ABA Data Bank: Supporting Rural America
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.
Browsing: Rural banking
ABA Backs Legislation to Extend New Markets Tax Credit
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.
ABA Supports Bill to Encourage De Novo Bank Formation
The American Bankers Association today submitted a letter of support for H.R. 2561, the Promoting Access to Capital in Underbanked Communities Act of 2021, which would establish a three-year phase-in period for new banks to comply with federal capital standards, among other provisions designed to promote de novo banking.
Rep. Barr Introduces ABA-Backed Bill to Encourage De Novo Bank Formation
To help expand access to banking services and promote financial inclusion, Rep. Andy Barr (R-Ky.) last week introduced H.R. 2561, the Promoting Access to Capital in Underbanked Communities Act of 2021, which would establish a three-year phase-in period for new banks to comply with federal capital standards, among other provisions designed to promote de novo formation.
Banking on ECORA’s Encore
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.
FDIC Report Highlights Continued Strength of Farm Banks Despite Periods of Challenge
Farm banks have held up well despite challenges to the agriculture industry since 2014, and problem loan levels have remained modest, according to a new report from the FDIC.
Farm Credit Watch: Time for Fully Transparent FCA Board Meetings
In the latest Farm Credit Watch, Bert Ely highlights the notable lack of transparency around Farm Credit Administration board meetings. While government agencies are required to be open and accessible to the public except under certain circumstances, Ely raised concerns that FCA has been requiring attendees to its public virtual meetings to pre-register, which he said “represents a deliberate attempt by the regulatory body to discourage the monitoring of its actions.”
Kansas Law Creates Tax Exemption for Interest Income on Ag Real Estate Loans
Kansas Gov. Laura Kelly yesterday signed into law a bill that will help ensure greater parity at the state level
between banks and the government-sponsored Farm Credit System.
Trade Groups Call for Funding for USDA B&I Loan Program in COVID-19 Relief Bill
The American Bankers Association joined three other trade groups in a letter to House Rules Committee leaders this week urging them to include an amendment in the next COVID-19 relief bill that would provide funding for the U.S. Department of Agriculture’s business and industry guaranteed loan program.
Vilsack Confirmed as Ag Secretary; Trades Call for Protection of Crop Insurance
The Senate yesterday confirmed Tom Vilsack to serve as agriculture secretary by a bipartisan vote of 92 to 7. Vilsack previously served in the role during the Obama administration.