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12 U.S.C. § 2202b — Reconsideration of actions
Federal law — U.S. Code and appendices · legal_authorities
**(a) Credit review committees**
(1) **In general** — The board of directors of each qualified lender shall establish one or more credit review committees, which shall include farmer board representation.
(2) **Membership** — In no case shall a loan officer involved in the initial decision on a loan serve on the credit review committee when the committee reviews such loan.
**(b) Review of decisions**
(1) **Denials or reductions** — Any applicant for a loan from a qualified lender that has received a written notice issued under [section 2201 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2201&num=0&edition=prelim) of a decision to deny or reduce the loan applied for may submit a written request, not later than 30 days after receiving a notice denying or reducing the amount of the loan application, to obtain a review of the decision before the credit review committee.
(2) **Denials of restructuring** — A borrower of a loan from a qualified lender that has received notice, under [section 2201 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2201&num=0&edition=prelim), of a decision to deny loan restructuring with respect to a loan made to the borrower, if the borrower so requests in writing within 7 days after receiving such notice, may obtain a review of such decision in person before the credit review committee.
**(c) Personal appearance** An applicant for a loan or for restructuring, who is entitled to and has requested a review under this section, may appear in person before the credit review committee, and may be accompanied by counsel or by any other representative of such person’s choice, to seek a reversal of the decision on the application under review.
**(d) Independent a
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Source file: Laws/federal/codes/united-states-code/title-12/section-2202b-reconsideration-of-actions--92c69a9b13.md
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Source location: Title 12, Chapter 23, § 2202b; chapter-023-farm-credit-system.md
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**(a) Credit review committees**
(1) **In general** — The board of directors of each qualified lender shall establish one or more credit review committees, which shall include farmer board representation.
(2) **Membership** — In no case shall a loan officer involved in the initial decision on a loan serve on the credit review committee when the committee reviews such loan.
**(b) Review of decisions**
(1) **Denials or reductions** — Any applicant for a loan from a qualified lender that has received a written notice issued under [section 2201 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2201&num=0&edition=prelim) of a decision to deny or reduce the loan applied for may submit a written request, not later than 30 days after receiving a notice denying or reducing the amount of the loan application, to obtain a review of the decision before the credit review committee.
(2) **Denials of restructuring** — A borrower of a loan from a qualified lender that has received notice, under [section 2201 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2201&num=0&edition=prelim), of a decision to deny loan restructuring with respect to a loan made to the borrower, if the borrower so requests in writing within 7 days after receiving such notice, may obtain a review of such decision in person before the credit review committee.
**(c) Personal appearance** An applicant for a loan or for restructuring, who is entitled to and has requested a review under this section, may appear in person before the credit review committee, and may be accompanied by counsel or by any other representative of such person’s choice, to seek a reversal of the decision on the application under review.
**(d) Independent appraisal**
(1) **In general** — An appeal filed with a credit review committee under this section may include, as a part of the request for a review of the decision filed under subsection (b)(1) or (2), a request for an independent appraisal, by an accredited appraiser, of any interests in property securing the loan (other than the stock or participation certificates of the qualified lender held by the borrower).
(2) **Arrangement and cost** — Within 30 days after a request for an appraisal under paragraph (1), the credit review committee shall present the borrower with a list of three appraisers approved by the appropriate qualified lender from which the borrower shall select an appraiser to conduct the appraisal the cost of which shall be borne by the borrower, and shall consider the results of such appraisal in any final determination with respect to the loan.
(3) **Copy to borrower** — A copy of any appraisal made under this subsection shall be provided to the borrower.
(4) **Additional collateral** — An independent appraisal shall be permitted if additional collateral for a loan is demanded by the qualified lender when determining whether to restructure the loan.
**(e) Notification of applicant** Promptly after a review by the credit review committee, the committee shall notify the applicant or borrower, as the case may be, in writing of the decision of the committee and the reasons for the decision.
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, Pub. L. 92–181, title VIII, § 8.38, as added Pub. L. 104–105, title I, § 117, Feb. 10, 1996, 110 Stat. 168, related to recapitalization of Corporation.
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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
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Voluntary liquidation; consent of Farm Credit Administration; rules and regulations; minimization of adverse effect; voluntary merger; mandatory merger on failure to comply or meet obligations** No institution of the System shall go into voluntary liquidation without the consent of the Farm Credit Administration and with such consent may liquidate only in accordance with regulations prescribed by the Farm Credit Administration. In the case of a voluntary liquidation of an association, such regulations, among other things, shall direct the supervising bank to institute such measures as it deems appropriate to minimize the adverse effect of the liquidation on those borrowers whose loans are purchased by or otherwise transferred to another System institution. The Farm Credit Administration Board may require an association to merge with another association whenever it determines, with the concurrence of the board of the supervising bank, that an association has failed to meet its outstanding obligations or failed to conduct its operations in accordance with this chapter.
**(b) Appointment of conservator or receiver; grounds; action for removal; stay of actions or proceedings** The Farm Credit Administration Board may appoint a conservator or receiver for any System institution on the determination by the Farm Credit Administration Board that one or more of the following exists, or is occurring, with respect to the institution: (1) insolvency, in that the assets of the institution are less than its obligations to its creditors and others, including its members; (2) substantial dissipation of assets or earnings due to any violation of law, rules, or regulations, or to any unsafe or unsound practice; (3) an unsafe or unsound condition to transact business; (4) willful v
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** In accordance with regulations of the Farm Credit Administration, qualified lenders shall provide to borrowers, for all loans that are not subject to the Truth in Lending Act ([15 U.S.C. 1601](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1601&num=0&edition=prelim) et seq.), meaningful and timely disclosure not later than the time of the loan closing, of—
(1) the current rate of interest on the loan;
(2) in the case of an adjustable or variable rate loan, the amount and frequency by which the interest rate can be increased during the term of the loan or, if there are no such limitations, a statement to that effect, and the factors (including the cost of funds, operating expenses, and provision for loan losses) that will be taken into account by the qualified lender in determining adjustments to the interest rate;
(3) the effect, as shown by a representative example or examples, of any loan origination charges or purchases of stock or participation certificates on the effective rate of interest;
(4) any change in the interest rate applicable to the borrower’s loan, and notice to the borrower of a change in the interest rate applicable to the loan of the borrower may be made within a reasonable time after the effective date of an increase or decrease in the interest rate;
(5) except with respect to stock guaranteed under [section 2162 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2162&num=0&edition=prelim), a statement indicating that stock that is purchased is at risk; and
(6) a statement indicating the various types of loan options available to borrowers, with an explanation of the terms and borrowers’ rights that apply to each type of loan.
**(b) Differential interest r
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Retirement of stock** Notwithstanding any other section of this chapter, each institution of the Farm Credit System, when retiring eligible borrower stock in accordance with this chapter, shall retire such stock at par value.
**(b) Certain powers not affected** This section does not affect the authority of any institution of the Farm Credit System—
(1) to retire or cancel borrower stock at par value for application against a loan in default;
(2) to cancel borrower stock at par value under [section 2202b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2202b&num=0&edition=prelim); or
(3) to apply, against any outstanding indebtedness to a System association arising out of or in connection with a liquidation referred to in subsection (d)(2), the par value of borrower stock frozen in such liquidation.
**(c) Inability to retire stock at par value**
(1) **In general** — If an institution is unable to retire eligible borrower stock at par value due to the liquidation of the institution, the Farm Credit System Insurance Corporation, acting as receiver, shall retire such stock at par value as would have been retired in the ordinary course of business of the institution.
(2) **Funding** — The Farm Credit System Insurance Corporation shall use such funds from the Farm Credit Insurance Fund as are sufficient to carry out this section.
**(d) Definitions** For purposes of this section:
(1) **Borrower stock** — The term “borrower stock” means voting and nonvoting stock, equivalent contributions to a guaranty fund, participation certificates, allocated equities, and other similar equities that are subject to retirement under a revolving cycle issued by any System institution and held by any person other than any System instituti
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Federal law — U.S. Code and appendices · legal_authorities
Page 1338
TITLE 12—BANKS AND BANKING
§ 2202b
credit’’ after ‘‘request of any’’. Former subsec. (k) re-
designated (j).
1996—Subsec. (a)(5). Pub. L. 104–105 designated exist-
ing provisions as subpar. (A), inserted subpar. heading,
substituted ‘‘Subject to subparagraph (B), the term’’
for ‘‘The term’’, and added subpar. (B).
1988—Subsec. (a). Pub. L. 100–399, § 102(a), struck out
‘‘(other than in sections 2205 and 2206 of this title)’’
after ‘‘in this part’’.
Subsec. (a)(6)(B). Pub. L. 100–399, § 102(b), substituted
‘‘section 2015(b)(1)(B) of this title’’ for ‘‘section
2074(a)(2) of this title’’ and ‘‘section 2015(b)(1) of this
title’’ for ‘‘section 2074(a) of this title’’.
Subsec. (e)(1). Pub. L. 100–399, § 102(c), substituted
‘‘cost to such qualified’’ for ‘‘cost to a qualified’’.
Subsec. (g)(1). Pub. L. 100–399, § 102(d), substituted
‘‘bank’’ for ‘‘farm credit district’’.
Subsec. (g)(3). Pub. L. 100–399, § 102(e), substituted
‘‘bank board’’ for ‘‘district board’’.
Subsec. (l). Pub. L. 100–399, § 102(f), substituted ‘‘Farm
Credit Bank’’ for ‘‘Federal intermediate credit bank’’.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1988 AMENDMENT
Amendment by section 102(b), (f) of Pub. L. 100–399 ef-
fective immediately after amendment made by section
401 of Pub. L. 100–233, which was effective 6 months
after Jan. 6, 1988, and amendment by section 102(a),
(c)–(e) of Pub. L. 100–399 effective as if enacted imme-
diately after enactment of Pub. L. 100–233, which was
approved Jan. 6, 1988, see section 1001 of Pub. L. 100–399,
set out as a note under section 2002 of this title.
SENSE OF CONGRESS
Pub. L. 100–233, title I, § 102(b), Jan. 6, 1988, 101 Stat.
1579, provided that: ‘‘It is the sense of Congress that the
banks and associations (e
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