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12 U.S.C. § 393 — Federal reserve banks as depositaries for Farm Credit System
Federal law — U.S. Code and appendices · legal_authorities
The Federal Reserve banks are authorized to act as depositaries for and fiscal agents of any Federal land bank, Federal intermediate credit bank, bank for cooperatives, or other institutions of the Farm Credit System.
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Source location: Title 12, Chapter 3, § 393; chapter-003-federal-reserve-system.md
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The Federal Reserve banks are authorized to act as depositaries for and fiscal agents of any Federal land bank, Federal intermediate credit bank, bank for cooperatives, or other institutions of the Farm Credit System.
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** It is declared to be the policy of the Congress, recognizing that a prosperous, productive agriculture is essential to a free nation and recognizing the growing need for credit in rural areas, that the farmer-owned cooperative Farm Credit System be designed to accomplish the objective of improving the income and well-being of American farmers and ranchers by furnishing sound, adequate, and constructive credit and closely related services to them, their cooperatives, and to selected farm-related businesses necessary for efficient farm operations.
**(b)** It is the objective of this chapter to continue to encourage farmer- and rancher-borrowers participation in the management, control, and ownership of a permanent system of credit for agriculture which will be responsive to the credit needs of all types of agricultural producers having a basis for credit, and to modernize and improve the authorizations and means for furnishing such credit and credit for housing in rural areas made available through the institutions constituting the Farm Credit System as herein provided.
**(c)** It is declared to be the policy of Congress that the credit needs of farmers, ranchers, and their cooperatives are best served if the institutions of the Farm Credit System provide equitable and competitive interest rates to eligible borrowers, taking into consideration the creditworthiness and access to alternative sources of credit for borrowers, the cost of funds, the operating costs of the institution, including the costs of any loan loss amortization under section 2254(b)11 See References in Text note below. of this title, the cost of servicing loans, the need to retain earnings to protect borrowers’ stock, and the volume of net new borrowing. Further, it is declared to be the policy
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Federal law — U.S. Code and appendices · legal_authorities
In the case of violation or threatened violation of, or failure to obey, a temporary cease and desist order issued under [section 2262 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2262&num=0&edition=prelim), the Farm Credit Administration may apply to the United States district court, or the United States court of any territory, within the jurisdiction of which the home office of the institution is located, for an injunction to enforce such order, and, if the court shall determine that there has been such violation or threatened violation or failure to obey, it shall be the duty of the court to issue such injunction.
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Federal law — U.S. Code and appendices · legal_authorities
Page 157
TITLE 12—BANKS AND BANKING
§ 411
Editorial Notes
REFERENCES IN TEXT
This chapter, referred to in text, was in the original
‘‘this Act’’, meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251,
known as the Federal Reserve Act. For complete classi-
fication of this Act to the Code, see References in Text
note set out under section 226 of this title and Tables.
CODIFICATION
Words ‘‘of the Philippine Islands, or’’ after ‘‘No public
funds’’ were deleted on authority of 1946 Proc. No. 2695,
which granted independence to the Philippine Islands
pursuant to section 1394 of Title 22. Proc. No. 2695 is set
out as a note under section 1394 of Title 22, Foreign Re-
lations and Intercourse.
Section is comprised of second par. of section 15 of
act Dec. 23, 1913. Par. 1 of section 15 and par. 3 of sec-
tion 15, as added Mar. 4, 1923, ch. 252, title IV, § 406, 42
Stat. 1480, are classified to sections 391 and 393, respec-
tively, of this title.
§ 393. Federal reserve banks as depositaries for
Farm Credit System
The Federal Reserve banks are authorized to
act as depositaries for and fiscal agents of any
Federal land bank, Federal intermediate credit
bank, bank for cooperatives, or other institu-
tions of the Farm Credit System.
(Dec. 23, 1913, ch. 6, § 15 (par.), as added Mar. 4,
1923, ch. 252, title IV, § 406, 42 Stat. 1480; amended
Pub. L. 92–181, title V, § 5.41, formerly § 5.27(b),
Dec. 10, 1971, 85 Stat. 625; renumbered § 5.41(b),
Pub. L. 99–205, title II, § 205(a)(2), Dec. 23, 1985, 99
Stat. 1703; renumbered § 5.41, Pub. L. 100–233,
title VIII, § 805(ff)(2), Jan. 6, 1988, 101 Stat. 1717.)
Editorial Notes
CODIFICATION
Section is comprised of third par. of section 15 of act
Dec. 23, 1913, as added Mar. 4, 1923. Pars. 1 and 2 of sec-
tion 15 are classif
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