Title: NOTICE OF INTENT; REQUEST FOR COMMENT--Statement on Regulatory Burden--12 CFR Ch. VI
Issue Date: 08/18/1998
Federal Register Cite: 63 FR 44176
FARM CREDIT ADMINISTRATION
12 CFR Ch. VI
Statement on Regulatory Burden
ACTION: Notice of intent; request for comment.
SUMMARY: The Farm Credit Administration (FCA or Agency), through the FCA Board, is requesting commentors to identify regulations and policies that duplicate other requirements, are ineffective, or impose burdens that are greater than the benefits received. This action is being taken to improve the regulatory framework within which the Farm Credit System (FCS or System) operates.
DATES: Written comments should be received on or before November 20, 1998.
ADDRESSES: Comments may be mailed or delivered to Patricia W. DiMuzio, Director, Regulation and Policy Division, Office of Policy and Analysis, Farm Credit Administration, 1501 Farm Credit Drive, McLean, Virginia 22102-5090 or sent by facsimile transmission to (703) 734-5784. Comments may also be submitted via electronic mail to "firstname.lastname@example.org" or through the Pending Regulations section of the FCA's interactive website at "www.fca.gov." Copies of all communications received will be available for review by interested parties in the Office of Policy and Analysis, Farm Credit Administration.
FOR FURTHER INFORMATION CONTACT:
S. Robert Coleman, Senior Policy Analyst, Regulation and Policy Division, Office of Policy and Analysis, Farm Credit Administration, McLean, VA 22102-5090, (703) 883-4498,
Richard A. Katz, Senior Attorney, Regulatory Enforcement Division, Office of General Counsel, Farm Credit Administration, McLean, VA 22102-5090, (703) 883-4020, TDD (703) 883-4444.
SUPPLEMENTARY INFORMATION: The FCA is the independent Federal agency in the executive branch of the government responsible for regulating FCS institutions. As a Government-sponsored enterprise, the FCS primarily provides loans to farmers, ranchers, aquatic producers and harvesters, agricultural cooperatives, and rural utilities.
The FCA is committed to continually updating its regulations and policies so they remain useful to the FCS and the public without sacrificing safety and soundness. Our efforts to reduce regulatory burdens on FCS institutions are consistent with the National Performance Review (NPR), which seeks to eliminate regulations that unnecessarily impede the ability of businesses to compete efficiently in the marketplace. Although independent Federal agencies are not required to comply with the NPR, the FCA voluntarily participates in this program because FCA subscribes to its primary objectives.
This initiative is designed to meet the needs of the System for effective regulation as agricultural credit markets continually change. Our efforts to remove unnecessary regulatory requirements on the System began in 1993 when we initiated a project seeking comments on regulatory burden. See 58 FR 34003 (June 23, 1993). Many regulatory requirements have been eliminated or streamlined during the past 5 years in response to the above-referenced 1993 publication. More specifically, a rulemaking project in 1995 repealed several regulations that prescribed unnecessarily detailed managerial or operational practices at FCS institutions, or required System institutions to obtain FCA approval before they engaged in certain activities. See 60 FR 2552 (January 10, 1995); 60 FR 20008 (April 24, 1995). On November 24, 1995, the FCA published a notice in the Federal Register that informed the public of those regulations that the FCA decided to retain without amendment because they were determined necessary to implement the Farm Credit Act of 1971, as amended (Act), or to protect the safety and soundness of the System. See 60 FR 57913. Another rulemaking made technical corrections by: (1) Repealing other FCA prior-approval requirements; (2) conforming several regulations to recent statutory amendments; and (3) abolishing other burdensome regulatory requirements. See 61 FR 67181 (December 20, 1996). Additionally, the FCA responded to comments about regulatory burden by amending many regulations and policies, including:
. Related Services. See 60 FR 34090 (June 30, 1995);
. Ten-Day Notification Requirements for Changes in Interest Rates. See 61 FR 11303 (March 20, 1996);
. Capital Adequacy and Customer Eligibility. See 62 FR 4429 (January 30, 1997);
. Quarterly Reports to Shareholders. See 62 FR 15089 (March 31, 1997);
. Loan Underwriting Standards. See 62 FR 51007 (September 30, 1997); and,
. General Financing Agreements. See 63 FR 5721 (February 4, 1998).
In its continuing effort to update its regulations and policies, the FCA is soliciting comments from the public as to any of its regulations and policies that may duplicate other governmental requirements, are not effective in achieving stated objectives, or create a burden that is perceived to be greater than the benefits received. Although the Agency will strive to minimize [*44177] regulatory burden on the System, the FCA will ensure that safety and soundness is maintained and that its regulations and policies implement the Act.
Dated: August 11, 1998.
Secretary, Farm Credit Administration Board.
[FR Doc. 98-22100 Filed 8-17-98; 8:45 am]
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