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FCA Examination Manual updates

The FCA Examination Manual is updated regularly to reflect changes in laws, regulations, or other examination criteria, and to address emerging risks affecting the Farm Credit System and changes to its products and services. The list below includes all updates since August 2014.​​
  
  
Update Details
7/28/2021WP 31.3-1 Audit Committee
Revised the workpaper to update the page numbers referenced to the new Director’s Role. Made other technical/grammatical updates.
7/28/2021WP 31.4-8 Compensation Committee
Revised the workpaper to update the page numbers referenced to the new Director’s Role. Made other technical/grammatical updates.
5/18/2021EM-41.1 Earnings Adequacy
Added a new bullet on gains/losses on derivatives in the Quantity & Quality procedure and made other technical/grammatical updates, including renaming and shortening some of the evaluative question bullets.
5/18/2021EM-41.2 Earnings Management
Revised the guidance on models and model risk management in the Pricing Model and FTP Model procedures. Revised the Audit procedure guidance to provide additional detail and examples and incorporate references to professional standards. Added bullets about testing internal audit/review reliability and accuracy of board and management reports on loan pricing and structuring in the Transaction Testing procedure. Made other technical/grammatical updates.
5/18/2021EM-21.2 Allowance for Losses
Added a note in the Overview about CECL. Revised the guidance on models and model risk management in the Allowance Level procedure. Added a reference and link to our High-Risk Asset Accounting and Reporting guidance in the Allowance Level procedure. Revised the Audit procedure guidance to provide additional detail and examples and incorporate references to professional standards. Added a bullet about testing internal audit/review reliability in the Transaction Testing procedure. Made other technical/grammatical updates.
4/29/2021EM-31.1 Corporate Governance
Published new guidance for the Enterprise Risk Management, Cooperative Principles, Corrective Action Processes, and Internal Control Policy procedures. Revised the Audit procedure guidance to incorporate new sub-bullets in the Scope and Depth evaluative question. Added a reference in the SOC Policy & Procedures procedure guidance to FCA’s workpaper on this subject. Made significant revisions to the Criminal Referral procedure guidance to reference FCA Bookletter BL-073 and ensure consistency with the guidance communicated in the Bookletter. Made other technical/grammatical updates.
4/5/2021WP 003 Board Policies & Charters Workpaper
Updated the rows on Lending Policies and Underwriting Standards and PCA Loan Terms as a result of the Amortization Limits final rule.
4/5/2021EM-22.5 Loan Underwriting Direction
Updated the Overview to add a sentence on flexibility for special programs and situations (with a reference to FCA Board Policy Statement 71) and a new paragraph to make a connection to the Credit Administration topic; updated the Adequacy of Standards procedure to add sub-bullets addressing 614.4150 requirements and the new 614.4200(c) requirement (from the Amortization Limits final rule); removed the delegated lending authorities evaluative question and guidance from the Other Direction & Practices procedure as it is now addressed in the Credit Administration topic; removed the Loan Structure, Terms, & Conditions procedure and guidance as this is now addressed in the Credit Administration topic; and made other technical/grammatical updates.
3/1/2021EM-61.1 Interest Rate Risk
Published new guidance for examining this topic.
3/1/2021EM-61.2 Interest Rate Risk Management
Published new guidance for examining this topic.
2/25/2021WP 33.3-1 Annual Report Workpaper
Added Note 3 in row 4 to address distribution of the annual report; revised row 8 for a change in the regulations (district financial reporting rule); added a Note in row 87 to indicate the question is no longer applicable; and made other technical/grammatical updates.
2/25/2021WP 33.3-3 Annual Meeting Information Statement Workpaper
Added Note 5 in row 1 to address distribution of the AMIS.
2/17/2021EM-1.1 Structure and Use of Manual
Updated the number of examination topics and categories and made other technical/grammatical updates.
2/17/2021EM-1.2 Overview of FCA Examination Process
Added a sentence on when FIRS letters are sent to institutions and made other technical/grammatical updates.
2/17/2021EM-31.2 Business Strategy & Planning
Revised the guidance on models and model risk management in the Policy & Process procedure; revised the Audit procedure guidance to provide additional detail and examples and incorporate references to professional standards; added references to examination workpapers; and made other technical/grammatical updates.
1/26/2021EM-11.2 Capital Management
Revised the guidance on models and model risk management in the Plans & Strategies and Economic Capital procedures; added references to FCA workpapers; added references to FCA Regulations 615.5230 and 628.20, FCA Bookletter BL-070, and an April 5, 2018 Informational Memorandum in the Capital Compliance procedure; revised the Audit procedure guidance to provide additional detail and examples and incorporate references to professional standards; and made other technical/grammatical updates.
1/26/2021EM-21.3 Investments
Revised the guidance on models and model risk management in the Monitoring & Controls procedure; updated the Risk Management procedure to address a change in FCA Regulation 615.5140 that allows for purchasing portions of loans guaranteed by USDA and to add an evaluative question on due diligence on investments purchased at a premium; added a new evaluative question on premium (discount) amortization in the Accounting procedure; revised the Audit procedure guidance to provide additional detail and examples and incorporate references to professional standards; and made other technical/grammatical updates.
1/26/2021WP 21.3-3 Investment Policies and Procedures Workpaper
Revised row 2 for a change in the regulations that allows associations to purchase portions of loans guaranteed by USDA.
1/25/2021EM-1.5 FCA Criminal Referral Form and Instructions
Revised to add references to FCA Bookletter BL-073 and the U.S. Code for crimes. Made other technical/grammatical updates.
1/7/2021EM-31.3 Audit & Review Programs
Updated the existing guidance for all procedures, with a focus on providing additional detail, clarity, examples, and references to professional standards. Made other technical/grammatical updates.
1/7/2021EM-31.1 Corporate Governance
Revised the Audit procedure guidance to provide additional detail and examples and incorporate references to professional standards. Added a new procedure on Third-Party Risk Management (guidance is under development). Made other technical/grammatical updates.
11/18/2020EM-31.6 Business Continuity
Updated the content in all sections. Incorporated guidance from the FFIEC’s Business Continuity Management booklet and March 2020 Statement on Pandemic Planning. Incorporated applicable FCA guidance and memorandums, including notification requirements if an institution activates its business continuity plan. Eliminated the four business continuity examination workpapers.
11/9/2020EM-1.5 FCA Criminal Referral Form and Instructions
Added a new section on Protection of Personally Identifiable Information.
9/30/2020EM-51.1 Liquidity Risk
Updated the Access to Funding procedure to address 614.4125(f), updated the Secondary Sources procedure to address association use of investments for managing liquidity risk, deleted outdated references to 615.5335, and made other technical/grammatical updates.
9/30/2020EM-51.2 Liquidity Management
Updated the Policy & Procedures procedure to address 614.4125(f); updated the Monitoring & Controls, Contingency Funding Plan, and Audit procedures to add or revise bullets on model risk management; updated the Action Plans bullet in the Contingency Funding Plan procedure to add an example on reporting and a sentence on Fedwire outages; deleted outdated references to 615.5335; and made other technical/grammatical updates.
9/30/2020EM-1.5 FCA Criminal Referral Form and Instructions
Revised to address using FCA’s new online Criminal Referral System for preparing and submitting referrals. Deleted an outdated reference to the US Customs Service and made other technical/grammatical updates.
7/22/2020EM-31.1 Corporate Governance
Added a new procedure and guidance on Model Risk Management, made minor updates to the Overview section and the Audit procedure guidance, and made other technical/grammatical updates.
7/22/2020WP 003 Board Policies & Charters Workpaper
Renamed the Computer-Based Model Validation Expectations row to Model Risk Management (MRM) and linked it to the new MRM Examination Manual procedure (page 4). Revised the Interest Rate Risk Management by Associations and Other Farm Credit System Institutions other than Banks row (page 15) and the Bank Interest Rate Risk Management Program row (page 16) to change the reference from BL-012 (which was rescinded) to BL-072. Made other technical/grammatical updates.
7/16/2020EM-22.3 Credit Administration
Published new guidance for examining the General Credit Controls portion of this topic (the Regulatory Compliance and Administration of Specific Lending Programs portions remain under development).
5/11/2020EM-21.1 Portfolio Quality & Composition
Published new guidance for examining this topic.
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