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While the statute grants broad powers to the Production Credit Association, it also explicitly states that those powers are “subject to regulation by the Farm Credit Administration.” Furthermore, the statute identifies specific areas where the Farm Credit Administration is authorized to regulate, for example, investment of funds, buying and selling obligations, and sharing of loan losses. This moves the delegation away from general authority to specific areas where FCA regulation is expected.
Although § 2073 grants general corporate powers, it explicitly makes those powers “subject to “¦ regulation by the Farm Credit Administration”. This explicit subjection allows for the FCA to issue rules about the specific regulatory task for governing General Corporate Powers.
While the statute grants general corporate powers, it also identifies specific areas requiring regulation, such as investment of funds (paragraph 10), buying and selling obligations and loans (paragraph 11), and agreements to share loan losses (paragraph 15). The statute uses the phrase “under regulations of the Farm Credit Administration” which provides specific instruction for the agency to create regulations concerning these areas, thus meeting the criteria for Specific Authority Delegations.
While § 2073 grants general corporate powers to production credit associations, it also contains specific delegations to the Farm Credit Administration. Examples include: “invest funds of the association as may be approved by the Farm Credit Bank under regulations of the Farm Credit Administration” and “as may be authorized by the Farm Credit Bank in accordance with regulations of the Farm Credit Administration, agree with other Farm Credit System institutions to share loan or other losses”. These are not simply open-ended terms, but tasks identified in statute and implemented by the agency.
While the statute lists specific powers of the production credit associations, the authority granted to the Farm Credit Administration is broad, to “regulation.” This implies general rulemaking authority over the operations of these associations, not tied to a specific regulatory task, although some sections do mandate regulations for particular tasks. However, the ‘regulation’ power in the preamble is broad.
The statute provides specific direction to the Farm Credit Administration concerning the regulation of production credit associations. For example, paragraphs (10), (11), and (15) authorize specific actions “as may be authorized by the Farm Credit Bank in accordance with regulations of the Farm Credit Administration.” This demonstrates specific regulatory tasks identified by the statute.
While the statute also uses general terms, the delegation is considered specific because it provides explicit regulatory tasks with specific open-ended terms. Specifically, 12 U.S.C. § 2071(b)(8) provides that the FCA shall have the power to “provide for the organization of the association; provide for the initial amount of stock of the association; provide for the territory within which the association’s operations may be carried on; and approve amendments to the charter of the association”.
12 U.S. Code § 2071(b)(8) specifically lists areas where the FCA is to create regulations (e.g., “provide for the organization of the association,” “provide for the initial amount of stock”). This level of specificity in directing the agency’s rulemaking brings it within the realm of Specific Authority Delegations, even if open-ended terms are included. The statute clearly pinpoints the regulatory tasks the agency is to undertake.
The statute provides the FCA with power, under rules and regulations prescribed by the FCA, to (A) provide for the organization of the association; (B) provide for the initial amount of stock of the association; (C) provide for the territory within which the association”™s operations may be carried on; and (D) approve amendments to the charter of the association. This constitutes a specific delegation of authority.
The statute provides specific direction on the composition of the board of directors for production credit associations. It details how members should be elected, term lengths, qualifications, and the requirement for at least one director to be elected by other directors from outside the System. The statute is clearly instructing an agency on a specific regulatory task or gap by giving them the authority to decide “such number, for such terms, with such qualifications, and in such manner as may be required by the bylaws of the association”.
The statute instructs the association to elect a board of directors with terms, qualifications and manner “as may be required by the bylaws of the association”. This falls under Specific Authority Delegation as it instructs the agency or association on a specific regulatory task (governance through a board of directors) using open-ended terms that allow for agency discretion.
Subsection (a) instructs the agency on the specific regulatory task of establishing rules for the Farm Credit Banks to provide technical and financial services. It uses the open-ended term “appropriate” to define the scope of services, fitting the definition of a Specific Authority delegation.
The statute directs the Farm Credit Administration to issue regulations concerning the provision of technical assistance and financial related services, even though open-ended terms are used.
The statute provides specific authority by identifying the regulatory task to be “financial related services appropriate to their on-farm and aquatic operations” under the Farm Credit Administration’s regulations. While open-ended, the term “appropriate” still instructs the agency on a specific regulatory task.
The statute 12 U.S.C. § 2021 specifies how Farm Credit Banks make loans, addressing whether they are made through associations or directly. While it doesn’t explicitly mention “registration,” it sets forth the loan-making structure the agency can specify in finer detail. The regulation concerning the registration of mortgage loan originators fits within that regulatory task and structure, further refining the specifics of originating the loans authorized by Section 2015(a).
While the statute itself doesn’t use terms like “appropriate,” “reasonable,” or “necessary,” it does clearly instruct Farm Credit Banks regarding specific loan procedures. It mandates how loans shall be made (through associations) and specifies alternate procedures (direct lending or through other institutions) under certain conditions (no active association). This specific guidance directs the agency on the regulatory task of loan distribution, classifying it as a Specific Authority delegation.
While the statute outlines the purposes for which credit may be extended (agricultural, aquatic, rural housing, farm-related services), it also contains specific instructions related to rulemaking. Most prominently subsection (b)(1) of 12 U.S. Code § 2019 authorizes the Farm Credit Administration to create regulation around loans and discounts to rural residents for rural housing financing. This is a “Specific Authority Delegation” as it clearly instructs the agency on a specific regulatory task.
While it uses terms like “under regulations of the Farm Credit Administration”, 12 U.S. Code § 2019(b)(1) provides a clear directive – regulating loans and discounts for rural housing financing. It further restricts this power, which serves as specific guidance.
Subsection (b) of the statute provides a very specific regulatory task: establishing regulations for rural housing financing. Furthermore, it also provides limitations for those regulations such as housing should be for “single-family, moderate-priced dwellings” and imposes a maximum of 15 percent of total loans outstanding for rural housing of persons other than farmers and ranchers.
The statute instructs the agency on a specific regulatory task: to create regulations under which Farm Credit Banks can provide technical assistance and financial related services. Even though “appropriate” and “feasible” are used, the task itself is clearly defined, fitting the Specific Authority Delegation.
The statute identifies specific regulatory tasks or gaps. Although it utilizes “appropriate” it “clearly instructs an agency on a specific regulatory task.” Subsection (a) directs the Farm Credit Administration to issue regulations concerning the provision of technical assistance and related financial services. Subsection (b) is also a very specific authority as it concerns assessment computations which fall under specific authority.
12 U.S.C. § 2018 provides clear instructions to the Farm Credit Administration to regulate specific aspects of Farm Credit Bank lending practices, such as setting maximum loan levels, defining acceptable security types, establishing appraisal standards for security valuation, and setting terms for intermediate credit. While terms like “adequately secure” could be considered open-ended, the specific tasks assigned to the agency constitute a specific authority delegation under Hickman’s framework.
While the statute grants authority to make regulations, it is tied to a specific area: rural housing financing. This constitutes a specific regulatory task identified by Congress, even using open-ended term like “under regulations of the Farm Credit Administration.”
While the statute grants the Farm Credit Administration authority to issue regulations, it does so within a specific context: rural housing financing. The statute identifies a specific regulatory gap and task. This qualifies as a specific authority delegation, even with the inclusion of the phrase “under regulations of the Farm Credit Administration,” which provides some agency discretion but within a clearly defined area.
While not exhaustively detailed, the statute specifically instructs the Farm Credit Administration to create regulations governing rural housing financing. The statute also sets forth limitations, providing further constraints and specific instructions.