[Federal Register Volume 79, Number 38 (Wednesday, February 26, 2014)]
[Rules and Regulations]
[Page 10661]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-04197]
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Rules and Regulations
Federal Register
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Federal Register / Vol. 79, No. 38 / Wednesday, February 26, 2014 /
Rules and Regulations
[[Page 10661]]
FARM CREDIT ADMINISTRATION
12 CFR Parts 602, 618, and 621
RIN 3052-AC76
Releasing Information; General Provisions; Accounting and
Reporting Requirements; Reports of Accounts and Exposures
AGENCY: Farm Credit Administration.
ACTION: Notice of effective date.
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SUMMARY: The Farm Credit Administration (FCA or we) adopted a final
rule to establish a regulatory framework for the reliable, timely,
accurate, and complete reporting of Farm Credit System (System)
accounts and exposures for examination activities and risk evaluation.
The final rule specifies the reporting requirements and performance
responsibilities, including, but not limited to, establishing uniform
and standard data fields to be collected from all System institutions
and a disciplined and secure delivery of information. The final rule
authorizes a Reporting Entity (defined as the Federal Farm Credit Banks
Funding Corporation or an entity approved by FCA), to collect data from
all banks and associations and serve as the central data repository
manager. Additionally, the final rule requires all banks and
associations to provide data to the Reporting Entity to facilitate the
collection, enhancement, and reporting of data to FCA. In accordance
with the law, the effective date of the rule is 30 days from the date
of publication in the Federal Register during which either or both
Houses of Congress are in session.
DATES:
Effective date: Under the authority of 12 U.S.C. 2252, the
regulation amending 12 CFR parts 602, 618, and 621 published on
December 24, 2013 (78 FR 77557), is effective February 21, 2014.
Compliance Date: All provisions of this regulation require
compliance on the effective date, except the Reporting Entity's
requirements under Sec. 621.15(b)(1) through (6). We are delaying
compliance with these requirements to allow for the development of and
transition to the System's central data repository. We will publish the
compliance date for these requirements in the Federal Register.
FOR FURTHER INFORMATION CONTACT:
Susan Coleman, Senior Policy Analyst, Office of Regulatory Policy, Farm
Credit Administration, McLean, VA 22102-5090, (703) 883-4491, TTY (703)
883-4056, or
Jane Virga, Senior Counsel, Office of General Counsel, Farm Credit
Administration, McLean, VA 22102-5090, (703) 883-4020, TTY (703) 883-
4056.
SUPPLEMENTARY INFORMATION: The Farm Credit Administration (FCA or we)
adopted a final rule to establish a regulatory framework for the
reliable, timely, accurate, and complete reporting of Farm Credit
System (System) accounts and exposures for examination activities and
risk evaluation. The final rule specifies the reporting requirements
and performance responsibilities, including, but not limited to,
establishing uniform and standard data fields to be collected from all
System institutions and a disciplined and secure delivery of
information. The final rule authorizes a Reporting Entity (defined as
the Federal Farm Credit Banks Funding Corporation or an entity approved
by FCA), to collect data from all banks and associations and serve as
the central data repository manager. Additionally, the final rule
requires all banks and associations to provide data to the Reporting
Entity to facilitate the collection, enhancement, and reporting of data
to FCA. In accordance with 12 U.S.C. 2252, the effective date of the
final rule is 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 February 21, 2014.
(12 U.S.C. 2252(a)(9) and (10))
Dated: February 21, 2014.
Dale L. Aultman,
Secretary, Farm Credit Administration Board.
[FR Doc. 2014-04197 Filed 2-25-14; 8:45 am]
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