|Subject:||Rescission of Policy Statement 75 on Farm Credit System Service to Young, Beginning, and Small Farmers and Ranchers|
|Date of Memorandum:||04/15/2004|
|Expiration Date:|| |
|Signed By:||Dunn, Michael|
|FCA Contact Person:||Donnelly, Robert|
|Contact Phone:||703 883-4450|
|List of Attachments:|
April 15, 2004
To: Chairman, Board of Directors
Chief Executive Officer
All Farm Credit Institutions
From: Michael V. Dunn, Director
Office of Policy and Analysis
Subject: Rescission of Policy Statement 75 on Farm Credit System Service to Young, Beginning, and Small Farmers and Ranchers
At its March 11, 2004, meeting, the Farm Credit Administration (FCA or agency) Board adopted a final rule that amends the agency's regulation on Farm Credit System (System) Service to Young, Beginning, and Small farmers and ranchers and producers or harvesters of aquatic products (YBS farmers and ranchers or YBS). The final YBS regulation sets forth the minimum components to be included in a direct lender association’s YBS program and outlines reporting and disclosure requirements concerning System YBS programs and performance. The FCA Board adopted the amendments to the YBS regulation to ensure that the System remains a reliable source of credit and services to this important group of American farmers and ranchers.
With the adoption of the final YBS rule, the FCA Board rescinds Policy Statement 75, Farm Credit System Service to Young, Beginning, and Small Farmers and Ranchers, dated December 10, 1998. The FCA Board's action reflects that the guiding principles on service to YBS farmers and ranchers contained in the policy statement are replaced by the provisions of the final rule; thus, the policy statement is no longer needed. The rescission of the policy statement will coincide with the effective date of the final YBS rule.
FCA Bookletter-040, captioned Policy and Reporting Changes for Young, Beginning, and Small Farmers and Ranchers Programs, also issued in December 1998, contains additional guidance on YBS programs and reporting for System institutions. Similar to YBS Policy Statement 75, much of the guidance in the Bookletter has been replaced by the final YBS regulation. However, the Bookletter contains certain guidance that must be retained at this time. This guidance will be incorporated into the YBS reporting instructions that the agency issues for its annual Call Request to the System for YBS data.
If you have any questions about this document, please call S. Robert Coleman, Director, Regulation and Policy Division, Office of Policy and Analysis, (703) 883-4246, or write to him on the Internet at e-mail address Colemanr@fca.gov.