    [United States Government Manual]
    [May 30, 1997]
    [Pages 520-523]
    [From the U.S. Government Publishing Office, www.gpo.gov]

    FARM CREDIT ADMINISTRATION

    1501 Farm Credit Drive, McLean, VA 22102-5090
    Phone, 703-883-4000

    Farm Credit Administration Board:

    Chairman                                          Marsha Pyle Martin
    Members of the Board                              Doyle L. Cook,
                                                              (vacancy)
        Secretary to the Board                        Floyd J. Fithian

    Staff:

    Chief Operating Officer                           (vacancy)
        Director, Office of Congressional             Eileen M. McMahon
                and Public Affairs
        General Counsel                               Jean Noonan
            Associate General Counsels                Kathleen V. Buffon
                                                      Victor A. Cohen
        Inspector General                             Eldon W. Stoehr
        Director, Office of Examination and           Roland E. Smith
                Chief Examiner
        Director, Office of Policy                    Thomas G. McKenzie
                Development and Risk Control
        Director, Office of Secondary Market          Larry W. Edwards
                Oversight
        Director, Office of Resources                 Donald P. Clark
                Management

    [For the Farm Credit Administration statement of organization, see the
            Code of Federal Regulations, Title 12, Parts 600 and 611]

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    The Farm Credit Administration is responsible for ensuring the safe and
    sound operation of the banks, associations, affiliated service
    organizations, and other entities that collectively comprise what is
    known as the Farm Credit System, and for protecting the interests of the
    public and those who borrow from Farm Credit institutions or invest in
    Farm Credit securities.

    The Farm Credit Administration was established as an independent
    financial regulatory agency in the executive branch of the Federal
    Government by Executive Order 6084 of March 27, 1933. The Administration
    carries out its responsibilities by conducting examinations of the
    various Farm Credit lending institutions, which are Farm Credit Banks,
    the Bank for Cooperatives, the Agricultural Credit Bank, Federal Land
    Bank Associations, Production Credit Associations, Agricultural Credit
    Associations, and Federal Land Credit

    [[Page 521]]

    [[Page 522]]

    Associations. It also examines the service organizations owned by the
    Farm Credit lending institutions, as well as the National Consumer
    Cooperative Bank (also known as the National Cooperative Bank (NCB)) and
    its subsidiaries, including the NCB Development Corporation.
        Management of the agency is vested in the Farm Credit Administration
    Board, whose three full-time members are appointed to 6-year terms by
    the President, with the advice and consent of the Senate. One member of
    the Board is designated by the President as Chairman and serves as the
    Administration's chief executive officer. The Board is responsible for
    approving rules and regulations, providing for the examination and
    regulation of and reporting by Farm Credit institutions, and
    establishing the policies under which the Administration operates. Board
    meetings are regularly held on the second Thursday of the month and are
    subject to the Government in the Sunshine Act. Public announcements of
    these meetings are published in the Federal Register.
        The lending institutions of the Farm Credit System were established
    to provide adequate and dependable credit and closely related services
    to farmers, ranchers, and producers or harvesters of aquatic products;
    persons engaged in providing on-the-farm services; rural homeowners; and
    associations of farmers, ranchers, and producers or harvesters of
    aquatic products, or federations of such associations that operate on a
    cooperative basis and are engaged in marketing, processing, supply, or
    business service functions for the benefit of their members. Initially
    capitalized by the United States Government, the Farm Credit lending
    institutions are organized as cooperatives and are completely owned by
    their borrowers. The loan funds provided to borrowers by these
    institutions are obtained primarily through the sale of securities to
    investors in the Nation's capital markets.
        The Agricultural Credit Act of 1987, as amended (12 U.S.C. 2279aa-
    1), established the Federal Agricultural Mortgage Corporation (commonly
    known as ``Farmer Mac''). The Corporation, designated as part of the
    Farm Credit System, is a federally chartered instrumentality of the
    United States and promotes the development of a secondary market for
    agricultural real estate and rural housing loans. Farmer Mac also
    provides guarantees for the timely payment of principal and interest on
    securities, representing interests in or obligations backed by pools of
    agricultural real estate loans. The Administration is responsible for
    the examination and regulation of Farmer Mac to ensure the safety and
    soundness of its operations.
        The Administration manages regulations under which Farm Credit
    institutions operate. These regulations implement the Farm Credit Act of
    1971, as amended, and have the force and effect of law. Similar to other
    Federal regulators of financial institutions, the Administration's
    authorities include the power to issue cease-and-desist orders, to levy
    civil monetary penalties, to remove officers and directors of Farm
    Credit institutions, and to establish financial and operating reporting
    requirements. Although it is prohibited from participation in routine
    management or operations of Farm Credit institutions, the Administration
    is authorized to become involved in these institutions' management and
    operations when the Farm Credit Act or its regulations have been
    violated, when taking an action to correct an unsafe or unsound
    practice, or when assuming a formal conservatorship over an institution.
        The Administration does not operate on funds appropriated by
    Congress. Its income is derived from assessments collected from the
    institutions it regulates and examines. In addition to the headquarters
    office located in McLean, VA, the Administration maintains 4 field
    offices located in Aurora, CO; Bloomington, MN; Irving, TX; and
    Sacramento, CA.
        Authority for the organization and activities of the institutions
    comprising the cooperative Farm Credit System and that operate under the
    regulation of the Farm Credit Administration may be

    [[Page 523]]

    found in the Farm Credit Act of 1971, as amended (12 U.S.C. 2001).

    Sources of Information

    Inquiries for information on the following subjects may be directed to
    the specified office, Farm Credit Administration, 1501 Farm Credit
    Drive, McLean, VA 22102-5090.

    Contracts and Procurement  Inquiries regarding the Administration's
    procurement and contracting activities should be directed in writing to
    Contracting and Procurement. Phone, 703-883-4286.
    Employment  Inquiries regarding employment with the Administration
    should be directed to the Human Resources Division. Phone, 703-883-4135.

    Freedom of Information Requests  Requests for agency records must be
    submitted in writing, clearly identified with ``FOIA Request'' and
    addressed to the Office of the General Counsel. Phone, 703-883-4020.

    Publications  Publications and information on the Farm Credit
    Administration may be obtained by writing the Office of Congressional
    and Public Affairs. Phone, 703-883-4056.

    For further information, contact the Office of Congressional and Public
    Affairs, Farm Credit Administration, 1501 Farm Credit Drive, McLean, VA
    22102-5090. Phone, 703-883-4056.

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