Source: https://casetext.com/statute/united-states-code/title-12-banks-and-banking/chapter-23-farm-credit-system/subchapter-v-farm-credit-administration-organization/part-b-farm-credit-administration-organization/2252-powers-and-duties
Timestamp: 2019-06-20 05:24:38
Document Index: 466173632

Matched Legal Cases: ['§ 2252', '§ 2252', '§ 2252', '§ 2252', '§ 5', '§ 5', '§ 507', '§ 5', '§ 201', '§ 1036', '§ 207', '§ 417', '§ 414', '§ 418', '§ 415', '§ 424', '§ 802', '§ 417', '§ 409', '§ 205', '§ 409', '§ 901', '§ 1843', '§ 502', '§ 401', '§ 511', '§ 210', '§ 5407', '§ 4', '§ 5407', '§ 5407', '§ 5407', '§ 210', '§ 211', '§ 401', '§ 511', '§ 901', '§ 901', '§ 409', '§ 802', '§ 415', '§ 414', '§ 431', '§ 901', '§ 802', '§ 205', '§ 207', '§ 205', '§ 424', '§ 205', '§ 205', '§ 805', '§ 205', '§ 431', '§ 805', '§ 802', '§ 802', '§ 901', '§ 901', '§ 5407', '§ 4', '§ 5407', '§ 424', '§ 5404', '§ 212', '§ 313', '§ 2251', '§ 2253']

§ 2252. Powers and duties, 12 U.S.C. § 2252 | Casetext
12 U.S.C. § 2252
§ 2252. Powers and duties
(a) Enumerated powers The 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:
(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
(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) 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
(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) Exclusions The Farm Credit Administration shall not have authority, either direct or indirect, to approve bylaws, or any amendments or modifications or changes to bylaws, of System institutions.
(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.
(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. 110-234 and Pub. L. 110-246 made identical amendments to this section. The amendments by Pub. L. 110-234 were repealed by section 4(a) of Pub. L. 110-246. A prior section 5.17 of Pub. L. 92-181 was renumbered section 5.16 and is classified to section 2251 of this title. 2008—Subsec. (a)(2). Pub. L. 110-246, § 5407(c)(1), substituted “(2)” for “(2)(A)” and struck out pars. (B) and (C) which prohibited issuance or amendment of the charter of any institution of the Farm Credit System that would authorize the institution to exercise lending authority in a territory in which the charter of another such institution authorized the other institution to exercise like authority, unless specified approvals were obtained, and provided that such prohibition would apply only in geographic areas where, due to the failure of a merger, the Federal intermediate credit bank or its successor was chartered to provide short- and intermediate-term credit, and a neighboring Farm Credit Bank that was not the successor to the Federal intermediate credit bank was chartered to provide long-term credit, in the same geographic territory. Subsec. (a)(15). Pub. L. 110-246, § 5407(b), added par. (15). 1996—Subsec. (a)(2)(A). Pub. L. 104-105, § 210, struck out “or management agreements” after “consolidations of boards of directors” in first sentence. Subsec. (a)(8). Pub. L. 104-105, § 211, inserted “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” after “except that”. 1992—Subsec. (a)(2). Pub. L. 102-552, § 401(c), designated existing provisions as subpar. (A) and added subpars. (B) and (C). Subsec. (a)(13), (14). Pub. L. 102-552, § 511, added pars. (13) and (14). 1991—Subsec. (a)(8)(B)(ii). Pub. L. 102-237 struck out second period at end. 1990—Subsec. (a)(13). Pub. L. 101-624 struck out par. (13) which read as follows: “Except for associations, approve the salary scale for employees of the institutions of the System, and approve the compensation of the chief executive officer of such institutions: Provided, That no salary scale or rate of compensation shall be approved under this provision unless determined by the Board to be fair and reasonable. The Board may not delegate its responsibilities under this paragraph.” 1988—Subsec. (a)(1). Pub. L. 100-399, § 901(m)(1), substituted “district banks” for “district boards”. Subsec. (a)(2). Pub. L. 100-399, § 901(m)(2), substituted “district bank boards” for “boards of the districts”. Pub. L. 100-399, § 409(e), substituted “approve the consolidation or division of the territories of institutions when agreed to” for “the consolidation or division of the territories that they serve when agreed to”. Pub. L. 100-233, § 802(v)(1)(A), substituted “approve amendments to” for “amend or modify”. Pub. L. 100-233, § 415(d), substituted “section 2279a of this title” for “section 2181 of this title” and “approve mergers and any related activities as provided for in subchapter VII; and” for “; approve mergers of banks operating under the same subchapter of this chapter, merger of Federal land bank associations, merger of production credit associations, and”. Pub. L. 100-233, § 414, substituted “. The Farm Credit Administration Board shall ensure that disapproving associations (A) shall not be charged any assessment under this chapter at a rate higher than that charged other like associations in the district, and (B) shall be provided with financial services and assistance on the same basis as other like associations in the district” for “; and the Farm Credit Administration shall ensure that the board of directors of district banks does not discriminate against the disapproving associations in exercising its supervisory authorities. Such associations shall not be (i) charged any assessment under this chapter at a rate higher than that charged other like associations in the district or (ii) discriminated against in the provision of any financial service and assistance”. Pub. L. 100-233, § 431(e)(1), substituted “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” for “The Chairman of the Farm Credit Administration Board, after consultation with the respective district board or boards and the board of directors of the Capital Corporation may require two or more banks of the Farm Credit System (other than Central Banks for Cooperatives) operating under the same subchapter to merge if the Chairman determines that one of such banks has failed to meet outstanding obligations of such bank.” Subsec. (a)(3). Pub. L. 100-399, § 901(m)(3), substituted “Farm Credit Banks under section 2207(b) of this title” for “Federal land banks and Federal intermediate credit banks under section 2207(b) of this title”. Subsec. (a)(5). Pub. L. 100-233, § 802(v)(1)(B), struck out “that meet standards and criteria established by the Farm Credit Administration, including standards and criteria with respect to (A) interest rates on obligations of Farm Credit System institutions, and (B) the payment of dividends or patronage refunds by Farm Credit System institutions” after “Farm Credit institutions”. Subsec. (a)(8). Pub. L. 100-399, § 205, redesignated par. (9) as (8). Pub. L. 100-233, § 207(a)(2), struck out par. (8) which read as follows: “Make investments in stock of the Capital Corporation out of the revolving fund referred to in section 2151 of this title, and require the retirement of such stock.” Subsec. (a)(9). Pub. L. 100-399, § 205, redesignated par. (10) as (9). Former par. (9) redesignated (8). Pub. L. 100-233, § 424(a), inserted provisions limiting Farm Credit Administration from requiring System institutions to disclose in reports to stockholders certain information concerning condition or classification of loans to certain directors or members of immediate family of certain directors. Subsec. (a)(10) to (12). Pub. L. 100-399, § 205, redesignated pars. (11) to (13) as (10) to (12), respectively. Former par. (10) redesignated (9). Subsec. (a)(13). Pub. L. 100-399, § 205, redesignated par. (14) as (13). Former par. (13) redesignated (12). Pub. L. 100-233, § 805(z), redesignated par. (14) as (13), and struck out former par. (13) which read as follows: “Sue and be sued, complain and defend in any court of law or equity, State or Federal. All suits of a civil nature at common law or in equity to which the Farm Credit Administration shall be a party shall be deemed to arise under the laws of the United States, and the United States district courts shall have original jurisdiction thereof, without regard to the amount of the controversy; and the Farm Credit Administration may, without bond or security, remove any such action, suit, or proceeding from a State court to the United States district court for the district or division embracing the place where the same is pending by following any procedure for removal now or hereafter in effect. Service of process on the Farm Credit Administration shall be in accordance with provisions of title 28 and rules adopted under title 28 for suits in which an agency of the United States is a party. The Farm Credit Administration shall designate an agent at its principal office to accept service of process.” Subsec. (a)(14). Pub. L. 100-399, § 205, redesignated par. (14) as (13). Pub. L. 100-233, §§ 431(e)(2), 805(z), redesignated par. (15) as (14) and inserted “by the Board” and “The Board may not delegate its responsibilities under this paragraph.” Former subsec. (14) redesignated (13). Subsec. (a)(15). Pub. L. 100-233, § 805(z), redesignated par. (15) as (14). Subsecs. (b), (c). Pub. L. 100-233, § 802(v)(2), added subsec. (b) and redesignated former subsec. (b) as (c). Former subsec. (c) redesignated (d). Subsec. (d). Pub. L. 100-233, § 802(v)(2), redesignated subsec. (c) as (d). Subsec. (d)(1). Pub. L. 100-399, § 901(n)(1), made technical amendment to reference to sections 2015(b) and 2128(b) of this title involving underlying provisions of original act and requiring no change in text. Pub. L. 100-399, § 901(n), substituted “section 2015(b) of this title” for “section 2074 of this title”. 1986—Subsec. (a)(5)(A). Pub. L. 99-509 struck out “and on loans made or discounted by such institutions” after “Farm Credit System institutions”. 1985—Subsec. (a). Pub. L. 99-205 amended subsec. (a) generally, revising and reorganizing the enumerated powers of the Farm Credit Administration by substituting pars. (1) to (15) for former pars. (1) to (17). 1980—Pub. L. 96-592 designated existing provisions as subsec. (a), in par. (3) inserted provisions relating to summary and analysis of reports, and added subsecs. (b) and (c). Amendment of this section and repeal of Pub. L. 110-234 by Pub. L. 110-246 effective May 22, 2008, the date of enactment of Pub. L. 110-234, except as otherwise provided, see section 4 of Pub. L. 110-246, set out as an Effective Date note under section 8701 of Title 7, Agriculture. Pub. L. 110-234, title V, § 5407(d), May 22, 2008, 122 Stat. 1161, and Pub. L. 110-246, § 4(a), title V, § 5407(d), June 18, 2008, 122 Stat. 1664, 1922, provided that: “The amendments made by this section [enacting section 2279c of this title and amending this section and provisions set out as notes under section 2011 of this title] take effect on January 1, 2010.” [Pub. L. 110-234 and Pub. L. 110-246 enacted identical provisions. Pub. L. 110-234 was repealed by section 4(a) of Pub. L. 110-246, set out as a note under section 8701 of Title 7, Agriculture.] Amendment by Pub. L. 102-237 effective as if included in the provision of the Food, Agriculture, Conservation, and Trade Act of 1990, Pub. L. 101-624, to which the amendment relates, see section 1101(b)(4) of Pub. L. 102-237, set out as a note under section 1421 of Title 7, Agriculture. Amendment by sections 205 and 409(a), (e) of Pub. L. 100-399 effective as if enacted immediately after enactment of Pub. L. 100-233, which was approved Jan. 6, 1988, and amendment by section 901(m), (n) of 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 of Pub. L. 100-399, set out as a note under section 2002 of this title. Amendment by section 207(a)(2) of Pub. L. 100-233 effective 15 days after Jan. 6, 1988, see section 207(b) of Pub. L. 100-233 set out as an Effective Date of Repeal note under section 2152 of this title. 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. Pub. L. 100-233, title IV, § 424(b), Jan. 6, 1988, 101 Stat. 1656, provided that: “Within 30 days after the date of the enactment of this Act [Jan. 6, 1988], the Farm Credit Administration shall amend its regulations as necessary to implement the amendment made by subsection (a) [amending this section].” For termination, effective May 15, 2000, of provisions in subsec. (a)(3) of this section relating to requirement to make annual reports to Congress, see section 3003 of Pub. L. 104-66, as amended, set out as a note under section 1113 of Title 31, Money and Finance, and page 166 of House Document No. 103-7. Pub. L. 113-79, title V, § 5404, Feb. 7, 2014, 128 Stat. 840, provided that: “(a) Findings.— Congress finds that— “(1) the reasonable disclosure to stockholders by Farm Credit System institutions regarding the compensation of Farm Credit System institution senior officers is beneficial to stockholders’ understanding of the operation of their institutions; “(2) transparency regarding compensation practices reinforces the cooperative nature of Farm Credit System institutions; “(3) the unique cooperative structure of the Farm Credit System should be considered when promulgating rules; “(4) the participation of stockholders in the election of the boards of directors of Farm Credit System institutions provides stockholders the opportunity to participate in the management of their institutions; “(5) as representatives of stockholders, the boards of directors of Farm Credit System institutions importantly establish and oversee the compensation practices of Farm Credit System institutions to ensure the safe and sound operation of those institutions; and “(6) any regulation should strengthen and not hinder the ability of Farm Credit System boards of directors to oversee compensation practices. “(b) Implementation.— Not later than 60 days after the date of enactment of this Act [Feb. 7, 2014], the Farm Credit Administration shall review its rules to reflect Congressional intent that a primary responsibility of the boards of directors of Farm Credit System institutions, as elected representatives of their stockholders, is to oversee compensation practices.” Pub. L. 104-105, title II, § 212, Feb. 10, 1996, 110 Stat. 174, provided that: “(a) Findings.— Congress finds that— “(1) the Farm Credit Administration, in the role of the Administration as an arms-length safety and soundness regulator, has made considerable progress in reducing the regulatory burden on Farm Credit System institutions; “(2) the efforts of the Farm Credit Administration described in paragraph (1) have resulted in cost savings for Farm Credit System institutions; and “(3) the cost savings described in paragraph (2) ultimately benefit the farmers, ranchers, agricultural cooperatives, and rural residents of the United States. “(b) Continuation of Regulatory Review.— The Farm Credit Administration shall continue the comprehensive review of regulations governing the Farm Credit System to identify and eliminate, consistent with law, safety, and soundness, all regulations that are unnecessary, unduly burdensome or costly, or not based on law.” Pub. L. 100-387, title III, § 313(b), Aug. 11, 1988, 102 Stat. 950, provided that:“It further is the sense of Congress that the Farm Credit Administration should in its oversight of Farm Credit System institutions, with respect to farmers and ranchers who suffer major losses due to drought, hail, excessive moisture, or related condition in 1988— “(1) ensure that Farm Credit System institutions exercise forbearance in the collection of principal and interest on loans outstanding to such farmers and ranchers; “(2) expedite the use of credit restructuring and other credit relief mechanisms authorized under the Agricultural Credit Act of 1987 [Pub. L. 100-233, Jan. 6, 1988, 101 Stat. 1568, see Tables for classification] and related provisions of law for such farmers and ranchers; and “(3) encourage other lenders participating with Farm Credit System institutions in mutual loan agreements to exercise forbearance before declaring loans to such farmers and ranchers in default.”
§ 2251. Quarters and facilities for the Farm Credit Administration
§ 2253. Prior delegations