Farm Service Agency June 2014 – Federal Register Recent Federal Regulation Documents
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Information Collection; Representation for CCC and FSA Loan and Authorization To File a Financing Statement
In accordance with the Paperwork Reduction Act of 1995, the Commodity Credit Corporation (CCC) and the Farm Service Agency (FSA) are requesting comments from all interested individuals and organizations on an extension with a revision of a currently approved information collection. The form CCC-10, entitled ``Representations for Commodity Credit Corporation or Farm Service Agency Loans and Authorization To File a Financing Statement and Related Documents'' is used for CCC and FSA loan programs. The information collection is necessary to gather data regarding the applicant that is required on a financing statement, and to obtain the applicant's permission to file a financing statement prior to the execution of a security agreement.
Intermediary Relending Program
The Rural Business-Cooperative Service (RBS) amends its regulations for the Intermediary Relending Program (IRP). This action is critical to immediately address three major items. First, the Agricultural Act of 2014 incorporates the IRP into the Consolidated Farm and Rural Development Act (Con Act). Therefore the IRP will now be subject to the Con Act, Section 343(a)(13) ``rural and rural area'' definition. Second, the Agency is making the following changes based on an Office of Inspector General (OIG) audit: Removing part of the definition of revolved funds to eliminate public confusion on its applicability; providing stronger guidance on items that should be taken into consideration when approving subsequent loans; defining what is meant by promptly relending collections from loans made from the revolving loan fund account; and providing clarification when prior Agency concurrence is needed to make loans. Finally, the Agency is removing provisions for Rural Development Loan Fund (RDLF) servicing as there are no longer any active RDLF accounts.
Intermediary Relending Program
The Rural Business-Cooperative Service (RBS) proposes to amend its regulations for the Intermediary Relending Program (IRP). This action is needed to address several items based on an Office of Inspector General (OIG) audit: Removing part of the definition of revolved funds to eliminate public confusion on its applicability; providing stronger guidance on items that should be taken into consideration when approving subsequent loans; defining what is meant by promptly relending collections from loans made from the revolving loan fund account; and providing clarification when prior Agency concurrence is needed to make loans. Finally, the Agency is removing provisions for Rural Development Loan Fund (RDLF) servicing as there are no longer any active RDLF.
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