(a) Authority. Any Federal Reserve Bank shall have authority to apply book-entry procedure to Financing Corporation obligations.
(b) Procedure. The book-entry procedure for Financing Corporation obligations shall be governed by the book-entry procedure established for Bank consolidated obligations, codified at part 1270 of this chapter. Wherever the terms ``Bank(s),'' ``consolidated obligation(s)'' or ``Book-entry consolidated obligation(s)'' appear in part 1270, the terms shall be construed also to mean ``Financing Corporation,'' ``Financing Corporation obligation(s),'' or ``Book-entry Financing Corporation obligation(s),'' respectively, if appropriate to accomplish the purposes of this section.