[Federal Register Volume 79, Number 204 (Wednesday, October 22, 2014)]
[Rules and Regulations]
[Page 63033]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-25005]



[[Page 63033]]

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FARM CREDIT ADMINISTRATION

12 CFR Part 621

RIN 3052-AC75


Releasing Information; General Provisions; Accounting and 
Reporting Requirements; Reports of Accounts and Exposures

AGENCY: Farm Credit Administration.

ACTION: Final rule; notice of compliance date.

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SUMMARY: The Farm Credit Administration (FCA, we, or our) issued a 
final rule on December 24, 2013, to establish a regulatory framework 
for Farm Credit System (System) banks and associations to report their 
accounts and exposures to the FCA. The final rule required compliance 
as of the effective date, which was February 21, 2014, except for 
certain Reporting Entity's requirements. The compliance date for those 
requirements was delayed to allow for the development of and transition 
to the System's central data repository. This document provides the 
compliance date for the Reporting Entity requirements.

DATES: The compliance date for the Reporting Entity requirements under 
Sec.  621.15(b)(1) through (6), published December 24, 2013, at 78 FR 
77557, effective February 21, 2014, is October 22, 2014.

FOR FURTHER INFORMATION CONTACT: 
Susan T. Coleman, Senior Policy Analyst, Office of Regulatory Policy, 
Farm Credit Administration, McLean, VA 22102-5090, (703) 883-4491, TTY 
(703) 883-4056; or
Jane Virga, Senior Counsel, Office of General Counsel, Farm Credit 
Administration, McLean, Virginia 22102-5090, (703) 883-4020, TTY (703) 
883-4056.

SUPPLEMENTARY INFORMATION: We issued a final rule on December 24, 2013, 
to establish a regulatory framework for the reporting of System 
accounts and exposures. The final rule established the reporting 
requirements and performance responsibilities, including, but not 
limited to, establishing uniform and standard data fields to be 
collected from all System banks and associations and a disciplined and 
secure delivery of information. The final rule authorized a Reporting 
Entity (defined as the Federal Farm Credit Banks Funding Corporation 
(Funding Corporation) or an entity approved by FCA), to collect data 
from all banks and associations and serve as the central data 
repository manager. Additionally, the final rule required all banks and 
associations to provide data to the Reporting Entity to facilitate the 
collection, enhancement, and reporting of data to FCA.
    The final rule required compliance as of the effective date, which 
was February 21, 2014, except for the Reporting Entity's requirements 
under Sec.  621.15(b)(1) through (6). The final rule specified that the 
compliance date would be delayed for the Reporting Entity's 
requirements under Sec.  621.15(b)(1) through (6) to allow for the 
development of and transition to the System's central data repository.
    During the System's data repository development phase, the banks 
and associations continued to prepare and submit the reports of 
accounts and exposures to FCA in accordance with the instructions 
prescribed by FCA under Sec.  621.15(a) of the final rule. The 
Reporting Entity now has the ability to prepare and submit reliable, 
timely, complete and accurate reporting of accounts and exposures. 
Therefore, full compliance with all provisions of the final rule is 
required on October 22, 2014 for accounts and exposures data as of the 
quarterly period ended September 30, 2014.

    Dated: October 16, 2014.
Dale L. Aultman,
Secretary, Farm Credit Administration Board.
[FR Doc. 2014-25005 Filed 10-21-14; 8:45 am]
BILLING CODE 6705-01-P