United States Government Publishing Office publisher pbl distributor dst United States National Archives and Records Administration Office of the Federal Register author aut Government Organization text government publication eng FR Regulatory Information 2006_register executive 2010-09-22 article Part II Rules and Regulations D09002ee1c810163e D09002ee1c81016fe United States Farm Credit Administration originator org United States Government Agency or Subagency The Farm Credit Administration (FCA, we, or our) issues this final rule amending our regulations affecting the governance of the Farm Credit System (System). The final rule enhances impartiality and disclosure in the election of directors; requires that Farm Credit banks and associations establish policies identifying desirable director qualifications; requires boards to have a director or an advisor who is a financial expert; requires System institutions to establish director training procedures; and ensures that boards conduct annual self-evaluations. The final rule addresses the term of service and removal of outside directors, while requiring all Farm Credit banks and associations with assets over $500 million to have at least two outside directors. The rule also provides associations with small boards an exemption from having at least two outside directors. The rule further requires that Farm Credit banks and associations have nominating committees and that all System institutions have audit and compensation committees. The final rule clarifies the current rule on disclosure of conflicts of interest and compensation. The final rule does not apply to the Federal Agricultural Mortgage Corporation (FAMC). 71 FR 5740 https://www.govinfo.gov/app/details/FR-2006-02-02/06-829 06-829 fr02fe06-8 RIN 3052-AC19 6705-01-U https://www.govinfo.gov/app/details/FR-2006-02-02/06-829 https://www.govinfo.gov/content/pkg/FR-2006-02-02/html/06-829.htm https://www.govinfo.gov/content/pkg/FR-2006-02-02/pdf/06-829.pdf Agriculture Banks Banking Rural Areas Conflicts of Interest Crime Investigations Foreign Trade Reporting and Recordkeeping Requirements Accounting Government Securities Investments Archives and Records Insurance Technical Assistance Organization and Functions (Government Agencies) 29 p. 5740 5768 71 FR 5740 Title 12 Part 611 12 CFR Part 611 Title 12 Part 612 12 CFR Part 612 Title 12 Part 614 12 CFR Part 614 Title 12 Part 615 12 CFR Part 615 Title 12 Part 618 12 CFR Part 618 Title 12 Part 619 12 CFR Part 619 Title 12 Part 620 12 CFR Part 620 Title 12 Part 630 12 CFR Part 630 RIN 3052-AC19 Organization; Standards of Conduct and Referral of Known or Suspected Criminal Violations; Loan Policies and Operations; Funding and Fiscal Affairs, Loan Policies and Operations, and Funding Operations; General Provisions; Definitions; Disclosure to Shareholders; Disclosure to Investors in System-Wide and Consolidated Bank Debt Obligations of the Farm Credit System; Federal Register Vol. 71, Issue RULE 06-829 II FARM CREDIT ADMINISTRATION 6705-01-U 06-829 Final rule.

The Farm Credit Administration (FCA, we, or our) issues this final rule amending our regulations affecting the governance of the Farm Credit System (System). The final rule enhances impartiality and disclosure in the election of directors; requires that Farm Credit banks and associations establish policies identifying desirable director qualifications; requires boards to have a director or an advisor who is a financial expert; requires System institutions to establish director training procedures; and ensures that boards conduct annual self-evaluations. The final rule addresses the term of service and removal of outside directors, while requiring all Farm Credit banks and associations with assets over $500 million to have at least two outside directors. The rule also provides associations with small boards an exemption from having at least two outside directors. The rule further requires that Farm Credit banks and associations have nominating committees and that all System institutions have audit and compensation committees. The final rule clarifies the current rule on disclosure of conflicts of interest and compensation. The final rule does not apply to the Federal Agricultural Mortgage Corporation (FAMC).

Effective Date: This regulation will be effective 30 days after publication in the Federal Register during which either or both Houses of Congress are in session except for Sec. Sec. 611.210(a)(2), 611.220(a)(2)(i) and (ii), 611.325, and 620.21(d)(2) which will be effective one year from the effective date of this rule. We will publish a notice of the effective date in the Federal Register. Gary Van Meter, Deputy Director, Office of Regulatory Policy, Farm Credit Administration, McLean, VA 22102-5090, (703) 883-4232, TTY (703) 883-4434, Agriculture Banks Banking Rural Areas Conflicts of Interest Crime Investigations Foreign Trade Reporting and Recordkeeping Requirements Accounting Government Securities Investments Archives and Records Insurance Technical Assistance Organization and Functions (Government Agencies) Corporate governance, Vol. 71, no. 22 Office of the Federal Register, National Archives and Records Administration 2006-02-02 continuing daily deposited born digital 206 p. Table of Contents: AE 2.7: GS 4.107: AE 2.106: KF70.A2 https://www.govinfo.gov/app/details/FR-2006-02-02 P0b002ee18093d49a 0097-6326 0042-1219 0364-1406 769-004-00000-9 000582072 f:fr02fe06 https://www.govinfo.gov/app/details/FR-2006-02-02 https://www.govinfo.gov/content/pkg/FR-2006-02-02/pdf/FR-2006-02-02.pdf https://www.govinfo.gov/content/pkg/FR-2006-02-02/xml/FR-2006-02-02.xml fdlp 5579 5775 DGPO 2010-09-22 2024-06-06 FR-2006-02-02 machine generated eng FR FR-2006-02-02 71 22