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Rule

Amortization Limits

A Rule by the Farm Credit Administration on 12/21/2020

Document Details

Information about this document as published in the Federal Register.

Printed version:
PDF
Publication Date:
12/21/2020
Agency:
Farm Credit Administration
Dates:
The regulation amending 12 CFR part 614 published on September 28, 2020 (85 FR 60691) is effective on November 19, 2020.
Effective Date:
11/19/2020
Document Type:
Rule
Document Citation:
85 FR 82881
Page:
82881 (1 page)
CFR:
12 CFR 614
RIN:
3052-AC92
Document Number:
2020-26619
Document Details
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Published Document

This document has been published in the Federal Register. Use the PDF linked in the document sidebar for the official electronic format.

Start Preamble Start Printed Page 82881

AGENCY:

Farm Credit Administration.

ACTION:

Notification of effective date.

SUMMARY:

The Farm Credit Administration (FCA or we) is repealing the regulatory requirement that production credit associations (PCAs) amortize their loans in 15 years or less, while requiring Farm Credit System (FCS or System) associations to address amortization through their credit underwriting standards and internal controls. In accordance with the law, the effective date of the rule is no earlier than 30 days from the date of publication in the Federal Register during which either or both Houses of Congress are in session.

DATES:

The regulation amending 12 CFR part 614 published on September 28, 2020 (85 FR 60691) is effective on November 19, 2020.

Start Further Info

FOR FURTHER INFORMATION CONTACT:

Technical information: Lori Markowitz, Senior Policy Analyst, Office of Regulatory Policy, (703) 883-4487, TTY (703) 883-4056, markowitzl@fca.gov.

Legal information: Richard A. Katz, Senior Counsel, Office of General Counsel, (703) 883-4020, TTY (703) 883-4056, katzr@fca.gov.

End Further Info End Preamble Start Supplemental Information

SUPPLEMENTARY INFORMATION:

On September 28, 2020, FCA issued a final rule to repeal regulatory provisions that impose amortization limits on PCA loans; and require associations that amortize loans over a period of time that is longer than the term to maturity to address loan amortization in their credit underwriting standards and internal controls.

In accordance with 12 U.S.C. 2252(c)(1), the effective date of the rule is no earlier than 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 November 19, 2020.

Start Signature

Dated: November 30, 2020.

Dale Aultman,

Secretary, Farm Credit Administration Board.

End Signature End Supplemental Information

[FR Doc. 2020-26619 Filed 12-18-20; 8:45 am]

BILLING CODE 6705-01-P

Published Document