In a letter to the House Agriculture Committee today, ABA President and CEO Rob Nichols called on members of Congress to more closely examine the activities of the Farm Credit System, citing a number of ways in which the GSE has been allowed to operate outside the scope of its mission.
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Usually witnesses, especially those from a federal agency overseen by the committee whose members posed the questions, respond quickly and fully to those questions. It is not smart for an agency to do otherwise. However, the FCA seems to be the exception as 57 days later it still has not answered the questions put to it at the hearing.
A new study released today by the Missouri Bankers Association found that the state and local economies would suffer significant losses if banks were to halt agriculture and commercial lending efforts.
Top tips from ag lenders: leverage Farmer Mac, provide value-added with free financial analysis and lead with fixed-rate products.
The Farm Credit System was on the hot seat during a long-due oversight hearing.
After long and patient advocacy by ABA and the state bankers associations, the House Agriculture Committee will hold an oversight hearing on the Farm Credit Administration on Wednesday.
The House Agriculture Committee is scheduled to hold a hearing on the Farm Credit Administration (FCA). The proposed hearing date is Wednesday, Dec. 2. The purpose of the hearing will be to examine the performance of the FCA as the FCS’s regulator.
In a joint letter today, ABA and several farming industry groups urged the Senate to repeal a provision in the recent budget bill that would hinder the private-sector delivery of crop insurance.
These increases are powerful evidence of the FCS’s increased emphasis on providing taxpayer-subsidized credit to large corporate borrowers.
Mismanagement results in nearly $50 million in losses for a troubled FCS lender.