Privacy Act of 1974; System of Records

Official abstract: Pursuant to the provisions of the Privacy Act of 1974, as amended (5 U.S.C. 552a), notice is hereby given that the Farm Credit Administration (FCA or Agency) is amending an existing system of records, FCA-1--Employee Attendance, Leave, and Payroll Records--FCA. The Employee Attendance, Leave, and Payroll Records--FCA system is used to prepare payroll, meet Government payroll recordkeeping and reporting requirements, prepare reports, and retrieve and supply payroll and leave information as required for Agency needs. The Agency is updating the notice to reflect changes to the categories of individuals and records maintained in the system, as well as to the Policies and Practices for Storage of Records and the Administrative, Technical and Physical Safeguards sections.

Privacy Act of 1974; System of Records

Official abstract: Pursuant to the provisions of the Privacy Act of 1974, as amended (5 U.S.C. 552a), notice is hereby given that the Farm Credit Administration (FCA or Agency) is amending an existing system of records, FCA-4--Biographical Files--FCA. The Biographical Files--FCA system is used to inform the public about the background of FCA and FCSIC officials. The Agency is updating the notice to reflect changes to the categories of individuals and records maintained in the system, the record source categories, and to clarify the system purposes, as well as make changes to the Policies and Practices for Storage of Records and the Administrative, Technical and Physical Safeguards sections. Additionally, a modification to a routine use for the system has been made.

Privacy Act of 1974; System of Records

Official abstract: Pursuant to the provisions of the Privacy Act of 1974, as amended (5 U.S.C. 552a), notice is hereby given that the Farm Credit Administration (FCA or Agency) is amending an existing system of records, FCA-19--Non-Payroll Employee Administrative Records System. The Non-Payroll Employee Administrative Records System is used to collect information used for non-payroll personnel actions and human resources administrative purposes, including administering supplemental benefits, employee assistance programs, and work life programs. The Agency is updating the notice to reflect changes to the categories of individuals maintained in the system, the record source categories, and to the Policies and Practices for Storage of Records and the Administrative, Technical and Physical Safeguards sections.

Privacy Act of 1974; System of Records

Official abstract: Pursuant to the provisions of the Privacy Act of 1974, as amended (5 U.S.C. 552a), notice is hereby given that the Farm Credit Administration (FCA or Agency) is amending an existing system of records, FCA-11--Litigation and Administrative Adjudication Files--FCA. The FCA-11--Litigation and Administrative Adjudication Files--FCA system is used to track litigation matters and to draft legal opinions and litigation reports. The Agency is updating the notice to reflect changes to the categories of individuals and records source categories for the system, as well as to the Policies and Practices for Storage of Records and the Administrative, Technical and Physical Safeguards sections.

Informational Meeting

Official abstract: Notice of the forthcoming Farm Credit Administration informational meeting is hereby given.

Informational Meeting

Official abstract: Notice of the forthcoming Farm Credit Administration informational meeting is hereby given.

Loan Performance Categories and Financial Reporting

Official abstract: The Farm Credit Administration (FCA, we, or our) amends our regulatory high-risk loan performance categories by removing "Formally restructured loans (TDR)," also known as troubled debt restructurings. In 2022, changes in generally accepted accounting principles (GAAP) eliminated the accounting guidance for TDRs, enhanced disclosure requirements for certain loan refinancings and restructurings undertaken when a borrower is experiencing financial difficulty and changed existing vintage year disclosure requirements for public business entities. This final rule removes TDRs from our regulatory loan performance categories to reflect changes in GAAP. Because FCA regulations require Farm Credit System (System) institutions to prepare financial statements and reports in accordance with GAAP, retaining TDRs as a regulatory loan performance category is no longer consistent with current accounting standards. In addition to making conforming technical changes, the rule also makes minor technical and organizational revisions to ensure internal consistency within the regulation. In addition, FCA determined that no regulatory amendments are necessary to implement GAAP's enhanced disclosure requirements for loan modifications to borrowers experiencing financial difficulty or for amended vintage year disclosures, as existing FCA regulations already require GAAP-compliant financial reporting.

Sunshine Act Meetings

Loan Performance Categories and Financial Reporting

Official abstract: The Farm Credit Administration (FCA, we, or our) amends our regulatory high-risk loan performance categories by removing "Formally restructured loans (TDR)," also known as troubled debt restructurings. In 2022, changes in generally accepted accounting principles (GAAP) eliminated the accounting guidance for TDRs, enhanced disclosure requirements for certain loan refinancings and restructurings undertaken when a borrower is experiencing financial difficulty and changed existing vintage year disclosure requirements for public business entities. This final rule removes TDRs from our regulatory loan performance categories to reflect changes in GAAP. Because FCA regulations require Farm Credit System (System) institutions to prepare financial statements and reports in accordance with GAAP, retaining TDRs as a regulatory loan performance category is no longer consistent with current accounting standards. In addition to making conforming technical changes, the rule also makes minor technical and organizational revisions to ensure internal consistency within the regulation. In addition, FCA determined that no regulatory amendments are necessary to implement GAAP's enhanced disclosure requirements for loan modifications to borrowers experiencing financial difficulty or for amended vintage year disclosures, as existing FCA regulations already require GAAP-compliant financial reporting.

Sunshine Act Meetings

Sunshine Act Meetings

Privacy Act of 1974; System of Records

Official abstract: Pursuant to the provisions of the Privacy Act of 1974, as amended (5 U.S.C. 552a), notice is given that the Farm Credit Administration (FCA or Agency) is modifying language under the Policies and Practices for Storage of Records and the Administrative, Technical, and Physical Safeguards sections for the systems of records identified in the list below. The amended sections outlined in this notice reflect non-substantive changes to existing FCA SORNs. The changes to the Policies and Practices for Storage of Records and the Administrative, Technical, and Physical Safeguards sections of the included SORNs reflect FCA's transition from legacy paper records to electronic records in accordance with guidance provided by the National Archives and Records Administration. Transitioning from paper to electronic records in the referenced systems of records does not modify or otherwise impact "the process by which individuals can exercise their rights under the statute" or "create substantially greater access to" information in the systems. However, in the interest of transparency, the Agency is providing notice of these changes to the included systems of records.

Sunshine Act Meetings