Every five years Congress revisits agricultural policy and passes a Farm Bill to make sure that the federal government does right by America’s farmers, ranchers and producers.
It’s been a long year, and the road to passage was bumpy, but today Congress completed passage of the Farm Bill for 2018! A big thanks to Congress for coming together to pass this gargantuan, monumental piece of legislation.
Farmers, ranchers and producers have tough jobs. Agriculture as a profession is naturally unpredictable – weather events affect crop yields, and crop yields directly affect what farmers earn on the market for what they produce.
The 2018 midterm elections yielded big gains for Democrats in the House of Representatives. Fortunately, reforming the Farm Credit System (FCS) isn’t a partisan issue, it’s a common sense one. And incoming chairman of the House Committee on Agriculture, Rep. Collin Peterson (D-MN), is set to take a close look at Farm Credit’s regulator, the Farm Credit Administration (FCA), in the 116th Congress. In a recent interview with The Fence Post, ranking member Peterson“said he would lead the committee to turn to oversight of the agencies over which the committee has jurisdiction. Those are USDA, the Commodity Futures Trading Commission, the Food and Drug Administration and the Farm Credit Administration.”
Farming’s a tough job, and few people would deny that. And because it’s tough, fewer younger people are becoming farmers and producers. That’s why the Farm Credit System (FCS) has a mandate to lend to young, beginning and small farmers. Short of automating most farms, American agriculture needs young people to become farmers to continue its proud tradition of feeding the country and the world.
A new consumer-focused program with ties to the Farm Credit System is drawing bankers’ ire.
Rural 1st, a program from Farm Credit Mid-America, will make make loans tied to lots, recreational land and construction, along with mortgages and home equity lines, to borrowers in rural markets across Indiana, Ohio, Kentucky and Tennessee.
Farming’s tough. Any farmer, rancher or producer will tell you that it’s hard to make a living off of agriculture, and that’s especially true for young, beginning and small farmers. Because of this, Congress requires the Farm Credit System (FCS) to make loans to young, beginning and small farmers and to report their lending data annually. This is all to ensure that those farmers have access to the credit they need, and that American agriculture will continue to thrive in the future.
The Farm Credit System (FCS), a $333 billion giant in agricultural lending, plays by different rules. Unlike rural community banks and other financial institutions, which answer to an alphabet soup of agencies, Farm Credit institutions answer primarily to the Farm Credit Administration (FCA). The FCA doesn’t do much by way of enforcement, leaving Farm Credit associations across the country to mostly regulate themselves. But shady activity is happening under the noses of Farm Credit institutions all across the country. Continue Reading
The Farm Credit System (FCS) is a massive, nearly $330 billion institution that would be the seventh largest bank in the country, if it had the same stringent regulation that other financial institutions have. It doesn’t – instead, it is regulated by the Farm Credit Administration (FCA), which routinely fails to crack down on some of the FCS’s worst offenses.
On October 2, the Farm Credit Administration (FCA), the Farm Credit System’s regulator (FCS), publicly posted a memorandum outlining its National Oversight Program (NOP).
The Farm Credit Administration (FCA), the regulator of the Farm Credit System (FCS), has announced that it will be rolling out new regulations through 2019 to address pressing issues, including reducing regulatory burden and instituting new criteria for restoring problem loans. Among these many proposed regulations is one on appraisals.