COURTHOUSE NEWS SERVICE
Federal Regulation Brief
Nov. 4, 2008
MONEY, TRANSPORTATION
Today’s Brief Includes (Oct. 22-28):
Federal Deposit Insurance (FDIC) – Includes proposed regulations
Federal Reserve (FRS) – Includes proposed regulations
National Transportation Safety Board (NTSB) – No newly published regulations this week
Transportation (DOT) – Includes proposed regulations
Treasury (USDT) – Includes proposed regulations
FEDERAL DEPOSIT INSURANCE (FDIC)
NEWLY PUBLISHED REGULATIONS
Financial education programs that include the provision of bank products
and services, limited opportunity to resubmit comment: Financial Education
Programs That Include the Provision of Bank Products and Services; Limited
Opportunity To Resubmit Comment, Federal Register, October 24, 2008, Volume 73,
Number 207, Rules and Regulations, Page 63338, 12 CFR Part 303, Notice of limited
opportunity to resubmit comment.
[TEXT] [PDF]
(The commenter whose comment was not transmitted to the Federal Deposit
Insurance Corporation in accordance with the situation described above may
resubmit his or her comment on or before November 24, 2008.)
SUMMARY: The Federal Deposit Insurance Corporation (FDIC) invites the commenter
who filed a public comment at www.regulations.gov July 9, 2008, relating to the
FDIC's Interim Final Rule and Request for Comment involving “Financial Education
Programs That Include the Provision of Bank Products and Services” to resubmit to
the FDIC his or her comment relating to this action. Due to a technical software
error, a public comment submitted via www.regulations.gov was not transmitted to
the FDIC. Therefore, the FDIC provides this commenter with a limited opportunity to
resubmit his or her comment to the FDIC on or before November 24, 2008.
PROPOSED REGULATIONS
Minimum capital ratios, capital adequacy guidelines, capital maintenance,
capital, treatment of certain claims on, or guaranteed by, Fannie Mae and
Freddie Mac: Minimum Capital Ratios; Capital Adequacy Guidelines; Capital
Maintenance; Capital: Treatment of Certain Claims on, or Guaranteed by, the Federal
National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage
Corporation (Freddie Mac), Federal Register, October 27, 2008, Volume 73, Number
208, Proposed Rules, Page 63656, DEPARTMENT OF THE TREASURY, Office of the
Comptroller of the Currency, 12 CFR Part 3, Docket ID OCC-2008-0016, RIN 1557AD18, FEDERAL RESERVE SYSTEM, 12 CFR Parts 208 and 225, Regulations H and Y;
Docket No. R-1335, FEDERAL DEPOSIT INSURANCE CORPORATION, 12 CFR Part
325, RIN 3064-AD34, DEPARTMENT OF THE TREASURY, Office of Thrift Supervision,
12 CFR Part 567, No. OTS-2008-0014, RIN 1550-AC24, Joint notice of proposed
rulemaking.
[TEXT] [PDF]
(Any comments must be received by November 26, 2008.)
SUMMARY: On September 7, 2008, the U.S. Department of Treasury (USDT or
Treasury) entered into senior preferred stock purchase agreements (the Agreement
or Agreements) with the Federal National Mortgage Association (Fannie Mae) and the
Federal Home Loan Mortgage Corporation (Freddie Mac), which effectively provide
protection to the holders of senior debt, subordinated debt, and mortgage-backed
securities (MBS) issued or guaranteed by these entities. In light of the financial
support provided under the Agreements, the Office of the Comptroller of the
Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal
Deposit Insurance Corporation (FDIC), and Office of Thrift Supervision (OTS)
(collectively, the agencies) propose to adopt a 10 percent risk weight for claims on,
and the part of claims guaranteed by, Fannie Mae or Freddie Mac. The 10 percent
risk weight would apply so long as an Agreement remains in effect with the
respective entity.
EFFECT: This action reduces the amount of capital Fannie Mae and Freddie Mac must
have on hand in proportion to the amount of debt they carry. The risk weight is a
multiplier used to account for the risk of loan default on a balance sheet. A lower risk
weight can be used because the Federal Government has stepped into assure loans.
Processing of deposit accounts in the event of an insured depository
institution failure, large-bank deposit insurance determination
modernization, limited opportunity to resubmit comment: Processing of
Deposit Accounts in the Event of an Insured Depository Institution Failure and LargeBank Deposit Insurance Determination Modernization; Limited Opportunity To
Resubmit Comment, Federal Register, October 24, 2008, Volume 73, Number 207,
Proposed Rules, Page 63406, 12 CFR Part 360, Notice of limited opportunity to
resubmit comment.
[TEXT] [PDF]
(The commenter whose comment was not transmitted to the Federal Deposit
Insurance Corporation in accordance with the situation described above may
resubmit his or her comment on or before November 24, 2008.)
SUMMARY: The Federal Deposit Insurance Corporation (FDIC) invites the commenter
who filed a public comment at http://www.regulations.gov April 14, 2008, relating to
the FDIC's Notice of Proposed Rulemaking involving “Processing of Deposit Accounts
in the Event of an Insured Depository Institution Failure and Large-Bank Deposit
Insurance Determination Modernization” to resubmit to the FDIC his or her comment
relating to this action. Due to a technical software error, a public comment submitted
via http://www.regulations.gov was not transmitted to the FDIC. Therefore, the FDIC
provides this commenter with a limited opportunity to resubmit his or her comment
to the FDIC on or before November 24, 2008.
------------------------------------------FEDERAL RESERVE (FRS)
NEWLY PUBLISHED REGULATIONS
Capital adequacy guidelines, treatment of perpetual preferred stock issued
to the United States Treasury under the Emergency Economic Stabilization
Act of 2008: Capital Adequacy Guidelines: Treatment of Perpetual Preferred Stock
Issued to the United States Treasury Under the Emergency Economic Stabilization
Act of 2008, Federal Register, October 22, 2008, Volume 73, Number 205, Rules and
Regulations, Page 62851, 12 CFR Part 225, Regulation Y, Docket No. R-1336,
Interim final rule with request for public comment.
[TEXT] [PDF]
(This interim final rule is effective October 17, 2008. Any comments must be
received by November 21, 2008.)
SUMMARY: To support and facilitate the timely implementation and acceptance of
the capital purchase program announced by the U.S. Department of Treasury (USDT
or Treasury) and promote the stability of banking organizations and the financial
system, the Board of Governors of the Federal Reserve System (Board) has adopted
this interim final rule. The rule specifically permits bank holding companies that issue
new senior perpetual preferred stock to the Treasury under the capital purchase
program announced by the Secretary of the Treasury October 14, 2008, to include
such capital instruments in Tier 1 capital for the Board's risk-based and leverage
capital rules and guidelines for bank holding companies.
EFFECT: This rule allows bank holding companies to reduce the amount of liability
carried on their books by removing limits on the amount of stock with dividend stepups (the faster the stock is resold the greater the dividend given to the new buyer,
to encourage purchase of bank stocks by the private sector) that can be listed in an
institutions Tier 1 capital holdings. Tier 1 capital has a low to no risk weight factor
thus reducing the liabilities carried on an institution’s books.
Capital adequacy guidelines, treatment of perpetual preferred stock issued
to the United States Treasury under the Emergency Economic Stabilization
Act (of 2008): Capital Adequacy Guidelines: Treatment of Perpetual Preferred Stock
Issued to the United States Treasury Under the Emergency Economic Stabilization
Act of 2008, Federal Register, October 27, 2008, Volume 73, Number 208, Rules and
Regulations, Page 63624, 12 CFR Part 225, Regulation Y, Docket No. R-1336,
Correcting amendments.
[TEXT] [PDF]
(These correcting amendments are effective October 27, 2008.)
SUMMARY: The Board of Governors of the Federal Reserve System (Board) published
an interim final rule with request for public comment in the Federal Register October
22, 2008 ( 73 FR 62851), providing that bank holding companies that issue new
senior perpetual preferred stock to the U.S Department of Treasury under the capital
purchase program announced by the Secretary of the Treasury October 14, 2008,
may include such capital instruments in Tier 1 capital for the Board's risk-based and
leverage capital rules and guidelines for bank holding companies. The Public Law was
cited incorrectly. This action corrects the citation in footnote 1 of the Supplementary
Information and in the interim final regulation by revising these sections.
THIS REGULATION IS NOT FURTHER ANALYZED HERE. IF YOU NEED MORE
INFORMATION, PLEASE SEE THE FULL TEXT OF THE REGULATION IN THE LINKED
DOCUMENT.
Home mortgage disclosure: Home Mortgage Disclosure, Federal Register, October
24, 2008, Volume 73, Number 207, Rules and Regulations, Page 63329, 12 CFR Part
203, Regulation C, Docket No. R-1321, Final rule, official staff interpretation.
[TEXT] [PDF]
(This final rule, official staff interpretation, is effective October 1, 2009. Compliance
is mandatory for loan applications taken on and after that date and for loans that
close on and after January 1, 2010 (regardless of their application dates).)
SUMMARY: The Board of Governors of the Federal Reserve System (Board) amends
Regulation C (Home Mortgage Disclosure) to revise the rules for reporting price
information on higher-priced loans. The rules are conformed to the definition of
“higher-priced mortgage loan” adopted by the Board under Regulation Z (Truth in
Lending) in July of 2008. Since 2004, Regulation C has required lenders to collect
and report the spread between the annual percentage rate (APR) on a loan and the
yield on Treasury securities of comparable maturity if the spread is equal to or
greater than 3.0 percentage points for a first-lien loan (or 5.0 percentage points for
a subordinate-lien loan). Under the final rule, a lender reports the spread between
the loan's APR and a survey-based estimate of APRs currently offered on prime
mortgage loans of a comparable type if the spread is equal to or greater than 1.5
percentage points for a first-lien loan (or 3.5 percentage points for a subordinate-lien
loan).
PROPOSED REGULATIONS
Minimum capital ratios, capital adequacy guidelines, capital maintenance,
capital, treatment of certain claims on, or guaranteed by, Fannie Mae and
Freddie Mac: Minimum Capital Ratios; Capital Adequacy Guidelines; Capital
Maintenance; Capital: Treatment of Certain Claims on, or Guaranteed by, the Federal
National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage
Corporation (Freddie Mac), Federal Register, October 27, 2008, Volume 73, Number
208, Proposed Rules, Page 63656, DEPARTMENT OF THE TREASURY, Office of the
Comptroller of the Currency, 12 CFR Part 3, Docket ID OCC-2008-0016, RIN 1557AD18, FEDERAL RESERVE SYSTEM, 12 CFR Parts 208 and 225, Regulations H and Y;
Docket No. R-1335, FEDERAL DEPOSIT INSURANCE CORPORATION, 12 CFR Part
325, RIN 3064-AD34, DEPARTMENT OF THE TREASURY, Office of Thrift Supervision,
12 CFR Part 567, No. OTS-2008-0014, RIN 1550-AC24, Joint notice of proposed
rulemaking.
[TEXT] [PDF]
(Any comments must be received by November 26, 2008.)
SUMMARY: On September 7, 2008, the U.S. Department of Treasury (USDT or
Treasury) entered into senior preferred stock purchase agreements (the Agreement
or Agreements) with the Federal National Mortgage Association (Fannie Mae) and the
Federal Home Loan Mortgage Corporation (Freddie Mac), which effectively provide
protection to the holders of senior debt, subordinated debt, and mortgage-backed
securities (MBS) issued or guaranteed by these entities. In light of the financial
support provided under the Agreements, the Office of the Comptroller of the
Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal
Deposit Insurance Corporation (FDIC), and Office of Thrift Supervision (OTS)
(collectively, the agencies) propose to adopt a 10 percent risk weight for claims on,
and the part of claims guaranteed by, Fannie Mae or Freddie Mac. The 10 percent
risk weight would apply so long as an Agreement remains in effect with the
respective entity.
Missing comments submitted through the Federal eRulemaking Portal:
Missing Comments Submitted Through the Federal eRulemaking Portal, Federal
Register, October 28, 2008, Volume 73, Number 209, Proposed Rules, Page 63909,
12 CFR Parts 222, 226, 227, and 230, Regulations V, Z, AA, and DD, Docket Nos. R1286, R-1314, R-1315, and R-1316, Notice of opportunity to resubmit comments.
[TEXT] [PDF]
(Any comments must be received on or before November 12, 2008.)
SUMMARY: Because of a software problem at the Federal eRulemaking Portal
(http://www.regulations.gov), the Board of Governors of the Federal Reserve System
(Board) did not receive certain public comments submitted through that portal. This
problem affected comments on four of the Board's proposed rules [Docket Nos. R1286; R-1314, R-1315; and R-1316] that were submitted only through the Federal
eRulemaking Portal between March 22, 2008, and September 8, 2008. A total of 83
comments on the four proposals were not relayed to the Board. The Board accepts
resubmission of those comments that were not received.
------------------------------------------TRANSPORTATION (DOT)
NEWLY PUBLISHED REGULATIONS
Procedures for transportation workplace drug and alcohol testing programs:
Procedures for Transportation Workplace Drug and Alcohol Testing Programs, Federal
Register, October 22, 2008, Volume 73, Number 205, Rules and Regulations, Page
62910, 49 CFR Part 40, Docket OST-2003-15245, RIN 2105-AD55, Response to
comments.
[TEXT] [PDF]
(The effective date of 49 CFR 40.67(b), as amended by the Department of
Transportation June 25, 2008, and delayed August 26, 2008, is November 1, 2008.)
SUMMARY: The Department of Transportation (DOT or Department) responds to
comments on the amendment to 49 CFR 40.67(b) issued as part of a final rule June
25, 2008. The Department does not change this amendment, which is effective, as
scheduled, November 1, 2008. Beginning November 1, 2008, direct observation
collections are required for all return-to-duty and follow-up tests. When additional
testing methodologies appropriate for use in return-to-duty and follow-up testing
(e.g., oral fluid and sweat specimens) are approved by the Department of Health and
Human Services and adopted by the Department, the Department intends to make
these methods available to employers and employees as an alternative to direct
observation urine testing in these situations.
-------------------------------
FEDERAL AVIATION ADMINISTRATION (FAA)
Airworthiness directives, Bombardier Model CL 600 2B19 (Regional Jet
Series 100 & 440) airplanes: Airworthiness Directives; Bombardier Model CL-6002B19 (Regional Jet Series 100 & 440) Airplanes, Federal Register: October 24, 2008
(Volume 73, Number 207, Rules and Regulations, Page 63349, 14 CFR Part 39,
Docket No. FAA-2008-0643, Directorate Identifier 2008-NM-094-AD, Amendment
39-15698, AD 2008-22-03, RIN 2120-AA64, Final rule.
[TEXT] [PDF]
(This airworthiness directive (AD) is effective November 28, 2008. The Director of
the Federal Register approved the incorporation by reference of a certain publication,
listed in this AD, as of April 16, 2008 (73 FR 13100, March 12, 2008).)
PURPOSE: This airworthiness directive (AD) requires actions intended to correct the
unsafe condition described in the summary, below.
SUMMARY: The Federal Aviation Administration (FAA) supersedes an existing AD for
Bombardier Model CL-600-2B19 (Regional Jet Series 100 & 440) airplanes. This AD
results from mandatory continuing airworthiness information (MCAI) originated by an
aviation authority of another country to identify and correct an unsafe condition on
an aviation product. The MCAI describes the unsafe condition as:
Bombardier Aerospace has completed a system safety review of the aircraft
fuel system against fuel tank safety standards * * *.
[A]ssessment showed that supplemental maintenance tasks [for certain
bonding jumpers, wiring harnesses, and hydraulic systems, among other
items] are required to prevent potential ignition sources inside the fuel
system, which could result in a fuel tank explosion. * * *
THIS REGULATION IS NOT FURTHER ANALYZED HERE. IF YOU NEED MORE
INFORMATION, PLEASE SEE THE FULL TEXT OF THE REGULATION IN THE LINKED
DOCUMENT.
Airworthiness directives General Electric Company CF6-80C2 Series and
CF6-80E1 series turbofan engines: Airworthiness Directives; General Electric
Company CF6-80C2 Series and CF6-80E1 Series Turbofan Engines, Federal Register,
October 24, 2008, Volume 73, Number 207, Rules and Regulations, Page 63354, 14
CFR Part 39, Docket No. FAA-2007-28367, Directorate Identifier 2007-NE-19-AD,
Amendment 39-15695, AD 2008-21-11, RIN 2120-AA64, Final rule.
[TEXT] [PDF]
(This airworthiness directive is effective November 28, 2008. The Director of the
Federal Register approves the incorporation by reference of certain publications listed
in the regulations as of November 28, 2008.)
PURPOSE: This airworthiness directive (AD) results from four events in which
hardware fragments got into the engine flowpath and wore through low-pressure
turbine (LPT) cases on General Electric Company (GE) CF6-80C2 and CF6-80E1
series turbofan engines. This AD requires actions intended to prevent an uncontained
release of engine debris and weakening of engine mounts. Weakening of engine
mounts could result in the engine coming off of the airplane.
SUMMARY: The Federal Aviation Administration (FAA) adopts a new AD for General
Electric Company (GE) CF6-80C2 series and CF6-80E1 series turbofan engines. This
AD requires installing skin doubler pads and deflectors on stage 5 of certain LPT
cases, or replacing those LPT cases with LPT cases that have skin doubler pads and
deflectors already installed.
THIS REGULATION IS NOT FURTHER ANALYZED HERE. IF YOU NEED MORE
INFORMATION, PLEASE SEE THE FULL TEXT OF THE REGULATION IN THE LINKED
DOCUMENT.
Airworthiness directives, General Electric Company (GE) CT58 series
turboshaft engines: Airworthiness Directives; General Electric Company (GE) CT58
Series Turboshaft Engines, Federal Register, October 27, 2008, Volume 73, Number
208, Rules and Regulations, Page 63629, 14 CFR Part 39, Docket No. FAA-20080808, Directorate Identifier 2008-NE-18-AD, Amendment 39-15712, AD 2008-22-16,
RIN 2120-AA64, Final rule.
[TEXT] [PDF]
(This airworthiness directive is effective December 1, 2008.)
PURPOSE: This airworthiness directive (AD) results from reports of cracks originating
from the inner faces of the locking screw holes in the compressor spool in certain GE
CT58 series turboshaft engines. This AD requires actions intended to prevent cracks
due to repetitive heavy lift (RHL) missions. Cracks could result in an uncontained
rotor burst and damage to, or loss of, the helicopter and serious injuries to any
person onboard.
SUMMARY: The Federal Aviation Administration (FAA) adopts a new AD for certain
GE CT58 series turboshaft engines. This AD requires recalculating the lives of certain
part numbered compressor spools using a new RHL multiplying factor.
THIS REGULATION IS NOT FURTHER ANALYZED HERE. IF YOU NEED MORE
INFORMATION, PLEASE SEE THE FULL TEXT OF THE REGULATION IN THE LINKED
DOCUMENT.
Airworthiness directives, Hawker Beechcraft Corporation Model 390
airplanes: Airworthiness Directives; Hawker Beechcraft Corporation Model 390
Airplanes, Federal Register, October 24, 2008, Volume 73, Number 207, Rules and
Regulations, Page 63357, 14 CFR Part 39, Docket No. FAA-2008-1127, Directorate
Identifier 2008-CE-061-AD, Amendment 39-15707, AD 2008-22-11, RIN 2120-AA64,
Final rule, request for comments.
[TEXT] [PDF]
(This airworthiness directive (AD) is effective November 3, 2008. As of November 3,
2008, the Director of the Federal Register approves the incorporation by reference of
certain publications listed in this AD. The Federal Aviation Administration must
receive any comments on this AD by December 23, 2008.)
PURPOSE: This airworthiness directive (AD) results from reports of hydraulic leaks
from the hydraulic pump pressure output hose assemblies in certain Hawker
Beechcraft Corporation (HBC) Model 390 airplanes. This AD requires actions intended
to prevent leakage of hydraulic fluid from the pump output hose within the engine
compartment, which could result in an in-flight fire.
SUMMARY: The Federal Aviation Administration (FAA) adopts a new AD for certain
Hawker Beechcraft Corporation (HBC) Model 390 airplanes. This AD requires you to
inspect hydraulic pump pressure output hose assemblies to determine if they are
from the affected lots, inspect for hydraulic fluid leaks if the hose assemblies are
from the affected lots, and replace all affected hose assemblies.
THIS REGULATION IS NOT FURTHER ANALYZED HERE. IF YOU NEED MORE
INFORMATION, PLEASE SEE THE FULL TEXT OF THE REGULATION IN THE LINKED
DOCUMENT.
Airworthiness directives, Maryland Air Industries, Inc., Model Fairchild F-27
and FH 227 series airplanes: Airworthiness Directives; Maryland Air Industries,
Inc., Model Fairchild F-27 and FH-227 Series Airplanes, Federal Register, October 24,
2008, Volume 73, Number 207, Rules and Regulations, Page 63352, 14 CFR Part 39,
Docket No. FAA-2008-0734, Directorate Identifier 2008-NM-004-AD, Amendment
39-15697, AD 2008-22-02, RIN 2120-AA64, Final rule.
[TEXT] [PDF]
(This airworthiness directive is effective November 28, 2008.)
PURPOSE: This airworthiness directive (AD) results from fuel system safety reviews
done on similar airplane models in accordance with SFAR 88. These safety reviews
identified potential unsafe conditions on Maryland Air Industries, Inc., Model Fairchild
F-27 and FH-227 series airplanes for which the type certificate holder, Maryland Air
Industries, Inc., has not conducted SFAR 88 safety reviews, has not provided
corrective actions, and does not plan to do so. This AD requires actions intended to
reduce the potential of ignition sources inside fuel tanks, which, in combination with
flammable fuel vapors, could result in fuel tank explosions and consequent loss of
the airplane.
SUMMARY: The Federal Aviation Administration (FAA) adopts a new AD for Maryland
Air Industries, Inc., Model Fairchild F-27 and FH-227 series airplanes. This AD
requires operators to modify their airplanes and revise their inspection or
maintenance programs to incorporate instructions for maintenance and inspection of
the fuel tank systems, as appropriate, by December 16, 2008, using information
developed in accordance with Special Federal Aviation Regulation 88 (SFAR 88).
THIS REGULATION IS NOT FURTHER ANALYZED HERE. IF YOU NEED MORE
INFORMATION, PLEASE SEE THE FULL TEXT OF THE REGULATION IN THE LINKED
DOCUMENT.
Airworthiness directives, various transport category airplanes equipped
with auxiliary fuel tanks installed in accordance with certain supplemental
type certificates: Airworthiness Directives; Various Transport Category Airplanes
Equipped With Auxiliary Fuel Tanks Installed in Accordance With Certain
Supplemental Type Certificates, Federal Register, October 22, 2008, Volume 73,
Number 205, Rules and Regulations, Page 62872, 14 CFR Part 39, Docket No. FAA2008-0298, Directorate Identifier 2007-NM-316-AD, Amendment 39-15696, AD
2008-22-01, RIN 2120-AA64, Final rule.
[TEXT] [PDF]
(This airworthiness directive is effective November 26, 2008.)
PURPOSE: This airworthiness directive (AD) results from fuel system reviews
conducted by the manufacturer in various transport category airplanes equipped with
auxiliary fuel tanks installed in accordance with certain supplemental type
certificates, which identified unsafe conditions for which the manufacturer has not
provided corrective actions. This AD requires actions intended to prevent the
potential of ignition sources inside fuel tanks, which, in combination with flammable
fuel vapors, could result in fuel tank explosions and consequent loss of the airplane.
SUMMARY: The Federal Aviation Administration (FAA) adopts a new AD for various
transport category airplanes. This AD requires deactivation of PATS Aircraft, LLC,
auxiliary fuel tanks.
THIS REGULATION IS NOT FURTHER ANALYZED HERE. IF YOU NEED MORE
INFORMATION, PLEASE SEE THE FULL TEXT OF THE REGULATION IN THE LINKED
DOCUMENT.
Airworthiness standards, propellers: Airworthiness Standards; Propellers,
Federal Register, October 24, 2008, Volume 73, Number 207, Rules and Regulations,
Page 63339, 14 CFR Parts 23, 25, 33, and 35, Docket No. FAA-2007-27310,
Amendment Nos. 23-59, 25-126, 33-28, and 35-5, RIN 2120-AI95, Final rule.
[TEXT] [PDF]
(This final rule is effective December 23, 2008.)
SUMMARY: The Federal Aviation Administration (FAA) amends the airworthiness
standards for issuance of original and amended type certificates for airplane
propellers. The previous propeller requirements did not adequately address the
technological advances of the past twenty years. The new standards address these
advances in technology and harmonize FAA and European Aviation Safety Agency
propeller certification requirements, thereby simplifying airworthiness approvals for
imports and exports.
THIS REGULATION IS NOT FURTHER ANALYZED HERE. IF YOU NEED MORE
INFORMATION, PLEASE SEE THE FULL TEXT OF THE REGULATION IN THE LINKED
DOCUMENT.
Civil supersonic airplane noise type certification standards and operating
rules: Civil Supersonic Airplane Noise Type Certification Standards and Operating
Rules, Federal Register, October 22, 2008, Volume 73, Number 205, Rules and
Regulations, Page 62871, 14 CFR Parts 36 and 91, Statement of policy.
[TEXT] [PDF]
SUMMARY: The Federal Aviation Administration (FAA) updates the Federal Aviation
Administration's (FAA) policy on noise limits for future civil supersonic aircraft to
reflect current U.S. noise regulations. This action is intended to provide guidance on
noise limits to manufacturers that are considering designs for supersonic aircraft.
THIS REGULATION IS NOT FURTHER ANALYZED HERE. IF YOU NEED MORE
INFORMATION, PLEASE SEE THE FULL TEXT OF THE REGULATION IN THE LINKED
DOCUMENT.
Establishment of Class E airspace, Dallas, GA: Establishment of Class E
Airspace; Dallas, GA, Federal Register, October 22, 2008, Volume 73, Number 205,
Rules and Regulations, Page 62876, 14 CFR Part 71, Docket No. FAA-2008-1084,
Airspace Docket No. 08-ASO-17, Direct final rule, request for comments.
[TEXT] [PDF]
(This direct final rule is effective 0901 UTC, January 15, 2009. The Director of the
Federal Register approves this incorporation by reference action under Title 1, Code
of Federal Regulations, Part 51, subject to the annual revision of Federal Aviation
Administration Order 7400.9 and publication of conforming amendments. Any
comments for inclusion in the Rules Docket must be received on or before December
8, 2008.)
SUMMARY: The Federal Aviation Administration (FAA) establishes Class E Airspace at
Dallas, GA. Airspace is needed to support new Area Navigation (RNAV) Global
Positioning System (GPS) Standard Instrument Approach Procedures (SIAPs) that
have been developed for Paulding County Airport. As a result, controlled airspace
extending upward from 700 feet Above Ground Level (AGL) is needed to contain the
SIAP and for Instrument Flight Rule (IFR) operations at Paulding County Airport. The
operating status of the airport will change from Visual flight Rules (VFR) to include
IFR operations concurrent with the publication of the SIAP.
Establishment of Class E Airspace, Morehead, KY: Establishment of Class E
Airspace; Morehead, KY, Federal Register, October 22, 2008, Volume 73, Number
205, Rules and Regulations, Page 62878, 14 CFR Part 71, Docket No.FAA-20080809, Airspace Docket No. 08-ASO-13, Direct final rule, request for comments.
[TEXT] [PDF]
(This direct final rule is effective 0901 UTC, January 15, 2009. The Director of the
Federal Register approves this incorporation by reference action under Title 1, Code
of Federal Regulations, Part 51, subject to the annual revision of Federal Aviation
Administration Order 7400.9 and publication of conforming amendments. Any
comments for inclusion in the Rules Docket must be received on or before December
8, 2008.)
SUMMARY: The Federal Aviation Administration (FAA) establishes Class E Airspace at
Morehead, KY. Airspace is needed to support new Area Navigation (RNAV) Global
Positioning System (GPS) Standard Instrument Approach Procedures (SIAPs) that
have been developed for Morehead-Rowan County Airport. As a result, controlled
airspace extending upward from 700 feet Above Ground Level (AGL) is needed to
contain the SIAP and for Instrument Flight Rule (IFR) operations at Morehead-Rowan
County Airport. The operating status of the airport will change from Visual flight
Rules (VFR) to include IFR operations concurrent with the publication of the SIAP.
IFR altitudes, miscellaneous amendments: IFR Altitudes; Miscellaneous
Amendments, Federal Register, October 28, 2008, Volume 73, Number 209, Rules
and Regulations, Page 63881, 14 CFR Part 95, Docket No. 30635, Amendment No.
477, Final rule.
[TEXT] [PDF]
(This final rule is effective 0901 UTC, November 20, 2008.)
SUMMARY: The Federal Aviation Administration (FAA) adopts miscellaneous
amendments to the required IFR (instrument flight rules) altitudes and changeover
points for certain federal airways, jet routes, or direct routes for which a minimum or
maximum en route authorized IFR altitude is prescribed. This regulatory action is
because of changes occurring in the National Airspace System. These changes are
designed to provide for the safe and efficient use of the navigable airspace under
instrument conditions in the affected areas.
THIS REGULATION IS NOT FURTHER ANALYZED HERE. IF YOU NEED MORE
INFORMATION, PLEASE SEE THE FULL TEXT OF THE REGULATION IN THE LINKED
DOCUMENT.
Instrument flight rule altitudes in designated mountainous areas: Instrument
Flight Rule Altitudes in Designated Mountainous Areas, Federal Register, October 28,
2008, Volume 73, Number 209, Rules and Regulations, Page 63885, 14 CFR Part 95,
Final rule, technical amendment.
[TEXT] [PDF]
(This final rule, technical amendment, is effective October 28, 2008.)
SUMMARY: The Federal Aviation Administration (FAA) amends its regulations
concerning the use of instrument flight rule (IFR) altitudes. Specifically, a duplicate
coordinate in the description of the Eastern United States Mountainous Area is
removed.
Modification of Class E Airspace, Roanoke, VA: Modification of Class E Airspace;
Roanoke, VA, Federal Register, October 22, 2008, Volume 73, Number 205, Rules
and Regulations, Page 62879, 14 CFR Part 71, Docket No. FAA-2008-0417, Airspace
Docket No. 08-AEA-20, Final rule.
[TEXT] [PDF]
(This final rule is effective 0901 UTC, January 15, 2009. The Director of the Federal
Register approves this incorporation by reference action under Title 1, Code of
Federal Regulations, Part 51, subject to the annual revision of Federal Aviation
Administration Order 7400.9 and publication of conforming amendments.)
SUMMARY: The Federal Aviation Administration (FAA) modifies Class E Airspace at
Roanoke, Virginia to allow for a lower vectoring altitude known as the Minimum
Vectoring Altitude (MVA) for vectoring of both Visual Flight Rule (VFR) and
Instrument Flight Rule (IFR) aircraft within 20 miles of Roanoke, VA. This action is to
enhance the safety and airspace management around the Roanoke
Regional/Woodrum Field Airport area.
Security related considerations in the design and operation of transport
category airplanes: Security Related Considerations in the Design and Operation of
Transport Category Airplanes, Federal Register, October 28, 2008, Volume 73,
Number 209, Rules and Regulations, Page 63867, 14 CFR Parts 25 and 121, Docket
No. FAA-2006-26722, Amendment Nos. 25-127, 121-341, RIN 2120-AI66, Final rule.
[TEXT] [PDF]
(This final rule is effective November 28, 2008. The Director of the Federal Register
approves the incorporation by reference of certain publications listed in this rule as of
the November 28, 2008 effective date of this rule.)
SUMMARY: The Federal Aviation Administration (FAA) adopts several standards of
the International Civil Aviation Organization (ICAO) and requires manufacturers to
incorporate certain security features in the design of new transport category
airplanes. Specifically, manufacturers of affected airplanes must design flightdecks
protected from penetration by projectiles and intrusion by unauthorized persons. The
flightdeck, passenger cabin, and cargo compartments of these aircraft must be
protected from the effects of detonation of an explosive or incendiary device. The
rule also requires that manufacturers of new transport category airplanes design a
“least risk bomb location” and that operators of certain existing airplanes designate
such a location.
THIS REGULATION IS NOT FURTHER ANALYZED HERE. IF YOU NEED MORE
INFORMATION, PLEASE SEE THE FULL TEXT OF THE REGULATION IN THE LINKED
DOCUMENT.
Special awareness training for the Washington, DC Metropolitan Area, Office
of Management and Budget (OMB) approval of information collection: Special
Awareness Training for the Washington, DC Metropolitan Area; OMB Approval of
Information Collection, Federal Register, October 28, 2008, Volume 73, Number 209,
Rules and Regulations, Page 63880, 14 CFR Part 91, Docket No. FAA-2006-25250,
Amendment No. 91-303, RIN 2120-AI63, Final rule, Notice of Office of Management
and Budget approval for information collection.
[TEXT] [PDF]
(The Federal Aviation Administration received Office of Management and Budget
approval for the information collection requirements in Section 91.161 October 2,
2008. The rule is effective February 9, 2009.)
SUMMARY: The Federal Aviation Administration (FAA) announces the Office of
Management and Budget's (OMB's) approval of the information collection
requirement contained in the FAA's final rule, “Special Awareness Training for the
Washington, DC Metropolitan Area,” published August 12, 2008.
Technical amendment, licensing and safety requirements for launch:
Licensing and Safety Requirements for Launch, Federal Register, October 27, 2008,
Volume 73, Number 208, Rules and Regulations, Page 63630, 14 CFR Part 417,
Docket No. FAA-2000-7953, Amendment No. 417, RIN 2120-AG37, Final rule,
technical amendment.
[TEXT] [PDF]
(This final rule, technical amendment, is effective October 27, 2008.)
SUMMARY: The Federal Aviation Administration (FAA) corrects reference errors that
appeared in a final rule the FAA published in the Federal Register August 25, 2006.
The final rule amended commercial space transportation regulations for the launch of
expendable launch vehicles. In that final rule, the FAA inadvertently referenced
incorrect sections.
THIS REGULATION IS NOT FURTHER ANALYZED HERE. IF YOU NEED MORE
INFORMATION, PLEASE SEE THE FULL TEXT OF THE REGULATION IN THE LINKED
DOCUMENT.
------------------------------FEDERAL HIGHWAY ADMINISTRATION (FHA)
Projects of national and regional significance evaluation and rating: Projects
of National and Regional Significance Evaluation and Rating, Federal Register,
October 24, 2008, Volume 73, Number 207, Rules and Regulations, Page 63362, 23
CFR Part 505, Docket No. FHWA-05-23393, RIN 2125-AF08, Final rule.
[TEXT] [PDF]
(This final rule is effective November 24, 2008.)
SUMMARY: Section 1301 of the Safe, Accountable, Flexible, Efficient Transportation
Equity Act: A Legacy for Users (SAFETEA-LU) (Pub. L. 109-59; 119 Stat. 1144)
established a program to provide grants to states for Projects of National and
Regional Significance (PNRS) to improve the safe, secure, and efficient movement of
people and goods throughout the United States and to improve the health and
welfare of the national economy. Section 1301 requires the Secretary of
Transportation (Secretary) to establish regulations on the manner in which the
proposed projects are evaluated and rated, in order to determine which projects will
receive grant funding. This rule establishes the required evaluation and rating
guidelines for proposed projects. Under this rule, a proposed project would be
eligible for funding under the PNRS Program (Program) only if the Secretary finds
that the project meets the eligibility requirements of the rule. The Secretary then
evaluates and rates each project as “highly recommended,” “recommended,” or “not
recommended” based on the results of preliminary engineering, the project
justification criteria, and the degree of non-federal financial commitment.
All funds authorized by Section 1101(a)(15) of SAFETEA-LU for the Program are
fully designated to the 25 projects listed in Section 1301(m) of SAFETEA-LU. For the
duration of SAFETEA-LU there are no additional funds available for distribution
beyond those already designated, and there are no assurances that any additional
funds will become available. Funding in future highway reauthorization bills is at the
discretion of Congress.
THIS REGULATION IS NOT FURTHER ANALYZED HERE. IF YOU NEED MORE
INFORMATION, PLEASE SEE THE FULL TEXT OF THE REGULATION IN THE LINKED
DOCUMENT.
PROPOSED REGULATIONS
FEDERAL AVIATION ADMINISTRATION (FAA)
Aircraft noise certification documents for international operations: Aircraft
Noise Certification Documents for International Operations, Federal Register, October
23, 2008, Volume 73, Number 206, Proposed Rules, Page 63098, 14 CFR Part 91,
Docket No. FAA-2008-1097, Notice No. 08-12, RIN 2120-AJ31, Notice of proposed
rulemaking (NPRM).
[TEXT] [PDF]
(Any comments must be received on or before January 21, 2009.)
SUMMARY: The Federal Aviation Administration (FAA) proposes to require operators
of U.S. registered civil aircraft flying outside the United States to carry aircraft noise
certification information on board the aircraft. This proposed rule is to ensure that
U.S. operators have consistent noise certification information on board when they fly
outside the United States. The intended effect of this proposal is to ensure consistent
compliance with the International Civil Aviation Organization, Annex 16, Volume 1,
Amendment 8 that requires certain noise information be carried on board the
aircraft.
THIS PROPOSED REGULATION IS NOT FURTHER ANALYZED HERE. IF YOU NEED
MORE INFORMATION, PLEASE SEE THE FULL TEXT IN THE LINKED DOCUMENT.
Airworthiness directives, Air Tractor, Inc. Models AT 200, AT 300, AT 400,
AT 500, AT 600, and AT 800 series airplanes: Airworthiness Directives; Air
Tractor, Inc. Models AT-200, AT-300, AT-400, AT-500, AT-600, and AT-800 Series
Airplanes, Federal Register, October 23, 2008, Volume 73, Number 206, Proposed
Rules, Page 63096, 14 CFR Part 39, Docket No. FAA-2008-1120, Directorate
Identifier 2008-CE-064-AD, RIN 2120-AA64, Notice of proposed rulemaking (NPRM).
[TEXT] [PDF]
(The Federal Aviation Administration must receive any comments on this proposed
airworthiness directive by November 24, 2008.)
PURPOSE: The Federal Aviation Administration (FAA) proposes this airworthiness
directive (AD) to prevent the front and rear connections of the overturn skid plate in
Air Tractor, Inc. Models AT-200, AT-300, AT-400, AT-500, AT-600, and AT-800 series
airplanes from breaking, which could allow foreign debris to enter the cockpit if the
plane were to turn over. This condition, if not corrected, could lead to pilot injury.
SUMMARY: The FAA proposes to supersede Airworthiness Directive (AD) 2008-11-17,
which applies to certain Air Tractor, Inc. Models AT-200, AT-300, AT-400, AT-500,
AT-600, and AT-800 series airplanes. AD 2008-11-17 currently requires you to install
an overturn skid plate kit or a modification to the overturn skid plate already
installed. Since the FAA issued AD 2008-11-17, the manufacturer has notified the
FAA that Model AT-401B airplanes also require a modification to the overturn skid
plate. Consequently, this proposed AD would retain the actions of AD 2008-11-17
and add the requirement to modify the overturn skid plate installed on Model AT401B airplanes.
THIS PROPOSED REGULATION IS NOT FURTHER ANALYZED HERE. IF YOU NEED
MORE INFORMATION, PLEASE SEE THE FULL TEXT IN THE LINKED DOCUMENT.
Airworthiness directives, Boeing Model 737 100, 200, 200C, 300, 400, and
500 series airplanes: Airworthiness Directives; Boeing Model 737-100, -200, 200C, -300, -400, and -500 Series Airplanes, Federal Register, October 22, 2008,
Volume 73, Number 205, Proposed Rules, Page 62937, 14 CFR Part 39, Docket No.
FAA-2008-1116, Directorate Identifier 2007-NM-231-AD, RIN 2120-AA64, Notice of
proposed rulemaking (NPRM).
[TEXT] [PDF]
(The Federal Aviation Administration must receive comments on this proposed
airworthiness directive by December 8, 2008.)
PURPOSE: This proposed airworthiness directive (AD) results from reports of
uncommanded engine shutdowns and burned and damaged wire bundles associated
with the outboard landing lights and engine fuel shutoff valves in certain Boeing
Model 737-100, -200, -200C, -300, -400, and -500 series airplanes. This proposed
AD also results from reports of damaged and missing grommets and broken and
damaged fairleads in the electrical junction boxes of the main wheel well. This
proposed AD would require actions intended to prevent a hot short between the
outboard landing light and fuel shutoff valve circuits, which could result in an
uncommanded engine shutdown. This proposed AD would also require actions
intended to prevent corrosion of the electrical connectors of the wing rear spars,
which could result in short circuits and consequent incorrect functioning of airplane
systems needed for safe flight and landing.
SUMMARY: The Federal Aviation Administration (FAA) proposes to adopt a new AD
for certain Boeing Model 737-100, -200, -200C, -300, -400, and -500 series
airplanes. For certain airplanes, this proposed AD would require deactivation or
modification of the wiring to the outboard landing lights, until the wire bundles and
electrical connectors have been replaced. For all airplanes, this proposed AD would
also require an inspection for any broken, damaged, or missing fairleads, grommets,
and wires in the four electrical junction boxes of the main wheel well, and corrective
actions if necessary. For certain airplanes, this proposed AD would also require
replacement of certain wire bundles for the landing lights and fuel shutoff valves,
and related investigative, other specified, and corrective actions if necessary. For
certain airplanes, this proposed AD would also require replacement of certain
electrical connectors and backshell clamps.
THIS PROPOSED REGULATION IS NOT FURTHER ANALYZED HERE. IF YOU NEED
MORE INFORMATION, PLEASE SEE THE FULL TEXT IN THE LINKED DOCUMENT.
Airworthiness directives, Bombardier Model CL 600 2C10 (Regional Jet
Series 700, 701 & 702) airplanes and Model CL 600 2D24 (Regional Jet
Series 900) airplanes: Airworthiness Directives; Bombardier Model CL-600-2C10
(Regional Jet Series 700, 701 & 702) Airplanes and Model CL-600-2D24 (Regional Jet
Series 900) Airplanes, Federal Register, October 23, 2008, Volume 73, Number 206,
Proposed Rules, Page 63094, 14 CFR Part 39, Docket No. FAA-2008-1115,
Directorate Identifier 2008-NM-134-AD, RIN 2120-AA64, Notice of proposed
rulemaking (NPRM).
[TEXT] [PDF]
(The Federal Aviation Administration must receive any comments on this proposed
airworthiness directive by November 24, 2008.)
PURPOSE: This proposed airworthiness directive (AD) would require actions intended
to correct the unsafe condition described in the summary, below.
SUMMARY: The Federal Aviation Administration (FAA) proposes to adopt a new AD
for Bombardier Model CL-600-2C10 (Regional Jet Series 700, 701 & 702) airplanes
and Model CL-600-2D24 (Regional Jet Series 900) airplanes. This proposed AD
results from mandatory continuing airworthiness information (MCAI) originated by an
aviation authority of another country to identify and correct an unsafe condition on
an aviation product. The MCAI describes the unsafe condition as:
Bombardier Aerospace has completed a system safety review of the
CL-600-2C10/CL-600-SD24 aircraft fuel system against the new fuel tank
safety standards. * * *
The assessment showed that a single failure due to chafing of fuel system
wiring with high power wiring at the centre fuel tank front spar could result in
overheating of the fuel boost pump. The assessment also showed that chafing
of the high power wiring with the centre fuel tank front spar structures could
result in overheating of the fuel tank wall. Overheating of the fuel tank wall
could lead to hot surface ignition resulting in a fuel tank explosion.
THIS PROPOSED REGULATION IS NOT FURTHER ANALYZED HERE. IF YOU NEED
MORE INFORMATION, PLEASE SEE THE FULL TEXT IN THE LINKED DOCUMENT.
Airworthiness directives, General Electric Company CF6-80A, CF6-80C2, and
CF6-80E1 series turbofan engines: Airworthiness Directives; General Electric
Company CF6-80A, CF6-80C2, and CF6-80E1 Series Turbofan Engines, Federal
Register, October 23, 2008, Volume 73, Number 206, Proposed Rules, Page 63090,
14 CFR Part 39, Docket No. FAA-2008-0952, Directorate Identifier 98-ANE-49-AD,
RIN 2120-AA64, Notice of proposed rulemaking (NPRM).
[TEXT] [PDF]
(The Federal Aviation Administration must receive any comments on this proposed
airworthiness directive by December 22, 2008.)
PURPOSE: This proposed airworthiness directive (AD) results from the need to
require enhanced inspection of selected critical life-limited parts of General Electric
Company (GE) CF6-80A, CF6-80C2, and CF6-80E1 series turbofan engines. This
proposed AD would require actions intended to prevent critical life-limited rotating
engine part failure, which could result in an uncontained engine failure and damage
to the airplane.
SUMMARY: The Federal Aviation Administration (FAA) proposes to supersede an
existing AD for General Electric Company (GE) CF6-80A, CF6-80C2, and CF6-80E1
series turbofan engines. That AD currently requires revisions to the Airworthiness
Limitations Section (ALS) of the manufacturer's Instructions for Continued
Airworthiness (ICA) to include required inspection of selected critical life-limited parts
at each piece-part exposure. This proposed AD would require revisions to the CF680A, CF6-80C2, and CF6-80E1 series engines ALS sections of the manufacturer's
manuals and an air carrier's approved continuous airworthiness maintenance
program to incorporate additional inspection requirements, and to update certain
Engine Manual Inspection Task and Sub Task Number references.
THIS PROPOSED REGULATION IS NOT FURTHER ANALYZED HERE. IF YOU NEED
MORE INFORMATION, PLEASE SEE THE FULL TEXT IN THE LINKED DOCUMENT.
Proposed amendment of Class E airspace, Bethel, AK: Proposed Amendment of
Class E Airspace; Bethel, AK, Federal Register, October 28, 2008, Volume 73,
Number 209, Proposed Rules, Page 63910, 14 CFR Part 71, Docket No. FAA-20080997, Airspace Docket No. 08-AAL-28, Notice of proposed rulemaking.
[TEXT] [PDF]
(Any comments must be received on or before December 12, 2008.)
SUMMARY: The Federal Aviation Administration (FAA) proposes to amend Class D
and E airspace at Bethel, AK. The Airport and Navigation Aids will undergo a
magnetic variation change. This change will result in the necessity to revise the
airspace descriptions. Additionally, the present 1,200 foot airspace is no longer
necessary, because Bethel lies within a larger section of controlled airspace called
the Yukon-Kuskokwim Delta Class E airspace covering the area required for the
airport. Adoption of this proposal would result in amendment of existing Class D and
E airspace upward from the surface, and from 700 feet (ft.) and 1,200 ft. above the
surface at the Bethel Airport, Bethel, AK.
Proposed establishment of Class E airspace, Branson, MO: Proposed
Establishment of Class E Airspace; Branson, MO, Federal Register, October 22, 2008,
Volume 73, Number 205, Proposed Rules, Page 62940, 14 CFR Part 71, Docket No.
FAA-2008-0873, Airspace Docket No. 08-AGL-7, Notice of proposed rulemaking.
[TEXT] [PDF]
(Any comments must be received on or before December 8, 2008.)
SUMMARY: The Federal Aviation Administration (FAA) proposes to establish Class E2
and E5 airspace at Branson Regional Airport, Branson, MO. The establishment of an
air traffic control tower and a new Standard Instrument Approach Procedure (SIAP),
have made it necessary for the safety of Instrument Flight Rule (IFR) operations at
Branson Regional Airport.
Proposed modifications of Class E airspace, Alamosa, CO: Proposed
Modification of Class E Airspace; Alamosa, CO, Federal Register, October 28, 2008,
Volume 73, Number 209, Proposed Rules, Page 63912, 14 CFR Part 71, Docket No.
FAA-2008-0982, Airspace Docket No. 08-ANM-6, Notice of proposed rulemaking.
[TEXT] [PDF]
(Any comments must be received on or before December 12, 2008.)
SUMMARY: The Federal Aviation Administration (FAA) proposes to modify Class E
airspace at Alamosa, CO. Additional controlled airspace is to accommodate aircraft
using a new Area Navigation (RNAV) Global Positioning System (GPS) Standard
Instrument Approach Procedure (SIAP) at Alamosa, San Luis Valley
Regional/Bergman Field. The FAA proposes this action to enhance the safety and
management of aircraft operations at Alamosa, San Luis Valley Regional/Bergman
Field, CO.
Proposed modification of the Charlotte, NC, Class B airspace area, public
meetings: Proposed Modification of the Charlotte, NC, Class B Airspace Area; Public
Meetings. Federal Register, October 24, 2008, Volume 73, Number 207, Proposed
Rules, Page 63407, 14 CFR Part 71, Notice of meetings.
[TEXT] [PDF]
(The informal airspace meetings will be held January 7, 2009, from 3 p.m.-8 p.m.;
and January 8, 2009, from 3 p.m.-8 p.m. Any comments must be received on or
before February 9, 2009.)
SUMMARY: The Federal Aviation Administration (FAA) announces two fact-finding
informal airspace meetings to solicit information from airspace users and others,
concerning a proposal to revise the Class B airspace area at Charlotte, NC. The
meetings are to provide interested parties an opportunity to present views,
recommendations, and comments on the proposal. All comments received during
these meetings are considered prior to any issuance of a notice of proposed
rulemaking.
---------------------------------------------TREASURY (USDT)
NEWLY PUBLISHED REGULATIONS
INTERNAL REVENUE SERVICE (IRS)
Application of Section 409A to nonqualified deferred compensation plans,
correction: Application of Section 409A to Nonqualified Deferred Compensation
Plans; Correction, Federal Register, October 23, 2008, Volume 73, Number 206,
Rules and Regulations, Page 63073, 26 CFR Part 1, TD 9321, RIN 1545-BE79,
Correction.
[TEXT] [PDF]
(This correction is effective October 23, 2008, and is applicable April 17, 2007.)
SUMMARY: The Internal Revenue Service (IRS) corrects a correcting amendment to
final regulations (TD 9321) published in the Federal Register October 7, 2008 (73 FR
58438). The final regulations relate to Section 409A and nonqualified deferred
compensation plans.
CORRECTION: The publication of the correcting amendment to final regulations (TD
9321), which were the subject of FR Doc. E8-23652, is corrected as follows:
On page 58438, column 2, in the first sentence of the “Summary” section of
the preamble the language “This document contains corrections to final
regulations (TD 9321) which were published in the Federal Register on April
17, 2007 (72 FR 19323), corrected July 31, 2007 (72 FR 41620) and
September 24, 2007 (72 FR 54945).”, is corrected to read “This document
contains corrections to final regulations (TD 9321) which were published in
the Federal Register on April 17, 2007 (72 FR 19323), corrected July 31, 2007
(72 FR 41620), and September 24, 2008 (73 FR 54945).
On page 58438, column 2, in the “Need for Correction” section of the
preamble the language “As published, the correcting amendment of
September 24, 2008 (72 FR 54945) to final regulations (TD 9321) contains
errors that may prove to be misleading and is in need of clarification.” is
corrected to read “As published, the correcting amendment of September 24,
2008 (73 FR 54945) to final regulations (TD
9321) contains errors that may prove to be misleading and is in need of
clarification.”
Treatment of payments in lieu of taxes under Section 141: Treatment of
Payments in Lieu of Taxes Under Section 141, Federal Register, October 24, 2008,
Volume 73, Number 207, Rules and Regulations, Page 63372, 26 CFR Part 1, TD
9429, RIN 1545-BF87, Final regulations.
[TEXT] [PDF]
(These final regulations are effective October 24, 2008. For dates of applicability, see
Section 1.141-15(k) in the linked document.)
SUMMARY: The Internal Revenue Service (IRS) modifies the standards for treating
certain payments in lieu of taxes or other tax equivalency payments (PILOTs) as
generally applicable taxes for the private security or payment test under Section 141
of the Internal Revenue Code (Code). This action is taken to provide issuers of taxexempt bonds with guidance on whether PILOTs are eligible to be treated as
generally applicable taxes for this purpose. The regulations affect state and local
governmental issuers of tax-exempt bonds.
PRIVATE PAYMENT TEST: Private payments are payments made during a period of
business on a property financed by an issue during that period of business whether
or not the payments are made by the property user or owner (a third party may
make such payments). In addition, private payments include property and payments
in respect of property that are used or to be used for private business use to the
extent that any interest in that property or payments serves as security for the
payment of debt service on an issue.
GENERALLY APPLICABLE TAXES EXCEPTION: For purposes of the private security or
payment test, generally applicable taxes are not taken into account (that is, are not
payments from a nongovernmental person and are not payments in respect of
property used for a private business use). The generally applicable taxes exception is
to allow eligible tax payments made with respect to property or services to be used
to pay debt service on an issue without causing private payments. For this purpose a
generally applicable tax means an enforced contribution exacted pursuant to
legislative authority in the exercise of the taxing power that is imposed and collected
for the purpose of raising revenue to be used for governmental purposes. To qualify
as a generally applicable tax, a tax must have a uniform rate that is applied to all
persons of the same classification in the appropriate jurisdiction, and the tax must
have a generally applicable manner of determination and collection.
SPECIAL CHARGES: The final regulations provide that a special charge includes a
payment for a special privilege granted or regulatory function (for example, a license
fee), a service rendered (for example, a sanitation services fee), a use of property
(for example, rent), or a payment in the nature of a special assessment to finance
capital improvements that is imposed on a limited class of persons based on benefits
received from the capital improvements financed with the assessment.
PAYMENTS IN LIEU OF TAXES TREATED AS GENERALLY APPLICABLE TAXES: Current
regulations treats PILOTs as generally applicable taxes if:
1. The payments are commensurate with and not greater than the amounts
imposed by the statute for a tax of general application; and
2. The payments are designated for a public purpose and are not special
charges.
PROPOSED REGULATION CLARIFICATION: The proposed regulations define the
commensurate standard to provide generally that an eligible PILOT payment must
represent a fixed percentage of, or reflect a fixed adjustment to, the amount of
generally applicable taxes in each year, based on comparable current valuation
assessments.
THIS REGULATION IS NOT FURTHER ANALYZED HERE. IF YOU NEED MORE
INFORMATION, PLEASE SEE THE FULL TEXT OF THE REGULATION IN THE LINKED
DOCUMENT.
------------------------------THRIFT SUPERVISION OFFICE (OTS)
Rules of practice and procedure in adjudicatory proceedings, civil money
penalty inflation adjustment: Rules of Practice and Procedure in Adjudicatory
Proceedings; Civil Money Penalty Inflation Adjustment, Federal Register, October 27,
2008, Volume 73, Number 208, Rules and Regulations, Page 63625, Docket ID:
OTS-2008-0013, 12 CFR Part 509, RIN 1550-AC27, Final rule.
[TEXT] [PDF]
(This final rule is effective October 27, 2008.)
SUMMARY: The Federal Civil Monetary Penalty Inflation Adjustment Act of 1990
requires all federal agencies with statutory authority to impose civil money penalties
(CMPs) to evaluate and adjust those CMPs every four years. The Office of Thrift
Supervision (OTS) last adjusted its CMP statutes in 2004. Consequently, the OTS
issues this final rule to implement the required adjustments to the OTS's CMP
statutes.
THIS REGULATION IS NOT FURTHER ANALYZED HERE. IF YOU NEED MORE
INFORMATION, PLEASE SEE THE FULL TEXT OF THE REGULATION IN THE LINKED
DOCUMENT.
PROPOSED REGULATIONS
COMPTROLLER OF THE CURRENCY (OCC)
Minimum capital ratios, capital adequacy guidelines, capital maintenance,
capital, treatment of certain claims on, or guaranteed by, Fannie Mae and
Freddie Mac: Minimum Capital Ratios; Capital Adequacy Guidelines; Capital
Maintenance; Capital: Treatment of Certain Claims on, or Guaranteed by, the Federal
National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage
Corporation (Freddie Mac), Federal Register, October 27, 2008, Volume 73, Number
208, Proposed Rules, Page 63656, DEPARTMENT OF THE TREASURY, Office of the
Comptroller of the Currency, 12 CFR Part 3, Docket ID OCC-2008-0016, RIN 1557AD18, FEDERAL RESERVE SYSTEM, 12 CFR Parts 208 and 225, Regulations H and Y;
Docket No. R-1335, FEDERAL DEPOSIT INSURANCE CORPORATION, 12 CFR Part
325, RIN 3064-AD34, DEPARTMENT OF THE TREASURY, Office of Thrift Supervision,
12 CFR Part 567, No. OTS-2008-0014, RIN 1550-AC24, Joint notice of proposed
rulemaking.
[TEXT] [PDF]
(Any comments must be received by November 26, 2008.)
SUMMARY: On September 7, 2008, the U.S. Department of Treasury (USDT or
Treasury) entered into senior preferred stock purchase agreements (the Agreement
or Agreements) with the Federal National Mortgage Association (Fannie Mae) and the
Federal Home Loan Mortgage Corporation (Freddie Mac), which effectively provide
protection to the holders of senior debt, subordinated debt, and mortgage-backed
securities (MBS) issued or guaranteed by these entities. In light of the financial
support provided under the Agreements, the Office of the Comptroller of the
Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal
Deposit Insurance Corporation (FDIC), and Office of Thrift Supervision (OTS)
(collectively, the agencies) propose to adopt a 10 percent risk weight for claims on,
and the part of claims guaranteed by, Fannie Mae or Freddie Mac. The 10 percent
risk weight would apply so long as an Agreement remains in effect with the
respective entity.
INTERNAL REVENUE SERVICE (IRS)
Employer comparable contributions to health savings accounts under
Section (4980G), requirement of return for filing of the excise tax under
Section 4980B, 4980D, 4980E or 4980G, hearing, cancellation: Employer
Comparable Contributions to Health Savings Accounts Under Section 4980G, and
Requirement of Return for Filing of the Excise Tax Under Section 4980B, 4980D,
4980E or 4980G; Hearing, Federal Register, October 28, 2008, Volume 73, Number
209, Proposed Rules, Page 63914, 26 CFR Part 54, REG-120476-07, RIN 1545-BG71,
Cancellation of notice of public hearing on proposed rulemaking.
[TEXT] [PDF]
(The public hearing, originally scheduled for October 30, 2008, at 10 a.m., is
cancelled.)
SUMMARY: The Internal Revenue Service (IRS) cancels a public hearing on proposed
rulemaking providing guidance on employer comparable contributions to Health
Savings Accounts (HSAs) under Section 4980G of the Internal Revenue Code as
mended by Sections 302, 305, and 306 of the Tax Relief and Health Care Act of
2006. The proposed regulations also provide guidance relating to the requirement of
a return to accompany payment of the excise tax under Section 4980B, 4980D,
4980E or 4980G of the Code and the time for filing that return. These proposed
regulations would affect employers that contribute to employees' HSAs and Archer
MSAs, employers or employee organizations that sponsor a group health plan, and
certain third parties such as insurance companies or HMOs or third-party
administrators who are responsible for providing benefits under the plan.
THIS PROPOSED REGULATION IS NOT FURTHER ANALYZED HERE. IF YOU NEED
MORE INFORMATION, PLEASE SEE THE FULL TEXT IN THE LINKED DOCUMENT.
Extension of time for filing returns, hearing: Extension of Time for Filing
Returns; Hearing, Federal Register, October 28, 2008, Volume 73, Number 209,
Proposed Rules, Page 63913, 26 CFR Part 1, REG-115457-08, RIN 1545-BH88,
Notice of public hearing on proposed rulemaking.
[TEXT] [PDF]
(The public hearing will be held Tuesday, January 13, 2009, at 10 a.m. The Internal
Revenue Service must receive any outlines of the topics to be discussed at the public
hearing by Tuesday, December 9, 2008.)
SUMMARY: The Internal Revenue Service (IRS) provides notice of a public hearing on
proposed regulations by cross-reference to temporary regulations relating to the
simplification of procedures for automatic extensions of time to file certain returns.
The IRS states these simplified procedures are aimed at reducing overall taxpayer
burden.
THRIFT SUPERVISION OFFICE (OTS)
Minimum capital ratios, capital adequacy guidelines, capital maintenance,
capital, treatment of certain claims on, or guaranteed by, Fannie Mae and
Freddie Mac: Minimum Capital Ratios; Capital Adequacy Guidelines; Capital
Maintenance; Capital: Treatment of Certain Claims on, or Guaranteed by, the Federal
National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage
Corporation (Freddie Mac), Federal Register, October 27, 2008, Volume 73, Number
208, Proposed Rules, Page 63656, DEPARTMENT OF THE TREASURY, Office of the
Comptroller of the Currency, 12 CFR Part 3, Docket ID OCC-2008-0016, RIN 1557AD18, FEDERAL RESERVE SYSTEM, 12 CFR Parts 208 and 225, Regulations H and Y;
Docket No. R-1335, FEDERAL DEPOSIT INSURANCE CORPORATION, 12 CFR Part
325, RIN 3064-AD34, DEPARTMENT OF THE TREASURY, Office of Thrift Supervision,
12 CFR Part 567, No. OTS-2008-0014, RIN 1550-AC24, Joint notice of proposed
rulemaking.
[TEXT] [PDF]
(Any comments must be received by November 26, 2008.)
SUMMARY: On September 7, 2008, the U.S. Department of Treasury (USDT or
Treasury) entered into senior preferred stock purchase agreements (the Agreement
or Agreements) with the Federal National Mortgage Association (Fannie Mae) and the
Federal Home Loan Mortgage Corporation (Freddie Mac), which effectively provide
protection to the holders of senior debt, subordinated debt, and mortgage-backed
securities (MBS) issued or guaranteed by these entities. In light of the financial
support provided under the Agreements, the Office of the Comptroller of the
Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal
Deposit Insurance Corporation (FDIC), and Office of Thrift Supervision (OTS)
(collectively, the agencies) propose to adopt a 10 percent risk weight for claims on,
and the part of claims guaranteed by, Fannie Mae or Freddie Mac. The 10 percent
risk weight would apply so long as an Agreement remains in effect with the
respective entity.
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