From fca.gov:
By unanimous vote, the Farm Credit Administration board approved a final rule governing the Farm Credit System’s service to young, beginning, and small (YBS) farmers and ranchers. The final rule, which becomes effective Feb. 1, 2024, revises YBS regulations at 12 C.F.R. part 614.
The rule has several objectives:
- To expand the YBS activities of direct-lender associations to a diverse population of borrowers.
- To reinforce the supervisory responsibilities of the banks that fund the direct-lender associations, and require the banks to annually review and approve the associations’ YBS programs.
- To require each direct-lender association to enhance the strategic plan for its YBS program.
“Today’s approval of a final YBS rule is the culmination of many years of hard work by FCA leadership, staff, and System institutions,” said Board Chairman and CEO Vincent Logan.
“I’m especially pleased to see the emphasis this rule places on outreach to and engagement with all populations of YBS farmers and ranchers. The System was created to serve as a safe, sound, and dependable source of credit for all creditworthy and eligible persons in agriculture and rural America,” said the chairman. “This rule will help the System better achieve that important mission.”