The FBI recently released an alert warning that ransomware attacks targeting the food and agriculture sector are disrupting operations, causing financial losses and harmfully impacting the food supply chain.
By volunteering as advisers mentors with FFA or 4-H, agricultural bankers build financial capability and strengthen the next generation of ag producers.
The Farm Credit Administration has proposed a potentially dangerous relaxation of its regulation governing the appraisal procedures FCS institutions rely on in making lending decisions.
Farmers, ranchers and producers across the country have stood strong during a year of extreme economic disruption and tumult. America needs them to sustain agriculture, and they need all of the support they can get. At this time, in particular, withholding any would be irresponsible. Reps. Ron Kind (D-Wis.) and Randy Feenstra (R-Iowa) introduced the Enhancing Credit Opportunities in Rural America (ECORA) Act of 2021 in the House of Representatives, bringing it a step closer to law.
Agricultural lending by the nation’s farm banks dipped 1.8% to $98.6 billion in 2020 as demand for agricultural production loans declined slightly, according to the American Bankers Association’s annual Farm Bank Performance Report released today.
U.S. banks extended $174 billion in farm loans in 2020, of which $98.5 billion came from farm banks that specialize in the ag space.
ABA supports bipartisan New Markets Tax Credit Extension Act. “By making NMTC permanent, our nation’s small businesses, investors and community development professionals will have access to the vital resources needed to improve our nation’s communities while generating long-term economic growth,” ABA said.
Though the goals for passing of the reintroduced Enhancing Credit Opportunities in Rural America Act of 2021, commonly known as ECORA, haven’t changed much over the last few years, this Congress may have a better shot at leveling the playing field between farm banks and Farm Credit System lenders, ultimately giving struggling farmers and ranchers greater access to affordable credit options. ABA SVP Ed Elfmann details the importance of ECORA’s passage.
The American Bankers Association today expressed support for the Enhancing Credit Opportunities in Rural America Act, which would end taxation of interest earned from agricultural real estate loans.
Reps. Ron Kind (D-Wis.) and Randy Feenstra (R-Iowa) yesterday introduced the American Bankers Association-backed Enhancing Credit Opportunities in Rural America Act. The bill, H.R. 1977, would end the taxation of interest earned from agricultural real estate loans.