ABA Banking Journal
No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
SUBSCRIBE
ABA Banking Journal
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
No Result
View All Result
No Result
View All Result
ADVERTISEMENT
Home Ag Banking

Banker Op-Ed Calls for Farm Credit System Reform

June 3, 2016
Reading Time: 1 min read

In an op-ed in Agri-Pulse today, Leonard Wolfe — president and CEO of United Bank and Trust in Marysville, Kan., and chairman of ABA’s Agricultural Credit Task Force — called on Congress and regulators to step up efforts to oversee the Farm Credit System to ensure that the government sponsored enterprise stays within the scope of its intended mission.

Wolfe argued that the FCS has shifted its focus away from young, beginning and small farmers in favor of lending to large entities like casinos and telecomm giants, claiming that these companies qualify for FCS financing because they are “similar entities” to farms and rural co-ops. However, as Wolfe wrote, “no reasonable person would compare Verizon to a rural telecommunications cooperative, nor Saratoga Casino and Raceway to a horse farm.”

Despite his criticism of the FCS’s lending practices, however, Wolfe said that the system has an important role to play in sustaining rural America. He stressed the importance of continuing the dialogue surrounding the FCS’s mission and oversight to ensure that its tax-subsidized lending dollars are being properly utilized and that other lenders — particularly community banks — can remain competitive in rural markets.

“Community banks and the Farm Credit System can compete, but there needs to be a level playing field, and that can only happen if the System is kept in check by its regulators and Congress,” Wolfe wrote. “[T]he Farm Credit System needs to conduct a rigorous examination of its mission, its values, its practices and how these comport with the spirit of its founding law.”

ADVERTISEMENT
Tags: Farm Credit System
ShareTweetPin

Author

Monica C. Meinert

Monica C. Meinert

Monica C. Meinert is a senior editor at the ABA Banking Journal and VP for executive communications at the American Bankers Association.

Related Posts

ABA, associations urge lawmakers to finalize deal on debt ceiling

Update: President signs ‘big beautiful bill,” includes numerous ABA-backed provisions

Ag Banking
July 3, 2025

Included in the bill were several ABA-supported tax provisions related to banks, including a modified version of the ABA-advocated ACRE Act and the permanent extension of the Section 199A pass-through deduction rate of 20%.

Factory orders increased in May

Economy
July 3, 2025

New orders for manufactured goods in May, up five of the last six months, increased $48.5 billion or 8.2% to $642.0 billion, the U.S. Census Bureau reported today. This followed a 3.9% April decrease. New orders for manufactured...

International trade deficit increased in May

Economy
July 3, 2025

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $71.5 billion in May, up $11.3 billion from $60.3 billion in April, revised. The May increase in the...

ISM: Service sector expanded in June

Economy
July 3, 2025

Economic activity in the services sector grew in June after contracting for just one month. The Institute for Supply Management Services Index indicated expansion at 50.8%, above the 50% breakeven point for the 11th time in the last...

147,000 Jobs Added in June, Unemployment Rate Steady at 4.1%

Economy
July 3, 2025

Total nonfarm payroll employment increased by 147,000 in June, and the unemployment rate was little changed at 4.1%, the U.S. Bureau of Labor Statistics reported today. The number of unemployed people, at 7.0 million, changed little over the...

ADP: 33,000 jobs lost in June

Economy
July 3, 2025

The non-farm private sector lost 33,000 jobs in June, and annual pay was up 4.4% year-over-year, according to the ADP National Employment Report. This follows a downward revision of May’s report from 37,000 jobs added to 29,000.Small businesses...

NEWSBYTES

Update: President signs ‘big beautiful bill,” includes numerous ABA-backed provisions

July 3, 2025

Factory orders increased in May

July 3, 2025

International trade deficit increased in May

July 3, 2025

SPONSORED CONTENT

Navigating Disruption in Ag Lending – Why Tariffs Are Just the Tip of the Iceberg

Navigating Disruption in Ag Lending – Why Tariffs Are Just the Tip of the Iceberg

July 1, 2025
AI Compliance and Regulation: What Financial Institutions Need to Know

Unlocking Deposit Growth: How Financial Institutions Can Activate Data for Precision Cross-Sell

June 1, 2025
Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

April 25, 2025
Outsourcing: Getting to Go/No-Go

Outsourcing: Getting to Go/No-Go

April 5, 2025

PODCASTS

Podcast: Inside ABA’s new Treasury Check Verification System API

June 25, 2025

Podcast: Staying close to clients amid tariff-driven volatility

June 18, 2025

Podcast: Old National’s Jim Ryan on the things that really matter

June 12, 2025
ADVERTISEMENT

American Bankers Association
1333 New Hampshire Ave NW
Washington, DC 20036
1-800-BANKERS (800-226-5377)
www.aba.com
About ABA
Privacy Policy
Contact ABA

ABA Banking Journal
About ABA Banking Journal
Media Kit
Advertising
Subscribe

© 2025 American Bankers Association. All rights reserved.

No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive

© 2025 American Bankers Association. All rights reserved.