Agencies and Commissions October 18, 2011 – Federal Register Recent Federal Regulation Documents

This is an amendment of the Presidential declaration of a major disaster for the State of TEXAS (FEMA-4029-DR), dated 09/09/2011. Incident: Wildfires. Incident Period: 08/30/2011 and continuing.

This is a notice of an Administrative declaration of a disaster for the State of NEW JERSEY dated 10/11/2011. Incident: Severe Storms and Flooding. Incident Period: 08/13/2011 through 08/15/2011. Effective Date: 10/11/2011. Physical Loan Application Deadline Date: 12/12/2011. Economic Injury (EIDL) Loan Application Deadline Date: 07/11/2012.

This is a Notice of the Presidential declaration of a major disaster for Public Assistance Only for the Commonwealth of Pennsylvania (FEMA-4030-DR), dated 10/07/2011. Incident: Tropical Storm Lee. Incident Period: 09/03/2011 and continuing. Effective Date: 10/07/2011. Physical Loan Application Deadline Date: 12/06/2011. Economic injury (EIDL) Loan Application Deadline Date: 07/09/2012.

This is an amendment of the Presidential declaration of a major disaster for the State of NORTH CAROLINA (FEMA-4019-DR), dated 08/31/2011. Incident: Hurricane Irene. Incident Period: 08/25/2011 through 09/01/2011. Effective Date: 10/07/2011. Physical Loan Application Deadline Date: 10/31/2011. EIDL Loan Application Deadline Date: 05/31/2012.

The Corporation for National and Community Service (the Corporation), as part of its continuing effort to reduce paperwork and respondent burden, conducts a pre-clearance consultation program to provide the general public and federal agencies with an opportunity to comment on proposed and/or continuing collections of information in accordance with the Paperwork Reduction Act of 1995 (PRA95) (44 U.S.C. Sec. 3506(c)(2)(A)). This program helps to ensure that requested data can be provided in the desired format, reporting burden (time and financial resources) is minimized, collection instruments are clearly understood, and the impact of collection requirement on respondents can be properly assessed. Currently, the Corporation is soliciting comments concerning its proposed renewal of the Disaster Response Cooperative Agreement (DRCA) application. The DRCA enables CNCS supported national service organizations to engage members and participants in disaster response efforts to federally declared disasters and to be eligible to be reimbursed for expenses occurred while engaged in such efforts. This document describes eligibility criteria, the nature of disaster deployments, the Corporation's expectations for performance upon selection, and the application process. This agreement is the legal instrument by which organizations can be reimbursed by the Corporation for expenses incurred by the response, when it occurs under authority of a Mission Assignment from FEMA or another agency. Copies of the information collection request can be obtained by contacting the office listed in the addresses section of this notice.

The Board is requesting public comment on proposed amendments to Regulation J (Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers through Fedwire). The proposed changes would eliminate references to ``as-of adjustments'' consistent with the Board's proposed amendments to Regulation D to simplify reserves administration. The proposed amendments would also clarify that an institution's Administrative Reserve Bank is deemed to have accepted deposit of a check or other item even if the institution sends the item directly to another Federal Reserve Bank. The proposed amendments would further clarify that Regulation J continues to apply to a Fedwire funds transfer even if the funds transfer also meets the definition of ``remittance transfer'' under the Electronic Fund Transfer Act.

The Board is requesting public comment on proposed amendments to Regulation D, Reserve Requirements of Depository Institutions, to simplify the administration of reserve requirements. The proposed amendments would create a common two-week maintenance period for all depository institutions, create a penalty-free band around reserve balance requirements in place of carryover and routine penalty waivers, discontinue as-of adjustments related to deposit revisions, replace all other as-of adjustments with direct compensation, and eliminate the contractual clearing balance program. The proposed amendments are designed to reduce the administrative and operational costs associated with reserve requirements for both depository institutions and the Federal Reserve. The Board is requesting comment on all aspects of the proposal. In connection with the proposed elimination of the contractual clearing balance program, the Board is requesting comment on several issues related to the methodology used for the Private Sector Adjustment Factor that is part of the pricing of Federal Reserve Bank services.