rural-development · Rural Housing Service · Rule · Published 2014-06-03 · Effective 2014-09-02 · 79 FR 31845
Document
Document number
2014-12633
Federal Register citation
79 FR 31845
CFR reference
7 CFR 1951
Type
Rule
Action
Direct final rule.
Category
rural-development
Sub-agency
Rural Housing Service
Publication date
2014-06-03
Effective date
2014-09-02
Abstract
The Rural Business-Cooperative Service (RBS) amends its regulations for the Intermediary Relending Program (IRP). This action is critical to immediately address three major items. First, the Agricultural Act of 2014 incorporates the IRP into the Consolidated Farm and Rural Development Act (Con Act). Therefore the IRP will now be subject to the Con Act, Section 343(a)(13) "rural and rural area" definition. Second, the Agency is making the following changes based on an Office of Inspector General (OIG) audit: Removing part of the definition of revolved funds to eliminate public confusion on its applicability; providing stronger guidance on items that should be taken into consideration when approving subsequent loans; defining what is meant by promptly relending collections from loans made from the revolving loan fund account; and providing clarification when prior Agency concurrence is needed to make loans. Finally, the Agency is removing provisions for Rural Development Loan Fund (RDLF) servicing as there are no longer any active RDLF accounts.