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12 U.S.C. § 2021 — Purposes for extensions of credit
Federal law — U.S. Code and appendices · legal_authorities
**(a) Agricultural or aquatic purposes**
(1) **In general** — Loans made by a Farm Credit Bank to farmers, ranchers, and producers or harvesters of aquatic products may be for any agricultural or aquatic purpose and other credit needs of the applicant, including financing for basic processing and marketing directly related to the applicant’s operations and those of other eligible farmers, ranchers, and producers or harvesters of aquatic products, except that the operations of the applicant shall supply some portion of the total processing or marketing for which financing is extended.
(2) **Limitation on loans for basic processing and marketing operations** — The aggregate of the financing provided by any Farm Credit Bank for basic processing and marketing directly related to the operations of farmers, ranchers, and producers or harvesters of aquatic products, if the operations of the applicant supply less than 20 percent of the total processing or marketing for which financing is extended, shall not exceed 15 percent of the total of all outstanding loans of such bank.
**(b) Rural housing financing**
(1) **In general** — Loans and discounts may be made to rural residents for rural housing financing under regulations of the Farm Credit Administration.
(2) **Limitations** — Rural housing financed under this subchapter shall be for single-family, moderate-priced dwellings and their appurtenances not inconsistent with the general quality and standards of housing existing in, or planned or recommended for, the rural area where it is located, except that a Farm Credit Bank may not at any one time have a total amount of loans outstanding for such rural housing to persons other than farmers or ranchers in amounts exceeding 15 percent of the total of all loans outstanding in
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Stable record: federal_law:legal_authorities:record_usc_b5185aa870f98018f34e9244
Source file: Laws/federal/codes/united-states-code/title-12/section-2021-purposes-for-extensions-of-credit--642b51c1f1.md
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Source location: Title 12, Chapter 23, § 2021; chapter-023-farm-credit-system.md
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**(a) Agricultural or aquatic purposes**
(1) **In general** — Loans made by a Farm Credit Bank to farmers, ranchers, and producers or harvesters of aquatic products may be for any agricultural or aquatic purpose and other credit needs of the applicant, including financing for basic processing and marketing directly related to the applicant’s operations and those of other eligible farmers, ranchers, and producers or harvesters of aquatic products, except that the operations of the applicant shall supply some portion of the total processing or marketing for which financing is extended.
(2) **Limitation on loans for basic processing and marketing operations** — The aggregate of the financing provided by any Farm Credit Bank for basic processing and marketing directly related to the operations of farmers, ranchers, and producers or harvesters of aquatic products, if the operations of the applicant supply less than 20 percent of the total processing or marketing for which financing is extended, shall not exceed 15 percent of the total of all outstanding loans of such bank.
**(b) Rural housing financing**
(1) **In general** — Loans and discounts may be made to rural residents for rural housing financing under regulations of the Farm Credit Administration.
(2) **Limitations** — Rural housing financed under this subchapter shall be for single-family, moderate-priced dwellings and their appurtenances not inconsistent with the general quality and standards of housing existing in, or planned or recommended for, the rural area where it is located, except that a Farm Credit Bank may not at any one time have a total amount of loans outstanding for such rural housing to persons other than farmers or ranchers in amounts exceeding 15 percent of the total of all loans outstanding in such bank.
(3) **Rural areas** — For rural housing purposes under this section the term “rural areas” shall not be defined to include any city or village having a population in excess of 2,500 inhabitants.
**(c) Farm-related services**
(1) **In general** — Loans to persons furnishing farm-related services to farmers and ranchers directly related to their on-farm operating needs may be made for the necessary capital structures and equipment and initial working capital for such services.
(2) **Facilities** — The banks may own and lease, or lease with option to purchase, to persons eligible for credit under this subchapter or subchapter II, equipment or facilities needed in the operations of such persons.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Voluntary liquidation** The Corporation may voluntarily liquidate only with the consent of, and in accordance with a plan of liquidation approved by, the Farm Credit Administration Board.
**(b) Involuntary liquidation**
(1) **In general** — The Farm Credit Administration Board may appoint a conservator or receiver for the Corporation under the circumstances specified in [section 2183(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2183/b&num=0&edition=prelim).
(2) **Application** — In applying [section 2183(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2183/b&num=0&edition=prelim) to the Corporation under paragraph (1)—
(A) the Corporation shall also be considered insolvent if the Corporation is unable to pay its debts as they fall due in the ordinary course of business;
(B) a conservator may also be appointed for the Corporation if the authority of the Corporation to purchase qualified loans or issue or guarantee loan-backed securities is suspended; and
(C) a receiver may also be appointed for the Corporation if—
(i)
(I) the authority of the Corporation to purchase qualified loans or issue or guarantee loan-backed securities is suspended; or
(II) the Corporation is classified under [section 2279bb–4 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279bb-4&num=0&edition=prelim) as within level III or IV and the alternative actions available under part B are not satisfactory; and
(ii) the Farm Credit Administration determines that the appointment of a conservator would not be appropriate.
(3) **No effect on supervisory actions** — The grounds for appointment of a conservator for the Corporation
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2002
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Source** The Secretary shall provide the price support authorized or required herein through the Commodity Credit Corporation and other means available to him.
**(b) Authority of Secretary; factors considered** Except as otherwise provided in this Act, the amounts, terms, and conditions of price support operations and the extent to which such operations are carried out, shall be determined or approved by the Secretary. The following factors shall be taken into consideration in determining, in the case of any commodity for which price support is discretionary, whether a price-support operation shall be undertaken and the level of such support and, in the case of any commodity for which price support is mandatory, the level of support in excess of the minimum level prescribed for such commodity: (1) the supply of the commodity in relation to the demand therefor, (2) the price levels at which other commodities are being supported and, in the case of feed grains, the feed values of such grains in relation to corn, (3) the availability of funds, (4) the perishability of the commodity, (5) the importance of the commodity to agriculture and the national economy, (6) the ability to dispose of stocks acquired through a price-support operation, (7) the need for offsetting temporary losses of export markets, (8) the ability and willingness of producers to keep supplies in line with demand and (9), in the case of upland cotton, changes in the cost of producing such cotton.
**(c) Compliance by producer; program for diverted acres** Compliance by the producer with acreage allotments, production goals and marketing practices (including marketing quotas when authorized by law), prescribed by the Secretary, may be required as a condition of eligibility for price support. In admi
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Federal law — U.S. Code and appendices · legal_authorities
Page 1299
TITLE 12—BANKS AND BANKING
§ 2023
1988—Subsec. (a). Pub. L. 100–399 designated existing
provision as subsec. (a), inserted heading, substituted
‘‘directors of the bank’’ for ‘‘directors of each district
bank’’, and added subsec. (b).
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2008 AMENDMENT
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, see section 4 of
Pub. L. 110–246, set out as an Effective Date note under
section 8701 of Title 7, Agriculture.
EFFECTIVE DATE OF 2002 AMENDMENT
Pub. L. 107–171, title V, § 5403(b), May 13, 2002, 116
Stat. 351, provided that: ‘‘The amendments made by
this section [amending this section and sections 2277a–4
and 2277a–5 of this title] shall apply with respect to de-
terminations of premiums for calendar year 2002 and
for any succeeding calendar year, and to certified
statements with respect to such premiums.’’
EFFECTIVE DATE OF 1989 AMENDMENT
Pub. L. 101–220, § 6(c), Dec. 12, 1989, 103 Stat. 1880, pro-
vided that: ‘‘The amendments made by subsections (a)
and (b) [amending sections 2020, 2277a–4, 2277a–8, and
2277a–10 of this title] shall be effective for insurance
premiums due to the Farm Credit System Insurance
Corporation under the Farm Credit Act of 1971 (12
U.S.C. 2001 et seq.) on or after January 1, 1990, based on
the loan volume of each bank for each calendar year be-
ginning with calendar year 1989, and shall be effective
for the calculation of the initial premium payment re-
quired under section 5.56(c) of the Farm Credit Act of
1971 (12 U.S.C. 2277a–5(c)).’’
EFFECTIVE DATE OF 1988 AMENDMENT
Amendment by Pub. L. 100–399 effective immediately
after amendment made by section 401 of Pub. L.
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2021
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