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12 U.S.C. § 2261 — State legislation
Federal law — U.S. Code and appendices · legal_authorities
Whenever it is determined by the Farm Credit Administration, or by judicial decision, that a State law is applicable to the obligations and securities authorized to be held by the institutions of the System under this chapter, which law would provide insufficient protection or inadequate safeguards against loss in the event of default, the Farm Credit Administration may declare such obligations or securities to be ineligible as collateral for the issuance of new notes, bonds, debentures, and other obligations under this chapter.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2261
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Stable record: federal_law:legal_authorities:record_usc_babdb1bbe08b5612c5565ad1
Source file: Laws/federal/codes/united-states-code/title-12/section-2261-state-legislation--3ad7ba2008.md
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Source location: Title 12, Chapter 23, § 2261; chapter-023-farm-credit-system.md
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Whenever it is determined by the Farm Credit Administration, or by judicial decision, that a State law is applicable to the obligations and securities authorized to be held by the institutions of the System under this chapter, which law would provide insufficient protection or inadequate safeguards against loss in the event of default, the Farm Credit Administration may declare such obligations or securities to be ineligible as collateral for the issuance of new notes, bonds, debentures, and other obligations under this chapter.
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Federal law — U.S. Code and appendices · legal_authorities
The executive departments, boards, commissions, and independent establishments of the Government of the United States, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Reserve banks are severally authorized under such conditions as they may prescribe, upon request of the Farm Credit Administration, to make available to it or to any institution of the System in confidence all reports, records, or other information relating to the condition of any organization to which such institution of the System has made or contemplates making loan or for which it has or contemplates discounting paper, or which it is using or contemplates using as a custodian of securities or other credit instruments, or a depository. The Federal Reserve banks in their capacity as depositories, agents, and custodians for bonds, debentures, and other obligations issued by the banks of the System or book entries thereof are also authorized and directed, upon request of the Farm Credit Administration, to make available for audit by farm credit examiners all appropriate books, accounts, financial records, files, and other papers.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2258
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Minimum levels of capital** The Farm Credit Administration shall cause System institutions to achieve and maintain adequate capital by establishing minimum levels of capital for such System institutions and by using such other methods as the Farm Credit Administration deems appropriate. The Farm Credit Administration may establish such minimum level of capital for a System institution as the Farm Credit Administration, in its discretion, deems to be necessary or appropriate in light of the particular circumstances of the System institution.
**(b) Failure to maintain minimum levels; directives; plans for achieving minimum levels; proposals affecting compliance**
(1) Failure of a System institution to maintain capital at or above its minimum level as established under subsection (a) may be deemed by the Farm Credit Administration, in its discretion, to constitute an unsafe and unsound practice within the meaning of this chapter.
(2) In addition to, or in lieu of, any other action authorized by law, including paragraph (1), the Farm Credit Administration may issue a directive to a System institution that fails to maintain capital at or above its required level as established under subsection (a). Such directive may require the System institution to submit and adhere to a plan acceptable to the Farm Credit Administration describing the means and timing by which the System institution shall achieve its required capital level, but may not require merger or consolidation without a majority vote of the voting stockholders or the contributors to the guaranty fund of the institution.
(3) The Farm Credit Administration may consider such System institution’s progress in adhering to any plan required under paragraph (2) whenever such System institution, or an affiliate the
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2155
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** Whenever the Farm Credit Administration shall determine that the violation or threatened violation or the unsafe or unsound practice or practices, specified in the notice of charges served upon the institution or any director, officer, employee, agent, or other person participating in the conduct of the affairs of such institution under [section 2261 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2261&num=0&edition=prelim), or the continuation thereof, is likely to cause insolvency or substantial dissipation of assets or earnings of the institution, or is likely to seriously weaken the condition of the institution or otherwise seriously prejudice the interests of the investors in Farm Credit System obligations or shareholders in the institution prior to the completion of the proceedings conducted under [section 2261 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2261&num=0&edition=prelim), the Farm Credit Administration may issue a temporary order requiring the institution or such director, officer, employee, agent, or other person to cease and desist from any such violation or practice and to take affirmative action to prevent such insolvency, dissipation, condition, or prejudice pending completion of such proceedings. Such order shall become effective upon service upon the institution or such director, officer, employee, agent, or other person participating in the conduct of the affairs of such institution and, unless set aside, limited, or suspended by a court in proceedings authorized by subsection (b), shall remain effective and enforceable pending the completion of the administrative proceedings pursuant to such notice and until such time as the Farm Credit Administrati
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2264
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Federal law — U.S. Code and appendices · legal_authorities
The Farm Credit Administration may in its discretion 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 the enforcement of any effective and outstanding notice or order issued under this part, and such courts shall have jurisdiction and power to order and require compliance herewith; but except as otherwise provided in this part no court shall have jurisdiction to affect by injunction or otherwise the issuance or enforcement of any notice or order under this part, or to review, modify, suspend, terminate, or set aside any such notice or order. For purposes of this section, any directive issued under section 2154(b)(2), 2154a(e), or 2202a(h) of this title shall be treated as an effective and outstanding order issued under [section 2261 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2261&num=0&edition=prelim) that has become final.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2268
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Forfeiture and payment; compromise, modification, or remitting by Farm Credit Administration; assessment and collection by written notice** Any institution in the System that violates or any officer, director, employee, agent, or other person participating in the conduct of the affairs of such an institution who violates the terms of any order that has become final and was issued under section 2261 or 2262 of this title, shall forfeit and pay a civil penalty of not more than $1,000 per day for each day during which such violation continues. Any such institution or person who violates any provision of this chapter or any regulation issued under this chapter shall forfeit and pay a civil penalty of not more than $500 per day for each day during which such violation continues. Notwithstanding the preceding sentences, the Farm Credit Administration may, in its discretion, compromise, modify, or remit any civil money penalty that is subject to imposition or has been imposed under such authority. The penalty may be assessed and collected by the Farm Credit Administration by written notice.
**(b) Factors determining amount** Before determining whether to assess a civil money penalty and determining the amount of such penalty, the Farm Credit Administration shall notify the institution or person to be assessed of the violation or violations alleged to have occurred or to be occurring, and shall solicit the views of the institution or person regarding the imposition of such penalty. In determining the amount of the penalty, the Farm Credit Administration shall take into account the appropriateness of the penalty with respect to the size of financial resources and good faith of the System institution or person charged, the gravity of the violation, the history of previous
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2270
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Subject to subtitle B of the Consumer Financial Protection Act of 2010 [[12 U.S.C. 5511](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5511&num=0&edition=prelim) et seq.], compliance with the requirements imposed under this chapter shall be enforced under—
(1) section 8 of the Federal Deposit Insurance Act [[12 U.S.C. 1818](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1818&num=0&edition=prelim)], by the appropriate Federal banking agency (as defined in section 3(q) of that Act [[12 U.S.C. 1813(q)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/q&num=0&edition=prelim)]), with respect to—
(A) insured depository institutions (as defined in section 3(c)(2) of that Act [[12 U.S.C. 1813(c)(2)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/c/2&num=0&edition=prelim)]);
(B) depository institutions described in clause (i), (ii), or (iii) of section 19(b)(1)(A) of the Federal Reserve Act [[12 U.S.C. 461(b)(1)(A)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section461/b/1/A&num=0&edition=prelim)] which are not insured depository institutions (as defined in section 3(c)(2) of the Federal Deposit Insurance Act [[12 U.S.C. 1813(c)(2)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/c/2&num=0&edition=prelim)]); and
(C) depository institutions described in clause (v) or (vi) of section 19(b)(1)(A) of the Federal Reserve Act [[12 U.S.C. 461(b)(1)(A)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section461/b/1/A&num=0&edition=prelim)] which are not insured depository institutions (as defined in section 3(c)(2) of the Federal Deposit Insurance Act [[12
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4909
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Federal law — U.S. Code and appendices · legal_authorities
Page 1363
TITLE 12—BANKS AND BANKING
§ 2262
bonds, debentures, and other obligations under
this chapter.
(Pub. L. 92–181, title V, § 5.24, formerly § 5.25,
Dec. 10, 1971, 85 Stat. 624; renumbered § 5.24, Pub.
L. 99–205, title II, § 203(b), Dec. 23, 1985, 99 Stat.
1694.)
Editorial Notes
PRIOR PROVISIONS
A prior section 5.24 of Pub. L. 92–181 was renumbered
section 5.23 and is classified to section 2258 of this title.
§ 2260. Transferred
Editorial Notes
CODIFICATION
Section, Pub. L. 92–181, title V, § 5.30, as added Pub. L.
96–592, title V, § 509, Dec. 24, 1980, 94 Stat. 3450, which re-
lated to audit and report to Congress by the Comp-
troller General, was renumbered section 5.44 of Pub. L.
92–181 by Pub. L. 99–205, title II, § 205(a)(2), Dec. 23, 1985,
99 Stat. 1703, transferred to section 2275 of this title,
and repealed by Pub. L. 115–334, title V, § 5411(36), Dec.
20, 2018, 132 Stat. 4683.
PART C—ENFORCEMENT POWERS OF FARM
CREDIT ADMINISTRATION
§ 2261. Cease and desist proceedings
(a) If, in the opinion of the Farm Credit Ad-
ministration, any institution in the Farm Credit
System, or any director, officer, employee,
agent, or other person participating in the con-
duct of the affairs of such an institution is en-
gaging or has engaged, or the Farm Credit Ad-
ministration has reasonable cause to believe
that the institution or any director, officer, em-
ployee, agent, or other person participating in
the conduct of the affairs of such institution is
about to engage, in an unsafe or unsound prac-
tice in conducting the business of such institu-
tion, or is violating or has violated, or the Farm
Credit Administration has reasonable cause to
believe that the institution or any director, offi-
cer, employee, agent, or other person partici-
patin
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2261
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