The Farm Credit Administration is an independent agency in the executive branch that regulates and examines the banks and lending associations of the Farm Credit System, the nationwide network that lends to farmers, ranchers, and rural America, as well as the Federal Agricultural Mortgage Corporation (Farmer Mac). It writes safety-and-soundness rules, examines these institutions, and can take enforcement action. It is run by a full-time, three-member board and is funded by assessments on the institutions it oversees rather than by congressional appropriations.
Created by Congress under the Farm Credit Act of 1971 (Pub. L. 92-181, 85 Stat. 583; 12 U.S.C. 2001 et seq. (FCA: 12 U.S.C. 2241; Board: 12 U.S.C. 2242). Present full-time three-member board established by the Farm Credit Amendments Act of 1985 (Pub. L. 99-205).), it acts within the authority that statute grants. Its actions are subject to judicial review and to congressional oversight and funding.
