12 C.F.R. § 612.2135

Standards of conduct—core principles

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(a) Conduct. If you are a System institution director or employee, you must:

(1) Maintain high ethical standards, including high standards of care, honesty, integrity, and fairness.

(2) Act in the best interest of the institution.

(3) Preserve the reputation of the institution and the public's confidence in the Farm Credit System.

(4) Exercise diligence and good business judgment in carrying out official duties and responsibilities.

(5) Report to the Standards of Conduct Official conflicts of interest and circumstances or transactions that have the appearance of creating a conflict of interest involving yourself, your family, or your reportable business entity.

(6) Work with the Standards of Conduct Official to identify conflicts and resolve reported conflicts of interest and appearances of conflicts of interest.

(7) Avoid self-dealing and acceptance of gifts or favors that may be deemed as offered, or have the appearance of being offered, to influence official actions or decisions.

(b) Responsibilities. To achieve the high standards of conduct of this subpart, every institution director and employee must:

(1) Comply with the standards of conduct and Code of Ethics policies and procedures maintained at his or her institution.

(2) Comply with all applicable laws and regulations.

(3) Timely report to the Standards of Conduct Official, or use the institution's anonymous reporting procedures, any known or suspected:

(i) Illegal or unethical activity; or

(ii) Violation of the institution's standards of conduct and Code of Ethics.

(c) Fiduciary duties. Every officer or director of a System institution must fulfill his or her fiduciary duties to the institution and its stockholders.

Notes of Decisions

Cited in 3 cases, 1985–1990 · leading case: Mendel v. Prod. Credit Ass'n of the Midlands, 656 F. Supp. 1212 (D.S.D. 1987).

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Mendel v. Prod. Credit Ass'n of the Midlands, 656 F. Supp. 1212 (D.S.D. 1987). “2135 (1986) (“directors and employees shall observe, to the best of their abilities, the letter and intent of all applicable laws, regulations, rules, policy statements, instructions, and procedures of the Farm Credit Administration and System institutions ____”), (2) PCAM did…”

United States v. Haynes, 620 F. Supp. 474 (M.D. Tenn. 1985). “Moreover, the government charges that defendant violated the provisions of 12 C.F.R. § 612.2135 , which re *480 quire high standards of honesty and integrity and avoidance of conflicts of interest from officers, directors and employees of Farm Credit institutions.”

Interstate Prod. Credit Ass'n v. Fireman's Fund Ins., 736 F. Supp. 225 (D. Or. 1990). “In response to IPCA’s motion, Fireman’s contends that Courtright did not commit any dishonest or fraudulent acts while acting in his capacity as a director of NLPCA and that the regulations governing the directors of IPCA, specifically 12 C.F.R. § 612.2135 , relieve a director…”

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