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12 U.S.C. § 2184 (BANKS AND BANKING)
§ 2184. Communications with stockholders
(a) Provision of stockholder lists
(1) In general
A Farm Credit System bank or association shall provide to a stockholder of the bank or association a current list of stockholders of the bank or association not later than 7 calendar days after the date on which the bank or association receives a written request for the stockholder list from the stockholder.
(2) Conditions
As a condition of providing a stockholder list under paragraph (1), the bank or association may require that the stockholder agree and certify in writing that the stockholder will—
(A) use the list exclusively for communicating with stockholders for permissible purposes; and
(B) not make the list available to any person, other than the stockholder’s attorney or accountant, without first obtaining the written consent of the institution.
(b) Alternative communications
(1) Request to issue
As an alternative to receiving a list of stockholders, a stockholder may request the institution to mail or otherwise furnish to each stockholder a communication for a permissible purpose on behalf of the requesting stockholder.
(2) When permissible
Alternative communications may be used, at the discretion of the requesting stockholder, if the requester agrees to defray the reasonable costs of the communication. If the requester decides to exercise this option, the institution shall provide the requester with a written estimate of the costs of handling and mailing the communication as soon as is practicable after receipt of the stockholder’s request to furnish the communication.
(Pub. L. 92–181, title IV, § 4.12A, as added Pub. L. 100–233, title IV, § 420, Jan. 6, 1988, 101 Stat. 1653; amended Pub. L. 115–334, title V, § 5411(21), Dec. 20, 2018, 132 Stat. 4681.)
heading: Editorial Notes
heading: Amendments
text: 2018—Subsec. (a)(1). Pub. L. 115–334 added par. (1) and struck out former par. (1). Prior to amendment, text read as follows: “Within 7 days after receipt of a written request by a stockholder, a bank for cooperatives, Federal land bank association, or production credit association shall provide a current list of its stockholders to such requesting stockholder.”
12 U.S.C. § 2200 (BANKS AND BANKING)
§ 2200. Access to documents and information
In accordance with regulations of the Farm Credit Administration, qualified lenders shall provide their borrowers, at the time of execution of loans, copies of all documents signed by the borrower and at any time thereafter, on a borrower’s request, copies of all documents signed or delivered by the borrower and at any time, on request, a copy of the institution’s articles of incorporation or charter and bylaws and copies of each appraisal of the borrower’s assets made or used by the qualified lender.
(Pub. L. 92–181, title IV, § 4.13A, as added Pub. L. 99–205, title III, § 301(b), Dec. 23, 1985, 99 Stat. 1707; amended Pub. L. 100–233, title I, § 104, Jan. 6, 1988, 101 Stat. 1579.)
heading: Editorial Notes
heading: Amendments
text: 1988—Pub. L. 100–233 substituted “qualified lenders” for “System institutions” and inserted “and copies of each appraisal of the borrower’s assets made or used by the qualified lender” before period at end.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Section effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as an Effective Date of 1985 Amendment note under section 2001 of this title.
12 U.S.C. § 2201 (BANKS AND BANKING)
§ 2201. Notice of action on application
(a) Loan applications
Each qualified lender to which a person has applied for a loan shall provide the person with prompt written notice of—
(1) the action on the application;
(2) if the loan applied for is reduced or denied, the reasons for such action; and
(3) the applicant’s right to review under section 2202 of this title.
(b) Distressed loans
Each qualified lender that has a distressed loan outstanding that is subject to restructuring requirements under this chapter shall provide, in accordance with regulations prescribed by the Farm Credit Administration, the borrower with prompt written notice of—
(1) any action taken with respect to restructuring the loan under section 2202a of this title;
(2) if restructuring is denied, the reasons for such action; and
(3) the borrower’s right to review under section 2202 of this title.
(Pub. L. 92–181, title IV, § 4.13B, formerly § 4.13, Dec. 10, 1971, 85 Stat. 613, renumbered § 4.13B and amended Pub. L. 99–205, title III, §§ 301(a), 302, Dec. 23, 1985, 99 Stat. 1707, 1708; Pub. L. 100–233, title I, § 105, Jan. 6, 1988, 101 Stat. 1579.)
heading: Editorial Notes
heading: Amendments
text: 1988—Pub. L. 100–233 amended section generally. Prior to amendment, section read as follows: “Every applicant for a loan from an institution of the System shall be entitled to prompt written notice of action on his application, and, if the loan applied for is reduced or denied, the reason for such action, and of the applicant’s right to review under section 2202 of this title.”
1985—Pub. L. 99–205, § 302, provided for a “written” notice and for the applicant’s right to review under section 2202 of this title.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date of 1985 Amendment
text: Amendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title.
12 U.S.C. § 2202b (BANKS AND BANKING)
§ 2202b. Effect of restructuring on borrower stock
(a) Farm Credit Bank
If a Farm Credit Bank forgives and writes off, under section 2202a of this title, any of the principal outstanding on a loan made to any borrower, the Federal land bank association of which the borrower is a member and stockholder shall cancel the same dollar amount of borrower stock held by the borrower in respect of the loan, up to the total amount of such stock, and, to the extent provided for in the bylaws of the bank relating to its capitalization, the bank shall retire an equal amount of stock owned by the Federal land bank association.
(b) Production credit association
If a production credit association forgives and writes off, under section 2202a of this title, any of the principal outstanding on a loan made to any borrower, the association shall cancel the same dollar amount of borrower stock held by the borrower in respect of the loan, up to the total amount of such stock.
(c) Retention of stock
Notwithstanding subsections (a) and (b), the borrower shall be entitled to retain at least one share of stock to maintain the borrower’s membership and voting interest in the association.
(Pub. L. 92–181, title IV, § 4.14B, as added Pub. L. 100–233, title I, § 102(a), Jan. 6, 1988, 101 Stat. 1577; amended Pub. L. 100–399, title I, § 102(g), Aug. 17, 1988, 102 Stat. 990.)
heading: Editorial Notes
heading: Amendments
text: 1988—Subsec. (a). Pub. L. 100–399 substituted in subsec. heading “Farm Credit Bank” for “Federal land bank” and in text “a Farm Credit Bank” for “a Federal land bank” and “, to the extent provided for in the bylaws of the bank relating to capitalization, the bank shall” for “the Federal land bank shall”.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date of 1988 Amendment
text: Amendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.
12 U.S.C. § 2202e (BANKS AND BANKING)
§ 2202e. Waiver of mediation rights by borrowers
No System institution may make a loan secured by a mortgage or lien on agricultural property to a borrower on the condition that the borrower waive any right under the mediation program of any State.
(Pub. L. 92–181, title IV, § 4.14E, as added Pub. L. 100–233, title V, § 511, Jan. 6, 1988, 101 Stat. 1664; amended Pub. L. 103–354, title II, § 282(f)(2), Oct. 13, 1994, 108 Stat. 3235.)
heading: Editorial Notes
heading: Amendments
text: 1994—Pub. L. 103–354 struck out “agricultural loan” before “mediation program”.
12 U.S.C. § 2203 (BANKS AND BANKING)
§ 2203. Nomination of association directors; representative selection of nominees
Each production credit association and each Federal land bank association shall elect a nominating committee by vote of the stockholders at the annual meeting to serve for the following year. Each nominating committee shall review lists of farmers from the association territory, determine their willingness to serve, and submit for election a slate of eligible candidates which shall include at least two nominees for each elective office to be filled. In doing so, the committee shall endeavor to assure representation to all sections of the association territory and as nearly as possible to all types of agriculture practiced within the area. Employees of the association shall not be eligible to be nominated, elected, or serve as a member of the board. Nominations shall also be accepted from the floor. Members of the board are not eligible to serve on the nominating committee. Regulations of the Farm Credit Administration governing the election of bank directors shall similarly assure a choice of two nominees for each elective office to be filled and that the bank board represent as nearly as possible all types of agriculture in the district.
(Pub. L. 92–181, title IV, § 4.15, Dec. 10, 1971, 85 Stat. 613; Pub. L. 100–399, title IX, § 901(g), Aug. 17, 1988, 102 Stat. 1007.)
heading: Editorial Notes
heading: Amendments
text: 1988—Pub. L. 100–399 substituted “bank directors” for “district directors” and “bank board” for “district board”.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date of 1988 Amendment
text: Amendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.
12 U.S.C. § 2205 (BANKS AND BANKING)
§ 2205. Interest rates
Interest rates on loans from institutions of the Farm Credit System shall not be subject to any interest rate limitation imposed by any State constitution or statute or other laws. Such limitation is preempted for purposes of this chapter. Interest rates on loans made by agricultural credit corporations organized in conjunction with cooperative associations for the purpose of financing the ordinary crop operations of the members of such associations or other producers and eligible to discount with the Farm Credit Banks shall be exempt from any interest rate limitation imposed by any State constitution or statute or other laws which are hereby preempted for purposes of this chapter.
(Pub. L. 92–181, title IV, § 4.17, as added Pub. L. 96–592, title IV, § 403, Dec. 24, 1980, 94 Stat. 3446; amended Pub. L. 99–205, title II, § 205(f)(6), Dec. 23, 1985, 99 Stat. 1706; Pub. L. 99–509, title I, § 1035, Oct. 21, 1986, 100 Stat. 1878; Pub. L. 100–399, title IX, § 901(h), Aug. 17, 1988, 102 Stat. 1007; Pub. L. 115–334, title V, § 5411(24), Dec. 20, 2018, 132 Stat. 4682.)
heading: Editorial Notes
heading: Amendments
text: 2018—Pub. L. 115–334 struck out “Federal intermediate credit banks and” before “Farm Credit Banks”.
1988—Pub. L. 100–399 substituted “and Farm Credit Banks” for “pursuant to section 2074 of this title”.
1986—Pub. L. 99–509 substituted first two sentences for former first sentence which read as follows: “Interest rates on loans from institutions of the Farm Credit System shall be determined with the approval of, as provided in section 2252(a)(5) of this title, the Farm Credit Administration as provided in this chapter, notwithstanding any interest rate limitation imposed by any State constitution or statute or other laws which are hereby preempted for purposes of this chapter.”
1985—Pub. L. 99–205 inserted “, as provided in section 2252(a)(5) of this title,” after “with the approval of” in first sentence.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date of 1988 Amendment
text: Amendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.
heading: Effective Date of 1985 Amendment
text: Amendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title.
12 U.S.C. § 2206 (BANKS AND BANKING)
§ 2206. Participation loans
Notwithstanding any other provisions of this chapter, the terms of any loan participated in by two or more Farm Credit System institutions operating under different subchapters of this chapter, including provisions for capitalization of the portion of the loan participated in by each institution, shall be as may be agreed upon among such institutions and authorized under regulations issued by the Farm Credit Administration, except that for purposes of determining borrower eligibility, membership, term, amount, loan security, and purchase of stock or participation certificates by the borrower, the provisions of law applicable to the loan shall be the provisions in the subchapter under which the institution that originates the loan operates.
(Pub. L. 92–181, title IV, § 4.18, as added Pub. L. 96–592, title IV, § 403, Dec. 24, 1980, 94 Stat. 3446; amended Pub. L. 99–205, title II, § 205(f)(7), Dec. 23, 1985, 99 Stat. 1706.)
heading: Editorial Notes
heading: Amendments
text: 1985—Pub. L. 98–205 inserted “under regulations issued” after “authorized”.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date of 1985 Amendment
text: Amendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title.
12 U.S.C. § 2207 (BANKS AND BANKING)
§ 2207. Young, beginning, and small farmers and ranchers
(a) Under policies of the Farm Credit Bank board, each association shall prepare a program for furnishing sound and constructive credit and related services to young, beginning, and small farmers and ranchers. Such programs shall assure that such credit and services are available in coordination with other institutions of the Farm Credit System serving the territory and with other governmental and private sources of credit. Each program shall be subject to review and approval by the supervising bank.
(b) The Farm Credit Bank for each district shall annually obtain from associations under its supervision reports of activities under programs developed pursuant to subsection (a) and progress toward program objectives. On the basis of such reports, the bank shall provide to the Farm Credit Administration an annual report summarizing the operations and achievements in its district under such programs.
(Pub. L. 92–181, title IV, § 4.19, as added Pub. L. 96–592, title IV, § 403, Dec. 24, 1980, 94 Stat. 3446; amended Pub. L. 100–399, title IX, § 901(i), (j), Aug. 17, 1988, 102 Stat. 1007; Pub. L. 115–334, title V, § 5411(25), Dec. 20, 2018, 132 Stat. 4682.)
heading: Editorial Notes
heading: Amendments
text: 2018—Subsec. (a). Pub. L. 115–334 struck out “district” before “Farm Credit Bank board” and “Federal land bank association and production credit” before “association shall prepare” and substituted “institutions” for “units”.
1988—Subsec. (a). Pub. L. 100–399, § 901(i), inserted “Farm Credit Bank” after “district”.
Subsec. (b). Pub. L. 100–399, § 901(j), substituted “The Farm Credit Bank for each district” for “The Federal land bank and the Federal intermediate credit bank for each district”, “under its supervision” for “under their supervision”, “subsection (a)” for “subsection (a) of this section”, “the bank shall” for “the banks shall”, “an annual report” for “a joint annual report”, and “achievements in its district” for “achievements in their district”.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date of 1988 Amendment
text: Amendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.
12 U.S.C. § 2208 (BANKS AND BANKING)
§ 2208. Prohibition against use of signed ballots
In any election or merger vote, or other proceeding subject to a vote of the stockholders (or subscribers to the guaranty fund of a bank for cooperatives), conducted by a lending institution of the Farm Credit System, the institution—
(1) may not use signed ballots; and
(2) shall implement measures to safeguard the voting process for the protection of the right of stockholders (or subscribers) to a secret ballot.
(Pub. L. 92–181, title IV, § 4.20, as added Pub. L. 96–592, title IV, § 403, Dec. 24, 1980, 94 Stat. 3447; amended Pub. L. 100–233, title IV, § 425, Jan. 6, 1988, 101 Stat. 1657.)
heading: Editorial Notes
heading: Amendments
text: 1988—Pub. L. 100–233 amended section generally. Prior to amendment, section read as follows: “The provisions of (1) section 2074 of this title authorizing the Federal intermediate credit banks to lend to or discount paper for other financial institutions, and (2) section 2128(b) of this title authorizing the financing of certain domestic or foreign entities in connection with the import or export activities of cooperatives which are borrowers from the banks for cooperatives, shall expire on September 30, 1990, unless extended by Act of Congress prior to that date. Any contract or agreement entered into under the authority of either provision prior to its expiration shall remain in full force and effect notwithstanding such expiration.”
12 U.S.C. § 2211 (BANKS AND BANKING)
§ 2211. Establishment
Any bank of the Farm Credit System, or two or more of such banks acting together, may organize a corporation or corporations for the purpose of performing functions and services for or on behalf of the organizing bank or banks that the bank or banks may perform pursuant to this chapter: Provided, That a corporation so organized shall have no authority either to extend credit or provide insurance services for borrowers from Farm Credit System institutions, nor shall it have any greater authority with respect to functions and services than the organizing bank or banks possess under this chapter. The organizing bank or banks shall apply for a Federal charter for the corporation by forwarding to the Farm Credit Administration a statement of the need for the corporation and proposed articles specifying in general terms the objectives for which the corporation is formed, the powers to be exercised by it in carrying out the functions and services, and the territory it is to serve. The Farm Credit Administration for good cause may deny the charter applied for. Upon the approval of articles by the Farm Credit Administration and the issuance of a charter, the corporation shall become as of such date a federally chartered body corporate and an instrumentality of the United States.
(Pub. L. 92–181, title IV, § 4.25, as added Pub. L. 96–592, title IV, § 404, Dec. 24, 1980, 94 Stat. 3447; amended Pub. L. 99–205, title II, § 205(f)(8), Dec. 23, 1985, 99 Stat. 1706.)
heading: Editorial Notes
heading: Amendments
text: 1985—Pub. L. 99–205 struck out “the Governor of” before “the Farm Credit Administration” in second sentence and substituted “Farm Credit Administration” for “Governor” in third and fourth sentences.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date of 1985 Amendment
text: Amendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title.
12 U.S.C. § 2212 (BANKS AND BANKING)
§ 2212. Powers of Farm Credit Administration
The Farm Credit Administration shall have power, under rules and regulations prescribed by the Farm Credit Administration, to provide for the organization of any corporation chartered under this part and the territory within which its operations may be carried on, and to approve amendments consistent with this chapter to charters or articles of service corporations.
(Pub. L. 92–181, title IV, § 4.26, as added Pub. L. 96–592, title IV, § 404, Dec. 24, 1980, 94 Stat. 3447; amended Pub. L. 99–205, title II, § 205(f)(9), Dec. 23, 1985, 99 Stat. 1706; Pub. L. 100–233, title VIII, § 802(s), Jan. 6, 1988, 101 Stat. 1712.)
heading: Editorial Notes
heading: Amendments
text: 1988—Pub. L. 100–233 struck out “or by prescribing in the terms of the charter or by approval of the bylaws of the corporation” after second reference to Farm Credit Administration, substituted “approve amendments consistent with this chapter to charters or articles of service corporations” for “direct at any time such changes in its charter as the Farm Credit Administration finds necessary for the accomplishment of the purposes of this chapter”, and struck out last sentence which read as follows: “The powers of the Farm Credit Administration to provide for the organization of any corporation chartered under this part include, but are not limited to approval of—
“(1) corporate title;
“(2) general corporate powers;
“(3) eligibility for membership on, and the powers, composition, selection, terms, and compensation of the board of directors;
“(4) classes, issuance, value, and retirement of stock;
“(5) sources of operating funds;
“(6) dissolution, liquidation, and distribution of assets on liquidation; and
“(7) application and distribution of earnings.”
1985—Pub. L. 99–205 substituted “Farm Credit Administration” for “Governor” in heading and wherever appearing in text, and substituted “the Federal Credit Administration” for “he” before “finds necessary” in first sentence.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date of 1985 Amendment
text: Amendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title.
12 U.S.C. § 2213 (BANKS AND BANKING)
§ 2213. Regulation and examination
The corporations organized under this part shall be institutions of the Farm Credit System and shall be subject to the same regulation and examination by the Farm Credit Administration as are the organizing bank or banks under this chapter.
(Pub. L. 92–181, title IV, § 4.27, as added Pub. L. 96–592, title IV, § 404, Dec. 24, 1980, 94 Stat. 3447; amended Pub. L. 99–205, title II, § 205(f)(10), Dec. 23, 1985, 99 Stat. 1706; Pub. L. 100–233, title VIII, § 802(t), Jan. 6, 1988, 101 Stat. 1712.)
heading: Editorial Notes
heading: Amendments
text: 1988—Pub. L. 100–233 substituted “Regulation” for “Supervision” in section catchline.
1985—Pub. L. 99–205 substituted “regulation” for “supervision”.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date of 1985 Amendment
text: Amendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title.