### **CHAPTER 23—FARM CREDIT SYSTEM**

Sec.
2001.
Congressional declaration of policy and objectives.
2002.
Farm Credit System.

#### SUBCHAPTER I—FARM CREDIT BANKS

2011.
Establishment, charters, titles, branches.
2012.
Board of directors.
2013.
General corporate powers.
2014.
Farm Credit Bank capitalization.
2015.
Lending authority.
2016.
Interest rates and other charges.
2017.
Eligibility.
2018.
Security; terms.
2019.
Purposes for extensions of credit.
2020.
Related services.
2021.
Loans through associations or agents.
2022.
Liens on stock.
2023.
Taxation.

#### SUBCHAPTER II—FARM CREDIT ASSOCIATIONS

#### Part A—Production Credit Associations

2071.
Organization and charters.
2072.
Board of directors.
2073.
General corporate powers.
2074.
Production credit association capitalization.
2075.
Short- and intermediate-term loans; participation; other financial assistance; terms; conditions; interest; security.
2076.
Other services.
2076a.
Liens on stock.
2077.
Taxation.

#### Part B—Federal Land Bank Associations

2091.
Organizations; articles; charters; powers of the Farm Credit Administration.
2092.
Board of directors.
2093.
General corporate powers.
2094.
Federal land bank association capitalization.
2095.
Repealed.
2096.
Agreements for sharing gains or losses.
2097.
Liens on stock.
2098.
Taxation.

#### SUBCHAPTER III—BANKS FOR COOPERATIVES

#### Part A—Banks for Cooperatives

2121.
Establishment; titles; branches.
2122.
Corporate existence; general corporate powers.
2123.
Board of directors.
2124.
Stock of banks for cooperatives.
2125.
Dividends.
2126.
Retirement of stock.
2127.
Guaranty fund subscriptions in lieu of stock.
2128.
Loans, commitments, and technical and financial assistance.
2129.
Eligibility.
2130.
Ownership of stock by borrowers.
2131.
Loans.
2132.
Earnings and reserves; application of savings.
2133.
Distribution of assets on liquidation or dissolution.
2134.
Taxation.

#### Part B—National Banks for Cooperatives

2141.
Charter, powers, and operation.
2142.
Repealed.
2143.
Credit delivery office.
2144.
Consolidation of functions.
2145.
Exchange of ownership interests.
2146.
Capitalization.
2147.
Patronage pools.
2148.
Transactions to accomplish merger.
2149.
Lending limits.
2149a.
Repealed.

#### SUBCHAPTER IV—PROVISIONS APPLICABLE TO TWO OR MORE CLASSES OF INSTITUTIONS OF THE SYSTEM

#### Part A—Funding

2151.
Repealed.
2152.
Repealed.
2153.
Power to borrow; issuance of notes, bonds, debentures, and other obligations.
2154.
Capital adequacy of banks and institutions.
2154a.
Capitalization of System institutions.
2155.
Liability of banks; United States not liable.
2156.
Repealed.
2157.
Bonds as investments.
2158.
Purchase and sale by Federal Reserve System.
2159.
Purchase and sale of obligations.
2160.
Federal Farm Credit Banks Funding Corporation.
2161.
Repealed.
2162.
Protection of borrower stock.

#### Part B—Dissolution

2181, 2182.
Repealed.
2183.
Dissolution; voluntary or involuntary liquidation; mergers; receiverships or conservators.
2184.
Communications with stockholders.

#### Part C—Rights of Borrowers; Loan Restructuring

2199.
Disclosure.
2200.
Access to documents and information.
2201.
Notice of action on application.
2202.
Reconsideration of actions.
2202a.
Restructuring distressed loans.
2202b.
Effect of restructuring on borrower stock.
2202c.
Repealed.
2202d.
Protection of borrowers who meet all loan obligations.
2202e.
Waiver of mediation rights by borrowers.

#### Part D—Activities of Institutions of the System

2203.
Nomination of association directors; representative selection of nominees.
2204.
Repealed.
2205.
Interest rates.
2206.
Participation loans.
2206a.
Authority of Farm Credit Banks and direct lender associations to participate in loans to similar entities for risk management purposes.
2207.
Young, beginning, and small farmers and ranchers.
2208.
Prohibition against use of signed ballots.
2209.
Repealed.

#### Part E—Service Organizations

2211.
Establishment.
2212.
Powers of Farm Credit Administration.
2213.
Regulation and examination.
2214.
State laws.
2214a.
"Bank" defined.

#### Part D1—Farm Credit System Capital Corporation

2216 to 2216k.
Repealed.

#### Part F—Sale of Insurance

2218.
Lines of insurance.

#### Part G—Miscellaneous

2219.
Limitation on separate sale.
2219a.
Right of first refusal.
2219b.
Application of uninsured accounts.
2219c.
Affirmative action.
2219d.
Encouragement of conservation practices.
2219e.
Liability for making criminal referrals.

#### SUBCHAPTER V—FARM CREDIT ADMINISTRATION ORGANIZATION

#### Part A—District Organization

2221 to 2227.
Transferred or Repealed.

#### Part B—Farm Credit Administration Organization

2241.
Farm Credit Administration.
2242.
Farm Credit Administration Board.
2243.
Powers of Board.
2244.
Chairman; responsibilities; governing standards.
2245.
Organization of Farm Credit Administration.
2246.
Advisory committees.
2247.
Repealed.
2248.
Seal of the Farm Credit Administration.
2249.
Administrative expenses.
2250.
Farm Credit Administration operating expenses fund.
2251.
Quarters and facilities for the Farm Credit Administration.
2252.
Powers and duties.
2253.
Repealed.
2254.
Examinations.
2255.
Conditions of other banks and lending institutions.
2256.
Consent to the availability of reports and to examinations.
2257.
Reports on conditions of institutions receiving loans or deposits.
2257a.
Uniform financial reporting instructions.
2258.
Jurisdiction.
2259.
State legislation.
2260.
Transferred.

#### Part C—Enforcement Powers of Farm Credit Administration

2261.
Cease and desist proceedings.
2262.
Temporary cease and desist orders.
2263.
Enforcement of temporary cease and desist orders.
2264.
Suspension or removal of director or officer.
2265.
Suspension or removal of director or officer charged with felony.
2265a.
Removal and prohibition authority; industry-wide prohibition.
2266.
Hearings and judicial review.
2267.
Jurisdiction and enforcement.
2267a.
Jurisdiction over institution-affiliated parties.
2268.
Penalty.
2269.
Further penalties.
2270.
Replacement of suspended or removed directors.
2271.
Definitions.
2272.
Notice of service.
2273.
Ancillary provisions; subpena power; etc.
2274.
Power to remove directors and officers.

#### Part D—Miscellaneous

2275.
Repealed.
2275a.
Transition rules relating to amendment of certain FCA approval authorities.
2276.
Access to and examination by Comptroller General of books, documents, etc., of farm credit system banks and institutions.

#### Part E—Farm Credit System Insurance Corporation

2277a.
Definitions.
2277a–1.
Establishment of Farm Credit System Insurance Corporation.
2277a–2.
Board of Directors.
2277a–3.
Commencement of insurance.
2277a–4.
Premiums.
2277a–5.
Certification of premiums.
2277a–6.
Overpayment and underpayment of premiums; remedies.
2277a–7.
General corporate powers.
2277a–8.
Conduct of corporate affairs; examination of System institutions.
2277a–9.
Insurance Fund.
2277a–10.
Powers of Corporation with respect to troubled insured System banks.
2277a–10a.
Oversight actions by Corporation.
2277a–10b.
Authority to regulate golden parachute and indemnification payments.
2277a–10c.
Corporation as conservator or receiver; certain other powers.
2277a–11.
Investment of funds.
2277a–12.
Exemption from taxation.
2277a–13.
Omitted.
2277a–14.
Prohibitions.

#### SUBCHAPTER VI—ASSISTANCE TO FARM CREDIT SYSTEM

2278a to 2278b–11. Repealed.

#### SUBCHAPTER VII—RESTRUCTURING OF SYSTEM INSTITUTIONS

#### Part A—Merger of Banks Within a District

2279a.
Power to merge.
2279a–1.
Board of directors.
2279a–2.
Powers of merged banks.
2279a–3.
Capitalization.
2279a–4, 2279a–5. Repealed or Transferred.

#### Part B—Mergers, Transfers of Assets, and Powers of Associations Within a District

#### subpart 1—transfers by federal land banks to federal land bank associations

2279b.
Transfer of lending authority.
2279c.
Equalization of loan-making powers of certain district associations.

#### subpart 2—merger of like and unlike associations

2279c–1.
Merger of associations.

#### subpart 3—reconsideration

2279c–2.
Reconsideration.

#### subpart 4—termination and dissolution of institutions

2279d.
Termination of System institution status.

#### Part C—Approval of Disclosure Information and Issuance of Charters by the Farm Credit Administration Board

2279e.
Approval of disclosure information and issuance of charters.

#### Part D—Mergers of Like Entities

2279f.
Merger of similar banks.
2279f–1.
Merger of similar associations.

#### Part E—Taxation of Merger Transactions

2279g.
Transactions to accomplish mergers exempt from certain State taxes.

#### SUBCHAPTER VIII—AGRICULTURAL MORTGAGE SECONDARY MARKET

2279aa.
Definitions.

#### Part A—Establishment and Activities of Federal Agricultural Mortgage Corporation

2279aa–1.
Federal Agricultural Mortgage Corporation.
2279aa–2.
Board of directors.
2279aa–3.
Powers and duties of Corporation and Board.
2279aa–4.
Stock issuance.
2279aa–5.
Certification of agricultural mortgage marketing facilities.
2279aa–6.
Guarantee of qualified loans.
2279aa–7.
Repealed.
2279aa–8.
Standards for qualified loans.
2279aa–9.
Exemption from restructuring and borrowers rights provisions for pooled loans.
2279aa–10.
Funding for guarantee; reserves of Corporation.
2279aa–11.
Supervision, examination, and report of condition.
2279aa–12.
Securities in credit enhanced pools.
2279aa–13.
Authority to issue obligations to cover guarantee losses of Corporation.
2279aa–14.
Federal jurisdiction.

#### Part B—Regulation of Financial Safety and Soundness of Federal Agricultural Mortgage Corporation

2279bb.
Definitions.
2279bb–1.
Risk-based capital levels.
2279bb–2.
Minimum capital level.
2279bb–3.
Critical capital level.
2279bb–4.
Enforcement levels.
2279bb–5.
Mandatory actions applicable to level II.
2279bb–6.
Supervisory actions applicable to level III.
2279bb–7.
Repealed.

#### Part C—Receivership, Conservatorship, and Liquidation of Federal Agricultural Mortgage Corporation

2279cc.
Conservatorship; liquidation; receivership.