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The rule implements regulatory changes required by the Agricultural Act of 2014 (2014 Farm Bill) for certain program requirements in the Farm Loan Programs (FLP) regulations. The changes are: increase percent of guarantees on Conservation Loans (CL); reduce interest rates for direct Farm Ownership (FO) loans made under a joint financing arrangement; increase the loan limit for direct FO loans made under the Down Payment Program; remove the rural residency requirements for Youth Loan (YL) applicants; allow a borrower who had debt forgiveness on YL to receive future Federal loans under certain conditions; revise Microloans (ML) for beginning and veteran farms to exclude them from the existing direct Operating Loan (OL) term limitations; make a special ML interest rate available to beginning and veteran farmers; eliminate certain appraisal requirements; remove term limits on guaranteed OLs; and change the term from "median" to "average" in the definition of a beginning farmer.