Title: FINAL RULE--Miscellaneous Technical Changes--12 CFR Parts 600, 601, 602, 603, 604, 606, 611, 612, 614, 615, 617, 618, 619, and 621
Issue Date: 01/24/1991
Agency: FCA
Federal Register Cite: 56 FR 2671
___________________________________________________________________________
FARM CREDIT ADMINISTRATION

12 CFR Parts 600, 601, 602, 603, 604, 606, 611, 612, 614, 615, 617, 618, 619, and 621

RIN: 3052-AB17

Miscellaneous Technical Changes


ACTION: Final rule.

SUMMARY: The Farm Credit Administration Board (Board) adopts as final regulations, technical amendments to certain regulations relating to the organization, authorities, and responsibilities of the Farm Credit System (System) institutions and the Farm Credit Administration (FCA). The regulations reflect amendments to the Farm Credit Act of 1971, as amended, (1971 Act), made by the Farm Credit Act Amendments of the Omnibus Budget Reconciliation Act of 1986, Public Law 99-509 (1986 Amendments), and the Agricultural Credit Act of 1987, Public Law 100-233 (1987 Act), and contain various other technical corrections.

EFFECTIVE DATE: These regulations shall become effective on the expiration of 30 days after this publication during which either or both houses of Congress are in session. Notice of the effective date will be published in the Federal Register.

FOR FURTHER INFORMATION CONTACT:

Patricia W. DiMuzio, Manager, Regulation Development, Office of Examination, Farm Credit Administration, McLean, VA 22102-5090, (703) 883-4498, TDD (703) 883-4444,
or
Rebecca S. Orlich, Attorney, Office of General Counsel, Farm Credit Administration, McLean, VA 22102-5090, (703) 883-4020, TDD (703) 883-4444.

SUPPLEMENTARY INFORMATION: The 1986 Amendments to the 1971 Act terminated FCA approval of interest rates charged by System institutions on direct and discounted loans. The 1987 Act amended a number of sections of the 1971 Act relating to the organization and operation of the System and the FCA. Among other things, the 1987 Act created the Farm Credit Banks (FCBs) through the merger of the Federal intermediate credit bank (FICB) and Federal land bank (FLB) in each district except the Jackson District; dissolved the Farm Credit System Capital Corporation and established the Farm Credit System Assistance Board (Assistance Board) and the Farm Credit System Financial Assistance Corporation (FAC); established the Farm Credit System Insurance Corporation (FCSIC); established the Federal Farm Credit Banks Funding Corporation (Funding Corporation) to perform duties formerly performed by the Joint Finance Committee; authorized the mergers of Federal land bank associations (FLBAs) and production credit associations (PCAs) to form agricultural credit associations (ACAs); authorized the transfer of long-term real estate lending authority from an FCB to an FLBA, resulting in a Federal land credit association (FLCA); authorized the merger of FCBs with banks for cooperatives (BCs) to form Agricultural Credit Banks (ACBs); and provided for the voluntary mergers of the banks for cooperatives.

The amendments contained in these regulations, which are described in detail below, relate to (1) revisions necessary to reflect statutory changes made to the 1971 Act in 1986 and 1987 or other regulatory changes; (2) revisions which are technical and typographical corrections; and (3) revisions which reflect changes in the FCA internal organization.

In acting on the regulations, the Board determined that notice and public comments are unnecessary and contrary to the public interest. Section 553(b)(A) of title 5 of the United States Code provides that the notice and comment requirements do not apply to rules of agency organization, procedure, or practice; thus, no notice is required for regulations relating to the FCA internal organization. In addition, 5 U.S.C. 553(b)(B) provides that notice and comment requirements do not apply when the agency for good cause finds that notice and public procedures are impracticable, unnecessary, or contrary to the public interest. Because the amendments other than those that relate to agency organization are not substantive changes to the regulations, involving only amendments to conform to statutory changes or technical and typographical corrections, the Board finds that notice and public comment are unnecessary and contrary to the public interest. Therefore, the Board finds for good cause that public participation in the promulgation of these regulations is not required, and these regulations are hereby published in final form.

Revisions necessary to reflect statutory changes made by the 1986 Amendments, the 1987 Act or other regulatory changes include the following:

(1) Substitution of "Farm Credit Bank" for "Federal land bank" and "Federal intermediate credit bank" throughout the regulations to reflect the mergers of the FLBs and the FICBs. The FCA notes that these name substitutions have no substantive effect on the regulation of the FICB of Jackson, the sole remaining FICB. (See, in this connection, First South Production Credit Association v. Farm Credit Administration, 729 F. Supp. 1559 (E.D. Va. 1990), appeal docketed, No. 90-2658 (4th Cir. Mar. 30, 1990).) The FCA regulations shall apply to the FICB of Jackson to the same extent the regulations have applied previously.

(2) Inclusion of "Federal land credit association" and "agricultural credit association" in regulations pertaining to associations where appropriate.

(3) Deletion of the reference to the "Farm Credit System Capital Corporation" throughout the regulations, and where appropriate, the addition of the "Farm Credit System Assistance Board" and the "Farm Credit System Financial Assistance Corporation". As noted above, the Farm Credit System Capital Corporation was dissolved pursuant to the 1987 Act.

(4) Deletion of all of 614.4310 and part of 614.4640, which set limitations on interest rates. These provisions are obsolete in view of the 1986 Amendments to the 1971 Act which deleted the requirement that the FCA approve interest rates charged borrowers whose loans are purchased, discounted, or accepted by banks when the annual interest on such loans exceeded by more than 1 1/2 percent the discount rate of the bank.

(5) Deletion of 615.5103, which pertains to the development of debt maturity programs by the Finance Committee. This regulation was made redundant and obsolete by the amendments to 615.5102 published at 54 FR 1160, January 12, 1989. Pursuant to the 1987 Act, the Finance Committee was abolished and its responsibilities were transferred to the Funding Corporation.

(6) Deletion of the last clause of the definition of "service organization" in 612.2130(p) due to the repeal of the referenced 5.6(a) of the 1971 Act by the 1987 Act.

(7) Addition of the "Funding Corporation" in each referenced section where "service organization" or "service corporation" is listed, to reflect that the Funding Corporation was given separate statutory existence as an institution of the System by Congress in the 1987 Act. The Funding Corporation had existed previously as a service corporation chartered by the FCA. This statutory change had no effect on the applicability of existing regulations to the Funding Corporation. In addition, the "Funding Corporation" is added to the definition of "Farm Credit institutions" in 619.9146. When that definition was restated in amendments to part 619 in 1990, 55 FR 24861 (June 19, 1990), the Board intended to include the same entities that had been listed in the prior definition, formerly at 619.9135. However, the restated definition failed to reflect the change in the Funding Corporation's status. The addition of the "Funding Corporation" to the definition of "Farm Credit institutions" restores that definition to its previous meaning.

(8) Substitution of "National Bank for Cooperatives" or "bank for cooperatives," as appropriate, for "Central Bank for Cooperatives" throughout the regulations.

Revisions which are technical or typographical corrections include the following:

(1) Removal of paragraphs (b) (1) and (2) from 611.1122. They were removed by amendments adopted by the Board on August 5, 1986, and published in the Federal Register on September 12, 1986 (51 FR 32441), but were not removed from the text of the regulation in the Code of Federal Regulations as published by the Office of the Federal Register.

(2) Addition of the word "regulation" in the fourth sentence of paragraph (a). It was published incorrectly in final form at 51 FR 41945, November 20, 1986.

(3) Substitution of "paragraph (d)(1)" for "paragraph (b)(1)" in 615.5250(d)(2). The section reference was published incorrectly in final form at 53 FR 40047 on October 13, 1988.

(4) Deletion of the duplicative introductory paragraph and paragraphs (d) through (h) in 618.8360.

(5) Elimination of gender-based designations in 617.7150(b).

(6) Deletions or substitution of references to regulations or statutes whose numbers or citations have changed.

Revisions which reflect changes in the FCA organization include the following:

(1) Addition of the Office of Inspector General to the FCA organizational structure.

(2) Revisions of descriptions of offices within FCA to reflect recent reorganization.

List of Subjects in 12 CFR Parts 600, 601, 602, 603, 604, 606, 611, 612, 614, 615, 617, 618, 619, and 621

Accounting Agriculture, Archives and records, Banks, banking, Blind, Civil rights, Conflict of interests, Courts, Credit, Deaf, Disabled, Discrimination against handicapped, Equal employment opportunity, Federal buildings and facilities, Foreign trade, Freedom of information, Government employees, Government securities, Handicapped, Insurance, Investigations, Investments, Nondiscrimination, Organization and functions (Government agencies), Physically handicapped, Privacy, Reporting and recordkeeping requirements, Rural areas, Sunshine Act, Technical assistance.

As stated in the preamble, parts 600, 601, 602, 603, 604, 606, 611, 612, 614, 615, 617, 618, 619, and 621 of chapter VI, title 12 of the Code of Federal Regulations are amended as follows:

PART 600 -- ORGANIZATION AND FUNCTIONS

1. The authority citation for part 600 continues to read as follows:

Authority: Secs. 5.9, 5.17; 12 U.S.C. 2243, 2252.

Subpart A -- Farm Credit Administration

600.1 [Amended]

2. Section 600.1 is amended by adding the words "; Public Law 100-399, August 17, 1988; Public Law 100-460, October 1, 1988; Public Law 101-73, August 9, 1989; Public Law 101-220, December 12, 1989; Public Law 101-624, November 28, 1990" at the end of the third sentence.

3. Section 600.5 is amended by revising paragraphs (b)(1), (b)(2), (b)(3), and (b)(6) to read as follows:

600.5 Organization of the Farm Credit Administration.

* * * * *

(b) Offices and Functions -- (1) Office of Examination. The Office of Examination plans and conducts examinations of the Farm Credit System institutions and other institutions as required by law, prepares and issues reports of examination summarizing examination findings, and recommends corrective action as appropriate. The Office of Examination recommends formal administrative action to correct deficiencies when institutions are found to be operating in an unsafe or unsound manner or are in violation of law or regulation. The Office Director prepares examination schedules for approval by the Board and advises the Board on matters affecting policy, regulation, and legislation relating to examination activities. The Director, Office of Examination, is the Chief Examiner of the Farm Credit Administration. The Office of Examination issues, or recommends that the Board issue, prudential lending and operating standards for Farm Credit System institutions, and takes actions, or recommends that the Board take actions, relating to changes in System charters and other activities of the institutions as required by law or regulation. The Office of Examination collects financial data from System institutions and conducts ongoing financial and economic analyses.

(2) Office of Regulatory Enforcement. The Office of Regulatory Enforcement is responsible for the agency's supervision and enforcement activities for all Farm Credit System institutions requiring more than normal attention. The Office of Regulatory Enforcement recommends to the Board and, upon its approval, exercises statutory enforcement powers where unsafe and unsound System practices are found or where the rules, regulations, or orders of the Board are violated. In addition, the Office of Regulatory Enforcement supervises the operations of receivers and conservators of Farm Credit institutions and provides support services for the operations of the Farm Credit System Insurance Corporation.

(3) Office of Resources Management. The Office of Resources Management provides agency administrative management for the agency budget, accounting, human resources, equal opportunity programs, training, procurement, electronic data processing, document processing, property, supply, facilities, records and other administrative services.

* * * * *

(6) Office of Inspector General. The Office of Inspector General is an independent office established by the Inspector General Act Amendments of 1988 to:

(i) Conduct and supervise audits and investigations relating to the programs and operations of the Farm Credit Administration;

(ii) Provide leadership and coordination and recommend policies for activities designed to promote economy, efficiency, and effectiveness in the administration of the Farm Credit Administration's programs and operations;

(iii) Prevent and detect fraud and abuse in the Farm Credit Administration's programs and operations; and

(iv) Provide a means to keep the Chairman and Congress fully and currently informed about problems and deficiencies relating to the Farm Credit Administration's programs and operations and the necessity for, and progress of, corrective actions.

* * * * *

PART 601 -- EMPLOYEE RESPONSIBILITIES AND CONDUCT

4. The authority citation for part 601 is revised to read as follows:

Authority: Secs. 5.9, 5.17; 12 U.S.C. 2243, 2252.

601.101 [Amended]

5. Section 601.101 is amended by removing the words "Office of Administration" and adding in their place, the words "Office of Resources Management" in paragraphs (a) introductory text and (b).

601.141 [Amended]

6. Section 601.141 is amended by removing the words "district Farm Credit board or the board of the Central Bank for Cooperatives" in the first sentence and adding in their place, "Farm Credit bank board".

PART 602 -- RELEASING INFORMATION

Subpart A -- Information and Records Generally

7. The authority citation for part 602 is revised to read as follows and all other authority citations throughout part 602 are removed.

Authority: Secs. 5.9, 5.17; 12 U.S.C. 2243, 2252; 5 U.S.C. 552, E.O. 12600, 52 FR 23781, 3 CFR 1987, p. 235.

602.220 [Amended]

8. Section 602.220 is amended by removing the words "a Federal land bank association or a production credit association" and adding in their place, the words "an association" and removing the words "Federal land bank or Federal intermediate credit bank" and adding in their place, the words "Farm Credit Bank" in the third sentence.

Subpart B -- Availability of Records of the Farm Credit Administration

602.250 [Amended]

9. Section 602.250 is amended by removing the words "or the Capital Corporation" and adding in their place, the words "the Funding Corporation, the Farm Credit System Assistance Board, or the Farm Credit System Financial Assistance Corporation" in paragraph (a)(5).

PART 603 -- PRIVACY ACT REGULATIONS

10. The authority citation for part 603 is revised to read as follows:

Authority: Secs. 5.9, 5.17; 12 U.S.C. 2243, 2252.

603.340 [Amended]

11. Section 603.340 is amended by removing the words "Office of Administration" and adding in their place, the words "Office of Resources Management" in paragraphs (a) and (b).

12. Section 603.355 is revised to read as follows:

603.355 Specific exemptions.

Pursuant to 5 U.S.C. 552a(k)(2), the investigatory material compiled for law enforcement purposes in the following systems of records is exempt from subsections (c)(3), (d), (e)(1), (e)(4) (G), (H), and (I) and (f) of 5 U.S.C. 552a and from the provisions of this part:

Farm Credit Bank loans -- FCA.

Production Credit Association loans -- FCA.

Agricultural Credit Association loans -- FCA.

Federal Land Credit Association loans -- FCA.

Agricultural Credit Bank loans -- FCA.

PART 604 -- FARM CREDIT ADMINISTRATION BOARD MEETINGS

13. The authority citation for part 604 is revised to read as follows:

Authority: Secs. 5.9, 5.17; 12 U.S.C. 2243, 2252.

604.420 [Amended]

14. Section 604.420 is amended by removing the words "or the Capital Corporation" and adding in their place, the words "the Funding Corporation, the Farm Credit System Assistance Board, or the Farm Credit System Financial Assistance Corporation" in paragraph (i)(1).

604.435 [Amended]

15. Section 604.435 is amended by removing the words "Office of Administration" and adding in their place, the words "Office of Resources Management" in paragraph (e).

PART 606 -- ENFORCEMENT OF NONDISCRIMINATION ON THE BASIS OF HANDICAP IN PROGRAMS OR ACTIVITIES CONDUCTED BY THE FARM CREDIT ADMINISTRATION

16. The authority citation for part 606 continues to read as follows:

Authority: 29 U.S.C. 794.

606.670 [Amended]

17. Section 606.670 is amended by removing the words "Office of Administration" and adding in their place, the words "Office of Resources Management" in paragraph (c).

PART 611 -- ORGANIZATION

18. The authority citation for part 611 continues to read as follows:

Authority: Secs. 1.3, 1.13, 2.0, 2.10, 3.0, 3.21, 4.12, 4.15, 5.0, 5.9, 5.10, 5.17, 7.0-7.13; 12 U.S.C. 2011, 2021, 2071, 2091, 2121, 2142, 2183, 2203, 2221, 2243, 2244, 2252, 2279a-2279f-1; secs. 411 and 412 of Pub. L. 100-233.

Subpart G -- Mergers, Consolidations, and Charter Amendments of Associations
611.1122 [Amended]

19. Section 611.1122 is amended by removing paragraphs (b)(1) and (b)(2).

Subpart I -- Service Organizations

611.1135 [Amended]

20. Section 611.1135 is amended by adding the word "regulation" in the fourth sentence immediately preceding the word "by" in paragraph (a).

PART 612 -- PERSONNEL ADMINISTRATION

21. The authority citation for part 612 is revised to read as follows:

Authority: Secs. 5.9, 5.17; 12 U.S.C. 2243, 2252.

Subpart B -- Standards of Conduct for Directors, Officers, and Employees

22. Section 612.2130 is amended by revising paragraphs (l), (p), and (t) to read as follows:

612.2130 Definitions.

* * * * *

(l) OFI means other financing institutions which have established an access relationship with a Farm Credit Bank under 1.7(b)(1)(B) of the Act.

* * * * *

(p) Service organization means each service organization authorized by 4.25 of the Act, and each unincorporated service organization formed by one or more Farm Credit institutions.

* * * * *

(t) System institution and institution means any bank, association, or service organization in the Farm Credit System, including the Farm Credit Banks, banks for cooperatives, Agriculture Credit Banks, Federal land bank associations, agricultural credit associations, Federal land credit associations, production credit associations, the Funding Corporation, and service organizations.

612.2150 [Amended]

23. Section 612.2150 is amended by removing the words "Federal land bank, Federal intermediate credit bank," and adding in their place, the words "Farm Credit Bank" in the third sentence of paragraph (b)(6); and by removing the words "Capital Corporation," and adding in their place, the words "Funding Corporation" in paragraph (c) introductory text.

612.2160 [Amended]

24. Section 612.2160 is amended by removing the words "district board, the board of the Central Bank for Cooperatives" and adding in their place, the words "bank board, the board of the Funding Corporation" in the first sentence of paragraph (a); by adding the words", Funding Corporation," after the word "Bank" in paragraph (b); and by removing the words "and service organization" and adding in their place, the words ", service organization, and the Funding Corporation" after the word "bank" in paragraph (c).

612.2170 [Amended]

25. Section 612.2170 is amended by removing the words "and service organization" and adding in their place, the words ", service organization, and the Funding Corporation" in paragraph (a).

612.2180 [Amended]

26. Section 612.2180 is amended by removing the words "and service organization" and adding in their place, the words ", service organization, and the Funding Corporation" in paragraph (a); and by adding the words ", Funding Corporation," after the word "bank" in paragraph (b).

612.2230 [Amended]

27. Section 612.2230 is amended by adding the words ", the Funding Corporation," after the word "bank" in paragraph (a)(1).

PART 614 -- LOAN POLICIES AND OPERATIONS

28. The authority citation for part 614 continues to read as follows:

Authority: Secs. 1.3, 1.5, 1.6, 1.7, 1.9, 1.10, 2.0, 2.2, 2.3, 2.4, 2.10, 2.12, 2.13, 2.15, 3.0, 3.1, 3.3, 3.7, 3.8, 3.10, 3.20, 3.28, 4.12, 4.12A, 4.13, 4.13B, 4.14, 4.14A, 4.14C, 4.14D, 4.14E, 4.18, 4.19, 4.36, 4.37, 5.9, 5.10, 5.17, 7.0, 7.2, 7.6, 7.7, 7.8, 7.12, 7.13, 8.0, 8.5; 12 U.S.C. 2011, 2013, 2014, 2015, 2017, 2018, 2071 2073, 2074, 2075, 2091, 2093, 2094, 2096, 2121, 2122, 2124, 2128, 2129, 2131, 2141, 2149, 2183, 2184, 2199, 2201, 2202, 2202a, 2202c, 2202d, 2202e, 2206, 2207, 2219a, 2219b, 2243, 2244, 2252, 2279a, 2279a-2 2279b, 2279b-1, 2279b-2, 2279f, 2279f-1, 2279aa, 2279aa-5; sec. 413 of Pub. L. 100-233.

Subpart G -- Interest Rates and Changes

614.4310 [Removed]

29. Section 614.4310 is removed.

Subpart M -- Loan Approval Requirements

614.4460 [Amended]

30. Section 614.4460 is amended by removing the words "the district bank or Central Bank" and adding in their place, the words "a bank" in paragraph (c).

Subpart P -- Farm Credit Bank and Agricultural Credit Bank Financing of Other Financing Institutions

31. Section 614.4640 is revised to read as follows:

614.4640 Rates and fees.

Interest on loans to OFIs shall be charged and collected at same rate and on the same basis as to associations. Except as provided in 614.4560(b) of this subpart, a bank may charge servicing fees in connection with credit extended to financing institutions provided comparable fees are charged to associations.

PART 615 -- FUNDING AND FISCAL AFFAIRS, LOAN POLICIES AND OPERATIONS, AND FUNDING OPERATIONS

32. The authority citation for part 615 continues to read as follows:

Authority: Secs. 1.5, 1.11, 1.12, 2.2, 2.3, 2.4, 2.5, 2.12, 3.1, 3.7, 3.11, 3.25, 4.3, 4.9, 4.14B, 4.25, 5.9, 5.17, 6.20, 6.26, 12 U.S.C. 2013, 2019, 2020, 2073, 2074, 2075, 2076, 2093, 2122, 2128, 3132, 2146, 2154, 2160, 2202b, 2211, 2243, 2252, 2278b, 2278b-6; sec. 301(a) of Pub. L. 100-233.

Subpart C -- Issuance of Bonds, Notes, Debentures and Similar Obligations

615.5103 [Reserved]

33. Section 615.5103 is removed and reserved.

Subpart D -- Other Funding

615.5120 [Amended]

34. Section 615.5120 is amended by removing the words "the Federal intermediate credit bank" and adding in their place, the words "a Farm Credit Bank" in the fourth sentence immediately following the word "with" in paragraph (a).

Subpart E -- Investments

35. Section 615.5135 in removed from subpart D and added to subpart E.

615.5150 [Amended]

36. Section 615.5150 is amended by removing the words "Federal land banks and Federal intermediate credit banks" and adding in their place "Farm Credit Banks" in the first sentence of the concluding text of paragraph (c).

37. Section 615.5151 is revised to read as follows:

615.5151 Additional investments of Farm Credit Banks.

Farm Credit Banks may purchase nonvoting stock and participation certificates of any pay in surplus to associations in their respective districts when authorized by the bank board of directors on a case basis and approved by the Farm Credit Administration.

Subpart F -- Minimum Investment Requirement

615.5180 [Amended]

38. Section 615.5189 is amended by removing the words "Federal land banks and the Federal intermediate credit banks" and adding in their place, the words "Farm Credit Banks" in the first sentence.

Subpart G -- Deposit of Funds

615.5190 [Amended]

39. Section 615.5190 is amended by removing the words "Central Bank for Cooperatives" and adding in their place "National Bank for Cooperatives" in paragraph (b).

Subpart H -- Capital Adequacy

615.5201 [Amended]

40. Section 615.5201 is amended by removing the words "Federal intermediate credit bank," in paragraph (f).

615.5210 [Amended]

41. Section 615.5210 is amended by removing the words "and Federal intermediate credit bank" in the first sentence of paragraph (d)(2)(i); and by removing the words "and a Federal intermediate credit bank" in paragraph (d) (2) (ii).

Subpart I -- Issuance of Equities

615.5250 [Amended]

42. Section 615.5250 is amended by removing the reference "(b)(1)" and adding in its place "(d)(1)" in paragraph (d)(2).

PART 617 -- INVESTIGATIONS

43. The authority citation for part 617 continues to read as follows and all other authority citations throughout part 617 are removed:

Authority: Secs. 5.9, 5.17(a)(10); 12 U.S.C. 2243, 2252(a)(10).

Subpart B -- Investigations -- Personnel

617.7110 [Amended]

44. Section 617.7110 is amended by removing the words "both banks" and adding in their place, the words "the bank" in paragraph (d).

Subpart C -- Investigations -- Borrowers and Others

617.7150 [Amended]

45. Section 617.7150 is amended by removing the words "for him" and by removing the word "his" and adding in its place the word "a" prior to the word "determination" in the last sentence of paragraph (b).

PART 618 -- GENERAL PROVISIONS

46. The authority citation for part 618 continues to read as follows:

Authority: Secs. 2.5, 1.5, 1.11, 1.12, 2.2, 2.4, 2.12, 3.1, 3.7, 4.12, 4.13A, 4.25, 4.29, 5.9, 5.10, 5.17; 12 U.S.C. 2013, 2019, 2020, 2073, 2075, 2076, 2093, 2122, 2128, 2183, 2200, 2211, 2218, 2243, 2244, and 2252.

Subpart F -- Miscellaneous Provisions

618.8210 [Amended]

47. Section 618.8210 is amended by removing the words "as prescribed in part 616 of this chapter" from the last sentence.

Subpart G -- Releasing Information

48. Section 618.8320 is amended by revising paragraph (b)(2) to read as follows:

618.8320 Data regarding borrowers and loan applicants.

* * * * *

(b) * * *

(2) Accredited representatives of the Federal Bureau of Investigation, Department of Justice; the Office of Inspector General, United States Postal Service; the Secret Service; the Internal Revenue Service; and the Office of Inspector General, United States Department of Agriculture may, upon presentation of official identification and a written request identifying the individual case on which information is sought, the particular information desired and a certification that such information is pertinent to the official information of the case and is requested for confidential use of the investigating office, be given access to information pertinent to their official investigations of individual cases.

* * * * *

618.8325 [Amended]

49. Section 618.8325 is amended by removing existing paragraph (d).

Subpart H -- Disposition of Obsolete Records

50. Section 618.8360 is amended by removing the introductory paragraph and paragraphs (d) through (h); and by revising paragraph (a)(5) to read as follows:

618.8360 Authorization

(a) * * *

(5) Federal records (see following subpart I of this part).

* * * * *

PART 619 -- DEFINITIONS

51. The authority citation for part 619 is revised to read as follows and all other authority citations throughout part 619 are removed.

Authority: Secs. 1.7, 2.4, 4.9, 5.9, 5.12, 5.17, 5.18, 7.0, 7.6, 7.7, 7.8; 12 U.S.C. 2015, 2075, 2160, 2243, 2246, 2252, 2253, 2279a, 2279b, 2279b-1, 2279b-2.

619.9146 [Amended]

52. Section 619.9146 is amended by adding ", and to the Funding Corporation" following the word "Act".

PART 621 -- ACCOUNTING AND REPORTING REQUIREMENTS

53. The authority citation for part 621 continues to read as follows:

Authority: Secs. 5.17, 8.11; 12 U.S.C. 2252, 2279aa-11.

Subpart A -- Accounting Requirements

621.1 [Amended]

54. Section 621.1 is amended by removing the words "Farm Credit System Capital Corporation and its successors" and adding in their place, the words "Funding Corporation" in the first sentence.

621.2 [Amended]

55. Section 621.2 is amended by adding the words " In process of collection.' " immediately preceding the introductory text of paragraph (a)(11); and by removing the words "Farm Credit System Capital Corporation and its successors" and adding in their place, the words "Funding Corporation" in paragraph (a)(12).

Subpart B -- Reports of Condition and Performance

621.10 [Amended]

56. Section 621.10 is amended by removing the words "Office of Administration, Management Information Division" and adding in their place, the words "Office of Examination" in paragraph (c).

Dated: January 17, 1991.

Curtis M. Anderson,

Secretary, Farm Credit Administration Board.

[FR Doc. 91-1649 Filed 1-23-91; 8:45 am]
BILLING CODE 6705-01-M