H.R. 1063 · 119th Congress
Farm Credit Administration Independent Authority Act
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
Not yet voted on. This bill is still a proposal: it hasn't reached a floor vote, and its text can change in committee or on the floor before any vote.
R
FinstadSponsor14 cosponsors · 3 D, 11 R
R
Baird
MF
R
Fischbach
JM
R
Moolenaar
MM
R
Miller
JP
D
Panetta
KS
R
Self
PS
R
Stauber
BH
R
Huizenga
JB
R
Bergman
AG
D
Gray
EV
D
Vindman
RB
R
Bresnahan
AB
R
Barr
DS
R
Schmidt5 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 (i.e., lenders).
What it does: CRS summary · Introduced in House · Feb 6, 2025
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 (i.e., lenders).
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).
As background, the bill addresses a rule issued by the Consumer Financial Protection Bureau (CFPB) that implements provisions of the ECOA by requiring covered financial institutions, including FCS institutions, to collect and report to the CFPB data on credit applications for small businesses, including the principal owner's race, sex, and ethnicity. This 2023 rule has been challenged in court.
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. The FCA must make the collected information available to the public on annual basis. 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.
In addition, the bill specifies that FCS institutions shall not be required to comply with the bill's requirements if financial institutions are not required to comply with the CFPB rule due to a court invalidating the rule or a repeal of the rule.
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 (Mar 7, 2025): Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.
Policy area: Agriculture and Food · Origin: House · Introduced: Feb 6, 2025
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.