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12 U.S.C. § 2253 — Untitled legal text
Federal law — U.S. Code and appendices · legal_authorities
Page 1359
TITLE 12—BANKS AND BANKING
§ 2254
sions set out as notes under section 2011 of this title]
take effect on January 1, 2010.’’
[Pub. L. 110–234 and Pub. L. 110–246 enacted identical
provisions. Pub. L. 110–234 was repealed by section 4(a)
of Pub. L. 110–246, set out as a note under section 8701
of Title 7, Agriculture.]
EFFECTIVE DATE OF 1991 AMENDMENT
Amendment by Pub. L. 102–237 effective as if included
in the provision of the Food, Agriculture, Conservation,
and Trade Act of 1990, Pub. L. 101–624, to which the
amendment relates, see section 1101(b)(4) of Pub. L.
102–237, set out as a note under section 1421 of Title 7,
Agriculture.
EFFECTIVE DATE OF 1988 AMENDMENTS
Amendment by sections 205 and 409(a), (e) of Pub. L.
100–399 effective as if enacted immediately after enact-
ment of Pub. L. 100–233, which was approved Jan. 6,
1988, and amendment by section 901(m), (n) of Pub. L.
100–399 effective immediately after amendment made
by section 401 of Pub. L. 100–233, which was effective 6
months after Jan. 6, 1988, see section 1001 of Pub. L.
100–399, set out as a note under section 2002 of this title.
Amendment by section 207(a)(2) of Pub. L. 100–233 ef-
fective 15 days after Jan. 6, 1988, see section 207(b) of
Pub. L. 100–233 set out as an Effective Date of Repeal
note under section 2152 of this title.
EFFECTIVE DATE OF 1985 AMENDMENT
Amendment by Pub. L. 99–205 effective thirty days
after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set
out as a note under section 2001 of this title.
REGULATIONS
Pub. L. 100–233, title IV, § 424(b), Jan. 6, 1988, 101 Stat.
1656, provided that: ‘‘Within 30 days after the date of
the enactment of this Act [Jan. 6, 1988], the Farm Cred-
it Administration shall amend its regulations as nec-
essary t
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Page 1359
TITLE 12—BANKS AND BANKING
§ 2254
sions set out as notes under section 2011 of this title]
take effect on January 1, 2010.’’
[Pub. L. 110–234 and Pub. L. 110–246 enacted identical
provisions. Pub. L. 110–234 was repealed by section 4(a)
of Pub. L. 110–246, set out as a note under section 8701
of Title 7, Agriculture.]
EFFECTIVE DATE OF 1991 AMENDMENT
Amendment by Pub. L. 102–237 effective as if included
in the provision of the Food, Agriculture, Conservation,
and Trade Act of 1990, Pub. L. 101–624, to which the
amendment relates, see section 1101(b)(4) of Pub. L.
102–237, set out as a note under section 1421 of Title 7,
Agriculture.
EFFECTIVE DATE OF 1988 AMENDMENTS
Amendment by sections 205 and 409(a), (e) of Pub. L.
100–399 effective as if enacted immediately after enact-
ment of Pub. L. 100–233, which was approved Jan. 6,
1988, and amendment by section 901(m), (n) of Pub. L.
100–399 effective immediately after amendment made
by section 401 of Pub. L. 100–233, which was effective 6
months after Jan. 6, 1988, see section 1001 of Pub. L.
100–399, set out as a note under section 2002 of this title.
Amendment by section 207(a)(2) of Pub. L. 100–233 ef-
fective 15 days after Jan. 6, 1988, see section 207(b) of
Pub. L. 100–233 set out as an Effective Date of Repeal
note under section 2152 of this title.
EFFECTIVE DATE OF 1985 AMENDMENT
Amendment by Pub. L. 99–205 effective thirty days
after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set
out as a note under section 2001 of this title.
REGULATIONS
Pub. L. 100–233, title IV, § 424(b), Jan. 6, 1988, 101 Stat.
1656, provided that: ‘‘Within 30 days after the date of
the enactment of this Act [Jan. 6, 1988], the Farm Cred-
it Administration shall amend its regulations as nec-
essary to implement the amendment made by sub-
section (a) [amending this section].’’
TERMINATION OF REPORTING REQUIREMENTS
For termination, effective May 15, 2000, of provisions
in subsec. (a)(3) of this section relating to requirement
to make annual reports to Congress, see section 3003 of
Pub. L. 104–66, as amended, set out as a note under sec-
tion 1113 of Title 31, Money and Finance, and page 166
of House Document No. 103–7.
COMPENSATION DISCLOSURE BY FARM CREDIT SYSTEM
INSTITUTIONS
Pub. L. 113–79, title V, § 5404, Feb. 7, 2014, 128 Stat. 840,
provided that:
‘‘(a) FINDINGS.—Congress finds that—
‘‘(1) the reasonable disclosure to stockholders by
Farm Credit System institutions regarding the com-
pensation of Farm Credit System institution senior
officers is beneficial to stockholders’ understanding
of the operation of their institutions;
‘‘(2) transparency regarding compensation practices
reinforces the cooperative nature of Farm Credit Sys-
tem institutions;
‘‘(3) the unique cooperative structure of the Farm
Credit System should be considered when promul-
gating rules;
‘‘(4) the participation of stockholders in the elec-
tion of the boards of directors of Farm Credit System
institutions provides stockholders the opportunity to
participate in the management of their institutions;
‘‘(5) as representatives of stockholders, the boards
of directors of Farm Credit System institutions im-
portantly establish and oversee the compensation
practices of Farm Credit System institutions to en-
sure the safe and sound operation of those institu-
tions; and
‘‘(6) any regulation should strengthen and not
hinder the ability of Farm Credit System boards of
directors to oversee compensation practices.
‘‘(b) IMPLEMENTATION.—Not later than 60 days after
the date of enactment of this Act [Feb. 7, 2014], the
Farm Credit Administration shall review its rules to
reflect Congressional intent that a primary responsi-
bility of the boards of directors of Farm Credit System
institutions, as elected representatives of their stock-
holders, is to oversee compensation practices.’’
REGULATORY REVIEW
Pub. L. 104–105, title II, § 212, Feb. 10, 1996, 110 Stat.
174, provided that:
‘‘(a) FINDINGS.—Congress finds that—
‘‘(1) the Farm Credit Administration, in the role of
the Administration as an arms-length safety and
soundness regulator, has made considerable progress
in reducing the regulatory burden on Farm Credit
System institutions;
‘‘(2) the efforts of the Farm Credit Administration
described in paragraph (1) have resulted in cost sav-
ings for Farm Credit System institutions; and
‘‘(3) the cost savings described in paragraph (2) ulti-
mately benefit the farmers, ranchers, agricultural co-
operatives, and rural residents of the United States.
‘‘(b) CONTINUATION
OF
REGULATORY
REVIEW.—The
Farm Credit Administration shall continue the com-
prehensive review of regulations governing the Farm
Credit System to identify and eliminate, consistent
with law, safety, and soundness, all regulations that
are unnecessary, unduly burdensome or costly, or not
based on law.’’
FORBEARANCE AND RESTRUCTURING FOR FARM LOANS;
FARM CREDIT ADMINISTRATION
Pub. L. 100–387, title III, § 313(b), Aug. 11, 1988, 102
Stat. 950, provided that: ‘‘It further is the sense of Con-
gress that the Farm Credit Administration should in
its oversight of Farm Credit System institutions, with
respect to farmers and ranchers who suffer major losses
due to drought, hail, excessive moisture, or related con-
dition in 1988—
‘‘(1) ensure that Farm Credit System institutions
exercise forbearance in the collection of principal and
interest on loans outstanding to such farmers and
ranchers;
‘‘(2) expedite the use of credit restructuring and
other credit relief mechanisms authorized under the
Agricultural Credit Act of 1987 [Pub. L. 100–233, Jan.
6, 1988, 101 Stat. 1568, see Tables for classification]
and related provisions of law for such farmers and
ranchers; and
‘‘(3) encourage other lenders participating with
Farm Credit System institutions in mutual loan
agreements to exercise forbearance before declaring
loans to such farmers and ranchers in default.’’
§ 2253.
Repealed.
Pub.
L.
115–334,
title
V,
§ 5411(30), Dec. 20, 2018, 132 Stat. 4682
Section, Pub. L. 92–181, title V, § 5.18, as added Pub. L.
99–205, title II, § 202(b), Dec. 23, 1985, 99 Stat. 1693, re-
lated to continued effectiveness of certain delegations
made by the Farm Credit Administration through
twelve months after Dec. 23, 1985.
A prior section 2253, Pub. L. 92–181, title V, § 5.19, Dec.
10, 1971, 85 Stat. 622, related to delegation of duties and
powers to financial institutions, prior to repeal, effec-
tive thirty days after Dec. 23, 1985, by Pub. L. 99–205,
title II, § 202(a), Dec. 23, 1985, 99 Stat. 1693.
A prior section 5.18 of Pub. L. 92–181 was renumbered
section 5.17 and is classified to section 2252 of this title.
§ 2254. Examinations
(a) Scope and frequency of examinations; power,
authority, and liability of examiners
Each institution of the System shall be exam-
ined by Farm Credit Administration examiners
at such times as the Board may determine, but
in no event less than once during each 18-month
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Location of principal office** The Farm Credit Administration shall maintain its principal office within the Washington D.C.-Maryland-Virginia standard metropolitan statistical area, and such other offices within the United States as in its judgment are necessary.
**(b) Alternate property authorizations for System banks** As an alternate to the rental of quarters under [section 2249 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2249&num=0&edition=prelim), and without regard to any other provision of law, the banks of the System, with the concurrence of two-thirds of the bank boards, are hereby authorized—
(1) To lease or acquire real property in the District of Columbia or elsewhere for quarters of the Farm Credit Administration.
(2) To construct, develop, furnish, and equip such building thereon and such facilities appurtenant thereto as in their judgment may be appropriate to provide, to the extent the Board may deem advisable, suitable, and adequate quarters and facilities for the Farm Credit Administration.
(3) To enlarge, remodel, or reconstruct the same.
(4) To make or enter into contracts for any of the foregoing.
(5) To sell or otherwise dispose of any interest in property leased or acquired under the foregoing if authorized by the Board.
**(c) Financing**
(1) **In general** — The Board may require of the respective banks of the System, and they shall make to the Farm Credit Administration, such advances of funds for the purposes set out in this section as in the sole judgment of the Board may from time to time be advisable for the purposes of this section.
(2) **Advances** — The advances of funds described in paragraph (1) shall be in addition to and kept in a separate fund from the assessments authori
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Stored review status: release_metadata_unconfirmed. Same stored citation; legal effect and authority still require review.