118th Congress Agriculture and Food
H.R. 2423: Farm Credit Administration Independent Authority Act
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
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.
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).
(The bill addresses a proposed rule by the Consumer Financial Protection Bureau [CFPB] that would implement provisions of the ECOA by requiring covered financial institutions, including FCS lenders, to collect and report to the CFPB data on credit applications for small businesses, including the principal owner's race, sex, and ethnicity.)
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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. 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.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Angie Craig D-MNOriginal
- Michelle Fischbach R-MNOriginal
- Doug LaMalfa R-CAOriginal
- Jimmy Panetta D-CAOriginal
- Jack Bergman R-MI
- Barry Moore R-AL
- Zachary (Zach) Nunn R-IA
- Pete Stauber R-MN
- Lisa McClain R-MI
- James Baird R-IN
- Keith Self R-TX
- Ronny Jackson R-TX
- Nicholas Langworthy R-NY
- Mary Miller R-IL
- John Moolenaar R-MI
- Eric Crawford R-AR
- Trent Kelly R-MS
- Mark Alford R-MO
- John Duarte R-CA
- Bill Huizenga R-MI
- Abigail Spanberger D-VA
- August Pfluger R-TX
- Mike Rogers R-AL
- Nathaniel Moran R-TX
- Lloyd Smucker R-PA
- Alexander Mooney R-WV
- David Valadao R-CA
- Lisa Blunt Rochester D-DE
- Vicente Gonzalez D-TX
- Russell Fry R-SC
- Darren Soto D-FL
Who scored on this bill
- 1Brad Finstad SponsorDrew cross-party cosponsors, introduced, reached a cosponsor milestone3 events+12
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Introductions and cosponsorships count toward weekly caps and show no points.
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History
- Introduced in the House by Brad Finstad.
Show the full action history (3 actions)
- Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.
- Introduced in House
- Referred to the Committee on Agriculture, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.