Production Credit Association Improvement Act of 1984

Production Credit Association Improvement Act of 1984 - Amends the Farm Credit Act of 1971 to state that a member of the board of directors of a production credit association (association) may be removed only by a majority vote of the association's members.

Prohibits a Federal intermediate credit bank (bank) from denying borrowing approval to an association seeking a loan from a commercial institution offering more favorable terms than such bank offers.

Sets a three-year maximum term of office for an association manager or other chief executive officer. Permits removal of such manager for incompetence or felony conviction.

Prohibits loan foreclosures by such associations or banks without the approval of the local loan committee or other officer or employee having loan approval authority.

States that only the board of directors of an association may remove or not appoint a manager or chief executive officer.

Requires each bank to prepare and file an annual report with the appropriate associations and the appropriate congressional committees.

Expresses the sense of the Congress that such banks should recognize the severe, adverse economic conditions in the agricultural community, should adopt practices to curtail administrative costs, and should not require production credit associations to make capital improvements.