[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
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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
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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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