Federal Register - September 13, 2021
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Source: Federal Register
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Federal Register / Vol. 86, No. 174 / Monday, September 13, 2021 / Rules and Regulations
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the engagement, utilization, and retention of agents. These practices shall provide for the selection of qualified and reputable agents. The institution is responsible for the administration of relationships with its agents and must take appropriate investigative and corrective action in the case of a breach of fiduciary duties by an agent or failure of an agent to carry out other duties as required by contract, FCA regulations in this chapter, or law.
c Control. System institutions are responsible for exercising special diligence and control, through good business practices, to avoid or control situations that have inherent potential for sensitivity, either real or perceived.
These areas include:
1 The employment of agents who are related to directors or employees of the institutions;
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2 The solicitation and acceptance of gifts, contributions, or special considerations by agents; and 3 The use of System and borrower information obtained in the course of the agents work with the institution.
d Enforcement. Agents of System institutions are institution-affiliated parties as that term is defined in the Act and therefore subject to certain FCA
enforcement authorities contained in part C of title V of the Act. An institution-affiliated party is:
1 A director, officer, employee, shareholder, or agent of a System institution;
2 An independent contractor including an attorney, appraiser, or accountant who knowingly or recklessly participates in:
i A violation of law including regulations that is associated with the
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operations and activities of one or more System institutions;
ii A breach of fiduciary duty; or iii An unsafe practice that causes or is likely to cause more than a minimum financial loss to, or a significant adverse effect on, a System institution; or 3 Any other person, as determined by the Farm Credit Administration by regulation or on a case-by-case basis who participates in the conduct of the affairs of a System institution.
612.2260612.2270
Reserved
Dated: August 23, 2021.
Dale Aultman, Secretary, Farm Credit Administration Board.
FR Doc. 202118432 Filed 91021; 8:45 am BILLING CODE 670501P
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