[Federal Register Volume 60, Number 2 (Wednesday, January 4, 1995)]
[Proposed Rules]
[Pages 416-417]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-53]
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DEPARTMENT OF THE TREASURY
Fiscal Service
31 CFR Part 209
RIN 1510-AA30
Payment to Financial Institutions for Credit to Accounts of
Employees and Beneficiaries
AGENCY: Financial Management Service, Fiscal Service, Treasury.
ACTION: Proposed rule.
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SUMMARY: This document proposes to remove part 209 from title 31. This
part governs the regular remittance to financial institutions of
Federal payments which are for credit to the accounts of employees and
beneficiaries. Regulations implemented July 1, 1994, require that
financial institutions receive Government ACH transactions through
electronic means. This regulatory change to 31 CFR part 210 made a
separate part 209 regarding checks unnecessary. In addition, proposed
revisions to 31 CFR part 210, Federal Government Participation in the
Automated Clearing House, make substantive changes that supersede the
savings allotment provisions of part 209, because savings allotment and
recurring benefit payments formerly under the terms of part 209 are
made by the ACH method under the terms of part 210.
DATES: Comments must be received on or before February 3, 1995.
ADDRESSES: Comments may be mailed to the Cash Management Policy and
Planning Division, Financial Management Service, U.S. Department of the
Treasury, Room 420, Liberty Center, 401 14th Street, SW., Washington,
DC 20227.
FOR FURTHER INFORMATION CONTACT: John Galligan (202) 874-6657
(Director, Cash Management Policy and Planning Division).
SUPPLEMENTARY INFORMATION:
Background
This amendment removes part 209 from title 31 of the Code of
Federal Regulations. This action renders moot the two recently proposed
amendments to part 209. On December 4, 1992, the Financial Management
Service [[Page 417]] published a Notice of Proposed Rulemaking revising
31 CFR part 209 (57 FR 57400). That notice invited comments for a 30
day period ending January 4, 1993. No comments were received. A review
of part 209 conducted independently of the formal notice and comment
procedure determined that an additional revision to the language of
part 209, not included in the December 4, 1992, notice, was necessary.
Thus a Supplemental Proposed Rule was published on August 4, 1993 (58
FR 41449). That notice invited comments for a 30 day period ending
September 3, 1993. No comments were received.
Since then, other actions have occurred which make 31 CFR part 209
obsolete. First, regulations implemented July 1, 1994, require that
financial institutions receive Government ACH transactions through
electronic means. (58 FR 21634). This regulatory change to 31 CFR part
210 made a separate part 209 regarding checks unnecessary. Second,
revisions have been proposed for 31 CFR part 210, which define the
responsibilities and liabilities of the Federal Government, Federal
Reserve Banks, financial institutions, receivers, and originators doing
business with the Government through the ACH system (59 FR 50112). The
3 revisions proposed for part 210 supersede the savings allotment
provisions of part 209 because savings allotment and recurring benefit
payments formerly made under the terms of part 209 are made by the ACH
method under the terms of part 210.
Rulemaking Analysis
Treasury has determined that this regulation is not a significant
regulatory action as defined in Executive Order 12866. Accordingly, a
regulatory assessment is not required. It is hereby certified that this
revision will not have a significant economic impact on a substantial
number of small entities. Accordingly, a regulatory flexibility
analysis is not required. The included changes are expected to result
in improvements to the ACH process with advantages to institutions and
recipients.
List of Subjects in 31 CFR Part 209
Automated Clearing House, Banks, Banking, Electronic funds
transfer, Federal Reserve Banks, Financial institution, Government
employees, Wages.
Accordingly, Part 209 of Title 31 of the Code of Federal
Regulations is proposed to be removed.
Dated: October 5, 1994.
Russell D. Morris,
Commissioner.
[FR Doc. 95-53 Filed 1-3-95; 8:45 am]
BILLING CODE 4810-35-P