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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.​​
Date
  
Description
  
Update Details
1/13/2026EM 31.6 Business Continuity
  • Updated the Audit procedure to be consistent with the other audit procedures in the EM and updated references to the new IIA standards that were effective January 1, 2025.
  • Updated guidance to address the new cyber risk management regulation.
  • Made miscellaneous technical and grammatical updates.
12/1/2025WP 31.3-1 Audit Committee
  • Made clarifications regarding the board’s designated financial expert attendance at Audit Committee meetings.
9/15/2025EM 1.4 Supervision and Enforcement
  • The enforcement rating of Compliance was changed to Full Compliance.
  • Made miscellaneous technical and grammatical updates.
9/11/2025EM 22.6 Collateral Risk Management
  • Updated guidance formatting to be consistent with the rest of the EM.
  • Made clarifications related to the following areas:
    • High value/dollar per acre collateral
    • Collateral in distressed industries
    • Benchmarking
    • Models
    • Chattel
  • Made miscellaneous other technical and grammatical updates.
9/11/2025WP 22.6-6 Collateral Evaluation Requirements
  • New workpaper for examining collateral evaluation requirements in policies or standards.
8/27/2025Board Policies and Charters
  • Updated guidance to address the new cyber risk management regulation.
  • Made clarifications regarding Related Services, Lending Policies and Underwriting Standards, Land in Transition, International Lending, and Loan Approval Authority.
  • Reordered and organized guidance more logically.
  • Made other misc. technical and grammatical edits.
8/25/2025EM 1.1 Structure and Use of the Examination Manual
  • Clarified how small associations are considered in risk-based examinations.
  • Updated EGD contact information.
  • Made other misc. technical and grammatical edits.
8/25/2025EM 1.2 Overview of the FCA Examination Process
  • Clarified how small associations are considered in risk-based examinations.
  • Made other misc. technical and grammatical edits.
3/27/2025EM 31.3 Audit & Review Programs
  • Updated references to the new IIA standards that were effective January 1, 2025. 
  • Made clarifications regarding Audit Committee membership, oversight, effectiveness, and internal audit outsourcing.
  • Updated hyperlinks to eCFR.
  • Made other misc. technical and grammatical edits.
3/27/2025WP 31.3-1 Audit Committee
  • Made clarifications regarding Audit Committee membership and oversight.
  • Updated hyperlinks to eCFR.
  • Made other misc. technical and grammatical edits.
1/17/2025EM 31.7 Information Technology & Security
  • Updated hyperlinks to eCFR.
  • Updated various procedures under the IT & Security topic to address the new cyber risk management regulation.
  • Updated the Development & Acquisition procedure to address the updated FFEIEC booklet.
  • Made other misc. technical and grammatical edits.
1/17/2025EM 31.2 Business Strategy & Planning
  • Updated regulatory expectations for technology plans.
  • Made other misc. technical and grammatical edits.
1/17/2025WP 31.2-4 Business Planning Regulatory Compliance

Updated regulatory expectations for technology plans.

1/17/2025EM 31.1 Direction & Control of Operations
  • Added regulatory expectations for third-party risk management.
  • Made other misc. technical and grammatical edits.
10/24/2024EM 61.1 Interest Rate Risk
  • Updated hyperlinks to eCFR.
  • Added a reference to FCA’s stress testing IM.
  • Added additional guidance on IRR sources, market value of equity, and a System bank’s statutory collateral position.
  • Made other misc. technical and grammatical edits.
10/24/2024EM 61.2 Interest Rate Risk Management
  • Updated hyperlinks to eCFR.
  • Added a reference to the stress testing IM as well as interagency guidance on stress testing.
  • Made revisions to address guidance from FCA BL-074 and provided added clarity and guidance on market value of equity and market value of assets.
  • Added guidance to address System specific assumptions.
  • Added guidance to address additional considerations for effective governance, oversight, and reporting expectations.
  • Made other misc. technical and grammatical edits.
10/17/2024WP 33.3-1 Annual Report to Shareholders
  • Added additional guidance on UBE reporting to row 21L.
  • Revised rows 78 and 79 and former row 81 to address the new YBS regulations. Row 80 was deleted.
  • Revised former row 87 to clarify the direction in the note.
  • Made miscellaneous other technical and grammatical updates.
6/13/2024EM 51.1 Liquidity Risk
  • Updated hyperlinks to eCFR.
  • Added a reference to the stress testing IM.
  • Revised an evaluative question to focus more on statutory collateral and added additional content.
  • Made other misc. technical and grammatical edits.
6/13/2024EM 51.2 Liquidity Management
  • Updated hyperlinks to eCFR.
  • Added an evaluative question on FCA Funding Approvals for debt issuance.
  • Added guidance on intraday liquidity.
  • Added a reference to the stress testing IM as well as additional guidance on stress testing.
  • Made revisions in 2 procedures to address guidance from BL-074.
  • Added various references to statutory collateral throughout the guidance.
  • Updated the Audit procedure to be consistent with the other audit procedures in the EM.
  • Made other misc. technical and grammatical edits.
5/16/2024EM 22.3 Credit Administration
  • Updated hyperlinks to eCFR.
  • Added guidance that is more applicable to Credit Administration that will be/was moved from the Collateral Risk Management and Portfolio Planning & Analysis topics (i.e., shared asset identifier, appraisal/collateral evaluation due diligence, staffing & training, borrowing base).
  • Revised/added guidance around land in transition and essentially other than farming lending. Added guidance on IRR and liquidity risk under Direct Loan Monitoring from BL-074 and BL-072.
  • Made other misc. technical and grammatical edits.
5/16/2024EM 33.3 Financial & Shareholder Reporting
  • Updated hyperlinks to eCFR.
  • Added guidance for examining compliance with FCA Regulation 621.15 which was previously examined in the Portfolio Planning & Analysis topic.
  • Made other misc. technical and grammatical edits.
5/8/2024EM 22.1 Portfolio Planning & Analysis
  • Updated hyperlinks to eCFR.
  • Updated the structure and formatting of the procedures to reflect the standard Examination Manual (EM) structure with evaluative questions and related guidance.
  • Updated guidance in several procedures to reflect sound business practices.
  • Deleted two procedures as guidance was duplicative of guidance in other EM topics.
  • Moved some guidance content into other sections of the EM where it was a better fit.
  • Combined guidance from 5 procedures into 2 procedures.
  • Updated the Audit procedure to be consistent with the other audit procedures in the EM.
  • Made other misc. technical and grammatical edits.
5/2/2024EM 31.2 Business Strategy & Planning
  • Updated hyperlinks to eCFR.
  • Updated references and linked to new Stress Testing IM.
  • Incorporated applicable references to BL-074.
  • Updated YBS guidance to address new regulation.
  • Made other misc. technical and grammatical edits.
5/2/2024WP 31.2-4 Business Planning Regulatory Compliance
  • Updated hyperlinks to eCFR.
  • Updated YBS section to address new regulation.
  • Made other misc. technical and grammatical edits. 
4/23/2024EM 31.1 Direction & Control of Operations
  • Added new procedure titled Stress Testing Framework.
  • Added guidance on wholesale funding arrangements to the Cooperative Principles procedure.
  • Updated the UBE procedure to clarify guidance expectations and regulatory requirements.
  • Made other misc. technical and grammatical edits.
4/23/2024EM 41.2 Earnings Management
  • Updated hyperlinks to eCFR.
  • Changed all references of ‘pricing model’ to ‘pricing framework’.
  • Added an evaluative question on stress testing to the Plans & Strategies procedure.
  • Made revisions in several procedures to address guidance from FCA BL-074.
  • Made other misc. technical and grammatical edits.
3/5/2024EM-31.4 Human Capital Management
  • Added language to the topic overview and several procedures to address outsourcing human capital functions.
  • Added a reference and link to the diversity and inclusion IM in the Plan and Strategies procedure.
  • Revised links to go to the eCFR and added hyperlinks to the AAP regulations.
  • Added additional guidance in the Compensation Committee procedure to expand on considerations for committee effectiveness.
  • Removed the section on maximum bank director compensation and moved applicable content to a bank only board policy evaluative question.
  • Added a couple notes to the Employee Compensation procedure to address the incentive rules for insurance sales and not using FIRS ratings as incentive criteria.
  • Updated the Audit procedure to be consistent with the other audit procedures in the Examination Manual.
  • Made misc. other technical and grammatical changes. 
3/5/2024EM 31.5 Mission Compliance
  • Updated hyperlinks to eCFR.
  • Added reference to IM on revisiting diversity and inclusion 10 years later and added additional guidance.
  • Updated the YBS procedure to address the new regulation and revised BL-040.
  • Revised the Investments procedure to include an evaluative question on guidance and controls for investing in public mission purposes and another on RBICs.
  • Updated the Audit procedure to be consistent with the other audit procedures in the Examination Manual and added a reference to the revised BL-040.
  • Made other misc. technical and grammatical edits.
2/2/2024EM- 33.1 Federal Lending Regulations
Published new guidance for most of the procedures. Updated guidance in the following procedures for consistency in structure and to address outdated guidance, and technical and grammatical updates:
  • HMDA
  • TILA
  • RESPA
  • Margin Stock
11/17/2023WP 33.3-1 Annual Report to Shareholders
  • Added a 620.2(c) regulatory cite to the “note” sections in rows 5, 9c, and 10c.
  • Added text to more closely mirror regulatory language in rows 9d, 11, and 25j.
  • Revised language around allowance for credit losses to accurately reflect regulatory expectations in row 47b.
  • Fixed incorrect number reference to accurately reflect #104 in rows 105 and 106.
  • Made miscellaneous other technical and grammatical updates.
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