While the 2018 Farm Bill reclassified hemp as a legal agricultural commodity, banks still face challenges in serving hemp producers and hemp-related businesses, the American Bankers Association said today in a statement submitted for the record of a Senate Agriculture Committee hearing.
Browsing: 2018 Farm Bill
In a letter to the heads of the financial regulatory agencies on Friday, the American Bankers Association called for greater clarification on how banks may serve businesses dealing with hemp.
The 2018 Farm Bill offers bankers many new ways, not all of them intuitive, to help their customers.
In a statement for the record before today’s House Agriculture Committee hearing on the rural economy, ABA called on lawmakers to ensure farmers’ ongoing access to adequate credit by updating the U.S. Department of Agriculture’s guaranteed farm loan programs.
Heather Malcolm is a central Montana agricultural lender, but when she’s not on the bank, she works on her family’s cattle ranch, which allows her to stay closely in touch with the challenges faced by her loan customers.
Responding to a recent American Banker op-ed calling for the expansion of the Farm Credit System, Leonard Wolfe, president and chairman at United Bank and Trust in Marysville, Kan., said that any effort to do so would “fundamentally ignore the reality on the ground in agricultural lending today” and ultimately do little to help rural America.
With a vote of 369 to 47 today, the House approved the 2018 Farm Bill.
As Congress prepares to reconcile the House and Senate versions of the farm bill, the American Bankers Association joined a broad coalition of financial, agricultural and other trade associations in a letter to congressional leaders urging them to finalize the bill ahead of the current farm bill’s expiration on Sept. 30.
By a bipartisan 86-11, the Senate today passed its version the 2018 farm bill.
So far, the 2018 House and Senate Farm Bills now pending in Congress would have a minor impact on the Farm Credit System, which is good news for bankers.