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FARM CREDIT ADMINISTRATION SUBMITS RULE PROHIBITING BORROWERS FROM BEING ON FCS BOARDS
Source: Farm Credit Administration news release

The Farm Credit Administration board today approved a proposed rule that would amend the regulations on Farm Credit System governance. This proposed rule seeks to clarify the eligibility requirements of an outside director to achieve the independence intended by the statutory requirements.

The proposed rule would modify the existing outside director eligibility criteria under 611.220 by expanding the list of persons who would be excluded from nomination for an outside director's seat. The proposed rule would add the following individuals to the list of persons excluded from consideration for an outside director position:

Borrowers of the institution

Immediate family members of any director, officer, employee, agent, stockholder, or borrower of a System institution

Anyone who has a controlling interest in an entity that borrows from a System institution or an organization affiliated with a System institution

In addition, the proposed rule makes conforming changes that would add a new definitions section in 611.220 to provide clarity on the meaning of the new outside director eligibility criteria.

Following a 30-day period for congressional review, the proposed rule will be published in the Federal Register for a 60-day comment period. The public may submit comments by electronic mail to reg-comm@fca.gov, through the public comment form on FCA's website, 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, Virginia, or on the public comments page on FCA's website.

Notational vote

Since the June 14 FCA board meeting, one notational vote has occurred. On June 27, the board voted to adopt the FCA Strategic Plan for 2018 to 2023. Notational votes are actions taken by the FCA board between board meetings.


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