[Federal Register Volume 74, Number 9 (Wednesday, January 14, 2009)]
[Proposed Rules]
[Pages 1992-1993]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-430]
=======================================================================
-----------------------------------------------------------------------
SMALL BUSINESS ADMINISTRATION
13 CFR Part 120
RIN 3245-AF83
Business Loan Program Regulations: Incorporation of London
Interbank Offered Rate (LIBOR) Base Rate and Secondary Market Pool
Interest Rate Changes
AGENCY: U.S. Small Business Administration (SBA).
ACTION: Interim Final Rule, notice of reopening of comment period.
-----------------------------------------------------------------------
SUMMARY: SBA is reopening the comment period for an additional 90 days.
DATES: Comments on the interim final rule on Business Loan Program
Regulations: Incorporation of London Interbank Offered Rate (LIBOR)
Base Rate and Secondary Market Pool Interest Rate Changes, must be
received on or before April 14, 2009.
ADDRESSES: You may submit comments, identified by 3245-AF83, by any of
the following methods:
Federal eRulemaking Portal: http://www.regulations.gov.
Follow the instructions for submitting comments.
Mail, Hand Delivery/Courier: Grady Hedgespeth, Director,
Office of Financial Assistance, U.S. Small Business Administration, 409
3rd Street, SW., Washington, DC 20416.
All comments will be posted on http://www.regulations.gov. If you
wish to include within your comment confidential business information
(CBI) as defined in the Privacy and Use Notice/User Notice at http://www.regulations.gov, and you do not want that information disclosed,
you must submit the comments by either Mail or Hand Delivery and you
must address the comment to Grady Hedgespeth, Director, Office of
Financial Assistance. In the submission, you must highlight the
information that you consider to be CBI and explain why you believe
this information should be held confidential. SBA will make a final
determination, in its discretion, of whether information is CBI and,
therefore, the comments will not be published.
FOR FURTHER INFORMATION CONTACT: Grady Hedgespeth, Director, Office of
Financial Assistance, 202-205-7562, or [email protected].
SUPPLEMENTARY INFORMATION: On November 13, 2008, SBA published in the
Federal Register an interim final rule permanently adding a base rate
of LIBOR for lenders to use when pricing 7(a) loans and allowing for
secondary market loan pools to be formed with weighted average coupon
rates. (73 FR 67099). This rule was added to help ensure continued
availability of capital to small businesses and to improve liquidity in
and efficiency of the secondary market for SBA loans. The original
comment period ended on December 15, 2008. SBA is reopening the comment
period for a limited time until April 14, 2009 in order to solicit
additional comments as our lending partners and secondary market
participants continue to implement the two changes allowed in the
interim final rule. Some SBA partners are still updating their systems
to incorporate LIBOR based loans. SBA's recently published Procedural
Notice No. 5000-1081: One Month LIBOR Plus 3 Percent Allowed as SBA
Base Rate (Nov. 14, 2008) and SBA Information Notice: Implementation of
SBA's Addition of LIBOR Plus 3 Percent as a Base Rate (Nov. 20, 2008),
both of which can be found at http://www.sba.gov. Additionally,
procedures for weighted average coupon pools were recently released by
SBA. SBA Procedural Notice
[[Page 1993]]
No. 5000-1086: Initiative to Facilitate the Sale of SBA 7(a) Loans on
the Secondary Market (Dec. 17, 2008), which can be found at http://www.sba.gov. SBA would like to ensure that lenders and secondary market
participants are afforded an opportunity to comment on the interim
final rule as they fully implement these program changes.
Authority: 15 U.S.C. 634.
Eric Zarnikow,
Associate Administrator, Office of Capital Access.
[FR Doc. E9-430 Filed 1-13-09; 8:45 am]
BILLING CODE 8025-01-P