Rule2024-01738
Conservators and Receivers
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
January 30, 2024
Effective
January 17, 2024
Issuing agencies
Farm Credit Administration
Abstract
The Farm Credit Administration (FCA) issued a final rule that amended our conservators and receiver regulations for Farm Credit System (FCS) banks, associations, service corporations, and the Federal Farm Credit Banks Funding Corporation (Funding Corporation).
Full Text
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<title>Federal Register, Volume 89 Issue 20 (Tuesday, January 30, 2024)</title>
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[Federal Register Volume 89, Number 20 (Tuesday, January 30, 2024)]
[Rules and Regulations]
[Page 5760]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-01738]
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FARM CREDIT ADMINISTRATION
12 CFR Parts 619 and 627
RIN 3052-AD48
Conservators and Receivers
AGENCY: Farm Credit Administration.
ACTION: Notification of effective date.
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SUMMARY: The Farm Credit Administration (FCA) issued a final rule that
amended our conservators and receiver regulations for Farm Credit
System (FCS) banks, associations, service corporations, and the Federal
Farm Credit Banks Funding Corporation (Funding Corporation).
DATES: This final rule was published on November 24, 2023 (88 FR
82238), is effective as of January 17, 2024.
FOR FURTHER INFORMATION CONTACT:
Technical information: Jason Moore, Associate Director, Office of
Regulatory Policy, Farm Credit Administration, McLean, VA 22102-5090,
(703) 883-4414, TTY (703) 883-4056; or
Legal Information: Karen Hunter, Attorney Advisor, or Richard A.
Katz, Senior Counsel, Office of General Counsel, Farm Credit
Administration, McLean, VA 22102-5090, (703) 883-4020, TTY (703) 883-
4056.
SUPPLEMENTARY INFORMATION: On November 9, 2023, FCA issued a final rule
that amended our regulations governing the appointment of the Farm
Credit System Insurance Corporation (FCSIC) as the conservator or
receiver of FCS banks, associations, service corporations, and the
Funding Corporation. The final rule ensures that FCA conservatorship
and receivership regulations are consistent with section 5412 of the
Agricultural Improvement Act of 2018, which added section 5.61C to the
Farm Credit Act of 1971, as amended(12 U.S.C. 2277a-10c), to
strengthen, update and clarify FCSIC's powers as the conservator or
receiver of these above-mentioned FCS institutions. Additionally, the
final rule consolidates and reorganizes FCA's conservatorship and
receivership regulations so they are easier to understand and use.
Finally, FCA made conforming amendments to its definitional regulations
in Part 619 to exempt bridge System banks from other FCA regulations
that apply to viable and solvent FCS banks.
In accordance with 12 U.S.C. 2252(c)(1), the effective date of the
rule is no earlier than 30 days from the date of publication in the
Federal Register during which either or both Houses of Congress are in
session. Based on the records of the sessions of Congress, the
effective date of the regulations is January 17, 2024.
Dated: January 24, 2024.
Ashley Waldron,
Secretary to the Board, Farm Credit Administration.
[FR Doc. 2024-01738 Filed 1-29-24; 8:45 am]
BILLING CODE 6705-01-P
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</html>Indexed from Federal Register on January 30, 2024.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.