Jul 21, 2022Farm Credit Administration board issues request for comment on regulatory burden
At its monthly meeting today, the Farm Credit Administration (FCA) board issued a notice of intent and a request for comment to solicit input from the public and other interested parties on the appropriateness of FCA’s regulatory requirements on the Farm Credit System (System).
The notice seeks public input on FCA regulations that may duplicate other requirements, are ineffective, are not based on law, or impose burdens that are greater than the benefits received.
To comply with the Farm Credit System Reform Act of 1996 to continue a comprehensive review of our regulations, FCA issues a request for comment on regulatory burden approximately every five years.
The notice issued today seeks comment on all FCA regulations that were effective before Jan. 1, 2022. The agency is particularly interested in how its regulations affect some System associations differently from others, depending on association size, location, and complexity of operations. These comments will be useful to FCA’s small association workgroup, which was formed earlier this year to study the needs and challenges of smaller System associations.
Following publication of the notice in the Federal Register, the public will have 90 days to submit comments. Comments may be submitted by electronic mail to firstname.lastname@example.org or through the public comment form on FCA’s website. The public may also submit comments by mail to Autumn R. Agans, Deputy Director, Office of Regulatory Policy, Farm Credit Administration, 1501 Farm Credit Drive, McLean, VA 22102-5090. The public may read submitted comments at the FCA office in McLean, Virginia, or on the public comments page on FCA’s website.
During a closed session, the board received two reports. The first provided an update on the cybersecurity risks facing FCA and the Farm Credit System. The second was a periodic report from the Office of Secondary Market Oversight.
Since the June 13, FCA board meeting, three notational votes have occurred. Notational votes are actions the FCA board takes between board meetings.
On June 13, the FCA board authorized the agency’s chief financial officer to make an internal reallocation of funds. On July 1, the board voted not to object to a System institution’s proposed offering circular for the issuance of preferred stock. On July 6, the board voted to approve a request from a System institution to redeem certain preferred stock included in its regulatory capital.