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

ABA Calls Out FCS Lender on Non-Farm Credit Extension

December 2, 2016
Reading Time: 1 min read

Farm Credit System lender CoBank has overstepped its lending authority under the Farm Credit Act with a recent extension of credit to CyrusOne, Inc., a real estate investment trust, ABA said today. In a letter to the Farm Credit Administration, ABA called on FCA to direct CoBank to divest its participation in a $1.55 billion unsecured credit facility that was recently granted to CyrusOne, noting that the company “is not engaged in any form of agriculture or agribusiness activity, nor is it a cooperatively owned organization.”

ABA pointed out that CyrusOne (which leases out space to companies to house computer data centers) is neither a public utility nor a “similar entity” eligible to receive FCS funding. In addition, all of the company’s 35 data centers are located in major metropolitan areas, and its business activities do not include a rural component. “Essentially, investor-owned CyrusOne intends to use its taxpayer-subsidized borrowing from CoBank to provide taxpayer-subsidized funding to other large, investor-owned companies, none of which are entitled to receive taxpayer-subsidized credit,” the association said.

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

U.S. Supreme Court rules CFPB’s funding structure is constitutional

With Trump signing repeal of CFPB overdraft rule, ABA to drop lawsuit

Compliance and Risk
May 9, 2025

President Trump has signed into law an ABA-championed resolution overturning the CFPB’s limits on overdraft fees.

CFPB claims ‘complex’ pricing drives up cost of financial products

CFPB rescinds dozens of guidance documents

Compliance and Risk
May 9, 2025

The CFPB announced it is rescinding dozens of guidance documents on topics such as fair lending, overdraft fees, disclosure policies and consumer information requests to large banks and credit unions.

CFPB issues decision on TILA preemption of state laws

ABA, plaintiffs push back against state claims in Illinois interchange lawsuit

Legal
May 9, 2025

ABA and other plaintiffs said the court has already recognized that an Illinois law restricting certain interchange fees is preempted by federal law, so it should reject the state’s arguments against the court making a summary judgment in...

FDIC’s McKernan sees lack of justification for proposed capital standards

Trump nominates McKernan for Treasury Department role

Newsbytes
May 9, 2025

President Trump nominated former FDIC Board Member Jonathan McKernan as undersecretary of domestic finance at the Treasury Department. McKernan had been the nominee to lead the CFPB.

Former NCUA chair named acting OCC head

Acting Comptroller Hood outlines OCC priorities

Compliance and Risk
May 9, 2025

Acting Comptroller Rodney Hood outlined his top priorities for the OCC, including efforts to promote financial inclusion and expand the banks’ ability to provide cryptocurrency services.

ABA DataBank: Dow Jones Transportation Index on track for worst performance of last decade

ABA DataBank: Dow Jones Transportation Index on track for worst performance of last decade

Economy
May 9, 2025

The Dow Jones Transportation Average, which measures shipping, rail and logistics companies, is exhibiting one of its worst H1 performances in 10 years.

NEWSBYTES

With Trump signing repeal of CFPB overdraft rule, ABA to drop lawsuit

May 9, 2025

CFPB rescinds dozens of guidance documents

May 9, 2025

ABA, plaintiffs push back against state claims in Illinois interchange lawsuit

May 9, 2025

SPONSORED CONTENT

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
Six Payments Trends Driving the Future of Transactions

Six Payments Trends Driving the Future of Transactions

March 15, 2025
AI for Banks: A Starter Guide for Community and Regional Institutions

AI for Banks: A Starter Guide for Community and Regional Institutions

March 1, 2025

PODCASTS

Podcast: Accelerating banking for quick-service restaurants

May 8, 2025

How a Georgia community bank supports government-guaranteed lending nationwide

May 1, 2025

Podcast: Quantum computing’s shakeup in payments, cybersecurity

April 24, 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.