(a) It is the purpose of this part to set forth the procedures to be followed and standards to be applied in the filing, processing, adjudication, and payment of claims filed under part C of title IV of the Act.
(b) This part is applicable to all claims filed under part C of title IV of the Act on or after the effective date of this part and shall also be applicable to claims pending on the effective date of this part as provided in part 727 of this subchapter. This part is applicable to claims considered under section 435 of the Act and part 727 of this subchapter.