20 terms

History of the Farm Credit System

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1916
When was Farm credit system created?
Congress
Who created Farm Credit system?
Theodore Roosevelt
The president of U.S. who help form the idea of Farm Credit system
1913
Until this year, federal law prohibited national banks from making loans with maturities beyond 5 yrs
1916 Federal Farm Loan Act
Credit delivery method established
Agricultural Marketing Act of 1929
Enacted to help stabilize farm prices and finance the development of Ag cooperatives
Emergency Farm Mortgage Act
In 1933, this law recapitalized the land banks with $189 million and cut interest rates to deal with the Depression
Farm Credit Act
created 13 Banks of Cooperatives by revamping the FICBs and established a new production credit system for farmers and ranchers
Farm Credit Act of 1971
Expanded the range of services Farm Credit institutions could offer, to include rural home mortgages, leasing services, international and rural utility lending.
1980's revisions to structure and operations of Farm Credit System
Resulted in creation in the Farm Credit System Insurance Fund and the Federal Farm Credit Banks Funding Corp., and the FCA became a fully independent arm's- length regulator
Currently
there are only 4 Farm Credit System banks and a little more than 69 local lending associations
FCS Safety and Soundness Act
Created in 1992 and clarified the Farm Credit System's obligation and makes provision for full repayment of all the assistance borrowed, including interest
Farm Credit System provides....
More than $260 billion in loans to some 500,000 borrowers
Farm Credit Institutions
3 regional Farm Credit Banks and one CoBank
Deposits
Farm Credit System doesn't accept...
Types of product and services offered
Real estate loans, operating loans, equipment loans, orchard/vineyard development loans, facility construction loans, equipment leases, credit-related life insurance and crop insurance
St. Paul, Minnesota
Location of Farm Credit Foundations
Farm Credit Foundations
Provides "backoffice" human resources operations for most ACAs
Farm Credit Financial Partners Inc. (FPI)
Provides information technology and financial services for select ACAs in the Northeast and Western regions
Farm Credit Leasing Services Corporation
Provides equipment leasing services to eligible agricultural producers, cooperatives and rural utilities
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