ABA wrote to members of Congress and the heads of the Farm Service Agency and the U.S. Small Business Administration yesterday urging them to end a moratorium on loans to farmers and ranchers for financing animal facilities. The agencies put the moratorium in place in response to pending litigation over lapses in environmental due diligence on those types of loans — specifically, the Environmental Protection Agency’s interpretation of the Waters of the United States Rule. ABA warned that if this interpretation is not re-examined, it could lead to a permanent ban on animal facilities lending, cutting off vital funding sources for farmers and ranchers.
ABA urges lawmakers to take up Dodd-Frank reform
ABA shared several possible reforms for the Dodd-Frank Act as the law approaches the 15th anniversary of its enactment, saying changes are needed to mitigate its burdens on banks of all sizes.