81_FR_10102 81 FR 10063 - Direct Farm Ownership Microloan; Correction

81 FR 10063 - Direct Farm Ownership Microloan; Correction

DEPARTMENT OF AGRICULTURE
Farm Service Agency

Federal Register Volume 81, Issue 39 (February 29, 2016)

Page Range10063-10063
FR Document2016-04271

In a final rule that was published and effective on January 21, 2016, we added Direct Farm Ownership Microloan (DFOML) to the existing Direct Loan Program. The final rule resulted in inadvertently omitting paragraphs that were previously in the Farm Loan Programs general eligibility requirements. The inadvertently removed paragraphs specified alternatives for demonstrating managerial ability. This document corrects that omission by revising the section in the regulations to reinsert that text.

Federal Register, Volume 81 Issue 39 (Monday, February 29, 2016) 
[Federal Register Volume 81, Number 39 (Monday, February 29, 2016)]
[Rules and Regulations]
[Page 10063]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-04271]


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DEPARTMENT OF AGRICULTURE

Farm Service Agency

7 CFR Part 764

RIN 0560-AI33


Direct Farm Ownership Microloan; Correction

AGENCY: Farm Service Agency, USDA.

ACTION: Correcting amendments.

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SUMMARY: In a final rule that was published and effective on January 
21, 2016, we added Direct Farm Ownership Microloan (DFOML) to the 
existing Direct Loan Program. The final rule resulted in inadvertently 
omitting paragraphs that were previously in the Farm Loan Programs 
general eligibility requirements. The inadvertently removed paragraphs 
specified alternatives for demonstrating managerial ability. This 
document corrects that omission by revising the section in the 
regulations to reinsert that text.

DATES: Effective date: February 29, 2016.

FOR FURTHER INFORMATION CONTACT: Russ Clanton; telephone: (202) 690-
0214. Persons with disabilities or who require alternative means for 
communication should contact the USDA Target Center at (202) 720-2600 
(voice).

SUPPLEMENTARY INFORMATION:

Background

    The Farm Service Agency (FSA) published a final rule in the Federal 
Register on January 21, 2016 (81 FR 3289-3293), adding DFOML to the 
existing Direct Loan Program. The final rule changes to 7 CFR part 764 
resulted in inadvertently omitting two paragraphs that were previously 
in 7 CFR 764.101(i)(4), ``General Eligibility Requirements,'' which 
specified alternatives for demonstrating managerial ability for 
microloans (MLs) for Operating Loan (OL) purposes.
    The only changes the final rule intended to make in section 764.101 
were to clarify that the references to MLs in paragraphs (i)(3) and (4) 
were only for MLs for OL purposes. In making the change to paragraph 
(i)(4), we should have specified that the change was only to the 
introductory text of paragraph (i)(4) because the phrase ``introductory 
text'' was not specified, it resulted in paragraphs (i)(4)(i) through 
(ii) being inadvertently omitted from the CFR when the changes were 
made as specified in the final rule. Therefore, this document corrects 
the regulation by reinserting the previously published text for 
paragraphs (i)(4)(i) through (ii).

List of Subjects in 7 CFR Part 764

    Agriculture, Disaster assistance, Loan programs-agriculture, 
Agricultural commodities, Livestock.

    For reasons discussed above, FSA amends 7 CFR part 764 as follows:

PART 764--DIRECT LOAN MAKING

0
1. The authority citation for part 764 continues to read as follows:

    Authority:  5 U.S.C. 301 and 7 U.S.C. 1989.


0
2. Add Sec.  764.101(i)(4)(i) and (ii) to read as follows:


Sec.  764.101  General eligibility requirements.

* * * * *
    (i) * * *
    (4) * * *
    (i) Certification of a past participation with an agriculture-
related organization, such as, but not limited to, 4-H Club, FFA, 
beginning farmer and rancher development programs, or Community Based 
Organizations, that demonstrates experience in a related agricultural 
enterprise; or
    (ii) A written description of a self-directed apprenticeship 
combined with either prior sufficient experience working on a farm or 
significant small business management experience. As a condition of 
receiving the loan, the self-directed apprenticeship requires that the 
applicant seek, receive, and apply guidance from a qualified person 
during the first cycle of production and marketing typical for the 
applicant's specific operation. The individual providing the guidance 
must be knowledgeable in production, management, and marketing 
practices that are pertinent to the applicant's operation, and agree to 
form a developmental partnership with the applicant to share knowledge, 
skills, information, and perspective of agriculture to foster the 
applicant's development of technical skills and management ability.
* * * * *

Val Dolcini,
Administrator, Farm Service Agency.
[FR Doc. 2016-04271 Filed 2-26-16; 8:45 am]
 BILLING CODE 3410-05-P

Federal Register / Vol. 81, No. 39 / Monday, February 29, 2016 / Rules and Regulations 10063 determines that the processing plant making the change to paragraph (i)(4), DEPARTMENT OF TREASURY should be considered a packer after we should have specified that the considering its capacity. change was only to the introductory text Office of the Comptroller of the * * * * * of paragraph (i)(4) because the phrase Currency ‘‘introductory text’’ was not specified, it Dated: February 22, 2016. 12 CFR Part 4 resulted in paragraphs (i)(4)(i) through Elanor Starmer, (ii) being inadvertently omitted from the [Docket ID OCC–2016–0001] Acting Administrator, Agricultural Marketing CFR when the changes were made as Service. specified in the final rule. Therefore, RIN 1557–AE01 [FR Doc. 2016–04047 Filed 2–26–16; 8:45 am] this document corrects the regulation by BILLING CODE 3410–02–P reinserting the previously published FEDERAL RESERVE SYSTEM text for paragraphs (i)(4)(i) through (ii). 12 CFR Parts 208 and 211 DEPARTMENT OF AGRICULTURE List of Subjects in 7 CFR Part 764 [Docket No. R–1531] Agriculture, Disaster assistance, Loan Farm Service Agency programs-agriculture, Agricultural RIN 7100–AE45 commodities, Livestock. 7 CFR Part 764 FEDERAL DEPOSIT INSURANCE For reasons discussed above, FSA CORPORATION RIN 0560–AI33 amends 7 CFR part 764 as follows: PART 764—DIRECT LOAN MAKING 12 CFR Parts 337, 347, and 390 Direct Farm Ownership Microloan; Correction RIN 3064–AE42 ■ 1. The authority citation for part 764 AGENCY: Farm Service Agency, USDA. continues to read as follows: Expanded Examination Cycle for ACTION: Correcting amendments. Authority: 5 U.S.C. 301 and 7 U.S.C. 1989. Certain Small Insured Depository Institutions and U.S. Branches and SUMMARY: In a final rule that was ■ 2. Add § 764.101(i)(4)(i) and (ii) to Agencies of Foreign Banks published and effective on January 21, read as follows: 2016, we added Direct Farm Ownership AGENCY: Office of the Comptroller of the Microloan (DFOML) to the existing § 764.101 General eligibility requirements. Currency (OCC), Treasury; Board of Direct Loan Program. The final rule * * * * * Governors of the Federal Reserve resulted in inadvertently omitting (i) * * * System (Board); and Federal Deposit paragraphs that were previously in the (4) * * * Insurance Corporation (FDIC). Farm Loan Programs general eligibility (i) Certification of a past participation ACTION: Joint interim final rules and requirements. The inadvertently with an agriculture-related organization, request for comments. removed paragraphs specified such as, but not limited to, 4–H Club, FFA, beginning farmer and rancher SUMMARY: The OCC, Board, and FDIC alternatives for demonstrating development programs, or Community (collectively, the agencies) are jointly managerial ability. This document Based Organizations, that demonstrates issuing and requesting public comment corrects that omission by revising the experience in a related agricultural on interim final rules to implement section in the regulations to reinsert that enterprise; or section 83001 of the Fixing America’s text. (ii) A written description of a self- Surface Transportation Act (FAST Act), DATES: Effective date: February 29, 2016. directed apprenticeship combined with which was enacted on December 4, FOR FURTHER INFORMATION CONTACT: Russ either prior sufficient experience 2015. Section 83001 of the FAST Act Clanton; telephone: (202) 690–0214. working on a farm or significant small permits the agencies to examine Persons with disabilities or who require business management experience. As a qualifying insured depository alternative means for communication condition of receiving the loan, the self- institutions with less than $1 billion in should contact the USDA Target Center directed apprenticeship requires that total assets no less than once during at (202) 720–2600 (voice). the applicant seek, receive, and apply each 18-month period. Prior to SUPPLEMENTARY INFORMATION: guidance from a qualified person during enactment of the FAST Act, only the first cycle of production and qualifying insured depository Background marketing typical for the applicant’s institutions with less than $500 million The Farm Service Agency (FSA) specific operation. The individual in total assets were eligible for an 18- published a final rule in the Federal providing the guidance must be month on-site examination cycle. The Register on January 21, 2016 (81 FR knowledgeable in production, interim final rules generally would 3289–3293), adding DFOML to the management, and marketing practices allow well capitalized and well existing Direct Loan Program. The final that are pertinent to the applicant’s managed institutions with less than $1 rule changes to 7 CFR part 764 resulted operation, and agree to form a billion in total assets to benefit from the in inadvertently omitting two developmental partnership with the extended 18-month examination paragraphs that were previously in 7 applicant to share knowledge, skills, schedule. In addition, the interim final CFR 764.101(i)(4), ‘‘General Eligibility information, and perspective of rules make parallel changes to the Requirements,’’ which specified agriculture to foster the applicant’s agencies’ regulations governing the on- asabaliauskas on DSK5VPTVN1PROD with RULES alternatives for demonstrating development of technical skills and site examination cycle for U.S. branches managerial ability for microloans (MLs) management ability. and agencies of foreign banks, for Operating Loan (OL) purposes. * * * * * consistent with the International The only changes the final rule Banking Act of 1978. Finally, the FDIC intended to make in section 764.101 Val Dolcini, is integrating its regulations regarding were to clarify that the references to Administrator, Farm Service Agency. the frequency of safety and soundness MLs in paragraphs (i)(3) and (4) were [FR Doc. 2016–04271 Filed 2–26–16; 8:45 am] examinations for State nonmember only for MLs for OL purposes. In BILLING CODE 3410–05–P banks and State savings associations. VerDate Sep<11>2014 16:24 Feb 26, 2016 Jkt 238001 PO 00000 Frm 00007 Fmt 4700 Sfmt 4700 E:\FR\FM\29FER1.SGM 29FER1


Document Created: 2016-02-27 02:05:13
Document Modified: 2016-02-27 02:05:13
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionRules and Regulations
ActionCorrecting amendments.
ContactRuss Clanton; telephone: (202) 690- 0214. Persons with disabilities or who require alternative means for communication should contact the USDA Target Center at (202) 720-2600 (voice).
FR Citation81 FR 10063 
RIN Number0560-AI33
CFR AssociatedAgriculture; Disaster Assistance; Loan Programs-Agriculture; Agricultural Commodities and Livestock
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