1. U.S. Code
  2. title 12
  3. chapter 23
  4. subchapter V
  5. part B
  6. § 2241

Collapse to view only § 2241. Farm Credit Administration

§ 2241. Farm Credit Administration

The Farm Credit Administration shall be an independent agency in the executive branch of the Government. It shall be composed of the Farm Credit Administration Board and such other personnel as are employed in carrying out the functions, powers, and duties vested in the Farm Credit Administration by this chapter.

(Pub. L. 92–181, title V, § 5.7, Dec. 10, 1971, 85 Stat. 617; Pub. L. 99–205, title II, § 201(1), Dec. 23, 1985, 99 Stat. 1688.)

CITE AS: 12 USC 2241

§ 2242. Farm Credit Administration Board
(a) Appointment
(b) Terms of office
(c) Organization
(d) Compensation
(e) Qualifications of Farm Credit Administration Board members
The President shall appoint members of the Board who—
(1) are experienced or knowledgeable in agricultural economics and financial reporting and disclosure;
(2) are experienced or knowledgeable in the regulation of financial entities; or
(3) have a strong financial, legal, or regulatory background.
(Pub. L. 92–181, title V, § 5.8, Dec. 10, 1971, 85 Stat. 617; Pub. L. 96–592, title V, § 503, Dec. 24, 1980, 94 Stat. 3449; Pub. L. 99–205, title II, § 201(1), Dec. 23, 1985, 99 Stat. 1688; Pub. L. 100–233, title IV, § 431(a), Jan. 6, 1988, 101 Stat. 1658; Pub. L. 102–552, title I, § 102, Oct. 28, 1992, 106 Stat. 4103.)

CITE AS: 12 USC 2242

§ 2243. Powers of Board
The Board shall manage and administer, and establish policies for, the Farm Credit Administration. It—
(1) shall approve the rules and regulations for the implementation of this chapter not inconsistent with its provisions;
(2) shall provide for the examination of the condition of, and general regulation of the performance of the powers, functions, and duties vested in, each institution of the Farm Credit System;
(3) shall provide for the performance of all the powers and duties vested in the Farm Credit Administration; and
(4) may require such reports as it deems necessary from the institutions of the Farm Credit System.
(Pub. L. 92–181, title V, § 5.9, Dec. 10, 1971, 85 Stat. 619; Pub. L. 99–205, title II, § 201(1), Dec. 23, 1985, 99 Stat. 1689; Pub. L. 100–233, title VIII, § 805(w), Jan. 6, 1988, 101 Stat. 1716.)

CITE AS: 12 USC 2243

§ 2244. Chairman; responsibilities; governing standards
(a) Chairman of Farm Credit Administration Board; power and authority
(1) The Chairman of the Board shall be the chief executive officer of the Farm Credit Administration.
(2) In carrying out the responsibilities of the chief executive officer, the Chairman shall be responsible for directing the implementation of policies and regulations adopted by the Board and, after consultation with the Board, the execution of the administrative functions and duties of the Farm Credit Administration.
(3) In carrying out policies as directed by the Board, the Chairman shall act as spokesperson for the Board and represent the Board and the Farm Credit Administration in their official relations within the Federal Government.
(4) Under policies adopted by the Board, the Chairman shall consult on a regular basis with—
(A) the Secretary of the Treasury concerning the exercise, by the System, of the powers conferred under section 2153 of this title;
(B) the Board of Governors of the Federal Reserve System concerning the effect of System lending activities on national monetary policy; and
(C) the Secretary of Agriculture concerning the effect of System policies on farmers, ranchers, and the agricultural economy.
(b) Governing standards
(c) Enforcement of rules, regulations, and orders of Board; civil proceedings; representation by attorneys
(Pub. L. 92–181, title V, § 5.10, Dec. 10, 1971, 85 Stat. 619; Pub. L. 96–592, title V, § 504, Dec. 24, 1980, 94 Stat. 3449; Pub. L. 99–205, title II, § 201(1), Dec. 23, 1985, 99 Stat. 1689; Pub. L. 100–233, title IV, § 431(b), Jan. 6, 1988, 101 Stat. 1658.)

CITE AS: 12 USC 2244

§ 2245. Organization of Farm Credit Administration
(a) Policies of Board
(b) Appointments
(c) Personnel
(1) Appointments by Board members
(2) Officers and employees
(A) Appointment, compensation, and benefits
(B) “Other Federal bank regulatory agencies” defined
(C) Ethics in Government
The officers and employees of the agency shall be—
(i) subject to chapter 131 of title 5; and
(ii) considered officers or employees of the United States for the purposes of sections 201 through 203, and sections 205 through 209, of title 18.
(3) Delegation
(d) Funding
(Pub. L. 92–181, title V, § 5.11, Dec. 10, 1971, 85 Stat. 620; Pub. L. 99–205, title II, § 201(1), Dec. 23, 1985, 99 Stat. 1690; Pub. L. 100–233, title IV, § 431(c), title VIII, § 805(x), Jan. 6, 1988, 101 Stat. 1659, 1716; Pub. L. 100–399, title IV, § 415(a), title VII, § 702(b), Aug. 17, 1988, 102 Stat. 1004, 1006; Pub. L. 101–73, title XII, § 1210, Aug. 9, 1989, 103 Stat. 523; Pub. L. 117–286, § 4(c)(23), Dec. 27, 2022, 136 Stat. 4357.)

CITE AS: 12 USC 2245

§ 2246. Advisory committees

The Chairman of the Board, subject to the approval of the Board, may establish one or more advisory committees in accordance with chapter 10 of title 5 and may appoint to such committee or committees individuals who are members of the Federal Farm Credit Board when such Board is terminated by the Farm Credit Amendments Act of 1985.

(Pub. L. 92–181, title V, § 5.12, Dec. 10, 1971, 85 Stat. 620; Pub. L. 99–205, title II, § 201(1), Dec. 23, 1985, 99 Stat. 1690; Pub. L. 100–233, title IV, § 431(d), Jan. 6, 1988, 101 Stat. 1660; Pub. L. 117–286, § 4(a)(56), Dec. 27, 2022, 136 Stat. 4311.)

CITE AS: 12 USC 2246

§ 2247. Repealed. Pub. L. 99–205, title II, § 201(2), Dec. 23, 1985, 99 Stat. 1690

CITE AS: 12 USC 2247

§ 2248. Seal of the Farm Credit Administration

The Farm Credit Administration shall have a seal, as adopted by the Board, which shall be judicially noted.

(Pub. L. 92–181, title V, § 5.13, formerly § 5.14, Dec. 10, 1971, 85 Stat. 620; renumbered § 5.13 and amended Pub. L. 99–205, title II, § 201(3), Dec. 23, 1985, 99 Stat. 1690.)

CITE AS: 12 USC 2248

§ 2249. Administrative expenses

The Farm Credit Administration may, within the limits of funds available therefor, make necessary expenditures for personnel services and rent at the seat of Government and elsewhere; contract stenographic reporting services; purchase and exchange lawbooks, books of reference, periodicals, newspapers, expenses of attendance at meetings and conferences; purchase, operation, and maintenance at the seat of Government and elsewhere of motor-propelled passenger-carrying vehicles and other vehicles; printing and binding; a

(Pub. L. 92–181, title V, § 5.14, formerly § 5.15, Dec. 10, 1971, 85 Stat. 620; Pub. L. 96–592, title V, § 505, Dec. 24, 1980, 94 Stat. 3449; renumbered § 5.14 and amended Pub. L. 99–205, title II, § 201(4), Dec. 23, 1985, 99 Stat. 1690.)

CITE AS: 12 USC 2249

§ 2250. Farm Credit Administration operating expenses fund
(a) Determinations required
(1) Generally
Prior to the first day of each fiscal year, the Farm Credit Administration shall determine—
(A) the cost of administering this chapter for the subsequent fiscal year, including expenses for official functions;
(B) the amount of assessments that will be required to pay such administrative expenses, taking into consideration the funds contained in the Administrative Expense Account, and maintain a necessary reserve; and
(C) the amount of assessments that will be required to pay the costs of supervising and examining the Mortgage Corporation established under subchapter VIII.
(2) Apportionments
On the basis of the determinations made under paragraph (1), the Farm Credit Administration shall—
(A) apportion the amount of the assessment described in paragraph (1)(B) among the System institutions on a basis that is determined to be equitable by the Farm Credit Administration;
(B) assess and collect such apportioned amounts from time to time during the fiscal year as determined necessary by the Farm Credit Administration; and
(C) assess and collect from the Mortgage Corporation, from time to time during the fiscal year, the amount described in paragraph (1)(C).
(b) Deposits into fund
(1) Treasury fund
(2) Nongovernment funds
(3) Investment
(A) Authority
(B) Returns
(C) Type
(Pub. L. 92–181, title V, § 5.15, formerly § 5.16, Dec. 10, 1971, 85 Stat. 620; renumbered § 5.15 and amended Pub. L. 99–205, title II, §§ 201(5), 205(g)(6), Dec. 23, 1985, 99 Stat. 1690, 1707; Pub. L. 100–233, title IV, § 432(a), Jan. 6, 1988, 101 Stat. 1660; Pub. L. 100–399, title IV, § 416(a), (b), Aug. 17, 1988, 102 Stat. 1004; Pub. L. 102–552, title V, § 510, Oct. 28, 1992, 106 Stat. 4132.)

CITE AS: 12 USC 2250

§ 2251. Quarters and facilities for the Farm Credit Administration
(a) Location of principal office
(b) Alternate property authorizations for System banks
As an alternate to the rental of quarters under section 2249 of this title, and without regard to any other provision of law, the banks of the System, with the concurrence of two-thirds of the bank boards, are hereby authorized—
(1) To lease or acquire real property in the District of Columbia or elsewhere for quarters of the Farm Credit Administration.
(2) To construct, develop, furnish, and equip such building thereon and such facilities appurtenant thereto as in their judgment may be appropriate to provide, to the extent the Board may deem advisable, suitable, and adequate quarters and facilities for the Farm Credit Administration.
(3) To enlarge, remodel, or reconstruct the same.
(4) To make or enter into contracts for any of the foregoing.
(5) To sell or otherwise dispose of any interest in property leased or acquired under the foregoing if authorized by the Board.
(c) Financing
(1) In general
(2) Advances
(3) Powers of banks
(4) Approval of board
(5) Agent for banks
(Pub. L. 92–181, title V, § 5.16, formerly § 5.17, Dec. 10, 1971, 85 Stat. 621; Pub. L. 96–592, title V, § 506, Dec. 24, 1980, 94 Stat. 3449; renumbered § 5.16 and amended Pub. L. 99–205, title II, § 201(6), Dec. 23, 1985, 99 Stat. 1690; Pub. L. 100–233, title VIII, § 805(y), Jan. 6, 1988, 101 Stat. 1717; Pub. L. 100–399, title IX, § 901(l), Aug. 17, 1988, 102 Stat. 1008; Pub. L. 115–334, title V, §§ 5405, 5411(28), Dec. 20, 2018, 132 Stat. 4676, 4682.)

CITE AS: 12 USC 2251

§ 2252. Powers and duties
(a) Enumerated powersThe Farm Credit Administration shall have the following powers, functions, and responsibilities in connection with the institutions of the Farm Credit System and the administration of this chapter:
(1) Modify the boundaries of farm credit districts, with due regard for the farm credit needs of the country, as approved by the Board, with the concurrence of the district banks involved.
(2) Where necessary or appropriate to carry out the policy and objectives of this chapter, issue and approve amendments to Federal charters of institutions of the System; approve change in names of banks operating under this chapter; approve the merger of districts when agreed to by the district bank boards involved and by a majority vote of the voting stockholders and contributors to the guaranty funds of each bank for each of such districts, voting in the same manner as is provided in section 2279a of this title; approve mergers and any related activities as provided for in subchapter VII; and approve the consolidation or division of the territories of institutions when agreed to by a majority vote of the voting stockholders or contributors to the guaranty fund of each of the institutions involved; and approve consolidations of boards of directors when agreed to by a majority vote of the voting stockholders or contributors to the guaranty fund of each of the institutions involved. The Farm Credit Administration Board, after consultation with the respective boards of directors of the affected banks, may require two or more banks operating under the same or different titles to merge if the Board determines that one of such banks has failed to meet its outstanding obligations.
(3) Make annual reports directly to Congress on the condition of the System and its institutions, based on the examinations carried out under section 2254 of this title, and on the manner and extent to which the purposes and objectives of this chapter are being carried out and, from time to time, recommend directly legislative changes. The annual reports shall include a summary and analysis of the reports submitted to the Farm Credit Administration by the Farm Credit Banks under section 2207(b) of this title relating to programs for serving young, beginning, and small farmers and ranchers.
(4) Approve the issuance of obligations of the System under subsections (c) and (d) of section 2153 of this title for the purpose of funding the authorized operations of the institutions of the System, and prescribe collateral therefor.
(5) Grant approvals provided for under this chapter either on a case-by-case basis or through regulations that confer approval on actions of Farm Credit System institutions.
(6) Establish standards for the System institutions with respect to loan security requirements and regulate the borrowing, repayment, and transfer of funds and equities between institutions of the System.
(7) Conduct loan and collateral security review.
(8) Regulate the preparation by System institutions and the dissemination to stockholders and investors of information on the financial condition and operations of such institutions, except that the requirements of the Farm Credit Administration governing the dissemination to stockholders of quarterly reports of System institutions may not be more burdensome or costly than the requirements applicable to national banks, and the Farm Credit Administration may not require any System institution to disclose in any report to stockholders information concerning the condition or classification of a loan—
(A) to a director of the institution—
(i) who has resigned before the time for filing the applicable report with the Farm Credit Administration; or
(ii) whose term of office will expire no later than the date of the meeting of stockholders to which the report relates; or
(B) to a member of the immediate family of a director of the institution unless—
(i) the family member resides in the same household as the director; or
(ii) the director has a material financial or legal interest in the loan or business operation of the family member.
(9) Prescribe rules and regulations necessary or appropriate for carrying out this chapter.
(10) Exercise the powers conferred on it under part C of this subchapter for the purpose of ensuring the safety and soundness of System institutions.
(11) Exercise such incidental powers as may be necessary or appropriate to fulfill its duties and carry out the purposes of this chapter.
(12) Require surety bonds or other provisions for protection of the assets of the institutions of the System against losses occasioned by employees.
(13)
(A) Subject to subparagraph (B), the Farm Credit Administration may approve an amendment to the charter of any institution of the Farm Credit System operating under subchapter I or II, which would authorize the institution to exercise lending authority in any territory—
(i) in the geographic area served by an association that was reassigned pursuant to section 433 of the Agricultural Credit Act of 1987 (12 U.S.C. 2071 note) (where the geographic area was a part of the association’s territory as of the date of the reassignment); and
(ii) in which the charter of an institution that is not seeking the charter amendment authorizes the institution to exercise the type of lending authority that is the subject of the charter request.
(B) The Farm Credit Administration may approve a charter amendment under subparagraph (A) only on the approval of—
(i) the respective boards of directors of the associations that, if the charter request is approved, would exercise like lending authority in any of the territory that is the subject of the charter request;
(ii) a majority of the stockholders of each association described in clause (i) voting, in person or by proxy, at a duly authorized stockholders’ meeting; and
(iii) the respective boards of directors of the Farm Credit Banks that, if the charter request is approved, would exercise, either directly or through associations, like lending authority in any of the territory described in subparagraph (A)(i).
(14)
(A) Subject to subparagraph (B), the Farm Credit Administration may approve a request to charter an association of the Farm Credit System to operate under subchapter II where the proposed charter—
(i) will include any of the geographic area included in the territory served by an association that was reassigned pursuant to section 433 of the Agricultural Credit Act of 1987 (12 U.S.C. 2071 note) (where the geographic area was a part of the association’s territory as of the date of the reassignment); and
(ii) will authorize the association to exercise lending authority in any territory in the geographic area in which the charter of an association that is not requesting the charter authorizes the association to exercise the type of lending authority that is the subject of the charter request.
(B) The Farm Credit Administration may approve a charter request under subparagraph (A) only on the approval of—
(i) the respective boards of directors of the associations that, if the charter request is approved, would exercise like lending authority in any of the territory that is the subject of the charter request;
(ii) a majority vote of the stockholders (if any) of each association described in clause (i) voting, in person or by proxy, at a duly authorized stockholder’s meeting; and
(iii) the respective boards of directors of the Farm Credit Banks that, if the charter request is approved, would exercise, either directly or through associations, like lending authority in any of the territory described in subparagraph (A)(i).
(15)
(A) Approve amendments to the charters of institutions of the Farm Credit System to implement the equalization of loan-making powers of a Farm Credit System association under section 2279c of this title.
(B) Amendments described in subparagraph (A) to the charters of an association and the related Farm Credit Bank shall be approved by the Farm Credit Administration, subject to any conditions of approval imposed, by not later than 30 days after the date on which the Farm Credit Administration receives all approvals required by section 2279c(a)(2) of this title.
(b) Exclusions
(c) Proposed and final regulations; procedures applicable
(1) At least thirty days prior to publishing any proposed regulation in the Federal Register, the Farm Credit Administration shall transmit a copy of the regulation to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate. The Farm Credit Administration shall also transmit to such committees a copy of any final regulation prior to its publication in the Federal Register. Except as provided in paragraph (2) of this subsection, no final regulation of the Farm Credit Administration shall become effective prior to the expiration of thirty calendar days after it is published in the Federal Register during which either or both Houses of the Congress are in session.
(2) In the case of an emergency, a final regulation of the Farm Credit Administration may become effective without regard to the last sentence of paragraph (1) of this subsection if the Farm Credit Administration notifies in writing the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate setting forth the reasons why it is necessary to make the regulation effective prior to the expiration of the thirty-day period.
(d) Legislative veto of regulations; procedures applicable
(1) If there are any unresolved differences between the Farm Credit Administration and the Board of Governors of the Federal Reserve System as to whether any regulation implementing section 2128(b) of this title or the other provisions of subchapter III relating to the authority under section 2128(b) of this title conforms to national banking policies, objectives and limitations, simultaneously with promulgation of any such regulation under this chapter, and simultaneously with promulgation of any regulation implementing section 2015(b) of this title, the Farm Credit Administration shall transmit a copy thereof to the Secretary of the Senate and the Clerk of the House of Representatives. Except as provided in paragraph (2), the regulation shall not become effective if, within ninety calendar days of continuous session of Congress after the date of promulgation, both Houses of Congress adopt a concurrent resolution, the matter after the resolving clause of which is as follows: “That Congress disapproves the regulations promulgated by the Farm Credit Administration dealing with the matter of             , which regulation was transmitted to Congress on             ”, the blank spaces therein being appropriately filled.
(2) If at the end of sixty calendar days of continuous session of Congress after the date of promulgation of a regulation, no committee of either House of Congress has reported or been discharged from further consideration of a concurrent resolution disapproving the regulation, and neither House has adopted such a resolution, the regulation may go into effect immediately. If, within such sixty calendar days, such a committee has reported or been discharged from further consideration of such a resolution, or either House has adopted such a resolution, the regulation may go into effect not sooner than ninety calendar days of continuous session of Congress after its promulgation unless disapproved as provided in paragraph (1).
(3) For the purposes of paragraphs (1) and (2) of this subsection—
(i) continuity of session is broken only by an adjournment of Congress sine die; and
(ii) the days on which either House is not in session because of an adjournment of more than three days to a day certain are excluded in the computation of sixty and ninety calendar days of continuous session of Congress.
(4) Congressional inaction on or rejection of a resolution of disapproval shall not be deemed an expression of approval of such regulation.
(Pub. L. 92–181, title V, § 5.17, formerly § 5.18, Dec. 10, 1971, 85 Stat. 621; Pub. L. 96–592, title V, §§ 507, 508, Dec. 24, 1980, 94 Stat. 3449; renumbered § 5.17 and amended Pub. L. 99–205, title II, § 201(7), Dec. 23, 1985, 99 Stat. 1691; Pub. L. 99–509, title I, § 1036, Oct. 21, 1986, 100 Stat. 1878; Pub. L. 100–233, title II, § 207(a)(2), title IV, § 417, formerly § 414, § 418(d), formerly § 415(d), §§ 424(a), 431(e), title VIII, §§ 802(v), 805(z), Jan. 6, 1988, 101 Stat. 1607, 1653, 1656, 1660, 1713, 1717, renumbered §§ 417, 418(d), Pub. L. 100–399, title IV, § 409(a), Aug. 17, 1988, 102 Stat. 1003; Pub. L. 100–399, title II, § 205, title IV, § 409(e), title IX, § 901(m), (n), Aug. 17, 1988, 102 Stat. 993, 1003, 1008; Pub. L. 101–624, title XVIII, § 1843(a)(1), Nov. 28, 1990, 104 Stat. 3836; Pub. L. 102–237, title V, § 502(h), Dec. 13, 1991, 105 Stat. 1869; Pub. L. 102–552, title IV, § 401(c), title V, § 511, Oct. 28, 1992, 106 Stat. 4128, 4132; Pub. L. 104–105, title II, §§ 210, 211, Feb. 10, 1996, 110 Stat. 174; Pub. L. 110–234, title V, § 5407(b), (c)(1), May 22, 2008, 122 Stat. 1160; Pub. L. 110–246, § 4(a), title V, § 5407(b), (c)(1), June 18, 2008, 122 Stat. 1664, 1921, 1922; Pub. L. 115–334, title V, § 5411(29), Dec. 20, 2018, 132 Stat. 4682.)

CITE AS: 12 USC 2252

§ 2253. Repealed. Pub. L. 115–334, title V, § 5411(30), Dec. 20, 2018, 132 Stat. 4682

CITE AS: 12 USC 2253

§ 2254. Examinations
(a) Scope and frequency of examinations; power, authority, and liability of examiners
(b) Annual report of condition
(c) Report of examination of noncomplying institution; publication; notice of intention
(d) Duties of Farm Credit Administration
On receipt of a request made under section 2277a–8(b)(1)(B) of this title with respect to a System institution, the Farm Credit Administration shall—
(1) furnish for the confidential use of the Farm Credit System Insurance Corporation reports of examination of the institution and other reports or information on the institution; and
(2)
(A) examine, or obtain other information on, the institution and furnish for the confidential use of the Farm Credit System Insurance Corporation the report of the examination and such other information; or
(B) if the Farm Credit Administration Board determines that compliance with the request would substantially impair the ability of the Farm Credit Administration to carry out the other duties and responsibilities of the Farm Credit Administration under this chapter, notify the Board of Directors of the Farm Credit System Insurance Corporation that the Farm Credit Administration will be unable to comply with the request.
(e) Sharing of privileged and confidential information
(Pub. L. 92–181, title V, § 5.19, formerly § 5.20, Dec. 10, 1971, 85 Stat. 623; renumbered § 5.19 and amended Pub. L. 99–205, title II, § 203(a), Dec. 23, 1985, 99 Stat. 1693; Pub. L. 99–509, title I, § 1037, Oct. 21, 1986, 100 Stat. 1878; Pub. L. 100–233, title II, § 205(b), title IV, § 432(b), Jan. 6, 1988, 101 Stat. 1607, 1661; Pub. L. 100–399, title II, § 204, title IV, § 416(c), Aug. 17, 1988, 102 Stat. 993, 1004; Pub. L. 101–624, title XVIII, § 1843(b), Nov. 28, 1990, 104 Stat. 3836; Pub. L. 102–552, title V, §§ 512, 513(b), Oct. 28, 1992, 106 Stat. 4133, 4134; Pub. L. 104–105, title II, § 213, Feb. 10, 1996, 110 Stat. 175; Pub. L. 115–334, title V, §§ 5404, 5411(31), Dec. 20, 2018, 132 Stat. 4676, 4682.)

CITE AS: 12 USC 2254

§ 2255. Conditions of other banks and lending institutions

The Comptroller of the Currency is authorized and directed, upon request of the Farm Credit Administration to furnish for confidential use of an institution of the System such reports, records, and other information as he may have available relating to the financial condition of national banks through, for, or with which such institution of the System has made or contemplates making discounts or loans and to make such further examination, as may be agreed, of organizations through, for, or with which such institution of the Farm Credit System has made or contemplates making discounts or loans.

(Pub. L. 92–181, title V, § 5.20, formerly § 5.21, Dec. 10, 1971, 85 Stat. 623; renumbered § 5.20, Pub. L. 99–205, title II, § 203(b), Dec. 23, 1985, 99 Stat. 1694.)

CITE AS: 12 USC 2255

§ 2256. Consent to the availability of reports and to examinations

Any organization other than State banks, trust companies, and savings associations shall, as a condition precedent to securing discount privileges with a bank of the Farm Credit System, file with such bank its written consent to examination by farm credit examiners as may be directed by the Farm Credit Administration; and State banks, trust companies, and savings associations may be required in like manner to file a written consent that reports of their examination by constituted State authorities may be furnished by such authorities upon the request of the Farm Credit Administration.

(Pub. L. 92–181, title V, § 5.21, formerly § 5.22, Dec. 10, 1971, 85 Stat. 623; renumbered § 5.21, Pub. L. 99–205, title II, § 203(b), Dec. 23, 1985, 99 Stat. 1694.)

CITE AS: 12 USC 2256

§ 2257. Reports on conditions of institutions receiving loans or deposits

The executive departments, boards, commissions, and independent establishments of the Government of the United States, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Reserve banks are severally authorized under such conditions as they may prescribe, upon request of the Farm Credit Administration, to make available to it or to any institution of the System in confidence all reports, records, or other information relating to the condition of any organization to which such institution of the System has made or contemplates making loan or for which it has or contemplates discounting paper, or which it is using or contemplates using as a custodian of securities or other credit instruments, or a depository. The Federal Reserve banks in their capacity as depositories, agents, and custodians for bonds, debentures, and other obligations issued by the banks of the System or book entries thereof are also authorized and directed, upon request of the Farm Credit Administration, to make available for audit by farm credit examiners all appropriate books, accounts, financial records, files, and other papers.

(Pub. L. 92–181, title V, § 5.22, formerly § 5.23, Dec. 10, 1971, 85 Stat. 624; renumbered § 5.22, Pub. L. 99–205, title II, § 203(b), Dec. 23, 1985, 99 Stat. 1694.)

CITE AS: 12 USC 2257

§ 2257a. Uniform financial reporting instructions
(a) In general
(b) Computerized system
(c) Submission of proposal
(Pub. L. 92–181, title V, § 5.22A, as added Pub. L. 100–233, title IV, § 429, Jan. 6, 1988, 101 Stat. 1658.)

CITE AS: 12 USC 2257a

§ 2258. Jurisdiction

Each institution of the System shall for the purposes of jurisdiction be deemed to be a citizen of the State, commonwealth, or District of Columbia in which its principal office is located.

(Pub. L. 92–181, title V, § 5.23, formerly § 5.24, Dec. 10, 1971, 85 Stat. 624; Pub. L. 94–184, § 1(b), Dec. 31, 1975, 89 Stat. 1060; renumbered § 5.23, Pub. L. 99–205, title II, § 203(b), Dec. 23, 1985, 99 Stat. 1694.)

CITE AS: 12 USC 2258

§ 2259. State legislation

Whenever it is determined by the Farm Credit Administration, or by judicial decision, that a State law is applicable to the obligations and securities authorized to be held by the institutions of the System under this chapter, which law would provide insufficient protection or inadequate safeguards against loss in the event of default, the Farm Credit Administration may declare such obligations or securities to be ineligible as collateral for the issuance of new notes, bonds, debentures, and other obligations under this chapter.

(Pub. L. 92–181, title V, § 5.24, formerly § 5.25, Dec. 10, 1971, 85 Stat. 624; renumbered § 5.24, Pub. L. 99–205, title II, § 203(b), Dec. 23, 1985, 99 Stat. 1694.)

CITE AS: 12 USC 2259

§ 2260. Transferred

CITE AS: 12 USC 2260