[Federal Register Volume 86, Number 202 (Friday, October 22, 2021)]
[Rules and Regulations]
[Pages 58559-58560]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-23062]


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FARM CREDIT ADMINISTRATION

12 CFR Part 612

RIN 3052-AC44


Standards of Conduct

AGENCY: Farm Credit Administration.

ACTION: Notification of effective date.

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SUMMARY: The Farm Credit Administration (FCA) issued a final rule 
amending our regulations governing standards of conduct of directors 
and employees of the Farm Credit System (System) institutions to 
require each System institution to have or develop a Standards of 
Conduct Program based on core principles.

DATES: The final rule amending subpart A of 12 CFR part 612, published 
on September 13, 2021 (86 FR 50956), is effective on January 1, 2023.

FOR FURTHER INFORMATION CONTACT: 
    Technical information: Lori Markowitz, Senior Policy Analyst, 
Office of Regulatory Policy, Farm Credit Administration, (703) 883-
4487, TTY (703) 883-4056, [email protected].
    Legal information: Laura McFarland, Senior Counsel, Office of 
General Counsel, Farm Credit Administration, (703) 883-4020, TTY (703) 
883-4056.

SUPPLEMENTARY INFORMATION: On September 13, 2021, FCA issued a final 
rule adopting amendments to our regulations governing standards of 
conduct of System directors and employees, excluding the Federal 
Agricultural Mortgage Corporation. The final rule requires each System 
institution to have or develop a Standards of Conduct Program based on 
core principles which serve as the foundation for ethical conduct, 
including requiring each System institution to adopt a Code of Ethics 
and address the responsibilities of directors, employees, and Standards 
of Conduct Officials.
    In accordance with 12 U.S.C. 2252(c)(1), the effective date of the 
rule may be no earlier than 30 days from the date of publication in the 
Federal Register during which either or both

[[Page 58560]]

Houses of Congress are in session. The Act does not prevent FCA from 
identifying an effective date that provides more than the minimum 
required amount of time. The Standards of Conduct rule was expected to 
be effective on or about November 3, 2021, but the FCA Board voted on 
October 18, 2021 to delay the effective date to January 1, 2023. FCA 
believes postponing the effective date will allow System institutions 
the necessary time to develop and implement the required Standards of 
Conduct policies, as well as train directors and employees on the new 
requirements.
    We are inviting the public to comment on the change in effective 
date. You may submit comments on this action within 30 days of this 
notice by any of the following methods:
     Email: Send us an email at [email protected].
     Agency Website: http://www.fca.gov. Once you are at the 
website, select the ``I want to . . .'' field near the top of the page; 
select ``comment on a pending regulation'' from the dropdown menu; and 
click ``Go''.
     Mail: Kevin J. Kramp, Director, Office of Regulatory 
Policy, Farm Credit Administration, 1501 Farm Credit Drive, McLean, VA 
22102-5090.
    If FCA receives significant adverse comments on delaying the 
effective date for this rule, FCA will publish a notice withdrawing 
this notice that will indicate how the agency will proceed.

    Dated: October 19, 2021.
Dale Aultman,
Secretary, Farm Credit Administration.
[FR Doc. 2021-23062 Filed 10-21-21; 8:45 am]
BILLING CODE 6705-01-P