Archive of Updates
February 24, 2010
FCA FY 2011 Budget (Proposed) and Performance Budget (PDF, 81 pages, 1.12 MB)
February 19, 2010
Regulatory Performance Plan, Spring 2010
Farm Credit Administration Update, 2010 Farm Credit Council Annual Meeting, January 25 (Slide Presentation)
February 5, 2010
FCA Handbook's Statutes section (PDF, 271 pages, 1.68 MB) and Pending Regulations and Notices section (PDF, 346 pages, 1.51 MB)
January 29, 2010
Updated Informational Memorandum: Revised Guidelines on Submission of Proposals to Merge or Consolidate Associations. The updates (1) clarify that subsidiary bylaws must be included in the shareholder disclosure document under certain conditions (tab 7.24), (2) require the affiliated bank to include supporting analysis with its approval (tab 19), and (3) require a letter regarding the accounting treatment for the merger transactions (tab 24).
FCA Freedom of Information Act Annual Report, FY 2009 (PDF, 142 KB, 15 pages)
A report containing statistical data on equal employment opportunity complaints filed at FCA as of December 31, 2009, is available. This report complies with requirements of the Notification and Federal Employee Antidiscrimination and Retaliation Act of 2002 (No FEAR Act).
FACT Act Regulations – Risk-Based Pricing Notices (Informational Memorandum)
January 27, 2010
Remarks by the Honorable Leland A. Strom at the Farm Credit Council Annual Meeting
(PDF, 51 KB, 5 pages)
January 25, 2010
Recruiting Schedule for Spring 2010
January 22, 2010
A proposed rule to amend regulations related to the Risk-Based Capital Stress Test used by the Federal Agricultural Mortgage Corporation was published in the Federal Register today. The comment period ends on March 8.
Office of Inspector General Fiscal Years 2008 and 2009 Performance Report (PDF, 331 KB, 15 pages)
January 15, 2010
Consumer and Borrower Rights Regulatory Compliance Requirements (Informational Memorandum)
January 14, 2010
FCA Board Hears Auditor’s Report on FCA’s FY 2009/2008 Financial Statements (news release)
January 12, 2010
Truth in Lending Act Amendments--Credit CARD Technical Corrections Act of 2009 (Informational Memorandum)
January 8, 2010
Agenda for the January 14 FCA Board meeting
January 6, 2010
Mergers, Name Changes, and Other Corporate Activity
December 31, 2009
A final rule amending borrower rights regulations governing the disclosure of effective interest rates was published in the Federal Register on December 22.
December 30, 2009
FCS major financial indicator data as of September 30, 2009
December 29, 2009
Office of Inspector General's Survey of FCS Institutions Regarding the Agency's Examination Function, Fourth Quarter and FY 2009 Summary Report (8 pages)
December 17, 2009
Amendments to Regulation Z (Truth in Lending) (Informational Memorandum)
December 16, 2009
National Oversight Plan for Fiscal Year 2010 (Informational Memorandum)
December 10, 2009
FCA Board Adopts Final Rule on Disclosing Interest Rates (news release)
December 2, 2009
Remarks of the Honorable Leland A. Strom at the Federal Reserve Bank of Chicago's Conference on Perspectives on the Future of Agriculture in the Midwest, December 1, 2009
FCA Handbook Section: FCA Bookletters (PDF, 121 pages, 1.06 MB)
November 23, 2009
Oral Statement (PDF, 2 pages, 48.7 KB) and Testimony (PDF, 10 pages, 84.9 KB) by Chairman and CEO Leland A. Strom before the House Committee on Agriculture regarding the Financial Stability Improvement Act Discussion Draft
November 19, 2009
Office of Inspector General Audit of FCA's Financial Statements, Fiscal Year 2009 (PDF, 10 pages, 2.66 MB)
Office of Inspector General 2009 Evaluation of the Farm Credit Administration's Compliance with the Federal Information Security Management Act (PDF, 30 pages, 1.10 MB)
November 13, 2009
FCA Performance and Accountability Report, Fiscal Year 2009 (PDF, 75 pages,
5.79 MB)
FCA Board Authorizes FCS Banks to Hold Certain Rural Housing Mortgage-Backed Securities as Mission-Related Investments (news release)
Rural Housing Mortgage-Backed Securities (Bookletter)
My Thoughts on Association Mergers in Economically Challenging Times (Memo from FCA Chairman Leland A. Strom to FCS Boards of Directors)
November 10, 2009
Office of Inspector General Semiannual Report to the Congress, April 1 through September 30, 2009 (PDF, 26 pages,
503 KB)
November 3, 2009
FCA Handbook sections: FCA Regulations (Parts 600 to 655) (PDF, 432 pages, 2.23 MB) and FCA Board Policy Statements (PDF, 55 pages, 214 KB)
On October 30, FCA published a notice in the Federal Register containing a list of all FCA Board Policy Statements along with the full text of the revised Policy Statement 79, Consideration and Referral of Supervisory and Enforcement Actions.
October 30, 2009
A final notice of intent was published on Monday, October 26, in the Federal Register in response to public comments related to regulatory burden.
October 22, 2009
The direct final rule to give the FCA Board greater flexibility in scheduling Board meetings is effective today.
October 16, 2009
FCA Board Approves Final Notice on Regulatory Burden (news release)
October 14, 2009
Kenneth A. Spearman Appointed to Farm Credit Administration Board (news release)
October 9, 2009
Mergers, Name Changes, and Other Corporate Activity as of October 1, 2009
September 18, 2009
Amendments to Open-End Consumer Credit Provisions of Regulation Z (Truth in Lending) (Informational Memorandum)
September 11, 2009
Office of Inspector General's Survey of FCS Institutions Regarding the Agency's Examination Function, Third Quarter FY 2009 (8 pages)
September 10, 2009
FCA Board Approves the Fall 2009 Unified Agenda and Regulatory Performance Plan (news release)
Fall 2009 Regulatory Performance Plan
September 4, 2009
Recruiting Schedule for Fall 2009
Financial Accounting Standards Board Accounting Standards Codification (Informational Memorandum)
September 1, 2009
A direct final rule to give the FCA Board greater flexibility in scheduling Board meetings was published yesterday in the Federal Register.
August 31, 2009
Office of Inspector General Strategic and Operating Performance Plan and Budgets, Fiscal Years 2010–2011 (PDF, 862 KB, 35 pages)
August 27, 2009
FACT Act Regulations and Resources (Informational Memorandum)
Annual Adjustment of Fee-Based Trigger for Additional Mortgage Loan Disclosures (Informational Memorandum)
August 13, 2009
FCA Board Adopts Direct Final Rule to Permit Greater Flexibility in Scheduling Board Meetings (news release)
August 10, 2009
The final rule on disclosure and accounting requirements
became effective on Wednesday, August 5.
July 27, 2009
A report containing statistical data on equal employment opportunity complaints filed at FCA as of June 30, 2009, is available. This report complies with requirements of the Notification and Federal Employee Antidiscrimination and Retaliation Act of 2002 (No FEAR Act).
Office of Inspector General Report of Audit: Office of Examination Travel Expense Budgeting, Usage, and Control, July 23, 2009 (11 pages)
Office of Inspector General Report of Audit: Certification and Accreditation Process, July 21, 2009 (15 pages)
July 21, 2009
Agencies Release Revisions to Interagency Questions and Answers and Proposed New Questions Regarding Flood Insurance (news release)
July 10, 2009
FCA Board Approves Guidance on Compensation Committees and Eligibility and Scope of Financing for Limited Liability Companies (news release). Attached to the release are PDFs containing Frequently Asked Questions on Borrower Rights and two bookletters.
Compensation Committee (Bookletter)
Determining Eligibility and Scope of Financing for Limited Liability Companies (Bookletter)
July 2, 2009
Confronting the Increased Risk Environment (Memo from FCA Chairman Leland A. Strom to FCS Boards of Directors)
July 1, 2009
Allowance for Loan Losses (Informational Memorandum)
Office of Inspector General Report of Inspection: Distribution, Usage and Control of Purchase and Travel Cards at the Farm Credit Administration I-09-01 (pdf, 20 pages, 546 KB)
June 30, 2009
Farm Credit System Ends 2008 in Safe and Sound Condition, Annual Report Shows (news release)
June 25, 2009
Corrected Informational Memorandum: Revised Guidelines on Submission of Proposals to Merge or Consolidate Associations. Correction adds information about the certification required for interim financial statements (tab 14) and about the certification for the pro forma financial statements (tab 15). Also see corrected instructions in tab 15.
June 22, 2009
A proposed rule to amend borrower rights regulations governing the disclosure of effective interest rates was published in the Federal Register on June 19. The comment period is open until August 18.
June 18, 2009
The final rule on disclosure and accounting requirements was published in the Federal Register on June 17.
June 16, 2009
FCS major financial indicator data as of March 31, 2009
June 15, 2009
Office of Inspector General's Survey of Farm Credit System Institutions Regarding the Agency's Examination Function, Second Quarter Fiscal Year 2009 (PDF, 42.8 KB, 6 pages)
June 12, 2009
Testimony of Chairman Leland A. Strom before the House Agriculture Subcommittee on Conservation, Credit, Energy, and Research on June 11, 2009 (PDF, 7 pages, 61.7 KB)
FCA 2008 Annual Report on the Farm Credit System (PDF, 70 pages, 27.6 MB)
June 11, 2009
The proposed rule to implement the Secure and Fair Enforcement for Mortgage Licensing Act was published in the Federal Register on June 9. The notice was issued jointly by FCA and five other financial regulators
FCA Board Approves Final Rule on Disclosure and Accounting Requirements, Receives Report on Young, Beginning, and Small Farmer Lending (news release) with related Fact Sheet and PowerPoint presentation
June 10, 2009
Responding to Local Financial Institution Failures
(Memo from FCA Chairman Leland A. Strom to FCS Boards of Directors)
June 1, 2009
Federal Agencies Propose Rule to Implement S.A.F.E. Act Mortgage Loan Originator Registration Requirements (news release, with link to full text of proposed rule)
Russell Middleton Named Associate Director for Congressional Affairs (news release)
May 29, 2009
The comment period for the proposed rule on FCS bank and association director elections has been extended for 60 days. The comment period now ends on August 14, 2009.
The notice announcing the extension was published in the Federal Register on May 22.
May 21, 2009
Amendments to Home Mortgage Provisions of Regulation Z (Truth in Lending) (Informational Memorandum)
May 20, 2009
Office of Inspector General Semiannual Report to the Congress, October 1, 2008, through March 31, 2009
(PDF, 544 KB, 23 pages)
May 15, 2009
FCA Board Adopts Proposed Rule Governing Effective Interest Rate Disclosure (news release)
April 16, 2009
FCA Board Approves Interagency Questions and Answers on Flood Insurance (news release)
A proposed rule to amend rules on FCS bank and association director elections was published in the Federal Register today.
The comment period ends on June 15.
The Farm Credit System Insurance Corporation issued a direct final rule amending its premium regulations to reflect amendments of the Farm Credit Act of 1971 that were made by the enactment of the Food, Conservation, and Energy Act of 2008.
The rule was published in the Federal Register yesterday.
April 3, 2009
Use of State-Chartered Business Entities to Hold Acquired Property (Bookletter)
April 1, 2009
Office of Inspector General's Survey of Farm Credit System Institutions Regarding the Agency's Examination Function, First Quarter Fiscal Year 2009 (PDF, 45 KB, 6 pages)
March 27, 2009
Remarks by the Honorable Leland A. Strom, Texas Farm Credit Bank Annual Meeting, Albuquerque, New Mexico, March 27, 2009 (PDF, 34 KB, 5 pages)
March 25, 2009
Fact Sheet on Director Elections Proposed Rule
March 13, 2009
Notice of Prohibition
(Informational Memorandum)
FCA Board Approves Proposed Rule on Director Elections
(news release)
March 3, 2009
Financial Institution Rating System
(Informational Memorandum)
February 24, 2009
Revised Guidelines on Submission of Proposals to Merge or Consolidate Associations
(Informational Memorandum)
February 23, 2009
Executive Compensation
(Memo from FCA Chairman Leland A. Strom to FCS Boards of Directors)
February 12, 2009
FCA Board Approves Spring 2009 Unified Agenda, Regulatory Performance Plan (news release)
Spring 2009 Regulatory Performance Plan
February 5, 2009
Regulation C Amendments Revising Rules for Reporting Price Information on Higher-Priced Mortgage Loans (Informational Memorandum)
Amendments to the Regulatory Requirements of the Real Estate Settlement Procedures Act (Informational Memorandum)
February 4, 2009
Remarks by the Honorable Leland A. Strom, Farm Credit Council Annual Meeting, San Diego, California, January 27, 2009 (PDF, 24 KB, 6 pages)
January 30, 2009
FCA Freedom of Information Act Annual Report, FY 2008 (PDF, 132 KB, 15 pages)
January 27, 2009
Maximum Bank Director Compensation for 2009 (Informational Memorandum)
The final rule to adjust civil money penalties for inflation was published in the Federal Register on January 15 and became effective January 16.
January 9, 2009
FCA Board Hears Auditor's Report on FCA's FY 2008/2007 Financial Statements (news release)
December 23, 2008
Office of Inspector General's Survey of Farm Credit System Institutions Regarding the Agency's Examination Function, Fourth Quarter and Fiscal Year Summary Report (PDF, 103 KB, 9 pages)
December 22, 2008
Consumer and Borrower Rights Regulatory Compliance Requirements (Informational Memorandum)
December 16, 2008
Farm Credit Administration Names Director of Congressional and Public Affairs (news release)
December 12, 2008
FCA Board Approves Final Rule to Adjust Civil Money Penalties (news release)
November 25, 2008
Disclosure and Accounting Requirements Proposed Rule
November 24, 2008
Market Emergency Standby Resolution (PDF, 44 KB, 3 pages)
November 19, 2008
Office of Inspector General Audit of FCA's Financial Statements, FY 2008 (PDF, 427 KB, 10 pages)
November 14, 2008
Performance and Accountability Report, Fiscal Year 2008 (PDF, 2.38 MB, 79 pages)
National Oversight and Examination Program for FY 2009 (Informational Memorandum)
November 13, 2008
FCA Board Adopts Market Emergency Standby Resolution (news release)
Statement from Chairman Leland A. Strom (news release)
Office of Inspector General Semiannual Report to the Congress, April 1 through September 30, 2008
(PDF, 298 KB, 23 pages)
October 31, 2008
Current and Future Challenges
(Memo from FCA Chairman Leland A. Strom to FCS Boards of Directors)
October 10, 2008
FCA Board Adopts Proposed Rule on Disclosure and Accounting Requirements (news release)
October 7, 2008
OIG 2008 Evaluation of FCA's Compliance with the Federal Information Security Management Act (PDF, 414 KB, 22 pages)
October 1, 2008
Statement from FCA Chairman Leland A. Strom (news release)
FCA Receives Quarter-End Capital Number from Farmer Mac (news release)
September 17, 2008
Mission Investments Update (PDF, 15 pages, 2,075 KB)
Third Quarter FY 2008 OIG Report on the Survey of FCS Institutions Regarding the Examination Function (PDF, 8 pages)
September 11, 2008
FCA Board Approves Bookletter on Director Candidate Disclosures (news release)
Distribution of Director Candidate Information (Bookletter)
September 5, 2008
FCA has clarified how an FCS institution is to incorporate its board's self-evaluation into its operational and strategic business plan. See item no. 22a in the list of FAQs About Governance Changes in 2006.
September 3, 2008
Recruiting Schedule for Fall 2008
August 14, 2008
Notice: The public comment period for the Rural Community Investments proposed rule closes Friday, August 15, 2008.
Office of Inspector General Strategic and Operating Performance Plan, Fiscal Years 2009 and 2010
Fall 2008 Regulatory Performance Plan
FCA Board Approves the Fall 2008 Unified Agenda and Regulatory Performance Plan (news release)
August 4, 2008
The final rule amending the capital regulations governing Farmer Mac became effective on July 25. The notice of effective date was published in the Federal Register.
July 22, 2008
The final rule amending the regulation governing the financing of processing and marketing operations by FCS institutions became effective July 17. The notice of effective date was published in the Federal Register.
July 14, 2008
FCA Board Considers Impact of Midwest Flooding on the Farm Credit System (news release)
July 10, 2008
FCA 2007 Annual Report on the Farm Credit System (PDF, 64 pages, 32 MB)
July 3, 2008
William Hoffman Named Chief Operating Officer for Farm Credit Administration (news release)
June 24, 2008
FCA Commends Farm Credit System for Working with Borrowers Affected by Midwest Floods (news release)
June 23, 2008
The notice of intent and request for comment on Regulatory Burden (73 FR 35361) was published in the Federal Register today. The comment period for this rule ends on August 22.
Second Quarter FY 2008
OIG Report on the Survey of FCS Institutions Regarding the Examination Function (PDF, 8 pages)
Report of Audit: Information Technology Infrastructure Project Management (PDF, 15 pages)
FY 2007 Audit of FCA's Financial Statements (PDF, 10 pages)
June 20, 2008
The proposed rule on Rural Community Investments (73 FR 33931) was published in the Federal Register on June 16.
June 12, 2008
FCS Lending to Young, Beginning, and Small Farmers Remains Solid (news release)
June 2, 2008
Leland Strom Is Designated as Chairman and CEO of the Farm Credit Administration (news release)
May 28, 2008
Office of Inspector General Audit Report: Efficiencies Realized Through Outsourcing (PDF, 13 pages, 296 KB)
May 20, 2008
FAQs About Collateral Evaluations
May 12, 2008
Office of Inspector General, Semiannual Report to Congress, October 1, 2007, through April 30, 2008 (PDF, 20 pages, 302 KB)
May 8, 2008
FCA Board Adopts a Proposed Rule to Authorize FCS Institutions to Make Rural Community Investments (news release). For more information on the proposed rule, see the fact sheet attached to the news release.
April 23, 2008
Informational Memorandum: Collateral Evaluation Requirements and Frequently Asked Questions
Comments by Andrew D. Jacob at the Commodity Futures Trading Commission's Agricultural Forum
April 10, 2008
The Office of Inspector General has added one peer review and the five most recent FCS survey reports to its list of Other Inspector General Publications.
FCA Board Issues a Final Rule Amending the Criteria that Processing and Marketing Operations Must Meet to Qualify for FCS Financing (news release). For more information on the final rule, see the fact sheet attached to the news release.
March 21, 2008
FCA and five other Federal financial institution regulatory
agencies issued a joint news release today titled "Agencies Release Proposed Revisions to Interagency
Questions and Answers Regarding Flood Insurance."
March 13, 2008
FCA
Board Approves Proposed Revisions to “Interagency Questions
and Answers Regarding Flood Insurance” (news release)
February 26, 2008
The Frequently Asked Questions on the Disclosure and Reporting Rule have been updated.
February 19, 2008
Floor Nomination Procedures for System Associations and Banks (Bookletter 055, issued by the FCA Board on February 14, 2008)
February 14, 2008
FCA Board Identifies Conditions Warranting Referral to the FCA Regulatory Enforcement Committee (news release)
February 12, 2008
Informational Memorandum: Instructions for Filing Part 620 Reports with FCA
The final rule on Disclosure to Shareholders—Annual Report to Shareholders became effective on February 6. The notice (PDF, 1 page, 37.67 KB) was published today in the Federal Register.
February 5, 2008
Informational Memorandum: Maximum Bank Director Compensation for 2008
January 31, 2008
FCA FY 2007 Freedom of Information Act Annual Report
(PDF, 11 pages, 60.53 KB)
January 17, 2008
Effect of Financial Accounting Standards No. 158 on Regulatory Capital (Bookletter 054, approved by the FCA Board on January 8, 2008)
January 10, 2008
FCA Board Hears Auditor’s Report on FCA’s FY 2007/2006 Financial Statements (news release)
December 28, 2007
FCA issued five Informational Memorandums in December 2007:
December 27, 2007
The direct final rule on
Disclosure to Investors in System-Wide and Consolidated Bank Debt Obligations of the Farm Credit System was published in the Federal Register on November 15, 2007.
The final rule on Priority of Claims—Joint and Several Liability and the direct final rule on Priority of Claims—Subordinated Debt became effective November 16, 2007.
The final rule on Disclosure to Shareholders—Annual Report to Shareholders was published in the Federal Register on December 4, 2007.
December 14, 2007
FCA Board Rescinds Policy Guidance Documents Governing Farm Credit System Institutions
(news release)
Updates to sections of the FCA Examination Manual—Information Technology are now available.
December 11, 2007
On November 9, 2007, sections of Regulations B, M, and Z pertaining to the electronic delivery of disclosures were amended. For more information, see FCA’s E-commerce page.
November 14, 2007
FCA Performance and Accountability Report, Fiscal Year 2007
(PDF, 82 pages, 6.00 MB)
November 8, 2007
FCA Board Adopts Final Rule Extending Distribution Deadline for FCS Annual Reports to Shareholders (news release)
November 6, 2007
Advance notice of proposed rulemaking on the Capital Adequacy–Basel Accord was published in the Federal Register last week. The comment period for this rule ends on March 31, 2008.
October 12, 2007
Office of Inspector General, Semiannual Report to the Congress, April 1 through September 30, 2007 (PDF, 19 pages, 399.37 KB)
FCA Board Adopts Final Rule to Require External Auditors of the Funding Corporation to Directly Assess Internal Control Over Financial Reporting
(news release)
October 5, 2007
2007 Federal Information Security Management Act (FISMA) Evaluation
(PDF, 18 pages, 181.98 KB)
October 2, 2007
FCA has clarified that service corporations are technically required to conduct annual board self-evaluations. See item
no. 5 in the list of FAQs related to governance changes in 2006.
September 13, 2007
FCA Board Approves Final Rules on Priority of Claims
(news release)
August 28, 2007
Office of Inspector General FY 2008-2009 Strategic and Operating Performance Plan (PDF, 35 pages, 885.89 KB)
August 14, 2007
FCA published an Informational Memorandum titled
Adverse Actions Based on Consumer Credit Reports.
August 10, 2007
FCA issued a revised Bookletter titled
Providing Sound and Constructive Credit to Young, Beginning, and Small Farmers, Ranchers, and Producers or Harvesters of Aquatic Products.
August 3, 2007
The Office of Inspector General has issued a report on its inspection of
FCA’s Enforcement Program. (PDF, 11 pages, 178.56 KB)
The
2006 Peer Review of FCA’s Office of Inspector General is available. (PDF, 1 page)
June 29, 2007
FCA 2006 Annual Report on the Farm Credit System contains information on the financial condition and performance of the FCS and on its service to young, beginning and small farmers. (PDF, 74 pages, 4.14 MB)
June 19, 2007
Disclosure and Reporting Rule Frequently Asked Questions and a related table providing a Summary of Compliance Dates are available.
June 14, 2007
Farm Credit Administration Considers Revisions to Capital Rules (news release)
May 10, 2007
Farm Credit System Lending to Young, Beginning and Small Farmers and Ranchers Continues to Increase (news release)
March 27, 2007
Chairman Nancy C. Pellett's testimony (PDF, 16 pages, 46.01 KB) presented at the House Agriculture Subcommittee on Conservation, Credit, Energy, and Research hearing regarding a review of credit availability in rural America.
March 6, 2007
The Role of Farm Credit System Nominating Committees (revised) brochure (PDF, 2 pages, 1.11 MB)
Two frequently asked questions (FAQs) have been added to the governance FAQs. They are FAQ 10 under Board Composition and FAQ 38 under Director Elections and the Annual Meeting Information Statement.
