Farm Credit in the U.S. Nicole Tichenor Fundamentals of U.S. Agriculture October 24, 2012
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1 Farm Credit in the U.S. Nicole Tichenor Fundamentals of U.S. Agriculture October 24, 2012
2 Credit Structure Today Connected to Gov t Farm Service Agency (FSA) Lender of last resort and first opportunity USDA Farm Credit System Cooperatively-owned Federally-chartered 5 Banks & 95 local associations Farmer Mac Privately-owned Secondary market for loans Private Sector Only Commercial banks Life insurance companies Individuals, merchants, and dealers Farm Credit Administration regulates
3
4 History of Farm Credit 1908: Pres. Roosevelt s Country Life Commission 3 possible approaches Small, independent banks with private capital and federal charters 12 farmer-owned federal banks Direct government loans to farmers Stalemate in Congress 1916: farm mortgage interest rates reach 10% in some states
5 1916: Federal Farm Loan Act President Wilson signs 12 Federal Land Banks (FLBs) Federal start up $ Private capital thereafter 1917: U.S. Enters WWI Farmers prosper during, but prices collapse after Borrowing slows FLBs failing
6 1920s and 1930s Congress adds12 Federal Intermediate Credit Banks (FICBs) in early 1920s Under FDR in 1933 Farm Credit Administration Will oversee all government farm credit agencies Holds 40% of farm mortgage debt by 1937 Farm Credit Act Authorizes Production Credit Associations to make short and medium term loans Fixes FICBs 13 Banks for cooperatives
7 WWII and Beyond 1946: Farmers Home Administration Direct and guaranteed loans for housing, farming, water, and emergency relief 1947: FLBs pay off government capital investment Farm Credit Act of 1953 FCA becomes independent of USDA 13 member Federal Farm Credit Board to direct policy Consolidated Farm and Rural Development Act of 1961 Expands USDA lending Current statutory authority for FSA
8 Farm Credit Act of 1971 By late 1960 s, all branches of Farm Credit System (FCS) are farmer-owned 1969 Commission to determine future Current FCS and FCA statutory authority FCS lenders can offer wider range of services Major reorganization of FCA Meanwhile...
9 Source: Henderson, Gloy and Boehlje,
10 Farm Crisis of 1980 s From 1981 (peak) farmland values fall from 38 (Missouri) to 49 % (Iowa) Bank failures: In 1983, 12.5% of all failures were ag banks By1985, it was 52%
11 Legislation in the mid-1980s FCS: now 37 banks and 1,000 local associations Farm Credit Amendments Act of 1985 FCA separated from FCS Increases regulatory and enforcement powers Establishes FCA Board of Directors appointed by the President 1987 Agricultural Credit Act Billions of federal dollars to troubled lenders FLBs and FICBs in each district merged into Farm Credit Banks Farm Credit Insurance Fund created to safeguard assets
12 Recent Years 1994: FHA becomes Farm Service Agency 2005: FCS pays off federal debt 2008: Financial crisis
13 Recent Years Lenders tighten credit standards More demand for FSA loans More difficult to access credit More commercial loan rejections Supplemental appropriations from Congress for FSA loans
14 Farm Credit in the Farm Bill Makes adjustments to eligibility criteria and scope of operations (FSA and FCS) 1985: Credit has its own Title (XIII) 1996 Farm Bill (Title VI) Encourage graduation to commercial loans Stricter borrower eligibility Term limits
15 2008 Farm Bill (Title V) Federal direct and guaranteed farm loans Operating and ownership Loan eligibility rules and other policies Some term limits extended Agricultural Mediation Grants (FSA) Prioritizes lending for beginning and socially disadvantaged farmers Less than 0.5% of Farm Bill spending in 2008 FB
16 2012 Farm Bill (Title V) Senate version Maintains most of 2008 provisions House version Expands eligibility to modern legal entities for farm loans Increases maximum loan value for farm down payments Both Continues Beginning Farmer and Rancher Individual Development Accounts pilot Reserve loan funds for beginning farmers and ranchers
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