Source: http://www.law.cornell.edu/uscode/text/12/2128?quicktabs_8=4
Timestamp: 2013-12-13 11:50:41
Document Index: 297015228

Matched Legal Cases: ['§ 2128', '§ 2128', '§ 2128', '§ 3', '§ 304', '§ 2323', '§ 502', '§ 504', '§ 3', '§ 5402', '§ 5402', '§ 5402', '§ 3', '§ 3', '§ 504', '§ 505']

12 USC § 2128 - Loans, commitments, and technical and financial assistance | Title 12 - Banks and Banking | U.S. Code | LII / Legal Information Institute
USC › Title 12 › Chapter 23 › Subchapter III › Part A › § 2128	prevnext
12 USC § 2128 - Loans, commitments, and technical and financial assistance
Authorities The banks for cooperatives are authorized to make loans and commitments to eligible cooperative associations and to extend to them other technical and financial assistance at any time (whether or not they have a loan from the bank outstanding), including but not limited to discounting notes and other obligations, guarantees, currency exchange necessary to service individual transactions that may be financed under subsection (b) of this section, collateral custody, or participation with other banks for cooperatives and commercial banks or other financial institutions in loans to eligible cooperatives, under such terms and conditions as may be determined to be feasible by the board of directors of each bank for cooperatives under regulations of the Farm Credit Administration. Such regulations may include provisions for avoiding duplication between the Central Bank and district banks for cooperatives. Each bank may own and lease, or lease with option to purchase, to stockholders eligible to borrow from the bank equipment needed in the operations of the stockholder and may make or participate in loans or commitments and extend other technical and financial assistance to other domestic parties for the acquisition of equipment and facilities to be leased to such stockholders for use in their operations in the United States.
Additional authorities (1)
A bank for cooperatives may make or participate in loans and commitments to, and extend other technical and financial assistance to—
any domestic or foreign party for the export, including (where applicable) the cost of freight, of agricultural commodities or products thereof, agricultural supplies, or aquatic products from the United States under policies and procedures established by the bank to ensure that the commodities, products, or supplies are originally sourced, where reasonably available, from one or more eligible cooperative associations described in section 2129
(a) of this title on a priority basis, except that if the total amount of the balances outstanding on loans made by a bank under this clause that—
except as provided in subparagraph (B), any domestic or foreign party in which an eligible cooperative association described in section 2129
(a) of this title (including, for the purpose of facilitating its domestic business operations only, a cooperative or other entity described in section 2129
(b)(1)(A) of this title) has an ownership interest, for the purpose of facilitating the domestic or foreign business operations of the association, except that if the ownership interest by an eligible cooperative association, or associations, is less than 50 percent, the financing shall be limited to the percentage held in the party by the association or associations.
Definition of agricultural supply.— In this subsection, the term “agricultural supply” includes—
Applicable policies Loans, commitments, and assistance authorized by subsection (b) of this section shall be extended in accordance with policies adopted by the board of directors of the bank under regulations of the Farm Credit Administration.
Regulatory limitations The regulations of the Farm Credit Administration implementing subsection (b) of this section and other provisions of this subchapter relating to the authority under subsection (b) of this section may not confer upon the banks for cooperatives powers and authorities greater than those specified in this subchapter. The Farm Credit Administration shall, during the formulation of such regulations, closely consult on a continuing basis with the Board of Governors of the Federal Reserve System to insure that such regulations conform to national banking policies, objectives, and limitations.
Speculative futures transactions Notwithstanding any other provision of this subchapter, the banks for cooperatives shall not make or participate in loans or commitments for the purpose of financing speculative futures transactions by eligible borrowers in foreign currencies.
Installation, expansion, or improvement of water and waste disposal facilities The banks for cooperatives may, for the purpose of installing, maintaining, expanding, improving, or operating water and waste disposal facilities in rural areas, make and participate in loans and commitments and extending other technical and financial assistance to—
(Pub. L. 92–181, title III, § 3.7, Dec. 10, 1971, 85 Stat. 605; Pub. L. 96–592, title III, § 304,Dec. 24, 1980, 94 Stat. 3444; Pub. L. 101–624, title XXIII, § 2323(a),Nov. 28, 1990, 104 Stat. 4013; Pub. L. 102–237, title V, § 502(e)(1),Dec. 13, 1991, 105 Stat. 1868; Pub. L. 102–552, title V, §§ 504, 505,Oct. 28, 1992, 106 Stat. 4131; Pub. L. 103–376, § 3,Oct. 19, 1994, 108 Stat. 3497; Pub. L. 107–171, title V, § 5402,May 13, 2002, 116 Stat. 350.)
2002—Subsec. (b)(1), (2)(A)(i). Pub. L. 107–171, § 5402(1), substituted “agricultural supplies” for “farm supplies”.
Subsec. (b)(4). Pub. L. 107–171, § 5402(2), added par. (4).
1994—Subsec. (b)(1). Pub. L. 103–376, § 3(A), substituted “assistance to” for “assistance to (A)”, “bank for the import” for “bank for the export or import”, and “if the bank for cooperatives” for “and (B) a domestic or foreign party in which such an association has at least the minimum ownership interest approved under regulations of the Farm Credit Administration for the purpose of facilitating the association’s export or import operations of the type described in subparagraph (A): Provided, That a”.
Subsec. (b)(2). Pub. L. 103–376, § 3(B), added par. (2) and struck out former par. (2) which read as follows: “A bank for cooperatives is authorized to make or participate in loans and commitments, and to extend other technical and financial assistance, to any domestic or foreign entity that is eligible for a guarantee or insurance as described in subparagraphs (A) and (B) with respect to transactions involving the Soviet Union (its successor entities or any of the individual republics of the Soviet Union) or an emerging democracy (as defined in section 1542(f) of the Food, Agriculture, Conservation, and Trade Act of 1990 (7 U.S.C. 5622 note)) for the export of agricultural commodities and products thereof from the United States, including (where applicable) the cost of freight, if in each case—
1992—Subsec. (a). Pub. L. 102–552, § 504, inserted “at any time (whether or not they have a loan from the bank outstanding)” after “assistance” in first sentence.
Subsec. (f). Pub. L. 102–552, § 505, in introductory provisions, substituted “installing, maintaining, expanding, improving, or operating” for “the installation, expansion, or improvement of” and “extending” for “to extend”.
1991—Subsec. (b). Pub. L. 102–237designated existing provisions as par. (1), redesignated cl. (1) as (A) and inserted “or products thereof” after “commodities”, redesignated cl. (2) as (B) and substituted “subparagraph (A)” for “clause (1) of this subsection”, and added pars. (2) and (3).
1990—Subsec. (f). Pub. L. 101–624added subsec. (f).
1980—Pub. L. 96–592designated existing provisions as subsec. (a), inserted provisions relating to currency exchanges and provisions relating to loans, etc., to domestic parties, and added subsecs. (b) to (e).
This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.12 CFR - Title 12—Banks and Banking12 CFR 611 - ORGANIZATION12 CFR 612 - STANDARDS OF CONDUCT AND REFERRAL OF KNOWN OR SUSPECTED CRIMINAL VIOLATIONS12 CFR 613 - ELIGIBILITY AND SCOPE OF FINANCING12 CFR 614 - LOAN POLICIES AND OPERATIONS12 CFR 615 - FUNDING AND FISCAL AFFAIRS, LOAN POLICIES AND OPERATIONS, AND FUNDING OPERATIONS12 CFR 616 - LEASING12 CFR 618 - GENERAL PROVISIONS