12 U.S.C. § 2252 — Powers and duties

Page 1355 TITLE 12—BANKS AND BANKING § 2252 AMENDMENTS 2018—Subsecs. (a), (b). Pub. L. 115–334, § 5405, added subsec. (a) and designated existing introductory provi- sions and pars. (1) to (5) as subsec. (b). Subsec. (c). Pub. L. 115–334, § 5411(28), designated ex- isting concluding provisions as subsec. (c) and first to fifth sentences thereof as pars. (1) to (5), respectively, and inserted subsec. and par. headings. Subsec. (c)(2). Pub. L. 115–334, § 5411(28)(D), sub- stituted ‘‘The advances of funds described in paragraph (1)’’ for ‘‘Such advances’’. Subsec. (c)(5). Pub. L. 115–334, § 5411(28)(A), sub- stituted ‘‘In actions undertaken by the banks pursuant to this section’’ for ‘‘In actions undertaken by the banks pursuant to the foregoing provisions of this sec- tion’’. 1988—Pub. L. 100–399 substituted ‘‘bank boards’’ for ‘‘district boards’’ in introductory provisions. Pub. L. 100–233 transferred undesignated provisions following par. (4) consisting of four sentences relating to advances of funds for purposes set out in this section as in the sole judgment of the Board may from time to time be advisable for purposes of this section, to a posi- tion immediately before last sentence of this section which provides for agency status of Administration for the banks. 1985—Pub. L. 99–205, § 201(6)(A)–(C), made technical amendments to the references to sections 2249 and 2250 of this title in first and third sentences to reflect the renumbering of the corresponding sections of the origi- nal act, and struck out ‘‘Federal Farm Credit’’ before ‘‘Board’’ in par. (2) of first sentence. 1980—Pub. L. 96–592 added par. (5) and provisions re- specting agency status of Administration for the banks. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1988 AMENDMENT Amendment by 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 sec- tion 1001(b) of Pub. L. 100–399, set out as a note under section 2002 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. § 2252. Powers and duties (a) Enumerated powers The Farm Credit Administration shall have the following powers, functions, and responsibil- ities in connection with the institutions of the Farm Credit System and the administration of this chapter: (1) Modify the boundaries of farm credit dis- tricts, with due regard for the farm credit needs of the country, as approved by the Board, with the concurrence of the district banks involved. (2) Where necessary or appropriate to carry out the policy and objectives of this chapter, issue and approve amendments to Federal charters of institutions of the System; ap- prove change in names of banks operating under this chapter; approve the merger of dis- tricts when agreed to by the district bank boards involved and by a majority vote of the voting stockholders and contributors to the guaranty funds of each bank for each of such districts, voting in the same manner as is pro- vided in section 2279a of this title; approve mergers and any related activities as provided for in subchapter VII; and approve the consoli- dation or division of the territories of institu- tions when agreed to by a majority vote of the voting stockholders or contributors to the guaranty fund of each of the institutions in- volved; and approve consolidations of boards of directors when agreed to by a majority vote of the voting stockholders or contributors to the guaranty fund of each of the institutions involved. The Farm Credit Administration Board, after consultation with the respective boards of directors of the affected banks, may require two or more banks operating under the same or different titles to merge if the Board determines that one of such banks has failed to meet its outstanding obligations. (3) Make annual reports directly to Congress on the condition of the System and its institu- tions, based on the examinations carried out under section 2254 of this title, and on the manner and extent to which the purposes and objectives of this chapter are being carried out and, from time to time, recommend directly legislative changes. The annual reports shall include a summary and analysis of the reports submitted to the Farm Credit Administration by the Farm Credit Banks under section 2207(b) of this title relating to programs for serving young, beginning, and small farmers and ranchers. (4) Approve the issuance of obligations of the System under subsections (c) and (d) of section 2153 of this title for the purpose of funding the authorized operations of the institutions of the System, and prescribe collateral therefor. (5) Grant approvals provided for under this chapter either on a case-by-case basis or through regulations that confer approval on actions of Farm Credit System institutions. (6) Establish standards for the System insti- tutions with respect to loan security require- ments and regulate the borrowing, repayment, and transfer of funds and equities between in- stitutions of the System. (7) Conduct loan and collateral security re- view. (8) Regulate the preparation by System in- stitutions and the dissemination to stock- holders and investors of information on the fi- nancial condition and operations of such insti- tutions, except that the requirements of the Farm Credit Administration governing the dissemination to stockholders of quarterly re- ports of System institutions may not be more burdensome or costly than the requirements applicable to national banks, and the Farm Credit Administration may not require any System institution to disclose in any report to stockholders information concerning the con- dition or classification of a loan— (A) to a director of the institution— (i) who has resigned before the time for filing the applicable report with the Farm Credit Administration; or (ii) whose term of office will expire no later than the date of the meeting of stockholders to which the report relates; or (B) to a member of the immediate family of a director of the institution unless— (i) the family member resides in the same household as the director; or Page 1356 TITLE 12—BANKS AND BANKING § 2252 (ii) the director has a material financial or legal interest in the loan or business op- eration of the family member. (9) Prescribe rules and regulations necessary or appropriate for carrying out this chapter. (10) Exercise the powers conferred on it under part C of this subchapter for the purpose of ensuring the safety and soundness of Sys- tem institutions. (11) Exercise such incidental powers as may be necessary or appropriate to fulfill its duties and carry out the purposes of this chapter. (12) Require surety bonds or other provisions for protection of the assets of the institutions of the System against losses occasioned by employees. (13)(A) Subject to subparagraph (B), the Farm Credit Administration may approve an amendment to the charter of any institution of the Farm Credit System operating under subchapter I or II, which would authorize the institution to exercise lending authority in any territory— (i) in the geographic area served by an as- sociation that was reassigned pursuant to section 433 of the Agricultural Credit Act of 1987 (12 U.S.C. 2071 note) (where the geo- graphic area was a part of the association’s territory as of the date of the reassignment); and (ii) in which the charter of an institution that is not seeking the charter amendment authorizes the institution to exercise the type of lending authority that is the subject of the charter request. (B) The Farm Credit Administration may approve a charter amendment under subpara- graph (A) only on the approval of— (i) the respective boards of directors of the associations that, if the charter request is approved, would exercise like lending au- thority in any of the territory that is the subject of the charter request; (ii) a majority of the stockholders of each association described in clause (i) voting, in person or by proxy, at a duly authorized stockholders’ meeting; and (iii) the respective boards of directors of the Farm Credit Banks that, if the charter request is approved, would exercise, either directly or through associations, like lend- ing authority in any of the territory de- scribed in subparagraph (A)(i). (14)(A) Subject to subparagraph (B), the Farm Credit Administration may approve a request to charter an association of the Farm Credit System to operate under subchapter II where the proposed charter— (i) will include any of the geographic area included in the territory served by an asso- ciation that was reassigned pursuant to sec- tion 433 of the Agricultural Credit Act of 1987 (12 U.S.C. 2071 note) (where the geo- graphic area was a part of the association’s territory as of the date of the reassignment); and (ii) will authorize the association to exer- cise lending authority in any territory in the geographic area in which the charter of an association that is not requesting the charter authorizes the association to exer- cise the type of lending authority that is the subject of the charter request. (B) The Farm Credit Administration may approve a charter request under subparagraph (A) only on the approval of— (i) the respective boards of directors of the associations that, if the charter request is approved, would exercise like lending au- thority in any of the territory that is the subject of the charter request; (ii) a majority vote of the stockholders (if any) of each association described in clause (i) voting, in person or by proxy, at a duly authorized stockholder’s meeting; and (iii) the respective boards of directors of the Farm Credit Banks that, if the charter request is approved, would exercise, either directly or through associations, like lend- ing authority in any of the territory de- scribed in subparagraph (A)(i). (15)(A) Approve amendments to the charters of institutions of the Farm Credit System to implement the equalization of loan-making powers of a Farm Credit System association under section 2279c of this title. (B) Amendments described in subparagraph (A) to the charters of an association and the related Farm Credit Bank shall be approved by the Farm Credit Administration, subject to any conditions of approval imposed, by not later than 30 days after the date on which the Farm Credit Administration receives all ap- provals required by section 2279c(a)(2) of this title. (b) Exclusions The Farm Credit Administration shall not have authority, either direct or indirect, to ap- prove bylaws, or any amendments or modifica- tions or changes to bylaws, of System institu- tions. (c) Proposed and final regulations; procedures applicable (1) At least thirty days prior to publishing any proposed regulation in the Federal Register, the Farm Credit Administration shall transmit a copy of the regulation to the Committee on Ag- riculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate. The Farm Credit Admin- istration shall also transmit to such committees a copy of any final regulation prior to its publi- cation in the Federal Register. Except as pro- vided in paragraph (2) of this subsection, no final regulation of the Farm Credit Administra- tion shall become effective prior to the expira- tion of thirty calendar days after it is published in the Federal Register during which either or both Houses of the Congress are in session. (2) In the case of an emergency, a final regula- tion of the Farm Credit Administration may be- come effective without regard to the last sen- tence of paragraph (1) of this subsection if the Farm Credit Administration notifies in writing the Committee on Agriculture of the House of Representatives and the Committee on Agri- culture, Nutrition, and Forestry of the Senate setting forth the reasons why it is necessary to make the regulation effective prior to the expi- ration of the thirty-day period. Page 1357 TITLE 12—BANKS AND BANKING § 2252 (d) Legislative veto of regulations; procedures applicable (1) If there are any unresolved differences be- tween the Farm Credit Administration and the Board of Governors of the Federal Reserve Sys- tem as to whether any regulation implementing section 2128(b) of this title or the other provi- sions of subchapter III relating to the authority under section 2128(b) of this title conforms to national banking policies, objectives and limita- tions, simultaneously with promulgation of any such regulation under this chapter, and simulta- neously with promulgation of any regulation implementing section 2015(b) of this title, the Farm Credit Administration shall transmit a copy thereof to the Secretary of the Senate and the Clerk of the House of Representatives. Ex- cept as provided in paragraph (2), the regulation shall not become effective if, within ninety cal- endar days of continuous session of Congress after the date of promulgation, both Houses of Congress adopt a concurrent resolution, the matter after the resolving clause of which is as follows: ‘‘That Congress disapproves the regula- tions promulgated by the Farm Credit Adminis- tration dealing with the matter of , which regulation was transmitted to Congress on ’’, the blank spaces therein being appropriately filled. (2) If at the end of sixty calendar days of con- tinuous session of Congress after the date of pro- mulgation of a regulation, no committee of ei- ther House of Congress has reported or been dis- charged from further consideration of a concur- rent resolution disapproving the regulation, and neither House has adopted such a resolution, the regulation may go into effect immediately. If, within such sixty calendar days, such a com- mittee has reported or been discharged from fur- ther consideration of such a resolution, or either House has adopted such a resolution, the regula- tion may go into effect not sooner than ninety calendar days of continuous session of Congress after its promulgation unless disapproved as provided in paragraph (1). (3) For the purposes of paragraphs (1) and (2) of this subsection— (i) continuity of session is broken only by an adjournment of Congress sine die; and (ii) the days on which either House is not in session because of an adjournment of more than three days to a day certain are excluded in the computation of sixty and ninety cal- endar days of continuous session of Congress. (4) Congressional inaction on or rejection of a resolution of disapproval shall not be deemed an expression of approval of such regulation. (Pub. L. 92–181, title V, § 5.17, formerly § 5.18, Dec. 10, 1971, 85 Stat. 621; Pub. L. 96–592, title V, §§ 507, 508, Dec. 24, 1980, 94 Stat. 3449; renumbered § 5.17 and amended Pub. L. 99–205, title II, § 201(7), Dec. 23, 1985, 99 Stat. 1691; Pub. L. 99–509, title I, § 1036, Oct. 21, 1986, 100 Stat. 1878; Pub. L. 100–233, title II, § 207(a)(2), title IV, § 417, formerly § 414, § 418(d), formerly § 415(d), §§ 424(a), 431(e), title VIII, §§ 802(v), 805(z), Jan. 6, 1988, 101 Stat. 1607, 1653, 1656, 1660, 1713, 1717, renumbered §§ 417, 418(d), Pub. L. 100–399, title IV, § 409(a), Aug. 17, 1988, 102 Stat. 1003; Pub. L. 100–399, title II, § 205, title IV, § 409(e), title IX, § 901(m), (n), Aug. 17, 1988, 102 Stat. 993, 1003, 1008; Pub. L. 101–624, title XVIII, § 1843(a)(1), Nov. 28, 1990, 104 Stat. 3836; Pub. L. 102–237, title V, § 502(h), Dec. 13, 1991, 105 Stat. 1869; Pub. L. 102–552, title IV, § 401(c), title V, § 511, Oct. 28, 1992, 106 Stat. 4128, 4132; Pub. L. 104–105, title II, §§ 210, 211, Feb. 10, 1996, 110 Stat. 174; Pub. L. 110–234, title V, § 5407(b), (c)(1), May 22, 2008, 122 Stat. 1160; Pub. L. 110–246, § 4(a), title V, § 5407(b), (c)(1), June 18, 2008, 122 Stat. 1664, 1921, 1922; Pub. L. 115–334, title V, § 5411(29), Dec. 20, 2018, 132 Stat. 4682.) Editorial Notes CODIFICATION Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246. PRIOR PROVISIONS A prior section 5.17 of Pub. L. 92–181 was renumbered section 5.16 and is classified to section 2251 of this title. AMENDMENTS 2018—Subsec. (a)(2). Pub. L. 115–334 struck out ‘‘In issuing charters and certificates of territory for dis- trict-wide mergers of associations where stockholders of one or more associations did not approve the merger, the charter of the new or merged association shall not include the territory of the disagreeing association or associations; charters issued during calendar year 1985 for district-wide new or merged associations which in- cluded the territory of a disagreeing association shall be revoked and reissued to exclude such territory, un- less subsequently agreed to by the board of directors of such association or associations. The Farm Credit Ad- ministration Board shall ensure that disapproving asso- ciations (A) shall not be charged any assessment under this chapter at a rate higher than that charged other like associations in the district, and (B) shall be pro- vided with financial services and assistance on the same basis as other like associations in the district (in- cluding, but not limited to, access to credit and rates of interest on loans and discounts) by a district Farm Credit bank to the association and its member-bor- rowers.’’ after ‘‘institutions involved.’’ 2008—Subsec. (a)(2). Pub. L. 110–246, § 5407(c)(1), sub- stituted ‘‘(2)’’ for ‘‘(2)(A)’’ and struck out pars. (B) and (C) which prohibited issuance or amendment of the charter of any institution of the Farm Credit System that would authorize the institution to exercise lending authority in a territory in which the charter of another such institution authorized the other institution to ex- ercise like authority, unless specified approvals were obtained, and provided that such prohibition would apply only in geographic areas where, due to the failure of a merger, the Federal intermediate credit bank or its successor was chartered to provide short- and inter- mediate-term credit, and a neighboring Farm Credit Bank that was not the successor to the Federal inter- mediate credit bank was chartered to provide long- term credit, in the same geographic territory. Subsec. (a)(15). Pub. L. 110–246, § 5407(b), added par. (15). 1996—Subsec. (a)(2)(A). Pub. L. 104–105, § 210, struck out ‘‘or management agreements’’ after ‘‘consolida- tions of boards of directors’’ in first sentence. Subsec. (a)(8). Pub. L. 104–105, § 211, inserted ‘‘the re- quirements of the Farm Credit Administration gov- erning the dissemination to stockholders of quarterly reports of System institutions may not be more bur- densome or costly than the requirements applicable to national banks, and’’ after ‘‘except that’’. 1992—Subsec. (a)(2). Pub. L. 102–552, § 401(c), des- ignated existing provisions as subpar. (A) and added subpars. (B) and (C). Page 1358 TITLE 12—BANKS AND BANKING § 2252 Subsec. (a)(13), (14). Pub. L. 102–552, § 511, added pars. (13) and (14). 1991—Subsec. (a)(8)(B)(ii). Pub. L. 102–237 struck out second period at end. 1990—Subsec. (a)(13). Pub. L. 101–624 struck out par. (13) which read as follows: ‘‘Except for associations, ap- prove the salary scale for employees of the institutions of the System, and approve the compensation of the chief executive officer of such institutions: Provided, That no salary scale or rate of compensation shall be approved under this provision unless determined by the Board to be fair and reasonable. The Board may not delegate its responsibilities under this paragraph.’’ 1988—Subsec. (a)(1). Pub. L. 100–399, § 901(m)(1), sub- stituted ‘‘district banks’’ for ‘‘district boards’’. Subsec. (a)(2). Pub. L. 100–399, § 901(m)(2), substituted ‘‘district bank boards’’ for ‘‘boards of the districts’’. Pub. L. 100–399, § 409(e), substituted ‘‘approve the con- solidation or division of the territories of institutions when agreed to’’ for ‘‘the consolidation or division of the territories that they serve when agreed to’’. Pub. L. 100–233, § 802(v)(1)(A), substituted ‘‘approve amendments to’’ for ‘‘amend or modify’’. Pub. L. 100–233, § 415(d), substituted ‘‘section 2279a of this title’’ for ‘‘section 2181 of this title’’ and ‘‘approve mergers and any related activities as provided for in subchapter VII; and’’ for ‘‘; approve mergers of banks operating under the same subchapter of this chapter, merger of Federal land bank associations, merger of production credit associations, and’’. Pub. L. 100–233, § 414, substituted ‘‘. The Farm Credit Administration Board shall ensure that disapproving associations (A) shall not be charged any assessment under this chapter at a rate higher than that charged other like associations in the district, and (B) shall be provided with financial services and assistance on the same basis as other like associations in the district’’ for ‘‘; and the Farm Credit Administration shall ensure that the board of directors of district banks does not discriminate against the disapproving associations in exercising its supervisory authorities. Such associa- tions shall not be (i) charged any assessment under this chapter at a rate higher than that charged other like associations in the district or (ii) discriminated against in the provision of any financial service and assist- ance’’. Pub. L. 100–233, § 431(e)(1), substituted ‘‘The Farm Credit Administration Board, after consultation with the respective boards of directors of the affected banks, may require two or more banks operating under the same or different titles to merge if the Board deter- mines that one of such banks has failed to meet its out- standing obligations’’ for ‘‘The Chairman of the Farm Credit Administration Board, after consultation with the respective district board or boards and the board of directors of the Capital Corporation may require two or more banks of the Farm Credit System (other than Central Banks for Cooperatives) operating under the same subchapter to merge if the Chairman determines that one of such banks has failed to meet outstanding obligations of such bank.’’ Subsec. (a)(3). Pub. L. 100–399, § 901(m)(3), substituted ‘‘Farm Credit Banks under section 2207(b) of this title’’ for ‘‘Federal land banks and Federal intermediate cred- it banks under section 2207(b) of this title’’. Subsec. (a)(5). Pub. L. 100–233, § 802(v)(1)(B), struck out ‘‘that meet standards and criteria established by the Farm Credit Administration, including standards and criteria with respect to (A) interest rates on obli- gations of Farm Credit System institutions, and (B) the payment of dividends or patronage refunds by Farm Credit System institutions’’ after ‘‘Farm Credit insti- tutions’’. Subsec. (a)(8). Pub. L. 100–399, § 205, redesignated par. (9) as (8). Pub. L. 100–233, § 207(a)(2), struck out par. (8) which read as follows: ‘‘Make investments in stock of the Cap- ital Corporation out of the revolving fund referred to in section 2151 of this title, and require the retirement of such stock.’’ Subsec. (a)(9). Pub. L. 100–399, § 205, redesignated par. (10) as (9). Former par. (9) redesignated (8). Pub. L. 100–233, § 424(a), inserted provisions limiting Farm Credit Administration from requiring System in- stitutions to disclose in reports to stockholders certain information concerning condition or classification of loans to certain directors or members of immediate family of certain directors. Subsec. (a)(10) to (12). Pub. L. 100–399, § 205, redesig- nated pars. (11) to (13) as (10) to (12), respectively. Former par. (10) redesignated (9). Subsec. (a)(13). Pub. L. 100–399, § 205, redesignated par. (14) as (13). Former par. (13) redesignated (12). Pub. L. 100–233, § 805(z), redesignated par. (14) as (13), and struck out former par. (13) which read as follows: ‘‘Sue and be sued, complain and defend in any court of law or equity, State or Federal. All suits of a civil na- ture at common law or in equity to which the Farm Credit Administration shall be a party shall be deemed to arise under the laws of the United States, and the United States district courts shall have original juris- diction thereof, without regard to the amount of the controversy; and the Farm Credit Administration may, without bond or security, remove any such action, suit, or proceeding from a State court to the United States district court for the district or division embracing the place where the same is pending by following any pro- cedure for removal now or hereafter in effect. Service of process on the Farm Credit Administration shall be in accordance with provisions of title 28 and rules adopted under title 28 for suits in which an agency of the United States is a party. The Farm Credit Adminis- tration shall designate an agent at its principal office to accept service of process.’’ Subsec. (a)(14). Pub. L. 100–399, § 205, redesignated par. (14) as (13). Pub. L. 100–233, §§ 431(e)(2), 805(z), redesignated par. (15) as (14) and inserted ‘‘by the Board’’ and ‘‘The Board may not delegate its responsibilities under this para- graph.’’ Former subsec. (14) redesignated (13). Subsec. (a)(15). Pub. L. 100–233, § 805(z), redesignated par. (15) as (14). Subsecs. (b), (c). Pub. L. 100–233, § 802(v)(2), added sub- sec. (b) and redesignated former subsec. (b) as (c). Former subsec. (c) redesignated (d). Subsec. (d). Pub. L. 100–233, § 802(v)(2), redesignated subsec. (c) as (d). Subsec. (d)(1). Pub. L. 100–399, § 901(n)(1), made tech- nical amendment to reference to sections 2015(b) and 2128(b) of this title involving underlying provisions of original act and requiring no change in text. Pub. L. 100–399, § 901(n), substituted ‘‘section 2015(b) of this title’’ for ‘‘section 2074 of this title’’. 1986—Subsec. (a)(5)(A). Pub. L. 99–509 struck out ‘‘and on loans made or discounted by such institutions’’ after ‘‘Farm Credit System institutions’’. 1985—Subsec. (a). Pub. L. 99–205 amended subsec. (a) generally, revising and reorganizing the enumerated powers of the Farm Credit Administration by sub- stituting pars. (1) to (15) for former pars. (1) to (17). 1980—Pub. L. 96–592 designated existing provisions as subsec. (a), in par. (3) inserted provisions relating to summary and analysis of reports, and added subsecs. (b) and (c). 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, except as other- wise provided, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of Title 7, Agriculture. Pub. L. 110–234, title V, § 5407(d), May 22, 2008, 122 Stat. 1161, and Pub. L. 110–246, § 4(a), title V, § 5407(d), June 18, 2008, 122 Stat. 1664, 1922, provided that: ‘‘The amendments made by this section [enacting section 2279c of this title and amending this section and provi- 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