At its monthly meeting today, the Farm Credit Administration board issued a notice of intent and request for comment to solicit input from the public and other interested parties on the appropriateness of FCA’s regulatory requirements on the Farm Credit System (System).
The notice seeks public input on FCA regulations that may duplicate other requirements, are not effective in achieving the stated objectives, are not based on law, or impose burdens that are greater than the benefits received.
As the Farm Credit System Reform Act of 1996 acknowledges, FCA made considerable progress since 1988 in reducing regulatory burden on System institutions. To comply with the 1996 act and to continue these efforts, FCA issues a notice on regulatory burden at least every five years.
The notice issued today seeks comment on all FCA regulations that were effective before Jan. 1, 2017, and are not currently under review. FCA is not requesting further comment on the recently completed Basel III tier 1 and tier 2 capital rule, which became effective Jan. 1, 2017.
This review is consistent with the intent of Executive Order 13771, dated Jan. 30, 2017, which seeks to reduce regulations and control regulatory costs, although the executive order does not apply to independent regulatory agencies, including FCA.
The notice will be published in the Federal Register, and the comment period is open for 90 days from the date of publication.
The public may submit comments by electronic mail to email@example.com, 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.
To read submitted comments, go to the Public Comments page on the FCA website or visit the FCA office in McLean, Va.
During the closed session of the meeting, the board received a periodic report from the Office of Secondary Market Oversight.
Since the April FCA board meeting, the following notational vote has occurred. Notational votes are actions taken by the FCA board between board meetings.
• On April 27, the board approved a modification to FCA’s locality rates.