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|USDA/RBS||RIN: 0570-AB08||Publication ID: Spring 2022|
|Title: ●Changes to the Servicing and Liquidation Requirements for Business & Industry Guaranteed Loans|
The Rural Business Cooperative Service (RBCS) is proposing to amend 7 CFR 4287 subpart B by publishing a final rule with the intent to clarify the current regulation and update certain provision to align with 7 CFR 5001 (OneRD).
With the implementation of OneRD and for guaranteed loans originated after October 1, 2020, Business and Industry loans are originated and serviced under OneRD regulation. Agency currently has and anticipates a growing number of Borrowers whose existing guaranteed loans are serviced in accordance with 7 CFR 4287 subpart B have or will obtain additional guaranteed loans that will be serviced under OneRD.
The expected outcomes of the administrative updates to the current regulation will make it a more understandable document for RBCS borrowers and minimize confusion. The changes are also expected to increase the efficient implementation of the program which ultimately benefits RBCS borrowers.
|Agency: Department of Agriculture(USDA)||Priority: Substantive, Nonsignificant|
|RIN Status: First time published in the Unified Agenda||Agenda Stage of Rulemaking: Final Rule Stage|
|Major: No||Unfunded Mandates: No|
|CFR Citation: 7 CFR 4287, subpart B (To search for a specific CFR, visit the Code of Federal Regulations.)|
|Legal Authority: 5 U.S.C. 301 7 U.S.C. 1932(a) 7 U.S.C. 1989|
|Regulatory Flexibility Analysis Required: No||Government Levels Affected: None|
|Included in the Regulatory Plan: No|
|RIN Data Printed in the FR: No|
Department of Agriculture
Rural Business-Cooperative Service
1400 Independence Avenue SW,
Washington, DC 20250