This document corrects errors in the Student Assistance General Provisions and the Federal Pell Grant Program regulations published in the Federal Register on December 1, 1995.

[Federal Register: February 1, 1996 (Volume 61, Number 22)]

[Rules and Regulations ]               

[Page 3775-3776]

From the Federal Register Online via GPO Access [wais.access.gpo.gov]

[DOCID:fr01fe96-31]




[[Page 3775]]


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Part IV






Department of Education






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34 CFR Parts 668 and 690




Student Assistance General Provisions and Federal Pell Grant Program; 

Final Rule



[[Page 3776]]



DEPARTMENT OF EDUCATION


34 CFR Parts 668 and 690



Student Assistance General Provisions and Federal Pell Grant 

Program


AGENCY: Department of Education.


ACTION: Final regulations; correction.


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SUMMARY: This document corrects errors in the Student Assistance 

General Provisions and the Federal Pell Grant Program regulations 

published in the Federal Register on December 1, 1995.


EFFECTIVE DATE: July 1, 1996.


FOR FURTHER INFORMATION CONTACT: Ms. Rachael Sternberg, U.S. Department 

of Education, 600 Independence Avenue, S.W., Room 3053, ROB-3, 

Washington, D.C. 20202. Telephone (202) 708-7888. Individuals who use a 

telecommunications device for the deaf (TDD) may call the Federal 

Information Relay Service (FIRS) at 1-800-877-8339 between 8 a.m. and 8 

p.m., Eastern time, Monday through Friday.


SUPPLEMENTARY INFORMATION: On December 1, 1995, final regulations were 

published in the Federal Register (60 FR 61796) as part of the 

Secretary's response to the President's March 4, 1995 Regulatory Reform 

Initiative. This document corrects errors in the text of the amendments 

to sections 668.37, 668.164, 668.165, and 690.83.


    Dated: January 29, 1996.

David A. Longanecker,

Assistant Secretary for Postsecondary Education.

    The following corrections are made in FR Doc. 95-29180 published on 

December 1, 1995 (60 FR 61796):


PART 668--STUDENT ASSISTANCE GENERAL PROVISIONS



Sec. 668.37  [Corrected]


    1. On page 61812, column 3, Sec. 668.37 is corrected by removing 

``and/'' in paragraph (a)(2)(iii).

    2. On page 61814, column 1, amendment 11 to Sec. 668.164 did not 

reflect prior amendments to paragraph (a), which are repeated here for 

the convenience of the public. In order to correctly incorporate 

amendment 11, Sec. 668.164 is corrected by revising paragraph (a) to 

read as follows:



Sec. 668.164  Maintaining funds.


* * * * *

    (a) General. (1) The requirements in this section apply only to 

title IV, HEA program funds an institution receives under the campus-

based, Direct Loan, and Federal Pell Grant programs. An institution 

that receives FFEL program funds through electronic funds transfer or 

by master check must maintain those funds as provided under 34 CFR 

682.207(b).

    (2)(i) Except as provided in paragraph (e) of this section, an 

institution is not required to maintain a separate account for funds an 

institution receives under the campus-based, Direct Loan, and Federal 

Pell Grant programs, but must maintain these funds in a bank account 

that meets the requirements of this paragraph and under paragraph (b) 

or (c) of this section. An institution must--

    (ii) Ensure that the name of the account includes the phrase 

``Federal Funds'' to clearly identify that title IV, HEA program funds 

are maintained in that account; or

    (iii)(A) Notify the bank of the accounts that contain Federal funds 

and retain a record of that notice in its recordkeeping system; and

    (B) Except for public institutions, file with the appropriate State 

or municipal government entity a UCC-1 statement disclosing that the 

account contains Federal funds and maintain a copy of that statement in 

its records.

* * * * *



Sec. 668.165  [Corrected]


    3. On page 61814, column 1, amendment 12 to Sec. 668.165 is 

corrected by redesignating paragraphs (e)(3) as (e)(3)(i) and (e)(4) as 

(e)(3)(ii).


PART 690--FEDERAL PELL GRANT PROGRAM



Sec. 690.83  [Corrected]


    4. On page 61816, column 2, amendment 47 to Sec. 690.83 is 

corrected by adding ``, and removing paragraph (e)'' after ``(d)''in 

the amendatory language.


[FR Doc. 96-2155 Filed 1-31-96; 8:45 am]

BILLING CODE 4000-01-P