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Farm Credit Administration

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The Farm Credit Administration (FCA) is an independent government agency that is responsible for regulating and examining banks and other institutions involved with the Farm Credit System (FCS), a network of lending institutions that provide credit to farmers, ranchers, and other agricultural or rural professionals.[1]

HIGHLIGHTS
  • The FCA is responsible for the regulation and examinations of members of the Farm Credit System, a network of lenders for farmers and other agriculture businesses.
  • The FCA does not receive public funds. It is funded by fees paid by FCS members.
  • The FCA is governed by a three-member board. Members of the board are appointed by the president with the advice and consent of the United States Senate.

    • Background

    Created in 1916 by the United States Congress, the Farm Credit System (FCS) is a network of lenders for farmers and other agriculture businesses. In 1933, President Franklin D. Roosevelt (D) issued an executive order creating the Farm Credit Administration (FCA). According to the Farm Credit Administration website, this order "placed all existing agricultural credit organizations under the supervision" of the FCA. The Farm Credit Act of 1971, according to the Columbia Electronic Encyclopedia, "superseded all previous legislation" and "authorized the Farm Credit System to provide long-term and short-term credit to farmers and their cooperatives." Amendments were adopted in 1985 that expanded the regulatory authority of the FCA.[2][3][4][5][6]

    Organization

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    The FCA is governed by a three-member board. Members of the board are appointed by the president with the advice and consent of the United States Senate. The president appoints one of these three member to serve as the chair. Board members serve six-year terms, and may not be reappointed to succeed themselves after a full term, or after serving three years of a previous member's term. The board is tasked with reviewing and approving the policies, regulations, charters, and enforcement activities of the FCA, and the examinations of FCS members. The table below lists the members of the board as of February 2024.[7]

    FCA Board, February 2024
    Position Current member Term
    Chairman and CEO Jeffery S. Hall January 20, 2025 -
    Board member Vacant Vacant
    Board member Glen R. Smith July 17, 2019 - October 21, 2022 *
    Note: As of June 2025, Smith was continuing to serve an expired term until the naming of his successor.
    Source: Farm Credit Administration

    Similar to the Federal Deposit Insurance Corporation, another independent agency of the federal government, the FCA does not receive public funds. Instead, it is funded by assessment fees paid by FCS institutions.[1]

    Authority and responsibilities

    The FCA derives its authorities from the Farm Credit Act of 1971. This act grants the FCA authority to regulate the sales of mortgages and other credit and lending activities by organizations in the FCS. In addition to regulating these entities, the FCA is also granted the authority to examine them for compliance with regulations and financial soundness.[1]

    See also

    External links

    Footnotes

    1. ↑ 1.0 1.1 1.2 Farm Credit Administration, "FCA in Brief," accessed January 16, 2017
    2. ↑ United States Senate, "Farm Credit Act of 1971," accessed January 16, 2017
    3. ↑ Farm Credit Administration, "History of the FCA and FCS," accessed January 16, 2017
    4. ↑ The American Presidency Project, "23 - Executive Order 6084 Consolidating Federal Farm Credit Agencies," accessed January 16, 2017
    5. ↑ InfoPlease.com, "Farm Credit Administration," accessed January 31, 2017
    6. ↑ Investopedia, "Farm Credit System," accessed January 31, 2017
    7. ↑ Farm Credit Administration, "FCA Board," accessed February 21, 2024
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