Food Stamp Program: Revision of the Definition of Insured Financial Institutions and Modification of Food Stamp Redemption Procedures

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This rule amends Food Stamp Program regulations relative to food stamp redemption and changes the definition of ``insured financial institution''. This change is necessary because of statutory revisions to the Federal bank insurance system. Financial institutions formerly insured by the Federal Savings and Loan Insurance Corporation (FSLIC) are now insured by the Savings Association Insurance Fund (SAIF), which is administered by the Federal Deposit Insurance Corporation (FDIC). This rule also modifies the procedures for financial institutions which deposit food stamps at Federal Reserve Banks in order to be consistent with changes in Federal Reserve requirements. In addition, this rule amends 7 CFR chapter II to reflect the abolishment of the Food and Nutrition Service and the establishment of the Food and Consumer Service in the recent Department of Agriculture reorganization.