Rural Housing Service March 13, 2015 – Federal Register Recent Federal Regulation Documents

The Rural Business-Cooperative Service is amending its regulations for Debt Settlement. This amendment would allow the Rural Business Service's (referred to as Agency throughout the remainder of the text) Administrator to use the statutory authority that has been delegated to him/her in accordance with title 331(b)(4) of the Consolidated Farm and Rural Development Act (CONACT), but is currently not being used for all of RBS's revolving loan programs, which include: The Intermediary Relending Program (IRP) loans, Rural Development Loan Fund (RDLF) loans, and the Rural Microentrepreneur Assistance Program (RMAP)loans. This regulation will allow the RBS to be consistent across all of its loan programs; all of RBS's other loan programs have regulations in place to settle debt. This Direct Final Rule is intended to authorize the Agency to use its independent debt settlement authority under CONACT. Nothing in this Direct Final Rule is intended to affect the requirements of the Agency to follow other applicable Federal debt collection law such as the Debt Collection Improvement Act of 1996, as amended. Further nothing in this Direct Final Rule is intended to alter any requirements the Agency must follow when making collection referrals to the Department of Justice or the Treasury Department.