[Federal Register Volume 66, Number 217 (Thursday, November 8, 2001)]
[Rules and Regulations]
[Pages 56431-56432]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-28209]
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DEPARTMENT OF THE TREASURY
Fiscal Service
31 CFR Part 337
Supplemental Regulations Governing Federal Housing Administration
Debentures
AGENCY: Bureau of the Public Debt, Fiscal Service, Treasury.
ACTION: Final rule.
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SUMMARY: The Department of the Treasury amends the Supplemental
Regulations Governing Federal Housing Administration (FHA) Debentures
by requiring debentures to be forwarded to the Bureau of the Public
Debt for processing. The FHA debentures, issued under the National
Housing Act as amended, were previously submitted to the Federal
Reserve Bank of Philadelphia. This amendment reflects that the Bureau
of the Public Debt, Office of Public Debt Accounting, will perform day-
to-day operations and transactions relating to the debentures.
DATES: This rule is effective October 29, 2001.
ADDRESSES: You can download this final rule at the following World Wide
Web address: http://www.publicdebt.treas.gov>. You may also inspect and
copy this rule at: Treasury Department Library, Room 1428, Main
Treasury Building, 1500 Pennsylvania Ave., NW, Washington, D.C. 20220.
Before visiting the library, you must call (202) 622-0990 for an
appointment.
FOR FURTHER INFORMATION CONTACT:
Howard Stevens, Office of Public Debt Accounting, Bureau
of the Public Debt, at (304) 480-5297 or [email protected]
Elizabeth Gracia, Office of the Chief Counsel, Bureau of
the Public Debt, at (304) 480-8687 or [email protected]
Edward Gronseth, Office of Chief Counsel, Bureau of the
Public Debt, at (304) 480-8692 or [email protected]
SUPPLEMENTARY INFORMATION:
I. Background
The Department of the Treasury is the fiscal agent for the
Department of Housing and Urban Development for transactions in
debentures that have been issued under the National Housing Act, 12
U.S.C. 1701 et seq., as amended. Federal Reserve Banks, as fiscal
agents of the United States, are authorized to perform any necessary
acts under this part. In final rule, 59 FR 42161, Aug. 17, 1994, this
part was revised to consolidate the processing of debentures in
certificated and book-entry forms at the Federal Reserve Bank of
Philadelphia. This final rule amends 31 CFR part 337 to provide that
the Bureau of the Public Debt, Office of Public Debt Accounting, will
perform transactions relating to the debentures effective October 29,
2001.
II. Procedural Requirements
A. Executive Order 12866
This final rule is not a ``significant regulatory action'' as
defined in Executive Order 12866 and is not a major rule under 5 U.S.C.
804. Therefore, an assessment of anticipated benefits, costs, and
regulatory alternatives is not required.
B. Regulatory Flexibility Act
A prior notice of proposed rulemaking is unnecessary and
impracticable because the final rule makes a minor change to the
procedures for processing debentures. Because no notice of proposed
rulemaking is required, the Regulatory Flexibility Act (5 U.S.C. 601,
et seq.) does not apply.
[[Page 56432]]
C. Paperwork Reduction Act
We ask for no new collections of information in this final rule.
Therefore, the Paperwork Reduction Act (44 U.S.C. 3507) does not apply.
List of Subjects in 31 CFR Part 337
Banks, Banking, Government Securities, Federal Reserve System,
Housing.
For the reasons set forth in the preamble, amend 31 CFR part 337 as
follows:
PART 337--SUPPLEMENTAL REGULATIONS GOVERNING FEDERAL HOUSING
ADMINISTRATION DEBENTURES
1. The authority citation for part 337 continues to read as
follows:
Authority: 5 U.S.C. 301; 31 U.S.C. 321; Sec. 516, Pub. L. 102-
550, 106 Stat. 3790.
2. Revise Sec. 337.0 to read as follows:
Sec. 337.0 Scope of regulations.
The United States Department of the Treasury is the agent of the
Federal Housing Administration for transactions in any debentures which
have been or may be issued pursuant to the authority conferred by the
National Housing Act, 12 U.S.C. 1701 et seq., as amended from time to
time, including Mutual Mortgage Insurance Fund Debentures, Housing
Insurance Fund Debentures, War Housing Insurance Fund Debentures,
Military Housing Insurance Fund Debentures, and National Defense
Housing Insurance Fund Debentures. In accordance with the regulations
adopted by the Federal Housing Commissioner and approved by the
Secretary of the Treasury, such transactions are governed by
regulations of the Department of the Treasury, so far as applicable.
The Bureau of the Public Debt, Office of Public Debt Accounting
operates the FHA debenture computer system and performs the day-to-day
operations and transactions relating to the debentures.
3. Revise Sec. 337.2 to read as follows:
Sec. 337.2 Transportation charges and risks.
Debentures presented for redemption at call or maturity, or for
authorized prior purchase, or for conversion to book-entry form, must
be delivered at the expense and risk of the holder. Debentures bearing
restricted assignments may be forwarded by registered mail, but for the
owner's protection debentures bearing unrestricted assignments should
be forwarded by insured registered mail.
4. Amend Sec. 337.4 by revising paragraph (a) to read as follows:
Sec. 337.4 Presentation and surrender.
(a) For redemption. To facilitate the redemption of called or
maturing debentures, they may be presented and surrendered in the
manner prescribed in this section in advance of the call or maturity
date, as the case may be. Early presentation by holders will insure
prompt payment of principal and interest when due. The debentures must
first be assigned by the registered payee or his assignee, or by his
duly constituted representative, if required, in the form and manner
indicated in Sec. 337.5, and must then be submitted to the Bureau of
the Public Debt at the address given in Sec. 337.14, accompanied by
appropriate written advice. A transmittal advice for this purpose will
accompany the notice of call.
* * * * *
5. Revise Sec. 337.14 to read as follows:
Sec. 337.14 Address for further information.
Further information regarding the issuance of, transactions in, and
redemption of, FHA debentures may be obtained from the Bureau of the
Public Debt, Office of Public Debt Accounting, 200 Third Street, P.O.
Box 396, Parkersburg, West Virginia 26102-0396.
6. Revise Sec. 337.15 to read as follows:
Sec. 337.15 General Provisions.
As fiscal agents of the United States, Federal Reserve Banks are
authorized to perform any necessary acts under this part. The Secretary
of the Treasury may at any time or from time to time prescribe
supplemental and amendatory regulations governing the matters covered
by this part, notice of which shall be communicated promptly to the
registered owners of the debentures.
Dated: November 1, 2001.
Donald V. Hammond,
Fiscal Assistant Secretary.
[FR Doc. 01-28209 Filed 11-6-01; 2:23 pm]
BILLING CODE 4810-39-P