oversight

Reform Farm Credit

Amid Farm Economy Troubles, Farm Credit Administration Releases 2020 National Oversight Plan

This week at a press briefing in Washington, DC, three CEOs of Farm Credit System (FCS) institutions – AgriBank, Carolina Farm Credit and American AgCredit – announced that the System’s portfolio of “stressed” agricultural loans nearly doubled, from four percent to seven percent. Not long after, the System’s regulator, the Farm Credit Administration (FCA), released its 2020 National Oversight Plan.

It could not come at a better time. The FCA’s record on enforcing the Farm Credit Act and keeping the System in line is spotty at best. American agriculture is at risk, and the FCA needs to increase its oversight of the System so that it doesn’t leave farmers – especially young, beginning and small farmers – out to dry like it has in 2018.

0

Views

Neglect

The Second Farm Credit Hearing: A Recap

Reform Farm Credit recaps the Senate Committee on Agriculture, Nutrition and Forestry’s oversight hearing of the Farm Credit System on May 19, 2016.

1 Comment

3

Views

Waste

CT Judge Calls for Federal Investigation of Farm Credit East

The FCS has had its fair share of unauthorized loans and transgressions, but this one takes the cake.

No Comments

1

Views

Waste

Farm Credit Conceals Unauthorized Lending

The Farm Credit System (FCS) has a well-documented history of operating out of the bounds of its charter to its advantage. The last time it over-expanded, it held its hand out expectantly, waiting for the Treasury to issue it a $4 billion bailout.

No Comments

3

Views

Risk

Study Slams Farm Credit System

Nebraska, the heartland of America, where corn and wheat grow tall and cattle grow fat. An outside observer would think that in Nebraska, of all places, there would be a lot of support for the Farm Credit System (FCS), right? Take another guess.

No Comments

0

Views

Risk

Senior Democrat on House Committee on Agriculture Calls Out CoBank

Last month the House Committee on Agriculture grilled the Farm Credit Administration (FCA) on its inability to keep the Farm Credit System (FCS) in check. And word has been getting out.

No Comments

0

Views

Risk

Deposits by Any Other Name

Are the Farm Credit Administration and the Farm Credit System taking too much liberty in how they follow their own rules?

No Comments

0

Views

Neglect

The Farm Credit Hearing: A Recap

Since no one should have to sit through two and a half hours of testimony from the Farm Credit Administration (FCA), the Reform Farm Credit team has decided to give a rundown of the committee’s best questions and the FCA’s lackluster responses.

1 Comment

4

Views

Neglect

FCA Regulation Gone Rogue

The Farm Credit Administration is finally getting into the regulation game.

No Comments

0

Views

Waste

The Hard Truth Behind Farm Credit’s Tax Breaks

Underneath the mountains of impenetrable data and one-off feel-good stories lies the hard truth about the Farm Credit System’s (FCS) tax breaks.

No Comments

3

Views

oversight

Amid Farm Economy Troubles, Farm Credit Administration Releases 2020 National Oversight Plan

The Second Farm Credit Hearing: A Recap

CT Judge Calls for Federal Investigation of Farm Credit East

Farm Credit Conceals Unauthorized Lending

Study Slams Farm Credit System

Senior Democrat on House Committee on Agriculture Calls Out CoBank

Deposits by Any Other Name

The Farm Credit Hearing: A Recap

FCA Regulation Gone Rogue

The Hard Truth Behind Farm Credit’s Tax Breaks

FARM CREDIT FAST FACTS

1. RISK

In 1987, the Farm Credit System was bailed out by US taxpayers to the tune of $4 billion. At the time, the FCS was worth $40 billion. Today, the Farm Credit System is worth $335 billion; if FCS needed another bailout, it would cost taxpayers $33.5 billion – an 837% increase from 1987.

2. WASTE

If the Farm Credit System were a bank, it would be the 7th largest in the country – and nobody seems to notice. Its tax advantages, unparalleled access to taxpayer-backed credit, and lack of regulation often leave it as the only source of credit in rural areas.

3. NEGLECT

Farm Credit System loans, far from their mission to support small local farmers, are being used to finance huge multinationals like Verizon, AT&T, Rayonier Inc., Cyrus One Inc. and more.

oversight

FARM CREDIT FAST FACTS

In 1987, the Farm Credit System was bailed out by US taxpayers to the tune of $4 billion. At the time, the FCS was worth $40 billion. Today, the Farm Credit System is worth $335 billion; if FCS needed another bailout, it would cost taxpayers $33.5 billion – an 837% increase from 1987.

If the Farm Credit System were a bank, it would be the 7th largest in the country – and nobody seems to notice. Its tax advantages, unparalleled access to taxpayer-backed credit, and lack of regulation often leave it as the only source of credit in rural areas.

Farm Credit System loans, far from their mission to support small local farmers, are being used to finance huge multinationals like Verizon, AT&T, Rayonier Inc., Cyrus One Inc. and more.

JOIN US!