2/27/2024 0 Comments American ag credit history![]() Those mergers were required by the Agricultural Credit Act of 1987.Ī Bank for Cooperatives (BC) provides lending and other financial services to farmer-owned cooperatives, rural utilities (electric and telephone), and rural sewer and water systems. There is also one Agricultural Credit Bank, with the authority of a FCB (and a Bank for Cooperatives):įCBs were created on July 6, 1988, in 11 of the 12 then-existing FCS Districts, by merging the Federal Land Bank (FLB) and the Federal Intermediate Credit Bank (FICB) in each of those districts. In turn, ACAs make short-, intermediate-, and long-term loans, while FLCAs make long-term loans, to farmers, ranchers, producers and harvesters of aquatic products, rural residents for housing, and certain farm-related businesses. Three Farm Credit Banks (FCBs) provide loan funds to 50 Agricultural Credit Associations (ACAs) and one Federal Land Credit Association (FLCA). Wholesale system banks Farm Credit Bank (and Agricultural Credit Bank) charter territories Farm Credit Bank (FCB) The Farm Credit System Insurance Corporation (FCSIC), established by the Agricultural Credit Act of 1987, insures the timely repayment of principal and interest on FCS debt securities. The Farm Credit Administration (FCA), an agency of the federal government created in 1933, provides regulatory oversight for the Farm Credit System. The Farm Credit System is considered the first GSE chartered by the United States. Current authority is granted by the Farm Credit Act of 1971. The Farm Credit System function is to provide a source of credit for American agriculture by making loans to qualified borrowers at competitive rates and providing insurance and related services.Ĭongress established the Farm Credit System as a government-sponsored enterprise (GSE) when it enacted the Federal Farm Loan Act of 1916. As of 2020, the Farm Credit System provides more than one-third, 44.4%, of the total market share of US farm business debt. The Farm Credit System provides more than $343 billion (as of 2021) in loans, leases, and related services to farmers, ranchers, rural homeowners, aquatic producers, timber harvesters, agribusinesses, and agricultural and rural utility cooperatives.Ĭongress established the Farm Credit System in 1916 to provide a reliable source of credit for farmers and ranchers. The Farm Credit System ( FCS) in the United States is a nationwide network of borrower-owned lending institutions and specialized service organizations. ![]() JSTOR ( April 2014) ( Learn how and when to remove this template message).Unsourced material may be challenged and removed.įind sources: "Farm Credit System" – news Please help improve this article by adding citations to reliable sources. This article needs additional citations for verification.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |