{"abstract":"The Farm Credit Administration (FCA, we, or our) issues this final rule amending our regulations affecting the governance of the Farm Credit System (System). The final rule enhances impartiality and disclosure in the election of directors; requires that Farm Credit banks and associations establish policies identifying desirable director qualifications; requires boards to have a director or an advisor who is a financial expert; requires System institutions to establish director training procedures; and ensures that boards conduct annual self-evaluations. The final rule addresses the term of service and removal of outside directors, while requiring all Farm Credit banks and associations with assets over $500 million to have at least two outside directors. The rule also provides associations with small boards an exemption from having at least two outside directors. The rule further requires that Farm Credit banks and associations have nominating committees and that all System institutions have audit and compensation committees. The final rule clarifies the current rule on disclosure of conflicts of interest and compensation. The final rule does not apply to the Federal Agricultural Mortgage Corporation (FAMC).","action":"Final rule.","agencies":[{"raw_name":"FARM CREDIT ADMINISTRATION","name":"Farm Credit Administration","id":154,"url":"https://www.federalregister.gov/agencies/farm-credit-administration","json_url":"https://www.federalregister.gov/api/v1/agencies/154","parent_id":null,"slug":"farm-credit-administration"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/2006/02/02/06-829.html","cfr_references":[{"chapter":null,"citation_url":null,"part":611,"title":12},{"chapter":null,"citation_url":null,"part":612,"title":12},{"chapter":null,"citation_url":null,"part":614,"title":12},{"chapter":null,"citation_url":null,"part":615,"title":12},{"chapter":null,"citation_url":null,"part":618,"title":12},{"chapter":null,"citation_url":null,"part":619,"title":12},{"chapter":null,"citation_url":null,"part":620,"title":12},{"chapter":null,"citation_url":null,"part":630,"title":12}],"citation":"71 FR 5740","comment_url":null,"comments_close_on":null,"correction_of":null,"corrections":[],"dates":"Effective Date: This regulation will be effective 30 days after publication in the Federal Register during which either or both Houses of Congress are in session except for Sec. Sec. 611.210(a)(2), 611.220(a)(2)(i) and (ii), 611.325, and 620.21(d)(2) which will be effective one year from the effective date of this rule. We will publish a notice of the effective date in the Federal Register.","disposition_notes":null,"docket_ids":[],"dockets":[],"document_number":"06-829","effective_on":null,"end_page":5768,"executive_order_notes":null,"executive_order_number":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2006/02/02/06-829.xml","html_url":"https://www.federalregister.gov/documents/2006/02/02/06-829/organization-standards-of-conduct-and-referral-of-known-or-suspected-criminal-violations-loan","images":{},"images_metadata":{},"json_url":"https://www.federalregister.gov/api/v1/documents/06-829?publication_date=2006-02-02","mods_url":"https://www.govinfo.gov/metadata/granule/FR-2006-02-02/06-829/mods.xml","not_received_for_publication":null,"page_length":29,"page_views":{"count":597,"last_updated":"2026-08-23 18:15:06 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2006-02-02/pdf/06-829.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":null,"publication_date":"2006-02-02","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2006/02/02/06-829.txt","regulation_id_number_info":{"3052-AC19":{"issue":"200304","html_url":"https://www.federalregister.gov/regulations/3052-AC19/standards-of-conduct-definitions-disclosure-to-shareholders-rules-of-practice-and-procedure-governan","title":"Standards of Conduct; Definitions; Disclosure to Shareholders; Rules of Practice and Procedure--Governance, Conflict of Interest, Compensation Disclosure, and Audit Committee Standards","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=200304&RIN=3052-AC19&operation=OPERATION_EXPORT_XML","priority_category":"Other Significant"}},"regulation_id_numbers":["3052-AC19"],"regulations_dot_gov_info":{"checked_regulationsdotgov_at":"2011-11-12T18:24:37Z"},"regulations_dot_gov_url":null,"significant":true,"signing_date":null,"start_page":5740,"subtype":null,"title":"Organization; Standards of Conduct and Referral of Known or Suspected Criminal Violations; Loan Policies and Operations; Funding and Fiscal Affairs, Loan Policies and Operations, and Funding Operations; General Provisions; Definitions; Disclosure to Shareholders; Disclosure to Investors in System-Wide and Consolidated Bank Debt Obligations of the Farm Credit System","toc_doc":"Corporate governance","toc_subject":null,"topics":["Accounting","Agriculture","Archives and records","Banks, banking","Crime","Foreign trade","Government securities","Insurance","Investigations","Investments","Organization and functions (Government agencies)","Reporting and recordkeeping requirements","Rural areas","Technical assistance"],"type":"Rule","volume":71}