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The statute provides specific details regarding permissible loan purposes, limitations, and even defines “rural areas” in the context of housing. While the phrase “under regulations of the Farm Credit Administration” grants the agency rulemaking authority, the statute itself is very detailed, directing the agency toward a specific regulatory task related to rural housing financing.
The statute identifies specific regulatory tasks related to real estate loans (e.g., requiring loans not to exceed a certain percentage of appraised value, prescribing classes of real estate for security, setting standards for appraisals) and intermediate credit (approving policies for repayment terms). While the statute uses terms like “may” and “as may be authorized,” it clearly instructs the agency on specific regulatory tasks within the framework of security and terms of Farm Credit Bank loans.
The statute provides the Farm Credit Administration with specific tasks related to regulating real estate loans, including setting loan limits, prescribing security classes, and establishing appraisal standards. These are not broad grants of authority but rather directives related to specific aspects of farm credit lending.
The statute specifically instructs the Farm Credit Administration on particular regulatory tasks, such as setting maximum loan levels, prescribing classes of acceptable real estate security, and approving policies for loan repayment terms. This targeted instruction, despite using terms like “may” and “appropriate,” clearly guides the agency’s regulatory actions.
The statute explicitly instructs the Farm Credit Administration on specific regulatory tasks related to real estate loans and intermediate credit. For example, 12 U.S.C. § 2018(a)(1)(B) states that the FCA “may, by regulation, require that loans not exceed 75 percent of the appraised value of the real estate security.” Similarly, § 2018(a)(2) states that all loans “shall be secured by first liens on interests in real estate of such classes as may be prescribed by regulations of the Farm Credit Administration.” And § 2018(b) describes that the board of directors, “under regulations of the Farm Credit Administration, may approve policies permitting loans, advances, or discounts…to be repayable in not more than 10 years.” These all provide clear direction on specific regulatory tasks, fitting Kristin Hickman’s definition of Specific Authority Delegations.
The statute provides clear instructions on specific regulatory tasks for the Farm Credit Administration (FCA), such as setting maximum loan levels, prescribing classes of real estate security, and approving policies for loan repayment terms. While terms like “as may be authorized” are present, these still direct the FCA to act within defined areas.
The statute provides specific regulatory tasks and gaps related to the loans, financial assistance, discounts, and purchases authorized by the statute. Subsection (b)(4)(B) goes further by setting specific requirements for the regulations to ensure reasonable access and prevent expansion of financing activities beyond those authorized. These are specific mandates, fitting Hickman’s definition of “Specific Authority Delegations.”
While 12 U.S.C. § 2017 does not specifically direct the creation of rules regarding mortgage loan originators, the fact that the regulation (12 CFR Part 610) cites the statute within the broader context of the Farm Credit Act, and other referenced sections like 12 U.S.C. 2279b (part of Title VII, which deals with mortgage securities) and reference to Pub. L. 110-289 (the Housing and Economic Recovery Act of 2008 which includes the SAFE Mortgage Licensing Act), suggests a specific regulatory purpose related to credit and financial services. The Act provides agencies the discretion to develop further specific regulation.
The statute identifies specific categories of individuals eligible for credit and financial services (farmers, ranchers, producers of aquatic products, those furnishing farm-related services, and rural homeowners). While the statute uses terms like “bona fide”, which may require interpretation, it directs the agency to make credit available to the individuals described in the statute. The statute provides some instruction regarding who should be eligible for financing.
The statute explicitly defines the eligibility criteria for receiving credit and financial services. While the language leaves room for interpretation of terms like “bona fide,” the statute directly instructs the agency on who is eligible for the program, indicating a specific regulatory task (defining eligibility).
The statute, 12 U.S.C. § 2017, identifies specific categories of individuals (bona fide farmers, ranchers, producers/harvesters of aquatic products, etc.) who are eligible for credit and financial services. While it uses the term “bona fide,” which can be open to interpretation, it clearly instructs the agency on the specific regulatory task of determining eligibility requirements for these services. It sets out eligibility parameters with which the agency must comply.
While the statute grants broad authority to make loans and provide financial assistance, subsection (b)(4) specifically instructs the Farm Credit Administration to issue regulations governing these activities, including ensuring reasonable access and setting collateral requirements, and even authorizes the setting of fees. The statute provides boundaries for this rulemaking.
Subsection (b)(4) of 12 U.S.C. § 2015 explicitly instructs the Farm Credit Administration (FCA) to create regulations to govern the loans, financial assistance, discounts, and purchases authorized within the section. It also provides further detail on the content that must be included within the regulations.
The statute directs the Farm Credit Administration to issue regulations governing specific aspects of the Farm Credit Banks’ lending authority. This includes regulations assuring loans are available on a reasonable basis, secured by collateral and defining “rural areas” for the banks’ lending practices. Although terms like “reasonable basis” provide some discretion, the statute clearly instructs the agency on specific regulatory tasks.
The statute clearly instructs the FCA on a specific regulatory task: to regulate loans, financial assistance, discounts, and purchases authorized by the statute. Moreover, subsection (b)(4)(B) requires regulations that ensure reasonable access to services, involvement in agriculture/aquatics lending, need for supplementary funds, and non-expansion to unauthorized activities.
While the statute authorizes lending activity broadly, subsection (b)(4) specifically directs the FCA to create regulations to govern this lending, including ensuring reasonable access for financing institutions and specifying collateral requirements. The statute sets out specific criteria the regulations must address, like the institution being “significantly involved in lending for agricultural or aquatic purposes” and having “limited access to national or regional capital markets.” This level of detail moves it from a General Authority delegation to a Specific Authority delegation, despite the overall broad authority the Banks possess.
While § 2013 outlines general corporate powers, it also contains provisions that specifically authorize the Farm Credit Administration (FCA) to issue regulations related to investments (paragraph 15), selling and buying interests in loans (paragraph 16), and accounting for capital contributions (paragraph 22). Even though the statute uses the language “as may be authorized under regulations issued by the Farm Credit Administration”, it directly instructs the agency on regulatory tasks for the Farm Credit Bank.
While 12 U.S.C. § 2013 outlines the general corporate powers of Farm Credit Banks, it also includes provisions, such as paragraph (15) and (16), that authorize the Farm Credit Administration to issue regulations regarding specific aspects of the bank’s operations like “other investments” and “sell to lenders”. The statute thus provides instructions on specific regulatory tasks, which according to the definition makes it “Specific Authority.”
The statute directs the Farm Credit Administration to regulate specific aspects of the Farm Credit Banks’ capitalization, stock, and earnings distribution. Even though terms like “manner” allow for agency discretion, the statute identifies a particular regulatory gap to be filled.
The statute specifically instructs the Farm Credit Administration to regulate the capitalization of Farm Credit Banks, the manner in which bank stock shall be issued, held, transferred, and retired, and bank earnings distributed. This is a clear instruction on a specific regulatory task.
The statute specifically instructs the Farm Credit Administration (FCA) to regulate the loans, financial assistance, discounts, and purchases authorized in the statute, as well as to ensure that these services are available on a reasonable basis to certain financing institutions and sets forth particular criteria that the FCA regulations must address such as whether the borrower (i) is significantly involved in lending for agricultural or aquatic purposes; (ii) demonstrates a continuing need for supplementary sources of funds to meet the credit requirements of its agricultural or aquatic borrowers; (iii) has limited access to national or regional capital markets; and (iv) does not use such services to expand its financing activities to persons and for purposes other than those authorized under subchapter II.
While the statute lists specific powers of the Farm Credit Banks, the overall delegation to the Farm Credit Administration is broad, using language “subject to regulation by the Farm Credit Administration”. This doesn’t tie the agency’s rulemaking to specific gaps or tasks, but rather provides oversight over the bank’s general powers.
While the statute outlines specific powers of Farm Credit Banks, the delegation to the Farm Credit Administration is broad (“subject to regulation”). This does not instruct the agency on any specific regulatory task but provides general oversight.
While 12 U.S.C. § 2013 grants broad corporate powers to Farm Credit Banks, it also explicitly subjects these powers to regulation by the Farm Credit Administration (FCA). 12 CFR Part 626 regarding Nondiscrimination in Lending falls under the power to make regulations and ensure the Farm Credit banks are exercising their corporate power without discriminatory action. Therefore, while broad, there is specific topic delineated by the statute.
While 12 U.S.C. § 2013 grants broad powers to Farm Credit Banks, it also contains specific instructions that relate to capital. For example, section (15) allows banks to buy and sell obligations “as may be authorized under regulations issued by the Farm Credit Administration” and Section (22) allows banks to “accept contributions to the capital of the bank from associations and account for such in accordance with generally accepted accounting principles, except as may be authorized by the Farm Credit Administration”. Therefore, although the statute provides broad authority it also tasks the Farm Credit Administration with regulating specific areas related to capital.