82_FR_48960 82 FR 48758 - Assessment and Apportionment of Administrative Expenses

82 FR 48758 - Assessment and Apportionment of Administrative Expenses

FARM CREDIT ADMINISTRATION

Federal Register Volume 82, Issue 202 (October 20, 2017)

Page Range48758-48760
FR Document2017-22721

The Farm Credit Administration (FCA or we) issues this direct final rule adopting technical amendments to eliminate language that is obsolete, confusing, and unnecessary to determine the annual assessment amount of Farm Credit System institutions.

Federal Register, Volume 82 Issue 202 (Friday, October 20, 2017)
[Federal Register Volume 82, Number 202 (Friday, October 20, 2017)]
[Rules and Regulations]
[Pages 48758-48760]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-22721]


=======================================================================
-----------------------------------------------------------------------

FARM CREDIT ADMINISTRATION

12 CFR Part 607

RIN 3052-AD30


Assessment and Apportionment of Administrative Expenses

AGENCY: Farm Credit Administration.

ACTION: Direct final rule.

-----------------------------------------------------------------------

SUMMARY: The Farm Credit Administration (FCA or we) issues this direct 
final rule adopting technical amendments to eliminate language that is 
obsolete, confusing, and unnecessary to determine the annual assessment 
amount of Farm Credit System institutions.

DATES: If no significant adverse comment is received on or before 
November 20, 2017, this regulation shall become effective no earlier 
than the expiration of 30 days after publication in the Federal 
Register during which either or both Houses of Congress are in session. 
We will publish notice of the effective date in the Federal Register.

ADDRESSES: For accuracy and efficiency reasons, please submit comments 
by email or through the FCA's Web site. We do not accept comments 
submitted by facsimile (fax), as faxes are difficult for us to process 
in compliance with section 508 of the Rehabilitation Act. Please do not 
submit your comment multiple times via different methods. You may 
submit comments by any of the following methods:
     Email: Send us an email at [email protected].
     FCA Web site: http://www.fca.gov. Select ``Public 
Commenters,'' then ``Public Comments,'' and follow the directions for 
``Submitting a Comment.''
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     Mail: Barry F. Mardock, Deputy Director, Office of 
Regulatory Policy, Farm Credit Administration, 1501 Farm Credit Drive, 
McLean, VA 22102-5090.
    You may review copies of all comments we receive at our office in 
McLean, Virginia, or from our Web site at http://www.fca.gov. Once you 
are in the Web site, select ``Public Commenters,'' then ``Public 
Comments,'' and follow the directions for ``Reading Submitted Public 
Comments.'' We will show your comments as submitted, but for technical 
reasons we may omit items such as logos and special characters. 
Identifying information you provide, such as phone numbers and 
addresses, will be publicly available. However, we will attempt to 
remove email addresses to help reduce Internet spam.

FOR FURTHER INFORMATION CONTACT: 
    Jeremy R. Edelstein, Senior Policy Analyst, Office of Regulatory 
Policy, Farm Credit Administration, McLean, VA 22102-5090, (703) 883-
4497, TTY (703) 883-4056; or
    Jennifer A. Cohn, Senior Counsel, Office of General Counsel, Farm 
Credit Administration, McLean, VA 22102-5090, (303) 696-9737, TTY (703) 
883-4056.

SUPPLEMENTARY INFORMATION:

I. Objective

    The objective of this direct final rule is to eliminate confusion 
in the definition of ``average risk-adjusted asset base'' in Sec.  
607.2(b), which is used to determine the annual assessment amount of 
System institutions, by:
     Removing an obsolete and unnecessary reference to FCA's 
call report schedule; and
     Clarifying the effect of mergers and consolidations based 
on current accounting practices and deleting obsolete language relating 
to transfers of direct lending authority.

II. Discussion

    Effective January 1, 2017, the FCA published the Tier 1/Tier 2 
Framework; Final Rule (new capital rule).\1\ The new capital rule, in 
pertinent part, revised the risk-weights that determine the risk-
adjusted asset base (the denominator) of the permanent capital ratio 
that Farm Credit System (System) institutions must compute. The average 
risk-adjusted asset base of a System bank, association, or designated 
other System entity is used to determine its annual assessment of funds 
to cover FCA's expenses.\2\ Existing Sec.  607.2(b) defines and 
specifies how to calculate ``average risk-adjusted asset base'' in four 
different ways, depending on when the institution was formed and how 
many quarters of risk-adjusted assets are available. All these 
variations, however, define ``average risk-adjusted asset base'' using 
the regulatory definition of ``risk-adjusted asset base'' and with 
reference to risk-adjusted assets as reported on each quarterly Call 
Report Schedule RC-G.
---------------------------------------------------------------------------

    \1\ 81 FR 48720, July 28, 2016.
    \2\ See 12 CFR part 607.
---------------------------------------------------------------------------

    The FCA significantly revised and relabeled its call report 
schedules in connection with the new capital rule. An institution's 
permanent capital ratio denominator--its average risk-adjusted asset 
base--is no longer reported in Call Report Schedule RC-G. Accordingly, 
FCA is revising the definition of ``average risk-adjusted asset base'' 
in Sec.  607.2(b) to remove the references to Call Report Schedule RC-
G. Because call report schedules are subject to change outside of the 
regulatory process, the revised definition does not refer to a call 
report schedule. Rather, revised Sec.  607.2(b) defines ``average risk-
adjusted asset base'' with reference to the average daily risk-adjusted 
assets as of the last day of the quarter and without reference to the 
call report schedule. Because average daily risk-adjusted assets can be 
determined under FCA's regulations, the reference to the

[[Page 48759]]

call report schedule is unnecessary.\3\ In the current version of the 
call report as of the date of this technical amendment, the denominator 
of the permanent capital ratio (average daily risk-adjusted assets) is 
reported at Line 8a of Schedule RC-R.1, but this location is subject to 
change.\4\
---------------------------------------------------------------------------

    \3\ In the rare circumstance that an institution was unable to 
submit a call report, it could, for assessment purposes, calculate 
and provide the same data outside of the call report.
    \4\ By Informational Memorandum dated June 16, 2017, the FCA 
informed System banks and associations about the changes to the 
assessment calculation in the capital rules and about the changes to 
the call report schedules relevant to assessments.
---------------------------------------------------------------------------

    In addition, we revise Sec.  607.2(b)(3) and (b)(4) to clarify, 
based on current accounting practices, that mergers result in 
continuing institutions and consolidations result in newly formed 
institutions.\5\ We also revise these two paragraphs to remove obsolete 
provisions governing transfers of direct lending authority, since we do 
not expect any future transfers of direct lending authority.\6\ 
Finally, we make minor grammatical changes throughout Sec.  607.2(b).
---------------------------------------------------------------------------

    \5\ Section 621.3(a) requires System institutions to prepare 
financial statements and reports in accordance with generally 
accepted accounting principles (GAAP).
    \6\ Section 7.6 of the Farm Credit Act of 1971, as amended, 12 
U.S.C. 2279b, authorized Federal land banks and merged banks to 
transfer their direct lending authority to System associations, and 
all associations now have direct lending authority.
---------------------------------------------------------------------------

    These changes are technical in nature and have no substantive 
effect. This rule will have no impact on the formula used to calculate 
an institution's assessment amount. Moreover, this rule does not change 
the definition of ``average risk-adjusted asset base'' other than to 
remove obsolete and unnecessary references, clarify the effect of 
mergers and consolidations, and correct minor grammatical errors.

III. Direct Final Rule

    We are amending the definition of ``average risk-adjusted asset 
base'' in Sec.  607.2(b) by a direct final rulemaking. The 
Administrative Conference of the United States recommends direct final 
rulemaking for Federal agencies to enact noncontroversial regulations 
on an expedited basis, without the usual notice and comment period.\7\ 
This process enables us to reduce the time and resources we need to 
develop, review, and publish a final rule while still affording the 
public an adequate opportunity to comment or object to the rule.
---------------------------------------------------------------------------

    \7\ Recommendation 95-4, referencing the Administrative 
Procedure Act ``good cause'' exemption at 5 U.S.C. 553(b)(B), 
adopted June 15, 1995.
---------------------------------------------------------------------------

    In a direct final rulemaking, we notify the public that the rule 
will become final on a specified date unless we receive a significant 
adverse comment during the comment period. A significant adverse 
comment is one where the commenter explains why the rule would be 
inappropriate (including challenges to its underlying premise or 
approach), ineffective, or unacceptable without a change. In general, a 
significant adverse comment would raise an issue serious enough to 
warrant a substantive response from the FCA in a notice-and-comment 
proceeding.
    We believe that a direct final rulemaking is the appropriate method 
for amending Sec.  607.2(b) because the changes are technical in nature 
and do not substantively alter the rights or responsibilities of any 
party. We do not anticipate there will be significant adverse comments. 
If, however, we receive a significant adverse comment during the 
comment period, we will publish a notice of withdrawal of the relevant 
provisions of this rule that will also indicate how further rulemaking 
will proceed. If we receive no significant adverse comments, we will 
publish notice of the effective date of the rule following the required 
congressional waiting period under section 5.17(c)(1) of the Farm 
Credit Act of 1971, as amended.

IV. Regulatory Flexibility Act

    Pursuant to section 605(b) of the Regulatory Flexibility Act (5 
U.S.C. 601 et seq.), the FCA hereby certifies that the direct final 
rule will not have a significant economic impact on a substantial 
number of small entities. Each of the banks in the Farm Credit System, 
considered together with its affiliated associations, has assets and 
annual income in excess of the amounts that would qualify them as small 
entities. Therefore, Farm Credit System institutions are not ``small 
entities'' as defined in the Regulatory Flexibility Act.

List of Subjects in 12 CFR Part 607

    Accounting, Agriculture, Banks, banking, Reporting and 
recordkeeping requirements, Rural areas.

    For the reasons stated in the preamble, part 607 of chapter VI, 
title 12 of the Code of Federal Regulations is amended as follows:

PART 607--ASSESSMENT AND APPORTIONMENT OF ADMINISTRATIVE EXPENSES

0
1. The authority citation for part 607 continues to read as follows:

    Authority: Secs. 5.15, 5.17 of the Farm Credit Act (12 U.S.C. 
2250, 2252) and 12 U.S.C. 3025.

0
2. Section 607.2 is amended by revising paragraph (b) to read as 
follows:


Sec.  607.2  Definitions.

* * * * *
    (b) Average risk-adjusted asset base means the average of the risk-
adjusted asset base (as defined in Sec.  615.5201 of this chapter) of 
banks, associations, and designated other System entities, calculated 
as follows:
    (1) For a bank, association, or designated other System entity with 
four quarters of risk-adjusted assets as of June 30 of each year, the 
sum of the average daily risk-adjusted assets as of the last day of the 
quarter for the most recent four quarters immediately preceding each 
September 15, divided by four;
    (2) Except as provided in paragraphs (b)(3) and (b)(4) of this 
section, for a bank, association, or designated other System entity 
with less than four quarters of risk-adjusted assets as of June 30 of 
each year, the sum of the average daily risk-adjusted assets as of the 
last day of the quarter for the quarters in which it was in existence 
immediately preceding September 15, divided by the number of quarters 
in which it was in existence immediately preceding September 15;
    (3) For a bank, association, or designated other System entity that 
is the continuing institution after a merger of existing institutions 
or a newly formed institution formed through a consolidation of 
existing institutions and that has less than four quarters of risk-
adjusted assets as of June 30 of each year, the sum of the average 
daily risk-adjusted assets as of the last day of the quarter for the 
most recent four quarters immediately preceding September 15 for all 
the institutions that were merged or consolidated, divided by four;
    (4) For a bank, association, or designated other System entity 
chartered during the period July 1 through September 30 of each year 
that is not the continuing institution after a merger of existing 
institutions or a newly formed institution formed through a 
consolidation of existing institutions, the total of the average daily 
risk-adjusted assets as of the last day of the quarter ending September 
30.
* * * * *


[[Page 48760]]


    Dated: October 16, 2017.
Dale L. Aultman,
Secretary, Farm Credit Administration Board.
[FR Doc. 2017-22721 Filed 10-19-17; 8:45 am]
 BILLING CODE 6705-01-P



                                             48758             Federal Register / Vol. 82, No. 202 / Friday, October 20, 2017 / Rules and Regulations

                                               After consideration of all relevant                   amendments to eliminate language that                 I. Objective
                                             matter presented, including the                         is obsolete, confusing, and unnecessary                  The objective of this direct final rule
                                             information and recommendation                          to determine the annual assessment                    is to eliminate confusion in the
                                             submitted by the Board and other                        amount of Farm Credit System                          definition of ‘‘average risk-adjusted
                                             available information, it is hereby found               institutions.                                         asset base’’ in § 607.2(b), which is used
                                             that this rule, as hereinafter set forth,               DATES:  If no significant adverse                     to determine the annual assessment
                                             will tend to effectuate the declared                    comment is received on or before                      amount of System institutions, by:
                                             policy of the Act.                                      November 20, 2017, this regulation shall                 • Removing an obsolete and
                                             List of Subjects in 7 CFR Part 996                      become effective no earlier than the                  unnecessary reference to FCA’s call
                                                                                                     expiration of 30 days after publication               report schedule; and
                                               Food grades and standards, Marketing                                                                           • Clarifying the effect of mergers and
                                             agreements, Peanuts, Reporting and                      in the Federal Register during which
                                                                                                     either or both Houses of Congress are in              consolidations based on current
                                             recordkeeping requirements.                                                                                   accounting practices and deleting
                                                                                                     session. We will publish notice of the
                                               For the reasons set forth in the                      effective date in the Federal Register.               obsolete language relating to transfers of
                                             preamble, 7 CFR part 996 is amended as                                                                        direct lending authority.
                                                                                                     ADDRESSES: For accuracy and efficiency
                                             follows:
                                                                                                     reasons, please submit comments by                    II. Discussion
                                             PART 996—MINIMUM QUALITY AND                            email or through the FCA’s Web site.                     Effective January 1, 2017, the FCA
                                             HANDLING STANDARDS FOR                                  We do not accept comments submitted                   published the Tier 1/Tier 2 Framework;
                                             DOMESTIC AND IMPORTED PEANUTS                           by facsimile (fax), as faxes are difficult            Final Rule (new capital rule).1 The new
                                             MARKETED IN THE UNITED STATES                           for us to process in compliance with                  capital rule, in pertinent part, revised
                                                                                                     section 508 of the Rehabilitation Act.                the risk-weights that determine the risk-
                                             ■ 1. The authority citation for 7 CFR                   Please do not submit your comment                     adjusted asset base (the denominator) of
                                             part 996 continues to read as follows:                  multiple times via different methods.                 the permanent capital ratio that Farm
                                                 Authority: 7 U.S.C. 7958.                           You may submit comments by any of                     Credit System (System) institutions
                                                                                                     the following methods:                                must compute. The average risk-
                                             ■ 2. Section 996.13 is amended by                          • Email: Send us an email at reg-
                                             revising paragraphs (b) and (c) to read                                                                       adjusted asset base of a System bank,
                                                                                                     comm@fca.gov.                                         association, or designated other System
                                             as follows:                                                • FCA Web site: http://www.fca.gov.                entity is used to determine its annual
                                             § 996.13    Peanuts.                                    Select ‘‘Public Commenters,’’ then                    assessment of funds to cover FCA’s
                                             *      *    *     *      *                              ‘‘Public Comments,’’ and follow the                   expenses.2 Existing § 607.2(b) defines
                                                (b) Segregation 1. ‘‘Segregation 1                   directions for ‘‘Submitting a Comment.’’              and specifies how to calculate ‘‘average
                                             peanuts’’ means farmers stock peanuts                      • Federal eRulemaking Portal: http://              risk-adjusted asset base’’ in four
                                             with not more than 3.49 percent                         www.regulations.gov. Follow the                       different ways, depending on when the
                                             damaged kernels nor more than 1.00                      instructions for submitting comments.                 institution was formed and how many
                                             percent concealed damage caused by                         • Mail: Barry F. Mardock, Deputy                   quarters of risk-adjusted assets are
                                             rancidity, mold, or decay and which are                 Director, Office of Regulatory Policy,                available. All these variations, however,
                                             free from visible Aspergillus flavus.                   Farm Credit Administration, 1501 Farm                 define ‘‘average risk-adjusted asset
                                                (c) Segregation 2. ‘‘Segregation 2                   Credit Drive, McLean, VA 22102–5090.                  base’’ using the regulatory definition of
                                             peanuts’’ means farmers stock peanuts                      You may review copies of all                       ‘‘risk-adjusted asset base’’ and with
                                             with more than 3.49 percent damaged                     comments we receive at our office in                  reference to risk-adjusted assets as
                                             kernels or more than 1.00 percent                       McLean, Virginia, or from our Web site                reported on each quarterly Call Report
                                             concealed damage caused by rancidity,                   at http://www.fca.gov. Once you are in                Schedule RC–G.
                                             mold, or decay and which are free from                  the Web site, select ‘‘Public                            The FCA significantly revised and
                                             visible Aspergillus flavus.                             Commenters,’’ then ‘‘Public                           relabeled its call report schedules in
                                                                                                     Comments,’’ and follow the directions                 connection with the new capital rule.
                                             *      *    *     *      *                                                                                    An institution’s permanent capital ratio
                                                                                                     for ‘‘Reading Submitted Public
                                               Dated: October 16, 2017.                              Comments.’’ We will show your                         denominator—its average risk-adjusted
                                             Bruce Summers,                                          comments as submitted, but for                        asset base—is no longer reported in Call
                                             Acting Administrator, Agricultural Marketing            technical reasons we may omit items                   Report Schedule RC–G. Accordingly,
                                             Service.                                                such as logos and special characters.                 FCA is revising the definition of
                                             [FR Doc. 2017–22712 Filed 10–19–17; 8:45 am]            Identifying information you provide,                  ‘‘average risk-adjusted asset base’’ in
                                             BILLING CODE 3410–02–P                                  such as phone numbers and addresses,                  § 607.2(b) to remove the references to
                                                                                                     will be publicly available. However, we               Call Report Schedule RC–G. Because
                                                                                                     will attempt to remove email addresses                call report schedules are subject to
                                             FARM CREDIT ADMINISTRATION                              to help reduce Internet spam.                         change outside of the regulatory
                                                                                                     FOR FURTHER INFORMATION CONTACT:
                                                                                                                                                           process, the revised definition does not
                                             12 CFR Part 607                                            Jeremy R. Edelstein, Senior Policy                 refer to a call report schedule. Rather,
                                                                                                     Analyst, Office of Regulatory Policy,                 revised § 607.2(b) defines ‘‘average risk-
                                             RIN 3052–AD30                                                                                                 adjusted asset base’’ with reference to
                                                                                                     Farm Credit Administration, McLean,
                                                                                                     VA 22102–5090, (703) 883–4497, TTY                    the average daily risk-adjusted assets as
                                             Assessment and Apportionment of
                                                                                                     (703) 883–4056; or                                    of the last day of the quarter and
                                             Administrative Expenses
nlaroche on DSK9F9SC42PROD with RULES




                                                                                                        Jennifer A. Cohn, Senior Counsel,                  without reference to the call report
                                             AGENCY:    Farm Credit Administration.                  Office of General Counsel, Farm Credit                schedule. Because average daily risk-
                                             ACTION:    Direct final rule.                           Administration, McLean, VA 22102–                     adjusted assets can be determined under
                                                                                                     5090, (303) 696–9737, TTY (703) 883–                  FCA’s regulations, the reference to the
                                             SUMMARY:   The Farm Credit
                                             Administration (FCA or we) issues this                  4056.                                                   1 81   FR 48720, July 28, 2016.
                                             direct final rule adopting technical                    SUPPLEMENTARY INFORMATION:                              2 See   12 CFR part 607.



                                        VerDate Sep<11>2014   14:59 Oct 19, 2017   Jkt 244001   PO 00000   Frm 00004   Fmt 4700   Sfmt 4700   E:\FR\FM\20OCR1.SGM    20OCR1


                                                                Federal Register / Vol. 82, No. 202 / Friday, October 20, 2017 / Rules and Regulations                                          48759

                                             call report schedule is unnecessary.3 In                opportunity to comment or object to the               PART 607—ASSESSMENT AND
                                             the current version of the call report as               rule.                                                 APPORTIONMENT OF
                                             of the date of this technical amendment,                   In a direct final rulemaking, we notify            ADMINISTRATIVE EXPENSES
                                             the denominator of the permanent                        the public that the rule will become
                                             capital ratio (average daily risk-adjusted                                                                    ■ 1. The authority citation for part 607
                                                                                                     final on a specified date unless we
                                             assets) is reported at Line 8a of                                                                             continues to read as follows:
                                                                                                     receive a significant adverse comment
                                             Schedule RC–R.1, but this location is                                                                           Authority: Secs. 5.15, 5.17 of the Farm
                                                                                                     during the comment period. A
                                             subject to change.4                                                                                           Credit Act (12 U.S.C. 2250, 2252) and 12
                                                                                                     significant adverse comment is one                    U.S.C. 3025.
                                               In addition, we revise § 607.2(b)(3)                  where the commenter explains why the
                                             and (b)(4) to clarify, based on current                 rule would be inappropriate (including                ■ 2. Section 607.2 is amended by
                                             accounting practices, that mergers result                                                                     revising paragraph (b) to read as follows:
                                                                                                     challenges to its underlying premise or
                                             in continuing institutions and                          approach), ineffective, or unacceptable               § 607.2    Definitions.
                                             consolidations result in newly formed                   without a change. In general, a
                                             institutions.5 We also revise these two                                                                       *      *     *     *     *
                                                                                                     significant adverse comment would                        (b) Average risk-adjusted asset base
                                             paragraphs to remove obsolete                           raise an issue serious enough to warrant              means the average of the risk-adjusted
                                             provisions governing transfers of direct                a substantive response from the FCA in                asset base (as defined in § 615.5201 of
                                             lending authority, since we do not                      a notice-and-comment proceeding.                      this chapter) of banks, associations, and
                                             expect any future transfers of direct
                                                                                                        We believe that a direct final                     designated other System entities,
                                             lending authority.6 Finally, we make
                                                                                                     rulemaking is the appropriate method                  calculated as follows:
                                             minor grammatical changes throughout
                                                                                                     for amending § 607.2(b) because the                      (1) For a bank, association, or
                                             § 607.2(b).
                                                                                                     changes are technical in nature and do                designated other System entity with
                                               These changes are technical in nature                                                                       four quarters of risk-adjusted assets as of
                                             and have no substantive effect. This rule               not substantively alter the rights or
                                                                                                     responsibilities of any party. We do not              June 30 of each year, the sum of the
                                             will have no impact on the formula used                                                                       average daily risk-adjusted assets as of
                                             to calculate an institution’s assessment                anticipate there will be significant
                                                                                                                                                           the last day of the quarter for the most
                                             amount. Moreover, this rule does not                    adverse comments. If, however, we
                                                                                                                                                           recent four quarters immediately
                                             change the definition of ‘‘average risk-                receive a significant adverse comment                 preceding each September 15, divided
                                             adjusted asset base’’ other than to                     during the comment period, we will                    by four;
                                             remove obsolete and unnecessary                         publish a notice of withdrawal of the                    (2) Except as provided in paragraphs
                                             references, clarify the effect of mergers               relevant provisions of this rule that will            (b)(3) and (b)(4) of this section, for a
                                             and consolidations, and correct minor                   also indicate how further rulemaking                  bank, association, or designated other
                                             grammatical errors.                                     will proceed. If we receive no                        System entity with less than four
                                                                                                     significant adverse comments, we will                 quarters of risk-adjusted assets as of
                                             III. Direct Final Rule
                                                                                                     publish notice of the effective date of               June 30 of each year, the sum of the
                                                We are amending the definition of                    the rule following the required                       average daily risk-adjusted assets as of
                                             ‘‘average risk-adjusted asset base’’ in                 congressional waiting period under                    the last day of the quarter for the
                                             § 607.2(b) by a direct final rulemaking.                section 5.17(c)(1) of the Farm Credit Act             quarters in which it was in existence
                                             The Administrative Conference of the                    of 1971, as amended.                                  immediately preceding September 15,
                                             United States recommends direct final                                                                         divided by the number of quarters in
                                                                                                     IV. Regulatory Flexibility Act                        which it was in existence immediately
                                             rulemaking for Federal agencies to enact
                                             noncontroversial regulations on an                         Pursuant to section 605(b) of the                  preceding September 15;
                                             expedited basis, without the usual                      Regulatory Flexibility Act (5 U.S.C. 601                 (3) For a bank, association, or
                                             notice and comment period.7 This                        et seq.), the FCA hereby certifies that the           designated other System entity that is
                                             process enables us to reduce the time                   direct final rule will not have a                     the continuing institution after a merger
                                             and resources we need to develop,                                                                             of existing institutions or a newly
                                                                                                     significant economic impact on a
                                             review, and publish a final rule while                                                                        formed institution formed through a
                                                                                                     substantial number of small entities.
                                             still affording the public an adequate                                                                        consolidation of existing institutions
                                                                                                     Each of the banks in the Farm Credit
                                                                                                                                                           and that has less than four quarters of
                                               3 In the rare circumstance that an institution was
                                                                                                     System, considered together with its                  risk-adjusted assets as of June 30 of each
                                             unable to submit a call report, it could, for
                                                                                                     affiliated associations, has assets and               year, the sum of the average daily risk-
                                             assessment purposes, calculate and provide the          annual income in excess of the amounts                adjusted assets as of the last day of the
                                             same data outside of the call report.                   that would qualify them as small                      quarter for the most recent four quarters
                                               4 By Informational Memorandum dated June 16,
                                                                                                     entities. Therefore, Farm Credit System               immediately preceding September 15
                                             2017, the FCA informed System banks and
                                             associations about the changes to the assessment        institutions are not ‘‘small entities’’ as            for all the institutions that were merged
                                             calculation in the capital rules and about the          defined in the Regulatory Flexibility                 or consolidated, divided by four;
                                             changes to the call report schedules relevant to        Act.                                                     (4) For a bank, association, or
                                             assessments.
                                                                                                                                                           designated other System entity
                                               5 Section 621.3(a) requires System institutions to
                                                                                                     List of Subjects in 12 CFR Part 607
                                             prepare financial statements and reports in                                                                   chartered during the period July 1
                                             accordance with generally accepted accounting             Accounting, Agriculture, Banks,                     through September 30 of each year that
                                             principles (GAAP).                                                                                            is not the continuing institution after a
                                               6 Section 7.6 of the Farm Credit Act of 1971, as
                                                                                                     banking, Reporting and recordkeeping
                                                                                                                                                           merger of existing institutions or a
nlaroche on DSK9F9SC42PROD with RULES




                                             amended, 12 U.S.C. 2279b, authorized Federal land       requirements, Rural areas.
                                             banks and merged banks to transfer their direct                                                               newly formed institution formed
                                             lending authority to System associations, and all         For the reasons stated in the                       through a consolidation of existing
                                             associations now have direct lending authority.         preamble, part 607 of chapter VI, title 12            institutions, the total of the average
                                               7 Recommendation 95–4, referencing the
                                                                                                     of the Code of Federal Regulations is                 daily risk-adjusted assets as of the last
                                             Administrative Procedure Act ‘‘good cause’’             amended as follows:
                                             exemption at 5 U.S.C. 553(b)(B), adopted June 15,
                                                                                                                                                           day of the quarter ending September 30.
                                             1995.                                                                                                         *      *     *     *     *


                                        VerDate Sep<11>2014   14:59 Oct 19, 2017   Jkt 244001   PO 00000   Frm 00005   Fmt 4700   Sfmt 4700   E:\FR\FM\20OCR1.SGM    20OCR1


                                             48760             Federal Register / Vol. 82, No. 202 / Friday, October 20, 2017 / Rules and Regulations

                                               Dated: October 16, 2017.                              part 313, became effective August 18,                 Congressional Review Act
                                             Dale L. Aultman,                                        2009 (74 FR 41592). For Fiscal Year                      This final rule is not major under the
                                             Secretary, Farm Credit Administration Board.            2010, the only year in which EDA made                 Congressional Review Act (5 U.S.C. 801
                                             [FR Doc. 2017–22721 Filed 10–19–17; 8:45 am]            awards under CTAA, EDA awarded                        et seq.).
                                             BILLING CODE 6705–01–P                                  $36,768,000 in grants to 36 recipients.
                                                                                                     The CTAA Program was subsequently                     Executive Order No. 13132
                                                                                                     repealed by section 222 of the Trade                    This final rule does not contain
                                             DEPARTMENT OF COMMERCE                                  Adjustment Assistance Extension Act of                policies that have federalism
                                                                                                     2011 (Pub. L. 112–40) ‘‘because it was                implications.
                                             Economic Development Administration                     considered duplicative of other federal
                                                                                                     programs. . . .’’ See CRS Report                      Paperwork Reduction Act
                                             13 CFR Part 313                                         R41922, Trade Adjustment Assistance                      The Paperwork Reduction Act of 1995
                                                                                                     (TAA) and Its Role in U.S. Trade Policy,              (44 U.S.C. 3501 et seq.) (‘‘PRA’’)
                                             [Docket No.: 170828819–7819–01]                         Aug. 5, 2013, p. 14. With the                         requires that a Federal agency consider
                                             RIN 0610–AA70                                           elimination of the CTAA Program by                    the impact of paperwork and other
                                                                                                     Congress, EDA’s implementing                          information collection burdens imposed
                                             Elimination of Regulations                              regulations are now unnecessary.                      on the public and, under the provisions
                                             Implementing Community Trade                               This elimination of 13 CFR part 313                of PRA section 3507(d), obtain approval
                                             Adjustment Assistance Program                           is a ‘‘deregulatory action’’ pursuant to              from OMB for each collection of
                                                                                                     the April 5, 2017, OMB guidance                       information it conducts, sponsors, or
                                             AGENCY:  Economic Development                                                                                 requires through regulations.
                                             Administration, U.S. Department of                      memorandum implementing Executive
                                                                                                     Order 13771. Since the program is                     Notwithstanding any other provision of
                                             Commerce.                                                                                                     law, no person is required to respond to,
                                             ACTION: Final rule.
                                                                                                     already defunct, there are no cost
                                                                                                     savings associated with this elimination.             nor shall any person be subject to a
                                                                                                                                                           penalty for failure to comply with a
                                             SUMMARY:   Through this final rule, the                 Classification                                        collection of information subject to the
                                             Economic Development Administration
                                                                                                                                                           PRA unless that collection displays a
                                             (‘‘EDA’’), U.S. Department of Commerce,                 Administrative Procedure Act and
                                                                                                                                                           currently valid OMB Control Number.
                                             eliminates the regulations implementing                 Regulatory Flexibility Act
                                                                                                                                                           This final rule does not require the
                                             the Community Trade Adjustment
                                                                                                        Pursuant to 5 U.S.C. 553(b)(B), there              collection of any information.
                                             Assistance (‘‘CTAA’’) Program.
                                             Established in 2009 under the Trade Act                 is good cause to waive prior notice and               List of Subjects in 13 CFR Part 313
                                             of 1974, the CTAA Program was                           an opportunity for public comment on
                                                                                                     this action, as notice and comment are                  Trade adjustment assistance for
                                             subsequently eliminated by Congress in                                                                        communities, Impacted community,
                                             2011. Implementing regulations for this                 unnecessary. This rule removes obsolete
                                                                                                     regulations implementing the CTAA                     Petition and affirmative determination
                                             now-defunct Program are thus                                                                                  requirements, Strategic plan,
                                             unnecessary. This final rule is a                       Program, which has been eliminated by
                                                                                                     Congress. Therefore, public comment                   Implementation grant.
                                             ‘‘deregulatory action’’ pursuant to the
                                             April 5, 2017, Office of Management                     would serve no purpose and is                         ■ For the reasons discussed above, and
                                             and Budget (‘‘OMB’’) guidance                           unnecessary. There is also good cause                 under the authority of 19 U.S.C. 2341–
                                             memorandum implementing Executive                       under 5 U.S.C. 553(d)(3) to waive the                 2372, EDA is removing and reserving 13
                                             Order 13771.                                            30-day delay in effectiveness. This rule              CFR part 313.
                                             DATES: This rule is effective October 20,               does not alter the rights or
                                                                                                     responsibilities of any party, and                    PART 313—[REMOVED AND
                                             2017.                                                                                                         RESERVED]
                                                                                                     delaying implementation of this rule
                                             FOR FURTHER INFORMATION CONTACT:
                                                                                                     serves no purpose.
                                             Jeffrey Roberson, Deputy Chief Counsel,                                                                         Dated: October 16, 2017.
                                             Office of the Chief Counsel, Economic                      Because prior notice and an
                                                                                                                                                           Dennis Alvord,
                                             Development Administration, U.S.                        opportunity for public comment are not
                                                                                                     required pursuant to 5 U.S.C. 553, or                 Deputy Assistant Secretary for Regional
                                             Department of Commerce, 1401                                                                                  Affairs.
                                             Constitution Avenue NW., Suite 72023,                   any other law, the analytical
                                                                                                                                                           [FR Doc. 2017–22782 Filed 10–19–17; 8:45 am]
                                             Washington, DC 20230; telephone: (202)                  requirements of the Regulatory
                                                                                                     Flexibility Act (5 U.S.C. 601 et seq.) are            BILLING CODE 3510–24–P
                                             482–1315.
                                             SUPPLEMENTARY INFORMATION:
                                                                                                     inapplicable. Therefore, a regulatory
                                                                                                     flexibility analysis has not been
                                             Background                                              prepared.                                             NATIONAL AERONAUTICS AND
                                               The CTAA Program was enacted as                                                                             SPACE ADMINISTRATION
                                                                                                     Executive Orders No. 12866, 13563, and
                                             part of the Trade Act of 1974 (19 U.S.C.                13771                                                 14 CFR Parts 1264 and 1271
                                             2101 et seq.) by the Trade and
                                             Globalization Adjustment Assistance                        This final rule was drafted in                     RIN 2700–AE30
                                             Act of 2009, which was included as                      accordance with Executive Orders
                                             subtitle I (letter ‘‘I’’) of title I of Division        12866, 13563, and 13771. OMB has                      [Document Number NASA–17–071: Docket
                                                                                                     determined that this rule is not                      Number–NASA–2017–0004]
nlaroche on DSK9F9SC42PROD with RULES




                                             B of the American Recovery and
                                             Reinvestment Act of 2009 (Pub. L. 111–                  significant for purposes of Executive                 Implementation of the Federal Civil
                                             5). CTAA was intended to help                           Orders 12866. This final rule is a                    Penalties Inflation Adjustment Act and
                                             communities respond to job losses                       ‘‘deregulatory action’’ pursuant to the               Adjustment of Amounts for 2017
                                             resulting from international trade                      April 5, 2017, OMB guidance
                                             impacts. EDA’s implementing                             memorandum implementing Executive                     AGENCY:National Aeronautics and
                                             regulations for CTAA, located at 13 CFR                 Order 13771 (M–17–21).                                Space Administration.


                                        VerDate Sep<11>2014   14:59 Oct 19, 2017   Jkt 244001   PO 00000   Frm 00006   Fmt 4700   Sfmt 4700   E:\FR\FM\20OCR1.SGM   20OCR1



Document Created: 2017-10-20 00:06:36
Document Modified: 2017-10-20 00:06:36
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
ActionDirect final rule.
DatesIf no significant adverse comment is received on or before November 20, 2017, this regulation shall become effective no earlier than the expiration of 30 days after publication in the Federal Register during which either or both Houses of Congress are in session. We will publish notice of the effective date in the Federal Register.
ContactJeremy R. Edelstein, Senior Policy Analyst, Office of Regulatory Policy, Farm Credit Administration, McLean, VA 22102-5090, (703) 883- 4497, TTY (703) 883-4056; or
FR Citation82 FR 48758 
RIN Number3052-AD30
CFR AssociatedAccounting; Agriculture; Banks; Banking; Reporting and Recordkeeping Requirements and Rural Areas

2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR