H.R. 2423 · 118th Congress
Farm Credit Administration Independent Authority Act
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
FinstadSponsor31 cosponsors · 6 D, 25 R
D
Craig
MF
R
Fischbach
DL
R
LaMalfa
JP
D
Panetta
JB
R
Bergman
BM
R
Moore
ZZ
R
(Zach) Nunn
PS
R
Stauber
LM
R
McClain
JB
R
Baird
KS
R
Self
RJ
R
Jackson
NL
R
Langworthy
MM
R
Miller
JM
R
Moolenaar
RC
R
Crawford
TK
R
Kelly
MA
R
Alford
JD
R
Duarte
BH
R
Huizenga
AS
D
Spanberger
AP
R
Pfluger
MR
R
Rogers
NM
R
Moran
LS
R
Smucker
AM
R
Mooney
DV
R
Valadao
LB
D
Blunt Rochester
VG
D
Gonzalez
RF
R
Fry
DS
D
Soto4 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill specifies that the Farm Credit Administration (FCA) is the sole regulator of the Farm Credit System (FCS) and establishes reporting requirements for FCS institutions.
What it does: CRS summary · Introduced in House · Mar 30, 2023
Farm Credit Administration Independent Authority Act
This bill specifies that the Farm Credit Administration (FCA) is the sole regulator of the Farm Credit System (FCS) and establishes reporting requirements for FCS institutions.
Specifically, the bill states that the FCA is the sole and independent regulator of the FCS and exempts entities that are supervised by the FCA from the Equal Credit Opportunity Act (ECOA).
(The bill addresses a proposed rule by the Consumer Financial Protection Bureau [CFPB] that would implement provisions of the ECOA by requiring covered financial institutions, including FCS lenders, to collect and report to the CFPB data on credit applications for small businesses, including the principal owner's race, sex, and ethnicity.)
The bill also requires FCS institutions to (1) request that loan applicants and borrowers that are small farmers disclose information identifying their race, sex, and ethnicity; and (2) annually report the collected information to the FCA. If an FCS institution customer does not voluntarily report the requested information, the FCA may not require the institution to use other means to deduce the information.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Farm Credit Administration Independent Authority Act
Latest action (Apr 25, 2023): Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.
Policy area: Agriculture and Food · Origin: House · Introduced: Mar 30, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.