.
PART 652--FEDERAL AGRICULTURAL MORTGAGE CORPORATION FUNDING AND
FISCAL AFFAIRS
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6. The authority citation for part 652 continues to read as follows:
Authority: Secs. 4.12, 5.9, 5.17, 8.11, 8.31, 8.32, 8.33, 8.34,
8.35, 8.36, 8.37, 8.41 of the Farm Credit Act (12 U.S.C. 2183, 2243,
2252, 2279aa-11, 2279bb, 2279bb-1, 2279bb-2, 2279bb-3, 2279bb-4,
2279bb-5, 2279bb-6, 2279cc); sec. 514 of Pub. L. 102-552, 106 Stat.
4102; sec. 118 of Pub. L. 104-105, 110 Stat. 168.
5.0 [Amended]
0
7. Amend paragraph b. of Appendix A by removing the phrase ``Financial
Accounting Standards Board Interpretation No. 45 (FIN 45) Guarantor's
Accounting and Disclosure Requirements for Guarantees, Including
Indirect Guarantees of Indebtedness of Others'' and adding in its
place, the phrase ``Financial Accounting Standards Board Accounting
Standards Codification Topic 460, Guarantees''.
Dated: April 3, 2013.
Dale L. Aultman,
Secretary, Farm Credit Administration Board.
[FR Doc. 2013-08140 Filed 4-8-13; 8:45 am]
BILLING CODE 6705-01-P
