Rule2024-00927
Collateral Acceptability and Valuation
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
January 18, 2024
Effective
January 18, 2024
Issuing agencies
Treasury DepartmentFiscal Service
Abstract
The Department of the Treasury is amending regulations that govern the acceptability and valuation of collateral pledged to secure deposits of public monies and other financial interests of the government under Treasury's Fiscal Service collateral programs. This final rule is a non-substantive, technical amendment that updates a website and removes outdated contact information referenced in those regulations.
Full Text
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<title>Federal Register, Volume 89 Issue 12 (Thursday, January 18, 2024)</title>
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[Federal Register Volume 89, Number 12 (Thursday, January 18, 2024)]
[Rules and Regulations]
[Pages 3352-3353]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-00927]
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DEPARTMENT OF THE TREASURY
Fiscal Service
31 CFR Part 380
Collateral Acceptability and Valuation
AGENCY: Fiscal Service, Department of the Treasury.
ACTION: Final rule.
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SUMMARY: The Department of the Treasury is amending regulations that
govern the acceptability and valuation of collateral pledged to secure
deposits of public monies and other financial interests of the
government under Treasury's Fiscal Service collateral programs. This
final rule is a non-substantive, technical amendment that updates a
website and removes outdated contact information referenced in those
regulations.
DATES: Effective January 18, 2024.
ADDRESSES: This final rule is available at <a href="https://regulations.gov">https://regulations.gov</a>.
FOR FURTHER INFORMATION CONTACT: Lori Santamorena (Executive Director),
Kevin Hawkins (Associate Director), or John Garrison (Associate
Director), Government Securities Regulations Staff, Bureau of the
Fiscal Service, Department of the Treasury, at (202) 504-3632 or email
us at <a href="/cdn-cgi/l/email-protection#2f4840595c4a4c5d4a486f134e0f475d4a4912" http: fiscal.treasury.gov">fiscal.treasury.gov</a>">govsecreg@<a href="http://fiscal.treasury.gov">fiscal.treasury.gov</a></a>.
SUPPLEMENTARY INFORMATION: The Department of the Treasury (Treasury) is
amending 31 CFR part 380, which governs the determination of the
[[Page 3353]]
acceptable types of collateral and their assigned values that may be
pledged to secure deposits of public monies and other financial
interests of the government under Treasury's Fiscal Service collateral
programs.
Treasury's Fiscal Service collateral programs are described in, and
governed by, the regulations at 31 CFR part 202 (Depositaries and
Financial Agents of the Federal Government), 31 CFR part 203 (Payment
of Federal Taxes and the Treasury Tax and Loan Program), and 31 CFR
part 225 (Acceptance of Bonds Secured by Government Obligations in Lieu
of Bonds with Sureties). Treasury's Bureau of the Fiscal Service
(Fiscal Service) administers 31 CFR part 380, which governs the
acceptability and valuation of the collateral in these programs. The
Federal Reserve System, acting as the fiscal agent for Treasury,
monitors collateral pledged to these programs.
This rule amendment revises 31 CFR part 380 to reflect that
information about the acceptability and valuation of collateral for
Treasury's 31 CFR part 202 and 31 CFR part 225 programs has been moved
and can now be accessed on the Fiscal Service's website located at
<a href="http://fiscal.treasury.gov">fiscal.treasury.gov</a> instead of its previous address
<a href="http://www.treasurydirect.gov">www.treasurydirect.gov</a>. This amendment also removes outdated versions
of the bureau's postal mailing address and the Government Securities
Regulations Staff's (GSRS's) email address.
Procedural Requirements
Executive Orders 12866 and 14094. This final rule is not a
significant regulatory action pursuant to Executive Order 12866, as
amended by Executive Order 14094.
Administrative Procedure Act (APA). This final rule is being issued
without prior notice and the opportunity for public comment and without
the 30-day delayed effective date ordinarily prescribed by the APA 5
U.S.C. 553(b) and (d). Pursuant to section 553(b)(B) of the APA,
general notice and the opportunity for public comment are not required
with respect to a rulemaking when an ``agency for good cause finds (and
incorporates the finding and a brief statement of reasons therefor in
the rules issued) that notice and public procedure thereon are
impracticable, unnecessary, or contrary to the public interest. APA
prior notice procedures are unnecessary because this rule does not
promulgate any substantive changes to the regulations being amended.
Rather, this rule merely makes minor, technical changes, specifically,
updating the website address and contact information listed in the
regulations, that do not involve the exercise of agency discretion and
which are unlikely to generate public comment. Accordingly, Treasury
finds that good cause exists to dispense with notice and comment
procedures for this rule, and to have the rule take immediate effect,
under 5 U.S.C. 553(b)(B) and 553(d)(3).
Regulatory Flexibility Act. Because a notice of proposed rulemaking
is not required for this rule under 5 U.S.C. 553 or any other law, the
Regulatory Flexibility Act does not apply to this rule.
Paperwork Reduction Act. We ask for no collections of information
in this final rule. Therefore, the Paperwork Reduction Act, 44 U.S.C.
3501 et seq., does not apply.
List of Subjects in 31 CFR Part 380
Government securities, Securities, Surety bonds.
Text of Amendments
For the reasons set forth in the preamble, Fiscal Service amends 31
CFR part 380 as follows:
PART 380--COLLATERAL ACCEPTABILITY AND VALUATION
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1. The authority citation for part 380 continues to read as follows:
Authority: 12 U.S.C. 90, 265-266, 332, 391, 1452(d), 1464(k),
1767, 1789a, 2013, 2122, 3101-3102; 26 U.S.C. 6302; 31 U.S.C. 321,
323, 3301-3304, 3336, 9301, 9303.
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2. Revise Sec. 380.2 to read as follows:
Sec. 380.2 What collateral may I pledge if I am a depositary or a
financial agent of the Government under 31 CFR part 202, and what value
will you assign to it?
Unless we specify otherwise, we will list the types and valuation
of acceptable collateral in Treasury procedural instructions. We will
also post updated information and guidance on Treasury's Bureau of the
Fiscal Service website at <a href="http://fiscal.treasury.gov">fiscal.treasury.gov</a>.
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3. Revise Sec. 380.4 to read as follows:
Sec. 380.4 What collateral may I pledge instead of a surety bond
under 31 CFR part 225, and what value will you assign to it?
Unless we specify otherwise, we will list the types and valuation
of acceptable collateral in Treasury procedural instructions. We will
also post updated information and guidance on Treasury's Bureau of the
Fiscal Service website at <a href="http://fiscal.treasury.gov">fiscal.treasury.gov</a>.
Subpart C [Removed]
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4. Remove Subpart C, consisting of Sec. 380.5.
David A. Lebryk,
Fiscal Assistant Secretary.
[FR Doc. 2024-00927 Filed 1-17-24; 8:45 am]
BILLING CODE 4810-AS-P
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