Interest Rate Paid on Cash Deposited To Secure U.S. Immigration and Customs Enforcement Immigration Bonds, 32835 [2019-14497]

Download as PDF Federal Register / Vol. 84, No. 131 / Tuesday, July 9, 2019 / Notices khammond on DSKBBV9HB2PROD with NOTICES (agencies) issued an interim final rule amending the agencies’ regulations that require swap dealers and security based swap dealers (Swap Margin Rule) under the agencies’ respective jurisdictions to exchange margin with their counterparties for swaps that are not centrally cleared. Swaps entered into before the effective dates of the Swap Margin Rule are grandfathered by the Swap Margin Rule until they expire according to their terms. There are currently financial services firms in the United Kingdom (U.K.) that conduct swap dealing activities subject to the Swap Margin Rule. If the U.K. withdraws from the European Union (E.U.) without a negotiated agreement between the U.K. and E.U., entities located in the U.K. may not be authorized to provide full-scope financial services to swap counterparties located in the E.U. The agencies are addressing a scenario whereby entities located in the U.K. might transfer their existing swap portfolios that face counterparties located in the E.U. over to an affiliate or other related establishment located within the E.U. or the United States (U.S.). These transfers, if carried out in accordance with the conditions of the interim final rule, will not trigger the application of the Swap Margin Rule to grandfathered swaps that were entered into before the Swap Margin Rule’s compliance dates. The interim final rule distinguishes transfers initiated by the financial entity standing as the covered swap entity at the completion of the transaction from a transfer initiated by the covered swap entity’s counterparty. In the case of transfers initiated by the covered swap entity’s counterparty, the counterparty must make a representation to the covered swap entity that the counterparty carried out the swap in accordance with both elements of the purpose test.3 Twelve CFR 45.1(h) specifies that transfers of legacy swaps initiated by a covered swap entity’s 3 The purpose test requires that the financial entity located in the U.K. arrange to make the amendments to the non- cleared swap solely for the purpose of transferring the non-cleared swap to an affiliate or other related establishment that is located in an E.U. Member State or the United States. This purpose test also contains a requirement that the transfer be made in connection with the U.K. entity’s planning for the possibility that the U.K. might exit the E.U. without a negotiated agreement, or the U.K. entity’s response to such an event. VerDate Sep<11>2014 17:47 Jul 08, 2019 Jkt 247001 counterparty require a representation to the covered swap entity that the counterparty carried out the swap in accordance with both elements of the purpose test in order to remain outside the scope of the Swap Margin. This requirement constitutes a third party disclosure under the PRA. Estimated Number of Respondents: 10. Estimated Burden per Response: 1 hour. Total Estimated Burden: 10 hours. Type of Review: Regular. Affected Public: Individuals; Businesses or other for-profit. Frequency of Response: On occasion. Comments submitted in response to this notice will be summarized, included in the request for OMB approval, and become a matter of public record. Comments are invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the OCC, including whether the information has practical utility; (b) The accuracy of the OCC’s estimate of the burden of the collection of information; (c) Ways to enhance the quality, utility, and clarity of the information to be collected; (d) Ways to minimize the burden of the collection on respondents, including through the use of automated collection techniques or other forms of information technology; and (e) Estimates of capital or startup costs and costs of operation, maintenance, and purchase of services to provide information. Dated: July 2, 2019. Theodore J. Dowd, Deputy Chief Counsel, Office of the Comptroller of the Currency. [FR Doc. 2019–14544 Filed 7–8–19; 8:45 am] BILLING CODE 4810–33–P DEPARTMENT OF THE TREASURY Interest Rate Paid on Cash Deposited To Secure U.S. Immigration and Customs Enforcement Immigration Bonds Departmental Offices, Treasury. Notice. AGENCY: ACTION: For the period beginning July 1, 2019, and ending on September 30, 2019, the U.S. Immigration and Customs SUMMARY: PO 00000 Frm 00137 Fmt 4703 Sfmt 4703 32835 Enforcement Immigration Bond interest rate is 2.37 per centum per annum. Rates are applicable July 1, 2019 to September 30, 2019. DATES: Comments or inquiries may be mailed to Will Walcutt, Supervisor, Funds Management Branch, Funds Management Division, Fiscal Accounting, Bureau of the Fiscal Services, Parkersburg, West Virginia 26106–1328. You can download this notice at the following internet addresses: https:// www.treasury.gov or https:// www.federalregister.gov. ADDRESSES: FOR FURTHER INFORMATION CONTACT: Ryan Hanna, Manager, Funds Management Branch, Funds Management Division, Fiscal Accounting, Bureau of the Fiscal Service, Parkersburg, West Virginia 261006–1328, (304) 480–5120; Will Walcutt, Supervisor, Funds Management Branch, Funds Management Division, Fiscal Accounting, Bureau of the Fiscal Services, Parkersburg, West Virginia 26106–1328, (304) 480–5117. Federal law requires that interest payments on cash deposited to secure immigration bonds shall be ‘‘at a rate determined by the Secretary of the Treasury, except that in no case shall the interest rate exceed 3 per centum per annum.’’ 8 U.S.C. 1363(a). Related Federal regulations state that ‘‘Interest on cash deposited to secure immigration bonds will be at the rate as determined by the Secretary of the Treasury, but in no case will exceed 3 per centum per annum or be less than zero.’’ 8 CFR 293.2. Treasury has determined that interest on the bonds will vary quarterly and will accrue during each calendar quarter at a rate equal to the lesser of the average of the bond equivalent rates on 91-day Treasury bills auctioned during the preceding calendar quarter, or 3 per centum per annum, but in no case less than zero. [FR Doc. 2015–18545] In addition to this Notice, Treasury posts the current quarterly rate in Table 2b— Interest Rates for Specific Legislation on the TreasuryDirect website. SUPPLEMENTARY INFORMATION: Gary Grippo, Deputy Assistant Secretary for Public Finance. [FR Doc. 2019–14497 Filed 7–8–19; 8:45 am] BILLING CODE 4810–25–P E:\FR\FM\09JYN1.SGM 09JYN1

Agencies

[Federal Register Volume 84, Number 131 (Tuesday, July 9, 2019)]
[Notices]
[Page 32835]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-14497]


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

DEPARTMENT OF THE TREASURY


Interest Rate Paid on Cash Deposited To Secure U.S. Immigration 
and Customs Enforcement Immigration Bonds

AGENCY: Departmental Offices, Treasury.

ACTION: Notice.

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

SUMMARY: For the period beginning July 1, 2019, and ending on September 
30, 2019, the U.S. Immigration and Customs Enforcement Immigration Bond 
interest rate is 2.37 per centum per annum.

DATES: Rates are applicable July 1, 2019 to September 30, 2019.

ADDRESSES: Comments or inquiries may be mailed to Will Walcutt, 
Supervisor, Funds Management Branch, Funds Management Division, Fiscal 
Accounting, Bureau of the Fiscal Services, Parkersburg, West Virginia 
26106-1328.
    You can download this notice at the following internet addresses: 
https://www.treasury.gov or https://www.federalregister.gov.

FOR FURTHER INFORMATION CONTACT: Ryan Hanna, Manager, Funds Management 
Branch, Funds Management Division, Fiscal Accounting, Bureau of the 
Fiscal Service, Parkersburg, West Virginia 261006-1328, (304) 480-5120; 
Will Walcutt, Supervisor, Funds Management Branch, Funds Management 
Division, Fiscal Accounting, Bureau of the Fiscal Services, 
Parkersburg, West Virginia 26106-1328, (304) 480-5117.

SUPPLEMENTARY INFORMATION: Federal law requires that interest payments 
on cash deposited to secure immigration bonds shall be ``at a rate 
determined by the Secretary of the Treasury, except that in no case 
shall the interest rate exceed 3 per centum per annum.'' 8 U.S.C. 
1363(a). Related Federal regulations state that ``Interest on cash 
deposited to secure immigration bonds will be at the rate as determined 
by the Secretary of the Treasury, but in no case will exceed 3 per 
centum per annum or be less than zero.'' 8 CFR 293.2. Treasury has 
determined that interest on the bonds will vary quarterly and will 
accrue during each calendar quarter at a rate equal to the lesser of 
the average of the bond equivalent rates on 91-day Treasury bills 
auctioned during the preceding calendar quarter, or 3 per centum per 
annum, but in no case less than zero. [FR Doc. 2015-18545] In addition 
to this Notice, Treasury posts the current quarterly rate in Table 2b--
Interest Rates for Specific Legislation on the TreasuryDirect website.

Gary Grippo,
Deputy Assistant Secretary for Public Finance.
[FR Doc. 2019-14497 Filed 7-8-19; 8:45 am]
BILLING CODE 4810-25-P
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.