[Federal Register Volume 64, Number 245 (Wednesday, December 22, 1999)]
[Proposed Rules]
[Page 71689]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-33164]
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Proposed Rules
Federal Register
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This section of the FEDERAL REGISTER contains notices to the public of
the proposed issuance of rules and regulations. The purpose of these
notices is to give interested persons an opportunity to participate in
the rule making prior to the adoption of the final rules.
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Federal Register / Vol. 64, No. 245 / Wednesday, December 22, 1999 /
Proposed Rules
[[Page 71689]]
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FEDERAL HOUSING FINANCE BOARD
12 CFR Part 935
[No. 99-63]
RIN 3069-AA80
Advance Participations; Sales of Whole Advances; Withdrawal of
Proposed Rule
Agency
Federal Housing Finance Board.
Action
Withdrawal of proposed rule.
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Summary
In light of the enactment of the Federal Home Loan Bank System Modernization Act of 1999 (Modernization Act), the Federal Housing Finance Board (Finance Board) is withdrawing its proposed rule that would have amended Part 935 of its regulation to approve the sale of whole advances between Federal Home Loan Banks (Banks) under certain limited circumstances.
For Further Information Contact
Jonathan Curtis, Senior Financial Analyst, Office of Policy, Research and Analysis, (202) 408-2866; Jane S. Converse, Attorney-Advisor, Office of General Counsel, (202) 408- 2976; or Neil R. Crowley, Deputy General Counsel, Office of General Counsel, (202) 408-2990, Federal Housing Finance Board, 1777 F Street, N.W., Washington, D.C. 20006.
Supplementary Information
I. Background
The Finance Board proposed a regulation in the Federal Register of August 16, 1999, to amend part 935 of its regulation to approve any sale and purchase of whole advances between Banks that met the requirements of the proposed rule. See 64 FR 44444 (August 16, 1999). The preamble to the proposed rule includes a detailed discussion of the background of, basis of, and reasons for, the proposed regulation.
II. Reasons for Withdrawal of the Proposed Regulation
Section 606(f)(2)(B) of the Modernization Act, Title VI, Pub. L. 106-102 (Nov. 12, 1999), removed the requirement for Finance Board approval of the sale of whole advances, or participations in advances, between Banks. See 12 U.S.C. 1430(d), as amended by section 606(f)(2)(B), Pub. L. 106-102 (Nov. 12, 1999). In light of the enactment of this provision, the Finance Board is withdrawing the proposed regulation approving the sale of whole advances. In a separate action, the Finance Board also will be rescinding current section 935.16 of its regulation, which authorizes the sale of participation interests in advances between Banks.
List of Subjects in 12 CFR Part 935
Credit, Federal home loan banks, Reporting and recordkeeping requirements.
Accordingly, the Finance Board hereby withdraws the Proposed Rule published at 64 FR 44444 on August 16, 1999.
Dated: December 14, 1999.
By the Board of Directors of the Federal Housing Finance Board. Bruce A. Morrison, Chairman. [FR Doc. 99-33164 Filed 12-21-99; 8:45 am] BILLING CODE 6725-01-P