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12 U.S.C. · Banks and Banking
12 U.S.C. § 2277a10a

Oversight actions by Corporation

Ch. 23 — FARM CREDIT SYSTEM
Title 12 U.S.C. ● ACTIVE Primary Source Ch. 23
Statutory Text

12 U.S.C. § 2277a10a — Oversight actions by Corporation

U.S.C. Title 12 - BANKS AND BANKING 12 U.S.C. United States Code, 2023 Edition Title 12 - BANKS AND BANKING CHAPTER 23 - FARM CREDIT SYSTEM SUBCHAPTER V - FARM CREDIT ADMINISTRATION ORGANIZATION Part E - Farm Credit System Insurance Corporation Sec. 2277a-10a - Oversight actions by Corporation From the U.S. Government Publishing Office, www.gpo.gov

§2277a–10a. Oversight actions by Corporation

(a) "Institution" defined In this section, the term "institution" means— (1) an insured System bank; and (2) a production credit association or other association making loans under section 2279b of this title with a direct loan payable to the funding bank of the association that comprises 20 percent or more of the funding bank's total loan volume net of nonaccrual loans. (b) Consultation regarding participation of undercapitalized banks in issuance of insured obligations The Farm Credit Administration shall consult with the Corporation prior to approving an insured obligation that is to be issued by or on behalf of, or participated in by, any insured System bank that fails to meet the minimum level for any capital requirement established by the Farm Credit Administration for the bank. (c) Consultation regarding applications for mergers and restructurings (1) Corporation to receive copy of transaction applications On receiving an application for a merger or restructuring of an institution, the Farm Credit Administration shall forward a copy of the application to the Corporation. (2) Consultation required If the proposed merger or restructuring involves an institution that fails to meet the minimum level for any capital requirement established by the Farm Credit Administration applicable to the institution, the Farm Credit Administration shall allow 30 days within which the Corporation may submit the views and recommendations of the Corporation, including any conditions for approval. In determining whether to approve or disapprove any proposed merger or restructuring, the Farm Credit Administration shall give due consideration to the views and recommendations of the Corporation.

(Pub. L. 92–181, title V, §5.61A, as added Pub. L. 104–105, title II, §218, Feb. 10, 1996, 110 Stat. 180.)

Source: uscode.house.gov — public domain Official Source ↗
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◈ Machine-Readable Provenance Record Root-LD v1.0 · boisestandard.org
Federation ID
BS-USC12-SEC-4DC302
Entity Class
STATUTE / FEDERAL-CODE-SECTION
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boisestandard.org
Citation
12 U.S.C. § 2277a10a
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Federal — United States
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✓ ACTIVE
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PRIMARY-SOURCE
Source Verified
✓ TRUE
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fc921d54a2cae342...
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Pending — corpus passes queued
The statutory text of 12 U.S.C. § 2277a10a is reproduced from the official United States Code as published by the Office of the Law Revision Counsel of the U.S. House of Representatives (uscode.house.gov).
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Ch. 23 — FARM CREDIT SYSTEM
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