June 23, 2015
The Community Bankers Association of Illinois is urging the Farm Credit Administration to withdraw a corporate governance and standards of conduct proposal which would require Farmer Mac board members to have a substantial and visible connection with a voting stockholder. In CBAI's opinion, this provision is an attempt by Farm Credit to require Farmer Mac’s directors to be subject to outside influences and control. CBAI is concerned that this requirement would not contribute to Farmer Mac’s ability to fulfill its mission nor would it promote safety and soundness. Read CBAI Comment Letter.