---
kind: "section"
citation: "31 C.F.R. § 354.6"
title: "31"
number: "354.6"
heading: "Authority of Federal Reserve Banks."
url: "https://uscodex.org/cfr/31/354.6"
---

# §354.6. Authority of Federal Reserve Banks.

- (a) Each Federal Reserve Bank is hereby authorized as fiscal agent of Sallie Mae to perform functions with respect to the issuance of Book-entry Sallie Mae Securities offered and sold by Sallie Mae, in accordance with the Securities Documentation, and Federal Reserve Bank Operating Circulars; to service and maintain Book-entry Sallie Mae Securities in accounts established for such purposes; to make payments of principal and interest with respect to such Book-entry Sallie Mae Securities as directed by Sallie Mae; to effect transfer of Book-entry Sallie Mae Securities between Participants' Securities Account as directed by the Participants; to effect conversions between Book-entry Sallie Mae securities and Definitive Sallie Mae Securities with respect to those securities as to which conversion rights are available pursuant to the applicable Securities Documentation; and to perform such other duties as fiscal agent as may be requested by Sallie Mae.
- (b) Each Federal Reserve Bank may issue Operating Circulars not inconsistent with this part, governing the details of its handling of Book-entry Sallie Mae Securities, Security Entitlements, and the operation of the Book-entry System under this part.

## Notes

### Authority

Authority: 12 U.S.C. 391; 20 U.S.C. 1087-2(m).

### Source

Source: 62 FR 622, Jan. 6, 1997, unless otherwise noted.