Blog

  • Reform Farm Credit 2017 Year in Review

    Reform Farm Credit • 01.09.18

    Happy New Year! Reform Farm Credit (RFC) has been hard at work for three years, making sure that the Farm Credit System (FCS) follows the rules, stays within its mandate and helps the young, beginning and small farmers it was created to serve. 2017 was a momentous year for RFC, with RFC holding the Farm Credit […]

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  • Is Farm Credit Putting American Taxpayers at Risk?

    Reform Farm Credit • 01.09.18

    In 1987, American taxpayers generously guaranteed $4 billion worth of bonds so that the Farm Credit System (FCS), overwhelmed by debt brought on by its inappropriate, irresponsible lending activity before and during the 1980s farm crisis, could survive. American taxpayers were willing to forgive the FCS’s abuses and bailed it out. But agriculture experts are […]

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  • Farm Credit Deposits Are Unlawful, Uninsured and At Risk

    Reform Farm Credit • 12.05.17

    Before and after its bailout in the 1980s, the Farm Credit System’s (FCS) M.O. has been to expand its activities beyond what Congress has authorized. Most of the time, that’s meant lending for unauthorized purposes – loans to huge telecoms, technology real estate investment trusts (REITs) and customers looking to buy luxury houses. But the FCS is constantly overstepping […]

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  • Farm Credit Wants in on Health Care

    Farm Credit Watch | Risk | Waste • 11.21.17

    Everyone needs health care, including farmers, but does that mean the Farm Credit System (FCS) needs to get involved? Farm Credit definitely thinks so. In a case of trying to slip something under the radar, the Farm Credit Administration (FCA) Board decided, in a notational vote taken between official meetings no less, to approve a request […]

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  • Farm Credit’s Unfair Edge

    Farm Credit Watch • 10.10.17

    The details are everything. One gritty detail, often overlooked, is that Farm Credit is allowed to have in-house appraisers – just one of its many advantages over small, rural farm banks, and an Achilles heel that could threaten its stability. The case of LoneStar ACA, a Farm Credit association in Texas, is especially illustrative. It […]

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  • Lone Star Ag Credit’s ‘Irregularities

    Farm Credit Watch • 09.15.17

    The Farm Credit System (FCS) can’t seem to shake its reputation for shoddy accounting and questionable deals. On top of targeting a bankrupt college, creating “a shell corporation to funnel federal money” in Connecticut and its usual questionable loans to huge corporations, now one FCS association has run into trouble. Big trouble. Lone Star ACA, […]

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  • When will Farm Credit Help Beginning Farmers

    Waste • 08.25.17

    Leave it to the Farm Credit System (FCS) and its defenders to say the obvious and do little to actually bring it about. Young, beginning and small farmers across the country are hungry for credit, and the FCS has an abundance of resources to lend to them. According to Farms.com, the Farm Credit Council’s (FCC) Mark […]

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  • Huge FCS Merger Leaves Compeer Financial High on the Hog

    Farm Credit Watch • 08.01.17

    On June 27, the Farm Credit Administration (FCA) Board gave approval for the creation of Compeer Financial through a merger of Badgerland Financial, 1st Farm Credit Services and AgStar Financial Services. “The merger, proposed last September, was finalized on July 1 after 18 months of discussion and voting by the new organization’s 43,000-plus member-owners, of whom about 16,000 are in Wisconsin,” reported The Wisconsin State Journal. “Its ‘bread and butter service’ is lending, though Compeer also provides crop insurance, appraisals, and tax and accounting services in Wisconsin.”
    The issues arising from this merger are manifold.

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  • Cap and Frown: FCS targets bankrupt college

    Farm Credit Watch | Risk • 07.26.17

    Flash back to May 2013: St. Joseph’s College in Rensselaer, Indiana, is facing “a ‘dire’ financial situation.” The $15 million to $20 million offered by the Mayo Clinic was not enough — St. Joseph’s College needed “a total cash influx of $100 million,” according to Inside Higher Ed. Between a rock and a hard place, […]

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  • Credit where credit’s due

    Farm Credit Watch | Waste • 06.27.17

    If it were a bank, the Farm Credit System (FCS) would be the seventh largest in the country. At $320 billion in total assets, the FCS has grown beyond its mission. How did it get there?
    There are many reasons, but one’s certain: it has neglected the credit needs of young, beginning and small farmers.

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