Funding and Fiscal Affairs, Loan Policies and Operations, and Funding Operations; FCB Assistance to Associations; Effective Date

[Federal Register Volume 64, Number 203 (Thursday, October 21, 1999)]
[Rules and Regulations]
[Pages 56675-56676]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-27497]


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

FARM CREDIT ADMINISTRATION

12 CFR Part 615

RIN 3052-AB80


Funding and Fiscal Affairs, Loan Policies and Operations, and 
Funding Operations; FCB Assistance to Associations; Effective Date

AGENCY: Farm Credit Administration.

ACTION: Final rule; effective date.

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

SUMMARY: The Farm Credit Administration (FCA) published a final rule 
under part 615 on September 15, 1999 (64 FR 49959). In this final rule, 
we remove the requirement that Farm Credit Banks and agricultural 
credit banks (collectively referred to as banks) obtain our prior 
approval before making certain transfers of capital to affiliated 
associations. Instead, we require banks to take into account certain 
considerations, and to notify bank shareholders and us, before making 
such transfers. This amendment benefits banks and their associations 
because it provides clear guidelines and streamlined procedures for 
banks to follow when they wish to transfer

[[Page 56676]]

capital to associations. It also enables them to transfer the capital 
in a more timely manner. In accordance with 12 U.S.C. 2252, the 
effective date of the final rule is 30 days from the date of 
publication in the Federal Register during which either or both Houses 
of Congress are in session. Based on the records of the sessions of 
Congress, the effective date of the regulations is October 21, 1999.

EFFECTIVE DATE: The regulation amending 12 CFR part 615 published on 
September 15, 1999 (64 FR 49959) is effective October 21, 1999.

FOR FURTHER INFORMATION CONTACT:

Dale L. Aultman, Policy Analyst, Office of Policy and Analysis, Farm 
Credit Administration, McLean, VA 22102-5090, (703) 883-4498, TDD (703) 
883-4444,
      or
Jennifer A. Cohn, Attorney, Office of General Counsel, Farm Credit 
Administration, McLean, VA 22102-5090, (703) 883-4020, TDD (703) 883-
4444

    (12 U.S.C. 2252(a)(9) and (10)).

    Dated: October 15, 1999.
Vivian L. Portis,
Secretary, Farm Credit Administration Board.
[FR Doc. 99-27497 Filed 10-20-99; 8:45 am]
BILLING CODE 6705-01-P