19. Amend § 618.8440 by revising paragraphs (b) introductory text and (b)(2) to read as follows: § 618.8440 Planning. * * * * * (b) The plan must include, at a minimum, the following: (1) * * * (2) An annual review of the internal and external factors likely to affect the institution during the planning period. The review must include: (i) An assessment of management capabilities, (ii) An assessment of the needs of the board, based on the annual self-evaluation of the board's performance, and (iii) Strategies for correcting identified weaknesses. * * * * * PART 619--DEFINITIONS 20. The authority citation for part 619 is revised to read as follows: Authority: Secs. 1.4, 1.7, 2.1, 2.4, 2.11, 3.2, 3.21, 4.9, 5.9, 5.12, 5.17, 5.18, 6.22, 7.0, 7.1, 7.6, 7.7, 7.8, 7.12 of the Farm Credit Act 2015, 2072, 2075, 2092, 2123, 2142, 2160, 2243, 2244, 2252, 2253, 2278b-2, 2279a, 2279a-1, 2279b, 2279b-1, 2279b-2, 2279f). 21. Amend part 619 by adding new § 619.9235 to read as follows: § 619.9235 Outside director. A member of a board of directors selected or appointed by the board, who is not a director, officer, employee, agent, or stockholder of any Farm Credit System institution. 21a. Amend part 619 by adding a new § 619.9310 to read as follows: § 619.9310 Senior officer. The Chief Executive Officer, the Chief Operations Officer, the Chief Financial Officer, the Chief Credit Officer, and the General Counsel, or persons in similar positions; and any other person responsible for a major policy-making function.
19. Amend § 618.8440 by revising paragraphs (b) introductory text and (b)(2) to read as follows: § 618.8440 Planning. * * * * * (b) The plan must include, at a minimum, the following: (1) * * * (2) An annual review of the internal and external factors likely to affect the institution during the planning period. The review must include: (i) An assessment of management capabilities, (ii) An assessment of the needs of the board, based on the annual self-evaluation of the board's performance, and (iii) Strategies for correcting identified weaknesses. * * * * * PART 619--DEFINITIONS 20. The authority citation for part 619 is revised to read as follows: Authority: Secs. 1.4, 1.7, 2.1, 2.4, 2.11, 3.2, 3.21, 4.9, 5.9, 5.12, 5.17, 5.18, 6.22, 7.0, 7.1, 7.6, 7.7, 7.8, 7.12 of the Farm Credit Act 2015, 2072, 2075, 2092, 2123, 2142, 2160, 2243, 2244, 2252, 2253, 2278b-2, 2279a, 2279a-1, 2279b, 2279b-1, 2279b-2, 2279f). 21. Amend part 619 by adding new § 619.9235 to read as follows: § 619.9235 Outside director. A member of a board of directors selected or appointed by the board, who is not a director, officer, employee, agent, or stockholder of any Farm Credit System institution. 21a. Amend part 619 by adding a new § 619.9310 to read as follows: § 619.9310 Senior officer. The Chief Executive Officer, the Chief Operations Officer, the Chief Financial Officer, the Chief Credit Officer, and the General Counsel, or persons in similar positions; and any other person responsible for a major policy-making function.
71%20FR%205740.docx