Farm Credit Administration Seeks Input on New Rules

Agency to take comments from interested parties on Thursday

June 25, 2003

By MortgageDaily.com staff

The meeting will be at 9 a.m. Thursday at the agency’s headquarters, 1501 Farm Credit Drive in McLean, Virginia. About 20 executives of farm-credit related institutions are already scheduled to speak.

The agency has proposed a reconsideration and possible alteration of some of its regulations regarding borrowers from Farm Credit System institutions.

In a press release, the FCA said that the to be addressed include:

• Whether to change the definition of a “bona fide farmer and “part-time” versus “full-time;”
• If limits should be placed on other credit needs of farmers; and
• Whether “moderately priced” rural housing should be redefined.

The agency published these candidates for changes in the May 2 Federal Register.

Written statements from interested parties are admissable for the record until Thursday. Individuals appearing in person may be allowed to address the agency if time permits, the press release said.