[Federal Register Volume 85, Number 245 (Monday, December 21, 2020)]
[Rules and Regulations]
[Page 82881]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-26619]



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Rules and Regulations
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains regulatory documents 
having general applicability and legal effect, most of which are keyed 
to and codified in the Code of Federal Regulations, which is published 
under 50 titles pursuant to 44 U.S.C. 1510.

The Code of Federal Regulations is sold by the Superintendent of Documents. 

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Federal Register / Vol. 85, No. 245 / Monday, December 21, 2020 / 
Rules and Regulations

[[Page 82881]]


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FARM CREDIT ADMINISTRATION

12 CFR Part 614

RIN 3052-AC92


Amortization Limits

AGENCY: Farm Credit Administration.

ACTION: Notification of effective date.

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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.

FOR FURTHER INFORMATION CONTACT: 
    Technical information: Lori Markowitz, Senior Policy Analyst, 
Office of Regulatory Policy, (703) 883-4487, TTY (703) 883-4056, 
<a href="/cdn-cgi/l/email-protection#4b262a3920243c223f31270b2d282a652c243d"><span class="__cf_email__" data-cfemail="adc0ccdfc6c2dac4d9d7c1edcbcecc83cac2db">[email protected]</span></a>.
    Legal information: Richard A. Katz, Senior Counsel, Office of 
General Counsel, (703) 883-4020, TTY (703) 883-4056, <a href="/cdn-cgi/l/email-protection#91faf0e5ebe3d1f7f2f0bff6fee7"><span class="__cf_email__" data-cfemail="e982889d939ba98f8a88c78e869f">[email protected]</span></a>.

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.

    Dated: November 30, 2020.
Dale Aultman,
Secretary, Farm Credit Administration Board.
[FR Doc. 2020-26619 Filed 12-18-20; 8:45 am]
BILLING CODE 6705-01-P


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