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Farm Credit Administration Independent Authority Act
To affirm that the Farm Credit Administration is the sole and independent regulator of the Farm Credit System.
Summary
This bill affirms that the Farm Credit Administration (FCA) is the sole and independent regulator of the Farm Credit System and establishes new demographic data collection requirements. Farm Credit System institutions must request that small farmer loan applicants and borrowers voluntarily disclose their race, sex, and ethnicity, then collect and annually report this information to the FCA, which publicly releases the aggregate data. The bill prohibits the FCA from requiring institutions to identify customers' demographic characteristics based on visual observation, surnames, or other non-voluntary methods. The bill also amends the Equal Credit Opportunity Act to exempt Farm Credit System institutions from certain compliance requirements. These provisions apply to loan applications received and loans made one year or more after enactment and include a termination clause if similar requirements are repealed for other financial institutions.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Finstad, Brad [R-MN-1] (R-MN)
14 cosponsors
- Rep. Baird, James R. [R-IN-4] (R-IN)
- Rep. Barr, Andy [R-KY-6] (R-KY)
- Rep. Bergman, Jack [R-MI-1] (R-MI)
- Rep. Bresnahan, Robert P. [R-PA-8] (R-PA)
- Rep. Fischbach, Michelle [R-MN-7] (R-MN)
- Rep. Gray, Adam [D-CA-13] (D-CA)
- Rep. Huizenga, Bill [R-MI-4] (R-MI)
- Rep. Miller, Mary E. [R-IL-15] (R-IL)
- Rep. Moolenaar, John R. [R-MI-2] (R-MI)
- Rep. Panetta, Jimmy [D-CA-19] (D-CA)
- Rep. Schmidt, Derek [R-KS-2] (R-KS)
- Rep. Self, Keith [R-TX-3] (R-TX)
- Rep. Stauber, Pete [R-MN-8] (R-MN)
- Rep. Vindman, Eugene Simon [D-VA-7] (D-VA)
Actions (3)
- Mar 7, 2025 Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit. · house
- Feb 6, 2025 Referred to the Committee on Agriculture, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. · house
- Feb 6, 2025 Introduced in House
Similar bills (6)
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Text versions (1)
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Full text
IN THE HOUSE OF REPRESENTATIVES
February 6, 2025
Mr. Finstad (for himself, Mr. Panetta, Mrs. Miller of Illinois, Mr. Baird, Mrs. Fischbach, and Mr. Moolenaar) introduced the following bill; which was referred to the Committee on Agriculture, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned
A BILL
To affirm that the Farm Credit Administration is the sole and independent regulator of the Farm Credit System.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Farm Credit Administration Independent Authority Act”.
SEC. 2. FARMER LOAN DATA COLLECTION.
(a) In General.—The Farm Credit Act of 1971 (12 U.S.C. 2001 et seq.) is amended by inserting after section 4.19 the following:
“SEC. 4.20. SMALL FARMER LOAN DATA COLLECTION.
“(a) Purpose.—The purpose of this section is to affirm that the Farm Credit Administration is the sole and independent regulator of the Farm Credit System.
“(b) Definition.—In this section, the term ‘small farmer’ means a ‘small farmer, rancher, or producer or harvester of aquatic products’ as defined pursuant to section 4.19.
“(c) Collection of Demographic Data by Farm Credit System Lenders.—Notwithstanding any other provision of law, Farm Credit System institutions, pursuant to regulations promulgated by the Farm Credit Administration, shall—
“(1) request that loan applicants and borrowers that are small farmers disclose information identifying their race, sex, and ethnicity;
“(2) collect and maintain the information resulting from the requests; and
“(3) report to the Farm Credit Administration on an annual basis the information collected pursuant to the requests.
“(d) Directions to the Farm Credit Administration.—The Farm Credit Administration—
“(1) shall collect the information gathered by Farm Credit System institutions under this section and make the information available to the public on an annual basis; and
“(2) shall not require, in prescribing regulations to implement this section, that any Farm Credit System institution contradict the wishes of a customer who does not wish to voluntarily report race, sex, or ethnicity by requiring the Farm Credit System institution to report the race, sex, or ethnicity of the customer based on visual observation, surname, or any other method.
“(e) Protection of Personally Identifiable Information.—In reporting the information collected under this section, the Farm Credit Administration shall not include any information that would reveal the identify of any loan applicant or borrower.
“(f) Effective Date.—This section shall apply only to applications received and loans made 1 year or more after the date of the enactment of this section.”.
SEC. 3. CONFORMING AMENDMENT.
Section 704B(h)(1) of the Equal Credit Opportunity Act (15 U.S.C. 1691c-2(h)(1)) is amended by inserting “, other than any entity that is supervised by the Farm Credit Administration” before the period at the end.
SEC. 4. CESSATION OF COMPLIANCE.
If financial institutions subject to subpart B of part 1002 of title 12, Code of Federal Regulations, are not required to comply with the rule promulgated pursuant to that subpart, whether because a court invalidates the rule or the rule is otherwise repealed, the Farm Credit System institutions shall not be required to comply with any regulation promulgated pursuant to the amendments made by this Act. <all>
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