Disclosure to Shareholders; Disclosure to Investors in Systemwide and Consolidated Bank Debt Obligations of the Farm Credit System; Quarterly Report

Streszczenie

The Farm Credit Administration (FCA) proposes to amend its regulations governing the preparation, filing, and distribution of Farm Credit System (FCS or System) bank and association reports to shareholders and investors. The proposal would implement the recent statutory amendment that eliminates the regulatory requirement that FCS institutions disseminate quarterly reports to shareholders. Routine distribution of quarterly reports to shareholders would be voluntary rather than mandatory, but FCS institutions would be required to make quarterly reports available to shareholders on request. Associations would no longer be required to distribute quarterly reports along with their information statements regardless of the date of their annual meetings. However, to further promote shareholder access to timely information and full disclosure regarding adverse events affecting their institutions, the FCA proposes that FCS institutions prepare and distribute a notice to shareholders when an institution's permanent capital falls below the regulatory minimum standard. The proposal would also remove the requirement that banks present their financial statements on a combined basis with their re