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National Rural Utilities Cooperative Finance Corporation history
National Rural Utilities Cooperative Finance Corporation company history timeline
In January 1969, four years after formally endorsing exploring private-sector financing, the NRECA Board of Directors moved forward with making the promise of a member-owned financing cooperative a reality.
On April 10, 1969, CFC was incorporated in the District of Columbia.
Petersen kicked off his electric cooperative career in 1976 at Nishnabotna Valley Rural Electric Cooperative in Harlan, Iowa, as a staff assistant.
To reduce operational costs and improve staff access, land for a new 141,503-sq.-ft. headquarters in the Woodland Park corporate office center in Herndon, Virginia, was purchased in February 1986.
As a result, the Rural Telephone Finance Cooperative (RTFC) was incorporated on September 8, 1987, in South Dakota.
Under the Federal Credit Reform Act of 1990, the Rural Electrification and Telephone Revolving Fund, which used money borrowers paid back on their loans to make new ones, was marked for termination.
CFC’s support would continue until 1993, when NRTC became totally self-sufficient.
Established on July 1, 2000, from a consolidation of Central Area Data Processing and North Central Data Cooperative.
Since 2002, CFC has helped 29 distribution cooperatives in 11 states add 358,635 new consumers to their ranks through 15 unique purchases of neighboring municipal electric systems or investor-owned utility (IOU) territories.
In May 2009, CFC adopts a new capital credits retirement policy, providing for a 50 percent immediate retirement of the previous fiscal year’s allocation and retaining the other 50 percent allocation for 25 years.
CFC has been a proud supporter of these overseas electrification efforts for decades and in 2017 began providing grants to electric cooperative statewide organizations that sponsor international projects.
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National Rural Utilities Cooperative Finance Corporation may also be known as or be related to NATIONAL RURAL UTILITIES COOPERATIVE and National Rural Utilities Cooperative Finance Corporation.