Farm Credit System History
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Farm Credit System Company History Timeline
1908
Starting in 1908 in the administration of President Theodore Roosevelt, the Country Life Commission and congressional committees studied the problems facing rural families, who constituted the majority of households in America at that time.
1912
History of the Farm Credit System Early History By 1912, politicians found it universally popular to promise that strong measures to deal with the farm credit problem would be taken by government.
1916
From our start in 1916, Farm Credit has been serving rural communities and agriculture for more than 100 years.
Established by Congress in 1916, Farm Credit is one of the nation's oldest financial institutions created to provide a dependable source of financing and financial services for agricultural purposes and rural housing.
1929
The stock market crash of 1929 touched off the Great Depression, which threw thousands of farmers into bankruptcy.
1933
Thereafter, Congress enacted the Farm Credit Act of 1933, establishing a system of production credit corporations and associations, with financing from the Federal Intermediate Credit Banks, to provide operating loans to farmers on a short-term credit basis.
1954
Robert B. Tootell is the first governor appointed by the board in 1954 .
1968
All government capital to the FCS was repaid by 1968, making FCS institutions wholly owned by their farmer-borrowers.
1971
The Farm Credit Act of 1971, the outcome of recommendations of a commission established by the federal Farm Credit Board, gave the banks and associations more flexibility in lending to production agriculture, and authorized lending to commercial fishermen and rural homeowners.
Farm Credit Act of 1971 updated the System s charter and expanded lending authority for leasing, records, taxes, consulting, crop insurance, as well as loans to fishermen and rural homeowners.
1980
In 1980, the law was amended to encourage lending to young, beginning, and small farmers.
1985
The 1985 Act restructured FCA to give it increased oversight, regulatory, and enforcement powers similar to those of other federal financial regulatory institutions.
In 1985, in the midst of a deepening farm debt crisis characterized by low commodity prices, high farm debt-to-asset ratios, and steeply falling land values, the Farm Credit System banks held some 6 billion in loans in which the face amount exceeded the value of the collateral.
1987
In the midst of the farm debt crisis, Congress passed the Agricultural Act of 1987, providing up to 4 billion in federal loans to financially stressed Farm Credit institutions.
In addition, the Farm Credit System Insurance Corporation FCSIC was created in 1987 to stand behind Farm Credit institutions.
However, a federal district court in Fargo, North Dakota held that the Federal Land Bank exemption from income tax could continue after 1987.
1988
In 1988, the Federal Land Bank and Federal Intermediate Credit Bank in Texas merged to form the present Farm Credit Bank of Texas.
1992
Because of a 1992 US Supreme Court case, which held that fees and costs associated with a merger or acquisition were not deductible but had to be amortized over a lengthy time period, there would have been no offsetting deduction.
1996
The Farm Credit System Reform Act of 1996 gave Farmer Mac further authority to purchase and pool loans and issue mortgage-backed securities with guaranteed payment of principal and interest, rather than just guarantee such securities issued by other retail lenders.
2003
Farm Credit Bank of Texas completed its first private preferred stock offering in 2003.
2016
On July 17, 2016, the Farm Credit System celebrated its centennial.
2018
See the timeline PDF commemorating the 85th anniversary of FCA in 2018 and view historical highlights.
Founded
1916
Headquarters
Jersey City, NJ
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