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April 22, 1997

To: The Chief Executive Officer
All Farm Credit System Institutions

From: Stephen G. Smith, Director /s/
Information Resources Division

Subject: Federal Records Maintained by Farm Credit System Institutions


As part of the Farm Credit Administration's (FCA or Agency) initiative to eliminate unnecessary, outdated, duplicative, or burdensome regulatory requirements, the FCA eliminated sections 618.8360(a)(5) and 618.8380-8420 of the Agency’s regulations, effective March 4, 1997. These sections pertained to Federal records (see list on the next page) which were maintained by Farm Credit System (System) institutions during the period when System institutions were still capitalized by the Federal government. The FCA eliminated these regulations because they refer to records over 30 years old that are no longer being actively collected or maintained by System institutions.

The FCA now needs to ensure that any of these Federal records still in the possession of System institutions are disposed of according to the National Archives' requirements for Federal records. Such disposal will require either transferring the records to the National Archives or destroying them. The Records Officer at the FCA will provide records disposition guidance to System institutions and will coordinate the transfer of any records that need to be transferred to the National Archives.

By July 31, 1997, System institutions need to review their records to determine if they are holding any of the Federal records listed below. Each institution needs to notify Cheryl Thomas, Records Officer, Information Resources Division, Farm Credit Administration, as to whether or not it has any of these records, and if so, the types, dates, and approximate size of their holdings (in linear feet).

We appreciate your efforts in complying with these requirements. If you have any questions regarding this guidance, please address them to Cheryl Thomas at (703) 883-4119.

Federal records identified in section 618.8390

• Commissioner loan records (Commissioner loans were loans made through the Federal Land Banks and financed through the Federal Farm Mortgage Corporation. Authority to make these loans expired July 1, 1947);
• Records of the Federal Farm Mortgage Corporation (closed in 1961);
• Records of the Federal Intermediate Credit Banks and Production Credit Corporations in existence on December 31, 1956; and
• Records created prior to 1957 relating to the liquidation of any Production Credit Association.