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12 U.S.C. § 2011 — Congressional declaration of policy and objectives
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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Stable record: federal_law:legal_authorities:record_usc_ca2b4b8a22afdedc6ce9d548
Source file: Laws/federal/codes/united-states-code/title-12/section-2011-congressional-declaration-of-policy-and-objectives--8ca9aee777.md
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Source location: Title 12, Chapter 23, § 2011; chapter-023-farm-credit-system.md
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**(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 of Congress that Farm Credit System institutions take action in accordance with the Farm Credit Act Amendments of 1986 in such manner that borrowers from the institutions derive the greatest benefit practicable from that Act: Provided, That in no case is any borrower to be charged a rate of interest that is below competitive market rates for similar loans made by private lenders to borrowers of equivalent creditworthiness and access to alternative credit.
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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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2001
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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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 393
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Federal law — U.S. Code and appendices · legal_authorities
Notwithstanding any other provision of this chapter, the Secretary shall ensure that farm loan guarantee programs carried out under this chapter are designed so as to be responsive to borrower and lender needs and to include provisions under reasonable terms and conditions for advances, before completion of the liquidation process, of guarantee proceeds on loans in default.
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1999
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Federal law — U.S. Code and appendices · legal_authorities
Interest rates on loans from institutions of the Farm Credit System shall not be subject to any interest rate limitation imposed by any State constitution or statute or other laws. Such limitation is preempted for purposes of this chapter. Interest rates on loans made by agricultural credit corporations organized in conjunction with cooperative associations for the purpose of financing the ordinary crop operations of the members of such associations or other producers and eligible to discount with the Farm Credit Banks shall be exempt from any interest rate limitation imposed by any State constitution or statute or other laws which are hereby preempted for purposes of this chapter.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2206a
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Federal law — U.S. Code and appendices · legal_authorities
For purposes of this chapter, the following definitions shall apply:
(1) **Account** — The term “account” means a deposit account at a bank.
(2) **Bank** — The term “bank” means any person that is located in a State and engaged in the business of banking and includes—
(A) any depository institution (as defined in [section 461(b)(1)(A) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section461/b/1/A&num=0&edition=prelim));
(B) any Federal reserve bank;
(C) any Federal home loan bank; or
(D) to the extent it acts as a payor—
(i) the Treasury of the United States;
(ii) the United States Postal Service;
(iii) a State government; or
(iv) a unit of general local government (as defined in [section 4001(24) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4001/24&num=0&edition=prelim)).
(3) **Banking terms**
(A) *Collecting bank* — The term “collecting bank” means any bank handling a check for collection except the paying bank.
(B) *Depositary bank* — The term “depositary bank” means—
(i) the first bank to which a check is transferred, even if such bank is also the paying bank or the payee; or
(ii) a bank to which a check is transferred for deposit in an account at such bank, even if the check is physically received and indorsed first by another bank.
(C) *Paying bank* — The term “paying bank” means—
(i) the bank by which a check is payable, unless the check is payable at or through another bank and is sent to the other bank for payment or collection; or
(ii) the bank at or through which a check is payable and to which the check is sent for payment or collection.
(D) *Returning bank*
(i) *In general* — The term “returning bank” me
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5002
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Federal law — U.S. Code and appendices · legal_authorities
For purposes of this chapter—
(1) the term “Secretary” means the Secretary of Agriculture;
(2) the term “garbage” means all waste material derived in whole or in part from the meat of any animal (including fish and poultry) or other animal material, and other refuse of any character whatsoever that has been associated with any such material, resulting from the handling, preparation, cooking, or consumption of food, except that such term shall not include waste from ordinary household operations which is fed directly to swine on the same premises where such household is located;
(3) the term “person” means any individual, corporation, company, association, firm, partnership, society, or joint stock company or other legal entity; and
(4) the term “State” means the fifty States, the District of Columbia, Guam, Puerto Rico, the Virgin Islands of the United States, American Samoa, the Commonwealth of the Northern Mariana Islands, and the territories and possessions of the United States.
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 3802
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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
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2199
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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
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2201
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
#### Codification
Section, Pub. L. 92–181, title V, § 5.0, Dec. 10, 1971, 85 Stat. 614; Pub. L. 96–592, title V, § 501, Dec. 24, 1980, 94 Stat. 3448; Pub. L. 99–205, title II, § 205(g)(1), Dec. 23, 1985, 99 Stat. 1706; Pub. L. 100–233, title VIII, § 805(v), Jan. 6, 1988, 101 Stat. 1716; Pub. L. 100–399, title IX, § 901(q), (r), Aug. 17, 1988, 102 Stat. 1008, which related to creation of districts, was transferred to section 1.2(b) of Pub. L. 92–181 by section 901(r) of Pub. L. 100–399 and is classified to [section 2002(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2002/b&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2241
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Federal law — U.S. Code and appendices · legal_authorities
The Farm Credit Banks and the capital, reserves, and surplus thereof, and the income derived therefrom, shall be exempt from Federal, State, municipal, and local taxation, except taxes on real estate held by a Farm Credit Bank to the same extent, according to its value, as other similar property held by other persons is taxed. The mortgages held by the Farm Credit Banks and the notes, bonds, debentures, and other obligations issued by the banks shall be considered and held to be instrumentalities of the United States and, as such, they and the income therefrom shall be exempt from all Federal, State, municipal, and local taxation, other than Federal income tax liability of the holder thereof under the Public Debt Act of 1941 ([31 U.S.C. 3124](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3124&num=0&edition=prelim)).
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2072
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