Farm Credit Administration
1501 Farm Credit Drive
McLean, Virginia 22102-5090
For Immediate Release
Contact: Martha Schober or Christine Quinn, 703-883-4056
Web site: www.fca.gov
FCA Board Approves Final Rule on Agency Organization, Functions
McLEAN, Va., November 8, 2005 — The Farm Credit Administration (FCA or Agency) Board today approved a final rule amending its regulations to reflect changes resulting from recent office reorganizations.
The final rule will be effective 30 days after publication in the Federal Register during which at least one house of Congress is in session.
In other business, the FCA Board heard a briefing on the Agency’s fiscal year 2005 budget actual results and the status of Agency investments in U.S. Treasury securities.
Since the October 13 Board meeting, two substantive notational votes have occurred. Notational votes are actions taken by the FCA Board between Board meetings to meet statutory time limits.
The FCA Board authorized AgFirst Farm Credit Bank, the Farm Credit Bank of Texas, and their 46 affiliated associations to make investments under a pilot investment program.
The FCA Board also authorized First Pioneer Farm Credit, ACA to make investments under a program that complements its young, beginning, and small farmer program.
The Farm Credit Administration is the safety and soundness regulator of the cooperative Farm Credit System. FCA charters, regulates, and examines the 109 banks, associations, and service corporations of the System. System institutions make loans to agricultural producers and their cooperatives nationwide. Members of the FCA Board are Nancy C. Pellett, Chairman and CEO, Douglas L. “Doug” Flory, and Dallas P. Tonsager.
Note: FCA news releases are available on the Internet. Access the FCA Home Page at www.fca.gov.