What does Preamble of HR 1063 do?

This bill, formally titled 'To affirm that the Farm Credit Administration is the sole and independent regulator of the Farm Credit System,' aims to establish the Farm Credit Administration as the sole and independent regulator of the Farm Credit System.

What does SHORT TITLE. of HR 1063 do?

This bill is formally titled the Farm Credit Administration Independent Authority Act.

What does FARMER LOAN DATA COLLECTION. of HR 1063 do?

This section amends the Farm Credit Act of 1971 to establish a Small Farmer Loan Data Collection program. Farm Credit System institutions are required to request that small farmer loan applicants and borrowers disclose information about their race, sex, and ethnicity. These institutions must collect and maintain this information and report it annually to the Farm Credit Administration (FCA). The FCA will collect this information and make it available to the public annually. The FCA is prohibited from requiring institutions to report demographic information against a customer's wishes. The FCA must ensure that personally identifiable information of loan applicants and borrowers is not included in reports. This section applies to applications received and loans made one year or more after the enactment of this section.

What does CONFORMING AMENDMENT. of HR 1063 do?

This section amends Section 704B(h)(1) of the Equal Credit Opportunity Act. The amendment inserts a clause excluding entities supervised by the Farm Credit Administration.

What does CESSATION OF COMPLIANCE. of HR 1063 do?

This section addresses the cessation of compliance for Farm Credit System institutions. If financial institutions are not required to comply with a specific rule under subpart B of part 1002 of title 12, Code of Federal Regulations, Farm Credit System institutions are not required to comply with regulations stemming from amendments made by this Act.

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Farm Credit Administration Independent Authority Act — HR. 1063

Last updated: 3/7/2025 · Introduced: 2/6/2025

Author: Brad Finstad (R-MN)

TL;DR (AI)

This bill establishes the Farm Credit Administration as the sole and independent regulator of the Farm Credit System.
It mandates Farm Credit System institutions to collect and report demographic data (race, sex, ethnicity) related to small farmer loans, while protecting borrower privacy and ensuring voluntary participation.
The bill exempts Farm Credit Administration-supervised entities from certain provisions of the Equal Credit Opportunity Act and clarifies that Farm Credit System institutions are not required to comply with regulations stemming from this Act if they are already exempt.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 3 more.

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