12 U.S.C. § 2275a — Transition rules relating to amendment of certain FCA approval authorities
submitted 38 years ago by Pub. L. 92-181 to r/title-12-BANKS-AND-BANKING · 176 words · no verdicts yet
This section sets transition rules for amendments to certain Farm Credit Administration approval authorities. It states how the amendments apply during the transition.
(a) In general Any approvals granted by the Farm Credit* Administration before January 6, 1988 , must remain in effect on and after that date.
(b) Authority to issue regulations
(1) In general Any approval authority of the Farm Credit Administration that, under the amendments made by section 802 of the Agricultural Credit Act of 1987, became an authority to issue regulations can be exercised only until the earlier of the date the Farm Credit Administration issues final regulations under that authority, or 1 year after January 6, 1988 .
(2) Enforcement actions At the close of the 1-year period referred to in paragraph (1), the Farm Credit Administration must not take any enforcement action against any System institution for any provision so amended, until the Farm Credit Administration issues final regulations under that provision.
(c) Effect of section This section must not affect the authority of the Farm Credit Administration to exercise any other approval authority either on a case-by-case basis or through regulation, as provided in section 2252(a)(5) of this title .
Any approvals granted by the Farm Credit* Administration before January 6, 1988, shall remain in effect on and after such date.
Any approval authority of the Farm Credit Administration that, under the amendments made by section 802 of the Agricultural Credit Act of 1987, became an authority to issue regulations may be exercised only until the earlier of the date the Farm Credit Administration issues final regulations under such authority, or 1 year after January 6, 1988.
At the close of the 1-year period referred to in paragraph (1), the Farm Credit Administration shall not take any enforcement action against any System institution with respect to any provision so amended, until the Farm Credit Administration issues final regulations under such provision.
This section shall not affect the authority of the Farm Credit Administration to exercise any other approval authority either on a case-by-case basis or through regulation, as provided in section 2252(a)(5) of this title.
Source credit: (Pub. L. 92–181, title V, § 5.45, as added Pub. L. 100–233, title VIII, § 802(w), Jan. 6, 1988, 101 Stat. 1713.)
- 1988Enacted · Pub. L. 92-181 · 101 Stat. 1713
A history note hasn’t been published yet. The record shows enactment by Pub. L. 92-181 on 1988-01-06.
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