[Federal Register Volume 79, Number 204 (Wednesday, October 22, 2014)]
[Rules and Regulations]
[Page 63033]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-25005]
[[Page 63033]]
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FARM CREDIT ADMINISTRATION
12 CFR Part 621
RIN 3052-AC75
Releasing Information; General Provisions; Accounting and
Reporting Requirements; Reports of Accounts and Exposures
AGENCY: Farm Credit Administration.
ACTION: Final rule; notice of compliance date.
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SUMMARY: The Farm Credit Administration (FCA, we, or our) issued a
final rule on December 24, 2013, to establish a regulatory framework
for Farm Credit System (System) banks and associations to report their
accounts and exposures to the FCA. The final rule required compliance
as of the effective date, which was February 21, 2014, except for
certain Reporting Entity's requirements. The compliance date for those
requirements was delayed to allow for the development of and transition
to the System's central data repository. This document provides the
compliance date for the Reporting Entity requirements.
DATES: The compliance date for the Reporting Entity requirements under
Sec. 621.15(b)(1) through (6), published December 24, 2013, at 78 FR
77557, effective February 21, 2014, is October 22, 2014.
FOR FURTHER INFORMATION CONTACT:
Susan T. 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, Virginia 22102-5090, (703) 883-4020, TTY (703)
883-4056.
SUPPLEMENTARY INFORMATION: We issued a final rule on December 24, 2013,
to establish a regulatory framework for the reporting of System
accounts and exposures. The final rule established the reporting
requirements and performance responsibilities, including, but not
limited to, establishing uniform and standard data fields to be
collected from all System banks and associations and a disciplined and
secure delivery of information. The final rule authorized a Reporting
Entity (defined as the Federal Farm Credit Banks Funding Corporation
(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 required all banks and
associations to provide data to the Reporting Entity to facilitate the
collection, enhancement, and reporting of data to FCA.
The final rule required compliance as of the effective date, which
was February 21, 2014, except for the Reporting Entity's requirements
under Sec. 621.15(b)(1) through (6). The final rule specified that the
compliance date would be delayed for the Reporting Entity's
requirements under Sec. 621.15(b)(1) through (6) to allow for the
development of and transition to the System's central data repository.
During the System's data repository development phase, the banks
and associations continued to prepare and submit the reports of
accounts and exposures to FCA in accordance with the instructions
prescribed by FCA under Sec. 621.15(a) of the final rule. The
Reporting Entity now has the ability to prepare and submit reliable,
timely, complete and accurate reporting of accounts and exposures.
Therefore, full compliance with all provisions of the final rule is
required on October 22, 2014 for accounts and exposures data as of the
quarterly period ended September 30, 2014.
Dated: October 16, 2014.
Dale L. Aultman,
Secretary, Farm Credit Administration Board.
[FR Doc. 2014-25005 Filed 10-21-14; 8:45 am]
BILLING CODE 6705-01-P