Rural Housing Service September 18, 2014 – Federal Register Recent Federal Regulation Documents

Eliminate the 6-Day Reservation Period Requirement for Rural Development Obligations
Document Number: 2014-21704
Type: Rule
Date: 2014-09-18
Agency: Department of Agriculture, Farm Service Agency, Rural Housing Service, Rural Utilities Service
Rural Development (RD) is amending the regulations so that an obligation date for all guaranteed loans, direct loans, and grants will no longer be 6 working days from the date of request for reservation of authority. This action is necessary as the 6-day reservation period will be permanently removed from the Commercial Loan Servicing System (CLSS), Guaranteed Loan System (GLS), and Program Loan Accounting System (PLAS). The effect of this action will reduce system or manual intervention when legislative mandates direct cutoff for obligations and/or funding; eliminate program waivers on obligation date; increase consistency with other RD programs; reduce risks with new system implementations, such as the Financial Modernization Management Initiative; and eliminate numerous reconciliation issues between processed obligations and actual obligations for internal RD reports and USDA reporting requirements.
Eliminate the 6-Day Reservation Period Requirement for Rural Development Obligations
Document Number: 2014-21702
Type: Proposed Rule
Date: 2014-09-18
Agency: Department of Agriculture, Farm Service Agency, Rural Housing Service, Rural Utilities Service
Rural Development (RD) is proposing to amend the regulations so that an obligation date for all guaranteed loans, direct loans, and grants will no longer be 6 working days from the date of request for reservation of authority. This action is necessary as the 6-day reservation period will be permanently removed from the Commercial Loan Servicing System (CLSS), Guaranteed Loan System (GLS), and Program Loan Accounting System (PLAS). The effect of this action will reduce system or manual intervention when legislative mandates direct cutoff for obligations and/or funding; eliminate program waivers on obligation date; increase consistency with other RD programs; reduce risks with new system implementations, such as the Financial Modernization Management Initiative; and eliminate numerous reconciliation issues between processed obligations and actual obligations for internal RD reports and USDA reporting requirements.