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Farm Credit Once Again Taking Advantage of Lack of Oversight, Continues Exorbitant Lending to Non-Agriculture Companies

With more than $400 billion in assets backed by taxpayer dollars, the Farm Credit System (FCS) should be receiving more regular oversight from its regulator, the Farm Credit Administration (FCA), and Congress, which has the oversight authority over both the FCS and the FCA. Is strong oversight a thing of the past?

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Latest in Big Farm Credit Non-Ag Loans: Millions to a publicly-traded building material company

Even though the Farm Credit System (FCS) was established to help farmers, it often falls short, instead making questionable loans to large institutions that don’t need the support of a government-sponsored, taxpayer-backed entity like the FCS. Loans to a publicly-traded producer of industrial packaging products, a solar project to power Facebook, and to a lumber company trying to prop up a foreign venture are just a few of this ilk.

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Lipstick for Pigs or Lipstick on a Pig? Compeer Finds New Ways to Expand its Charter

On June 3rd, Florida’s St. Pete Catalyst reported that Compeer Financial – a farm credit institution – recently participated in a credit facility of $175 million for Growve, “a St. Petersburg company that specializes in acquiring and growing smaller health, wellness and beauty brands.”  Beauty products?  Is Compeer using its lending capacity to develop lipstick for pigs or is it only pretending that it is a taxpayer-supported lender dedicated to agricultural credit?

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Expanding Again Beyond Serving Farmers, Farm Credit Partners with Quicken on Mortgage Loans

Farm Credit System (FCS) lenders have a knack for expanding the scope of the FCS’s mission, extending some questionable loans and striking some strange partnerships. One need only look at Farm Credit’s ties to global packaging firm Greif, Inc., to PacifiCorp powering a Facebook data center, and to any number of telecommunications firms like Frontier or Verizon.

What’s just one more on the heap?

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Shocking Merger Between Yankee Farm Credit & Farm Credit East Reveals FCA’s Lack of Disclosure & Consideration of Harmful Effects on Farmers, Ranchers & Producers

It comes as a shock to hear that Yankee Farm Credit, serving Vermont and parts of New York and New Hampshire, will soon be merged with Farm Credit East, which covers New Jersey all the way to Maine. Yankee Farm Credit holds $586 million in total loans to Farm Credit East’s $8.2 billion. Though it’s dubbed a “strategic merger,” it’s better characterized as outright consolidation – Yankee Farm Credit and Farm Credit East are barely in the same league.

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FCA Board Let Farm Credit Get Away with Serious Violations in First Quarter, American Farmers & Taxpayers to Pay the Price

 

As a government-sponsored enterprise (GSE), the Farm Credit System (FCS) answers to a regulator, the Farm Credit Administration (FCA). With nominal oversight from the FCA, the FCS often gets away with a lot. It can’t get everything that it wants, but what it gets is bad enough for America’s farmers and taxpayers.

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FCS Escapes Scrutiny of its Failures to Support YBS and SD Farmers

On March 24, Farm Credit lucked out at a key congressional hearing.  The House Appropriations Committee’s Subcommittee on Agriculture, Rural Development, Food and Drug Administration and Related Agencies held an oversight hearing featuring the Farm Credit Administration (FCA), the Farm Credit System’s (FCS) regulator.

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Farm Credit Needs Independent Regulators to Watch the Watchmen

Farm Credit System (FCS) institutions span the country, extending questionable loans, raking in gobs of cash, and doing so with only light regulation by the Farm Credit Administration (FCA), an independent agency within the executive branch. Congress, in turn, oversees the FCA’s regulatory program.

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Farm Credit Consolidations Leave Farmers with Less Local Control

The Farm Credit System (FCS) primarily serves its customers through individual associations. For the most part, each association has a defined territory, and this patchwork of different territories covers the entire country. But over the past few decades, the number of associations has dropped considerably – the result of a wave of consolidations – resulting in a loss of local control.

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