This bill gives the Farm Credit Administration the option to extend the time between routine safety examinations of low-risk Farm Credit System institutions from the current standard to as long as 24 months. The Farm Credit System provides credit and financial services to farmers, ranchers, and rural residents through cooperative lending institutions. The change applies only to institutions that the Farm Credit Administration determines pose low risk, allowing the agency discretion in how frequently it inspects these stable institutions. The bill takes effect on October 1, 2024, and does not require any specific funding. By extending examination cycles for well-performing institutions, the bill aims to reduce regulatory burden on financially sound agricultural lending cooperatives while maintaining oversight authority.
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