Notice of Changes to SBA Secondary Market Program, 33197-33198 [2017-15180]
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Federal Register / Vol. 82, No. 137 / Wednesday, July 19, 2017 / Notices
Oneida, Orleans, Otsego, Rensselaer,
Saratoga, Schenectady, Schoharie,
Suffolk, Sullivan, Tioga, Tompkins,
Ulster.
NYSEArca–2017–77, and should be
submitted on or before August 9, 2017.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2017–15101 Filed 7–18–17; 8:45 am]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #15207 and #15208;
NEW YORK Disaster # NY–00177]
Presidential Declaration of a Major
Disaster for Public Assistance Only for
the State of New York
U.S. Small Business
Administration.
ACTION: Notice.
AGENCY:
This is a Notice of the
Presidential declaration of a major
disaster for Public Assistance Only for
the State of New York (FEMA–4322–
DR), dated 07/12/2017.
Incident: Severe Winter Storm and
Snowstorm.
Incident Period: 03/14/2017 through
03/15/2017.
DATES: Issued on July 12, 2017.
Physical Loan Application Deadline
Date: 09/11/2017.
Economic Injury (Eidl) Loan
Application Deadline Date: 04/12/2018.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT:
A. Escobar, Office of Disaster
Assistance, U.S. Small Business
Administration, 409 3rd Street SW.,
Suite 6050, Washington, DC 20416,
(202) 205–6734.
SUPPLEMENTARY INFORMATION: Notice is
hereby given that as a result of the
President’s major disaster declaration on
07/12/2017, Private Non-Profit
organizations that provide essential
services of governmental nature may file
disaster loan applications at the address
listed above or other locally announced
locations.
The following areas have been
determined to be adversely affected by
the disaster:
Primary Counties: Albany, Broome,
Chenango, Clinton, Columbia,
Cortland, Delaware, Dutchess, Essex,
Franklin, Fulton, Greene, Hamilton,
Herkimer, Madison, Montgomery,
asabaliauskas on DSKBBXCHB2PROD with NOTICES
SUMMARY:
18 17
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
18:49 Jul 18, 2017
Jkt 241001
The Interest Rates are:
Percent
For Physical Damage:
Non-Profit Organizations with Credit
Available Elsewhere .........................
Non-Profit Organizations without Credit Available Elsewhere ......................
For Economic Injury:
Non-Profit Organizations without Credit Available Elsewhere ......................
2.500
2.500
2.500
The number assigned to this disaster
for physical damage is 15207B and for
economic injury is 15208B.
(Catalog of Federal Domestic Assistance
Number 59008)
Lisa Lopez-Suarez,
Acting Associate Administrator for Disaster
Assistance.
[FR Doc. 2017–15076 Filed 7–18–17; 8:45 am]
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
Notice of Changes to SBA Secondary
Market Program
U.S. Small Business
Administration (‘‘SBA’’).
SUMMARY: The purpose of this Notice is
to provide the public with notification
of program changes to SBA’s Secondary
Market Loan Pooling Program. The
changes described in this Notice are
being made to ensure that there are
sufficient funds to cover the estimated
cost of the timely payment guaranty for
newly formed SBA 7(a) loan pools. The
changes in this Notice will be
incorporated, as needed, into the SBA
Secondary Market Program Guide, and
all other appropriate SBA Secondary
Market documents.
DATES: The changes in this Notice will
apply to SBA 7(a) loan pools with an
issue date on or after October 1, 2017.
ADDRESSES: Address comments
concerning this Notice to John M. Wade,
Chief Secondary Market Division, U.S.
Small Business Administration, 409 3rd
Street SW., Washington, DC 20416, or
john.wade@sba.gov.
FOR FURTHER INFORMATION CONTACT: John
M. Wade, Chief, Secondary Market
Division, U.S. Small Business
Administration, 409 3rd Street SW.,
Washington, DC 20416, or john.wade@
sba.gov.
AGENCY:
The
Secondary Market Improvements Act of
1984 authorized SBA to guaranty the
timely payment of principal and interest
SUPPLEMENTARY INFORMATION:
PO 00000
Frm 00158
Fmt 4703
Sfmt 4703
33197
on Pool Certificates. A Pool Certificate
represents a fractional undivided
interest in a ‘‘Pool,’’ which is an
aggregation of SBA guaranteed portions
of loans made by SBA Lenders under
section 7(a) of the Small Business Act,
15 U.S.C. 636(a). In order to support the
timely payment guaranty requirement,
SBA established the Master Reserve
Fund (‘‘MRF’’), which serves as a
mechanism to cover the cost of SBA’s
timely payment guaranty. Borrower
payments on the guaranteed portions of
pooled loans, as well as SBA guaranty
payments on defaulted pooled loans, are
deposited into the MRF. Funds are held
in the MRF until distributions are made
to investors (‘‘Registered Holders’’) of
Pool Certificates. The interest earned on
the borrower payments and the SBA
guaranty payments deposited into the
MRF supports the timely payments
made to Registered Holders.
To facilitate the formation of SBA
loan Pools and to enhance the
marketability of the SBA Secondary
Market (as defined in 13 CFR 120.601),
SBA allows loans with different
maturity dates to be placed in the same
Pool. From time to time, SBA provides
instruction to SBA Pool Assemblers on
the required loan and pool
characteristics necessary to form a Pool.
These characteristics include, among
other things, the minimum number of
guaranteed portions of loans required to
form a Pool, the allowable difference
between the highest and lowest gross
and net note rates of the guaranteed
portions of loans in a Pool, and the
minimum maturity ratio of the
guaranteed portions of loans in a Pool.
The minimum maturity ratio is equal to
the ratio of the shortest and the longest
remaining term to maturity of the
guaranteed portions of loans in a Pool.
In November of 2008, SBA published
changes to the regulations governing
SBA’s Secondary Market to allow SBA
Pool Assemblers to form and initiate the
sale of Weighted Average Coupon
(WAC) Pools. See 73 FR 67099,
November 13, 2008. A WAC Pool is a
Pool where the interest rate payable to
the Registered Holder is equal to the
Dollar-Weighted Average Net Rate of the
Pool (as defined in 13 CFR 120.600(l)).
All other Pools formed by SBA Pool
Assemblers are considered Standard
Pools. The minimum maturity ratio for
Standard Pools and WAC Pools is
currently 80% and 76%, respectively.
The minimum maturity ratio for
Standard Pools was last adjusted by
SBA in 2005. The minimum maturity
ratio for WAC Pools was established by
SBA in 2008 and has remained
unchanged.
E:\FR\FM\19JYN1.SGM
19JYN1
33198
Federal Register / Vol. 82, No. 137 / Wednesday, July 19, 2017 / Notices
asabaliauskas on DSKBBXCHB2PROD with NOTICES
Based on SBA’s expectations as to
future Pool performance, SBA has
determined that, in order to lower the
costs associated with SBA’s Secondary
Market Loan Pooling Program, it is
necessary to increase the minimum
maturity ratio—in other words, to
reduce the difference between the
shortest and the longest remaining term
of the guaranteed portions of loans in a
Pool. A higher minimum maturity ratio
will decrease the difference between the
amortization rates of the guaranteed
portions of loans in a Pool. This will
cause the cash flows from the
guaranteed portions of loans in the Pool
to be more homogenous, and will more
closely match the amortization rate of
the Pool Certificate. This is an important
driver in reducing the cost of SBA’s
timely payment guaranty on Pool
Certificates.
Therefore, effective October 1, 2017,
all guaranteed portions of loans in a
Pool presented for settlement with
SBA’s Fiscal Transfer Agent will be
required to have a minimum maturity
ratio of at least 94% for Standard Pools
and WAC Pools. SBA has monitored
Pools formed over the last 6 months,
and has observed that many existing
Pools have a minimum maturity ratio of
at least 94%.
SBA will continue to monitor loan
and pool characteristics and will
provide notification of additional
changes as necessary. It is important to
note that there is no change to SBA’s
obligation to honor its guaranty of the
amounts owed to Registered Holders of
Pool Certificates and that such guaranty
continues to be backed by the full faith
and credit of the United States.
This program change will be
incorporated as necessary into SBA’s
Secondary Market documents. As
indicated above, this change will be
effective for Pools with an issue date on
or after October 1, 2017, and will
modify any previous description or
guidance regarding the minimum
maturity ratio for Standard Pools or
WAC Pools. SBA is making this change
pursuant to Section 5(g)(2) of the Small
Business Act, 15 U.S.C. 634 (g)(2).
Authority: 15 U.S.C. 634 (g)(2).
William M. Manger
Associate Administrator Office of Capital
Access.
[FR Doc. 2017–15180 Filed 7–18–17; 8:45 am]
SMALL BUSINESS ADMINISTRATION
(Catalog of Federal Domestic Assistance
Number 59008)
[Disaster Declaration #15209 and #15210;
NORTH DAKOTA Disaster #ND–00055]
Lisa Lopez-Suarez,
Acting Associate Administrator for Disaster
Assistance.
Presidential Declaration of a Major
Disaster for Public Assistance Only for
the State of North Dakota
U.S. Small Business
Administration.
ACTION: Notice.
DEPARTMENT OF STATE
[Public Notice: 10061]
This is a Notice of the
Presidential declaration of a major
disaster for Public Assistance Only for
the State of North Dakota (FEMA–4323–
DR), dated 07/12/2017.
Incident: Flooding.
Incident Period: 03/23/2017 through
04/29/2017.
DATES: Issued July 12, 2017.
Physical Loan Application Deadline
Date: 09/11/2017.
Economic Injury (Eidl) Loan
Application Deadline Date: 04/12/2018.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street SW., Suite 6050,
Washington, DC 20416, (202) 205–6734.
SUPPLEMENTARY INFORMATION: Notice is
hereby given that as a result of the
President’s major disaster declaration on
07/12/2017, Private Non-Profit
organizations that provide essential
services of governmental nature may file
disaster loan applications at the address
listed above or other locally announced
locations.
The following areas have been
determined to be adversely affected by
the disaster:
Primary Counties: Benson, Bottineau,
Cavalier, McHenry, Pembina, Pierce,
Renville, Rolette, Towner, Walsh and
the Turtle Mountain Band of
Chippewa Reservation.
The Interest Rates are:
SUMMARY:
Percent
For Physical Damage:
Non-Profit Organizations with Credit
Available Elsewhere .........................
Non-Profit Organizations without Credit Available Elsewhere ......................
For Economic Injury:
Non-Profit Organizations without Credit Available Elsewhere ......................
2.500
2.500
2.500
The number assigned to this disaster
for physical damage is 152096 and for
economic injury is 152106.
18:49 Jul 18, 2017
Jkt 241001
BILLING CODE 8025–01–P
AGENCY:
BILLING CODE 8025–01–P
VerDate Sep<11>2014
[FR Doc. 2017–15078 Filed 7–18–17; 8:45 am]
PO 00000
Frm 00159
Fmt 4703
Sfmt 4703
60-Day Notice of Proposed Information
Collection: Certificate of Eligibility for
Exchange Visitor (J–1) Status
Notice of request for public
comment.
ACTION:
The Department of State is
seeking Office of Management and
Budget (OMB) approval for the
information collection described below.
In accordance with the Paperwork
Reduction Act of 1995, we are
requesting comments on this collection
from all interested individuals and
organizations. The purpose of this
notice is to allow 60 days for public
comment preceding submission of the
collection to OMB.
DATES: The Department will accept
comments from the public up to
September 18, 2017.
ADDRESSES: You may submit comments
by any of the following methods:
• Web: Persons with access to the
Internet may comment on this notice by
going to www.Regulations.gov. You can
search for the document by entering
‘‘Docket Number: DOS–2017–0031’’ in
the Search field. Then click the
‘‘Comment Now’’ button and complete
the comment form.
• Email: JExchanges@State.gov.
• Regular Mail: Send written
comments to: U.S. Department of State,
ECA/EC, SA–5, Floor 5, 2200 C Street
NW., Washington, DC 20522–0505,
ATTN: Federal Register Notice
Response.
You must include the DS form
number (if applicable), information
collection title, and the OMB control
number in any correspondence.
FOR FURTHER INFORMATION CONTACT:
Direct requests for additional
information regarding the collection
listed in this notice, including requests
for copies of the proposed collection
instrument and supporting documents,
to G. Kevin Saba, Director, Office of
Policy and Program Support, Office of
Private Sector Exchange, ECA/EC, SA–
5, Floor 5, Department of State, 2200 C
Street, NW., Washington, DC 20522–
0505, who may be reached at
JExchanges@state.gov.
SUMMARY:
E:\FR\FM\19JYN1.SGM
19JYN1
Agencies
[Federal Register Volume 82, Number 137 (Wednesday, July 19, 2017)]
[Notices]
[Pages 33197-33198]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-15180]
-----------------------------------------------------------------------
SMALL BUSINESS ADMINISTRATION
Notice of Changes to SBA Secondary Market Program
AGENCY: U.S. Small Business Administration (``SBA'').
SUMMARY: The purpose of this Notice is to provide the public with
notification of program changes to SBA's Secondary Market Loan Pooling
Program. The changes described in this Notice are being made to ensure
that there are sufficient funds to cover the estimated cost of the
timely payment guaranty for newly formed SBA 7(a) loan pools. The
changes in this Notice will be incorporated, as needed, into the SBA
Secondary Market Program Guide, and all other appropriate SBA Secondary
Market documents.
DATES: The changes in this Notice will apply to SBA 7(a) loan pools
with an issue date on or after October 1, 2017.
ADDRESSES: Address comments concerning this Notice to John M. Wade,
Chief Secondary Market Division, U.S. Small Business Administration,
409 3rd Street SW., Washington, DC 20416, or john.wade@sba.gov.
FOR FURTHER INFORMATION CONTACT: John M. Wade, Chief, Secondary Market
Division, U.S. Small Business Administration, 409 3rd Street SW.,
Washington, DC 20416, or john.wade@sba.gov.
SUPPLEMENTARY INFORMATION: The Secondary Market Improvements Act of
1984 authorized SBA to guaranty the timely payment of principal and
interest on Pool Certificates. A Pool Certificate represents a
fractional undivided interest in a ``Pool,'' which is an aggregation of
SBA guaranteed portions of loans made by SBA Lenders under section 7(a)
of the Small Business Act, 15 U.S.C. 636(a). In order to support the
timely payment guaranty requirement, SBA established the Master Reserve
Fund (``MRF''), which serves as a mechanism to cover the cost of SBA's
timely payment guaranty. Borrower payments on the guaranteed portions
of pooled loans, as well as SBA guaranty payments on defaulted pooled
loans, are deposited into the MRF. Funds are held in the MRF until
distributions are made to investors (``Registered Holders'') of Pool
Certificates. The interest earned on the borrower payments and the SBA
guaranty payments deposited into the MRF supports the timely payments
made to Registered Holders.
To facilitate the formation of SBA loan Pools and to enhance the
marketability of the SBA Secondary Market (as defined in 13 CFR
120.601), SBA allows loans with different maturity dates to be placed
in the same Pool. From time to time, SBA provides instruction to SBA
Pool Assemblers on the required loan and pool characteristics necessary
to form a Pool. These characteristics include, among other things, the
minimum number of guaranteed portions of loans required to form a Pool,
the allowable difference between the highest and lowest gross and net
note rates of the guaranteed portions of loans in a Pool, and the
minimum maturity ratio of the guaranteed portions of loans in a Pool.
The minimum maturity ratio is equal to the ratio of the shortest and
the longest remaining term to maturity of the guaranteed portions of
loans in a Pool.
In November of 2008, SBA published changes to the regulations
governing SBA's Secondary Market to allow SBA Pool Assemblers to form
and initiate the sale of Weighted Average Coupon (WAC) Pools. See 73 FR
67099, November 13, 2008. A WAC Pool is a Pool where the interest rate
payable to the Registered Holder is equal to the Dollar-Weighted
Average Net Rate of the Pool (as defined in 13 CFR 120.600(l)). All
other Pools formed by SBA Pool Assemblers are considered Standard
Pools. The minimum maturity ratio for Standard Pools and WAC Pools is
currently 80% and 76%, respectively. The minimum maturity ratio for
Standard Pools was last adjusted by SBA in 2005. The minimum maturity
ratio for WAC Pools was established by SBA in 2008 and has remained
unchanged.
[[Page 33198]]
Based on SBA's expectations as to future Pool performance, SBA has
determined that, in order to lower the costs associated with SBA's
Secondary Market Loan Pooling Program, it is necessary to increase the
minimum maturity ratio--in other words, to reduce the difference
between the shortest and the longest remaining term of the guaranteed
portions of loans in a Pool. A higher minimum maturity ratio will
decrease the difference between the amortization rates of the
guaranteed portions of loans in a Pool. This will cause the cash flows
from the guaranteed portions of loans in the Pool to be more
homogenous, and will more closely match the amortization rate of the
Pool Certificate. This is an important driver in reducing the cost of
SBA's timely payment guaranty on Pool Certificates.
Therefore, effective October 1, 2017, all guaranteed portions of
loans in a Pool presented for settlement with SBA's Fiscal Transfer
Agent will be required to have a minimum maturity ratio of at least 94%
for Standard Pools and WAC Pools. SBA has monitored Pools formed over
the last 6 months, and has observed that many existing Pools have a
minimum maturity ratio of at least 94%.
SBA will continue to monitor loan and pool characteristics and will
provide notification of additional changes as necessary. It is
important to note that there is no change to SBA's obligation to honor
its guaranty of the amounts owed to Registered Holders of Pool
Certificates and that such guaranty continues to be backed by the full
faith and credit of the United States.
This program change will be incorporated as necessary into SBA's
Secondary Market documents. As indicated above, this change will be
effective for Pools with an issue date on or after October 1, 2017, and
will modify any previous description or guidance regarding the minimum
maturity ratio for Standard Pools or WAC Pools. SBA is making this
change pursuant to Section 5(g)(2) of the Small Business Act, 15 U.S.C.
634 (g)(2).
Authority: 15 U.S.C. 634 (g)(2).
William M. Manger
Associate Administrator Office of Capital Access.
[FR Doc. 2017-15180 Filed 7-18-17; 8:45 am]
BILLING CODE 8025-01-P