HR 2423
Farm Credit Administration Independent Authority Act
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- Passed House
- Passed Senate
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- Became Law
Bill overview
This bill aims to solidify the Farm Credit Administration’s (FCA) authority as the sole regulator of the Farm Credit System. It requires Farm Credit System lenders to collect demographic data – specifically race, sex, and ethnicity – from small farmers applying for or receiving loans. The collected information must be reported annually to the FCA, and the FCA is prohibited from using methods other than voluntary disclosure to obtain this data. Additionally, the bill modifies the Equal Credit Opportunity Act to exempt FCA-supervised institutions from certain reporting requirements related to small business credit applications.
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Primary sponsor
Cosponsors
Abigail Davis Spanberger
Alexander X. Mooney
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