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H.R. 1063: Farm Credit Administration Independent Authority Act

119th Congress · introduced 2025-02-06 · Agriculture and Food · Latest: Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.

federal

What does this mean?

Official title

Farm Credit Administration Independent Authority Act

Plain summary

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.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

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What does this mean? (plain words)

Official text

Farm Credit Administration Independent Authority Act

Source: Congressional Research Service summary (Introduced in House)

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Officials and money

Sponsor: Rep. Finstad, Brad [R-MN-1] · 14 cosponsors

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Words on this page, explained (1)
Bill
A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong119-hr1063 · catalog fed-us-congress-bills-cong119 · updated 2026-11-03 by psicol fed-bills