Agricultural Credit Act of 1987

Summary

Agricultural Credit Act of 1987 - Title I: Provisions to Assist Borrowers of, and Improve the Administration of, the Farm Credit Act of 1971 - Amends the Farm Credit Act of 1971 to provide a five-year guarantee for the value of Farm Credit System (FCS) borrower-held stock. Requires a FCS lender to restructure a financially-stressed loan if such loan's restructured value would exceed its liquidated value. Requires lenders to: (1) develop a written loan restructuring policy for Farm Credit Administration (FCA) approval; (2) review all nonaccrual and high-risk loans for restructuring possibilities; and (3) submit quarterly restructuring reports to FCA. Requires each farm credit district board to: (1) appoint a restructuring supervisory officer; and (2) monitor restructured loans. Authorizes FCS associations to establish special credit units to implement loan restructuring. Establishes a five-year federally-chartered Farm Credit System Temporary Assistance Corporation (Corporation) to replace the Farm Credit System Capital Corporation in providing financial (including stock guarantees) and technical assistance to financially troubled FCS institutions. Funds the Corporation through Treasury purchases of Corporation stock or obligations. Requires FCS repayment to the Treasury to begin five years after enactment of this Act through specified annual institution payments. Requires each institution, within 90 days of enactment of this Act, to submit a business plan (with annual updates) to the Corporation for approval as a condition for financial assistance. Stipulates that for the first 120 days after enactment of this Act, the Corporation may provide emergency assistance to a failing institution without plan approval. Sets forth FCS borrower rights, including: (1) access to documents; (2) review of adverse loan decisions and opportunity to meet with institution representatives before foreclosure; (3) protection from having to post additional collateral if all other loan obligations have been met; and (4) homestead protection and right of first refusal to repurchase foreclosed property. Establishes the Farm Credit System Insurance Corporation (Insurance Corporation) to insure securities issued by FCS institutions through the Federal Farm Credit Banks Funding Corporation (created by this Act). States that every FCS bank will be an insured bank upon enactment of this Act. Requires such banks to: (1) make reports of their condition to the Insurance Corporation, and provides penalties for failure to do so; and (2) pay specified annual funding premiums. Provides for a minimum insurance fund base of two percent of the value of outstanding FCS obligations. Requires FCS institutions to file annual premium certifications with the Insurance Corporation. Subjects an institution to forfeiture of FCS rights and privileges for failure to file or to pay the premiums, and makes a director who participated in such failure personally liable for consequential damages. Establishes the Farm Credit Insurance Fund to insure the timely payment of principal and interest on insured obligations. Transfers current revolving fund amounts to such Fund. Authorizes the Insurance Corporation to: (1) make loans to, purchase the assets or securities of, assume the liabilities of, or make contributions to a financially troubled insured institution; and (2) take specified steps to facilitate institution mergers or consolidations. Prohibits assistance to an institution if such amounts would exceed liquidation costs, unless the continued operation of the institution is essential to provide local agricultural credit services. Requires the Insurance Corporation to report annually to the Congress. Requires FCA, within 180 days of enactment of this Act, to prescribe regulations regarding the merger and reorganization of unlike FCS institutions operating in the same district. States that, in the case of a merger, the authority of the district board shall be transferred to and among specified district banks. Authorizes: (1) a Federal land bank resulting from a merger to make short term loans; and (2) a Federal intermediate credit bank or a production credit association resulting from a merger to make real estate loans. Sets forth provisions regarding merged institutions' boards of directors. Directs FCA, within 120 days after enactment of this Act, to issue regulations regarding minimum permanent capital adequacy standards for FCS institutions (to be phased in over a five-year period). Requires such standards to include fixed capital-to-asset ratios. Directs FCA to: (1) conduct a study of whether FCS institutions should implement capitalization plans that involve capitalization through methods other than the issuance of borrower stock or equities in loan-based amounts; and (2) submit such report to the Congress within two years of enactment of this Act. Provides for the appointment of two additional district board members who are not FCS borrowers, shareholders, or employees. Authorizes elections for separate boards for each bank in any farm credit district. Expands FCS rural loan authority by increasing from 15 percent to 25 percent the number of permitted nonfarmer loans and increasing the "rural area" population designation from 2,500 to 20,000. Revises provisions regarding the eligibility of specified entities to borrow from a bank for cooperatives.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 28 July 1987

   Referred

   Referred to Subcommittee on Conservation Credit and Rural Development.

   Source: Committee

2. 28 July 1987

   Introduced

   Referred to House Committee on Agriculture.

   Source: IntroReferral

3. 28 July 1987

   Introduced

   Introduced in House

   Source: IntroReferral

4. 28 July 1987

   Introduced

   Introduced in House

   Source: IntroReferral

5. 29 July 1987

   Committee

   Committee Consideration and Mark-up Session Held.

   Source: Committee

6. 29 July 1987

   Committee

   Subcommittee on Conservation Credit and Rural Development Discharged.

   Source: Committee

7. 30 July 1987

   Committee

   Committee Consideration and Mark-up Session Held.

   Source: Committee

8. 3 August 1987

   Committee

   Committee Consideration and Mark-up Session Held.

   Source: Committee

9. 4 August 1987

   Committee

   Committee Consideration and Mark-up Session Held.

   Source: Committee

10. 5 August 1987

    Reported

    Ordered to be Reported (Amended).

    Source: Committee

11. 5 August 1987

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

12. 28 August 1987

    Introduced

    Referred to House Committee on Banking, Finance and Urban Affairs Sequentially, for a Period Ending not Later than Sep 14, 87.

    Source: IntroReferral

13. 28 August 1987

    Reported

    Reported to House (Amended) by House Committee on Agriculture. Report No: 100-295 (Part I).

    Source: Committee

14. 28 August 1987

    Reported

    Reported to House (Amended) by House Committee on Agriculture. Report No: 100-295 (Part I).

    Source: Committee

15. 14 September 1987

    Calendars

    Placed on Union Calendar No: 184.

    Source: Calendars

16. 14 September 1987

    Discharge

    House Committee on Banking, Finance and Urban Affairs Discharged by Unanimous Consent.

    Source: Discharge

17. 14 September 1987

    Committee

    House Committee on Banking, Finance and Urban Affairs Discharged by Unanimous Consent.

    Source: Committee

18. 15 September 1987

    Committee

    Unfavorable Executive Comment Received From USDA.

    Source: Committee

19. 17 September 1987

    Reported

    Rules Committee Resolution H.Res.265 Reported to House.

    Source: Floor

20. 17 September 1987

    Floor

    Committee on Rules Granted a Modified Open Rule Providing Two Hours of General Debate; Waiving All Points of Order.

    Source: Floor

21. 21 September 1987

    Floor

    Called up by House by Rule.

    Source: Floor

22. 21 September 1987

    Passed

    Rule Passed House.

    Source: Floor

23. 6 October 1987

    Vote

    Passed House (Amended) by Yea-Nay Vote: 365 - 49 (Record Vote No: 347).

    Source: Floor

24. 6 October 1987

    Vote

    Passed/agreed to in House: Passed House (Amended) by Yea-Nay Vote: 365 - 49 (Record Vote No: 347).

    Source: Floor

25. 6 October 1987

    Passed

    House Agreed to Amendments Adopted by the Committee of the Whole.

    Source: Floor

26. 6 October 1987

    Floor

    Committee Amendment in the Nature of a Substitute Considered as an Original Bill for the Purpose of Amendment.

    Source: Floor

27. 14 October 1987

    Introduced

    Received in the Senate and read twice and referred to the Committee on Agriculture.

    Source: IntroReferral

28. 2 December 1987

    Floor

    Measure laid before Senate by unanimous consent.

    Source: Floor

29. 2 December 1987

    Discharge

    Senate Committee on Agriculture discharged by Unanimous Consent.

    Source: Discharge

30. 2 December 1987

    Committee

    Senate Committee on Agriculture discharged by Unanimous Consent.

    Source: Committee

31. 4 December 1987

    ResolvingDifferences

    Senate insists on its amendments, asks for a conference, appoints conferees Leahy; Boren; Harkin; Daschle; Breaux; Melcher; Lugar; Boschwitz; Helms; Cochran; Karnes.

    Source: ResolvingDifferences

32. 4 December 1987

    Vote

    Passed Senate in lieu of S. 1665 with an amendment by Yea-Nay Vote. 87-6. Record Vote No: 397.

    Source: Floor

33. 4 December 1987

    Vote

    Passed/agreed to in Senate: Passed Senate in lieu of S. 1665 with an amendment by Yea-Nay Vote. 87-6. Record Vote No: 397.

    Source: Floor

34. 7 December 1987

    Floor

    Message on Senate action sent to the House.

    Source: Floor

35. 10 December 1987

    ResolvingDifferences

    Conference held.

    Source: ResolvingDifferences

36. 10 December 1987

    ResolvingDifferences

    Conference committee actions: Conference held.

    Source: ResolvingDifferences

37. 11 December 1987

    ResolvingDifferences

    Conference held.

    Source: ResolvingDifferences

38. 11 December 1987

    ResolvingDifferences

    Conference committee actions: Conference held.

    Source: ResolvingDifferences

39. 11 December 1987

    Passed

    House Agreed to Request for Conference and Speaker Appointed Conferees: de la Garza, Jones (TN), Tallon, Evans, Stallings, English, Penny, Nagle, Stenholm, Jontz, Johnson (SD), Madigan, Coleman (MO), Gunderson, Jeffords, Morrison (WA), Holloway.

    Source: ResolvingDifferences

40. 15 December 1987

    ResolvingDifferences

    Conference held.

    Source: ResolvingDifferences

41. 15 December 1987

    ResolvingDifferences

    Conference committee actions: Conference held.

    Source: ResolvingDifferences

42. 16 December 1987

    Passed

    Conferees agreed to file conference report.

    Source: ResolvingDifferences

43. 16 December 1987

    Passed

    Conference committee actions: Conferees agreed to file conference report.

    Source: ResolvingDifferences

44. 17 December 1987

    Reported

    Rules Committee Resolution H.Res.336 Reported to House.

    Source: Floor

45. 17 December 1987

    Floor

    Committee on Rules Granted a Rule Waiving All Points of Order Against the Consideration of the Conference Report.

    Source: Floor

46. 18 December 1987

    Vote

    House Agreed to Conference Report by Yea-Nay Vote: 365 - 18 (Record Vote No: 499).

    Source: ResolvingDifferences

47. 18 December 1987

    Vote

    Conference report agreed to in House: House Agreed to Conference Report by Yea-Nay Vote: 365 - 18 (Record Vote No: 499).

    Source: ResolvingDifferences

48. 18 December 1987

    ResolvingDifferences

    Conference Report 100-490 Filed in House.

    Source: ResolvingDifferences

49. 18 December 1987

    ResolvingDifferences

    Conference report filed: Conference Report 100-490 Filed in House.

    Source: ResolvingDifferences

50. 19 December 1987

    Floor

    Message on Senate action sent to the House.

    Source: Floor

51. 19 December 1987

    ResolvingDifferences

    Conference papers: Senate report and managers' statement and message on House action held at the desk in Senate.

    Source: ResolvingDifferences

52. 19 December 1987

    Vote

    Conference report agreed to in Senate: Senate agreed to conference report by Yea-Nay Vote. 85-2. Record Vote No: 415.

    Source: ResolvingDifferences

53. 30 December 1987

    Floor

    Presented to President.

    Source: Floor

54. 30 December 1987

    President

    Presented to President.

    Source: President

55. 30 December 1987

    Floor

    Measure Signed in Senate.

    Source: Floor

56. 6 January 1988

    Became law

    Became Public Law No: 100-233.

    Source: President

57. 6 January 1988

    Became law

    Signed by President.

    Source: BecameLaw

58. 6 January 1988

    President

    Signed by President.

    Source: President

Votes

Versions

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Documents

3 official files

• Public Law (PDF)

  Public Law · EN · 7 January 1988

  ViewDownloadOpen at official source

• Conference report filed in House

  summary · EN · 18 December 1987

  Open at official source

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• Introduced in House

  summary · EN · 28 July 1987

  Open at official source

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Sponsors

• Rep. de la Garza, E. [D-TX-15] · D · Sponsor
• · ssaf00 · Standing
• · hsif00 · Standing
• · hsba00 · Standing
• · hsag00 · Standing

Related records

• related to → A resolution expressing the sense of the House of Representatives regarding the importance of protecting the stock of borrowers in the institutions of the Farm Credit System.
• related to → A resolution expressing the sense of the House of Representatives that any legislation that provides additional financial assistance to the Farm Credit System should enable the banks and associations of the System to make loans at lower interest rates, ensure the continued participation of borrowers in the System, and assist borrowers to repay their loans obtained from banks and associations of the System.
• related to → Farm Mortgage Marketing Corporation Act of 1987
• related to → Farm Credit Enhancement Act of 1987
• related to → Farm Credit System Borrowers' Protection Act of 1987
• related to → FmHA Leadership Act of 1987
• related to → A bill to provide for the reduction of scheduled payments of overdue principal and interest by qualified farmers to the Farmers Home Administration or the Small Business Administration.
• related to → Agricultural Trade Financing Act of 1987
• related to ← A bill to amend the Consolidated Farm and Rural Development Act to provide for fairness in the Farmers Home Administration appeals process.
• related to ← Farm Credit Act of 1987
• amends ← An amendment comprised of amendments numbered 2, 3, 7, 8, 10, 13, 16, 18, 19, 20, 21, 23, 24, and 39 offered en bloc.
• amends ← An amendment to permit lawsuits against the Farm Credit System or the Farm Credit Administration in U.S. District Courts.
• amends ← An amendment to provide a statutory mandate for the FmHA's limited-resource loan initiative, which provides loans to low-income borrowers at reduced rates.
• amends ← An amendment to require the Temporary Assistance Corporation and each institution of the Farm Credit System to establish and maintain an affirmative action program plan for the hiring, placement, and advancement of socially disadvantaged individuals.
• amends ← An amendment to provide that Temporary Assistance Corporations may coordinate assistance to System institutions through the Regional Farm Credit System Service Banks serving the region in which the System institution is located.
• amends ← An amendment to require that the President appoint a minimum of four farmers to be members of the FAMC board of directors.

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