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Simple English definitions for legal terms
Farm Credit Administration
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A quick definition of Farm Credit Administration:
Farm Credit Administration: A government agency that makes sure banks and groups that lend money to farmers are doing a good job. It was created in 1929 and became independent in 1971. Its job is to make sure farmers can get the money they need to grow crops and take care of their animals.
A more thorough explanation:
The Farm Credit Administration (FCA) is an independent federal agency that oversees and regulates banks and cooperative associations that are owned by borrowers and make up the federal farm credit system. The FCA was established in 1929 as the "Federal Farm Board," and became an agency within the Department of Agriculture in 1933. In 1971, it became an independent agency.
The FCA's main responsibility is to ensure that the federal farm credit system operates in a safe and sound manner, and that it provides reliable and affordable credit to farmers, ranchers, and other agricultural borrowers. The agency also examines and supervises the institutions that make up the system, and enforces laws and regulations that govern their operations.
For example, if a farmer needs a loan to buy new equipment or expand their operation, they may apply for a loan from a bank or cooperative association that is part of the federal farm credit system. The FCA would oversee the lending institution to ensure that it is following proper lending practices and providing fair and reasonable terms to the borrower.