US Code

Public Law 119-73 (01/23/2026)

12 U.S.C. § 2002

Farm Credit System

(a)

Composition

section 2211 of this titleThe Farm Credit System shall include the Farm Credit Banks, the bank for cooperatives, Agricultural Credit Banks, the Federal Land Bank Associations, the Federal Land Credit Associations, the Production Credit Associations, the agricultural credit associations, the Federal Farm Credit Banks Funding Corporation, the Federal Agricultural Mortgage Corporation, service corporations established pursuant to , and such other institutions as may be made a part of the Farm Credit System, all of which shall be chartered by and subject to regulation by the Farm Credit Administration.

(b)

Farm credit districts

Providedsection 2252(a)(2) of this titleThere shall be not more than twelve farm credit districts in the United States, which may be designated by number, one of which districts shall include the Commonwealth of Puerto Rico and one of which districts may, if authorized by the Farm Credit Administration, include the Virgin Islands of the United States: , That the extension of credit and other services authorized by this chapter in the Virgin Islands of the United States shall be undertaken only if determined to be feasible under regulations of the Farm Credit Administration. The boundaries of the twelve farm credit districts existing on , may be readjusted from time to time by the Farm Credit Administration, with the concurrence of the boards of the banks in each district involved. Two or more districts may be merged as provided in .

Pub. L. 92–181, § 185 Stat. 583Pub. L. 96–592, title V, § 50194 Stat. 3448Pub. L. 99–205, title II, § 205(c)99 Stat. 1703Pub. L. 100–233, title IV, § 434101 Stat. 1662Pub. L. 100–399, title IX, § 901(q)102 Stat. 1008Pub. L. 115–334, title V, § 5411(2)132 Stat. 4679(.2, formerly §§ 1.2, 5.0, , , 614; , , ; , (g)(1), , , 1706; , title VIII, § 805(a), (v), , , 1715, 1716; –(s), , ; , , .)

Editorial Notes

Codification

Pub. L. 100–399, § 901(r)Pub. L. 92–181section 2221 of this title, transferred section 5.0 of , which was classified to , to subsec. (b) of this section.

Amendments

Pub. L. 115–3342018—Subsec. (a). added subsec. (a) and struck out former subsec. (a). Prior to amendment, text read as follows: “The Farm Credit System shall include the the Farm Credit Banks, the Federal land bank associations, the production credit associations, the banks for cooperatives, and such other institutions as may be made a part of the System, all of which shall be chartered by and subject to regulation by the Farm Credit Administration.”

Pub. L. 100–399, § 901(s)1988—Subsec. (a). , designated existing provisions as subsec. (a), inserted heading, and substituted “regulation” for “the regulation”.

Pub. L. 100–233, § 434, amended provisions generally. Prior to amendment, provisions read as follows: “The Farm Credit System shall include the Federal land banks, the Federal land bank associations, the Federal intermediate credit banks, the production credit associations, the banks for cooperatives, and such other institutions as may be made a part of the System, all of which shall be chartered by and subject to regulation by the Farm Credit Administration.”

Pub. L. 100–233, § 805(a), substituted “subject to regulation” for “subject to the regulation”.

Pub. L. 100–399, § 901(q)section 2221 of this titleSubsec. (b). , (r), designated as subsec. (b), inserted heading, and substituted “boards of the banks in each district” for “district boards”.

Pub. L. 100–233, § 805(v)section 2252(a)(2) of this titlesection 2252(2) of this title, substituted “” for “”.

Pub. L. 99–205, § 205(c)1985—Subsec. (a). , substituted “regulation by” for “supervision of”.

Pub. L. 99–205, § 205(g)(1)section 2252(2) of this titleSubsec. (b). , substituted “Farm Credit Administration” for “Federal Farm Credit Board” in first and second sentences, and made a technical amendment to reference to to reflect the renumbering of the corresponding section of the original act.

Pub. L. 96–5921980—Subsec. (b). inserted provisions relating to Virgin Islands of the United States.

Statutory Notes and Related Subsidiaries

Effective Date of 1988 Amendments

Pub. L. 100–399, title X, § 1001102 Stat. 1008

“(a)

General Rule .—

Pub. L. 100–233Except as provided in subsection (b), the amendments made by this Act [see Tables for classification] shall take effect as if enacted immediately after the enactment of the 1987 Act [, which was enacted ].
“(b)

Exceptions .—

section 401 of Pub. L. 100–233The amendments made by sections 102(b), 102(f), 102(g), 102(h), 201(q), 302(c), 302(d), 302(e), 401, 402(b), 409(d), 411, 414, and 901 (other than by subsections (a), (b), (c), (e), (f), and (g) thereof) of this Act [see Tables for classification] shall take effect immediately after the amendment made by section 401 of the 1987 Act takes effect [, effective 6 months after ].”
, , , provided that:

Pub. L. 100–233, title IV, § 434101 Stat. 1662section 434 of Pub. L. 100–233, , , provided in part that the amendment of this section by is effective 6 months after .

Effective Date of 1985 Amendment

Pub. L. 99–205section 401 of Pub. L. 99–205section 2001 of this titleAmendment by effective thirty days after , see , set out as a note under .

Consolidation of District Farm Credit Banks

Pub. L. 100–233, title IV, § 412101 Stat. 1638Pub. L. 100–399, title IV, § 404102 Stat. 999

“(a)

Submission of Proposal.—

“(1)

Special committee.—

“(A)

In general .—

Not later than 6 months after the date of the enactment of this section [], a special committee shall be selected pursuant to regulations of the Farm Credit Administration for the purpose of developing a proposal for the consolidation of Farm Credit System districts.
“(B)

Composition .—

The special committee selected under subparagraph (A) shall be composed of one representative from each Farm Credit Bank board and the members of the Board of Directors of the Assistance Board.
“(2)

Development of proposal .—

Not later than 6 months after the formation of the special committee, the committee shall develop a proposal to consolidate the Farm Credit Banks into no less than six financially viable Farm Credit Banks through inter-district mergers.
“(3)

Report .—

Not later than the end of each calendar quarter beginning at least 6 months after the selection of the special committee, such committee shall prepare and submit, to the Committee on Agriculture of the House of Representatives, and the Committee on Agriculture, Nutrition, and Forestry of the Senate, a report on the progress of the committee in developing a proposal under this subsection.
“(b)

Prerequisites to Consolidation.—

“(1)

FCA review of proposal .—

Prior to the submission of the proposal developed under subsection (a)(2) to the stockholders under paragraph (3), the proposal together with all information to be presented to the stockholders, shall be submitted to the Farm Credit Administration for approval.
“(2)

Prerequisites .—

The proposal developed under subsection (a)(2) shall not be submitted to stockholders under paragraph (3) unless the proposal is approved by—
“(A)
a majority of the members of the Board of Directors of the Assistance Board; and
“(B)
the members of the special committee that represent the districts affected by the terms of the proposal.
“(3)

Submission to stockholders .—

Not later than the end of the 18-month period after the date of enactment of this Act [], each Farm Credit Bank involved, in consultation with the special committee, shall submit the proposed merger affecting such bank to the voting stockholders of each such bank.
“(4)

Stockholder vote .—

Each association shall be entitled to cast a number of votes equal to the number of voting stockholders of such association.”
, , , as amended by , , , provided that:

section 412(a)(3) of Pub. L. 100–233section 3003 of Pub. L. 104–66section 1113 of Title 31[For termination, effective , of reporting provisions in , set out above, see , as amended, set out as a note under , Money and Finance, and page 166 of House Document No. 103–7.]

Applicability of Laws Enacted After January 1, 1960

Pub. L. 86–168, title II, § 203(b)73 Stat. 390

“Any Act of Congress enacted after the effective date of this title [] and which states that it shall be applicable to agencies or instrumentalities of the United States or to corporations controlled or owned, in whole or in part, by the United States, or to officers and employees of the United States or such agencies or instrumentalities or corporations, shall not be applicable to a Federal land bank, Federal intermediate credit bank, or bank for cooperatives, or to its directors, officers, or employees unless such Act specifically so provides by naming such banks.”
, , , provided that: