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FARM CREDIT ADOPTS RULE ON STANDARDS-OF-CONDUCT REQUIREMENTS
Source: Farm Credit Administration

The Farm Credit Administration Board today approved a proposed rule that would amend the agency's regulations governing standards-of-conduct requirements for Farm Credit System (System) institutions.

The objectives of the proposed rule include the following:

To clarify prohibitions on lending transactions and the purchase of System-acquired property.

To strengthen accountability for standards of conduct for directors, standards-of-conduct officials, employees and agents.

To require each System institution to adopt a code of ethics.

To require each System institution to have an in-house standards-of-conduct official.

To modify definitions and give the boards of System institutions the flexibility to make exceptions to certain provisions of the standards-of-conduct regulations in situations where no conflict of interest exists.

Following a 30-day period for congressional review, the proposed rule will be published in the Federal Register for a 90-day comment period.

The public may submit comments by electronic mail to reg-comm@fca.gov, through the Pending Regulations section of FCA's website at www.fca.gov, or through the federal government Web portal at www.regulations.gov.

The public may also submit comments by mail to Barry F. Mardock, 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, Va., or on FCA's website at www.fca.gov.


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