Reform Farm Credit

Farm Credit is out of control — a sprawling government program that puts the American taxpayer at risk while neglecting the farmers it was created to serve.

[Reform Farm Credit @ReformFCS]

As the number of consolidations continues to increase ⬆️, borrowers are cut off from their local, established lenders and locations. This leads to less local control of the association, meaning less of a voice for small farmers. https://t.co/lgA7rdRRY3

[Reform Farm Credit @ReformFCS]

Happy #AprilFools!

Oh, how we wish CoBank's newest "similar entity" lending were a joke too…

#CoBank continues to lend to questionable services like Intersect Power LLC. When will it end?

#FarmCreditWatch

https://t.co/b3KlP0CgdO

[Reform Farm Credit @ReformFCS]

The #FarmCreditAdministration believes the decreasing number and value of loans to YBS farmers was "driven by the way System institutions have been tracking loan participations.” Sorry, but we're not buying it… https://t.co/iLXs0hNeYF

[Reform Farm Credit @ReformFCS]

#ThrowbackThursday 🔙 In 1987, there were roughly 400 #FarmCredit associations serving rural America. In just over 30 years, this number has dropped to fewer than 70 Farm Credit associations. https://t.co/j99D6zZUVB

[Reform Farm Credit @ReformFCS]

#ThrowbackThursday 🔙 In 1987, the Farm Credit System was bailed out by U.S. taxpayers to the amount of $4 billion. Today, if FCS needed another bailout, it would cost taxpayers 955% more—roughly $38.2 billion out of taxpayers’ wallets. https://t.co/SETuhtll7r

[Reform Farm Credit @ReformFCS]

56 million acres of land in trust is reserved for Indian tribes & approximately 46 million for agricultural purposes. Yet, with all this land there is huge barriers to access credit including concerns of “recovering loan collateral involving tribal lands.” https://t.co/6nyz9a2JV7

[Reform Farm Credit @ReformFCS]

#DYK CoBank serves as the "sole lead arranger" for loans to an energy company building solar panels that power Facebook servers? That’s right, #CoBank is taking advantage of its taxpayer-backed lending to put the needs of Facebook before those of farmers. https://t.co/QGMwwqZaMh

[Reform Farm Credit @ReformFCS]

With the merge of Carolina Farm Credit and AgSouth Farm Credit into one association, this leaves just two associations left in North Carolina.

Two associations are now responsible for the ❗️entire❗️ state of North Carolina.

https://t.co/OHkrEpteMs

[Reform Farm Credit @ReformFCS]

Farm Credit Mid-America receives favorable tax treatment of just about 3%, presumably to help vulnerable farmers.

If #FarmCredit Mid-America continues to insufficiently serve the YBS farmers, they should no longer receive this favorable tax treatment. https://t.co/FLUspMAwsQ

[Reform Farm Credit @ReformFCS]

In 2020, the #FarmCredit System made $6 billion in profits and only paid $172 million in taxes. You would expect with tax rate of just 2.8% the FCS would be providing sufficient support for farmers.

⚠️ Spoiler alert: They’re not.

https://t.co/TXNA6s2yvI

[Reform Farm Credit @ReformFCS]

With roughly 257,000 small farmers in Farm Credit Mid-America's service area, they continue to ignore vulnerable farmers by serving just 60,100.

We cannot let this go on.

#FarmCreditWatch

https://t.co/OZValNKHHe

[Reform Farm Credit @ReformFCS]

147.

That is the number of counties that will be covered by a single, new association. Carolina Farm Credit and AgSouth Farm Credit announced their decision to form under AgSouth Farm Credit.

How will 147 counties be represented fairly by 1️⃣ association? https://t.co/w7QEnW0aLE

[Reform Farm Credit @ReformFCS]

In 2017, Lone Star Ag Credit issued a public notice that its financial statements, “should no longer be relied upon,” due to “appraisal and accounting irregularities.”

Should they really be absorbing another association with this in mind?

https://t.co/jJrRaM9DxN

[Reform Farm Credit @ReformFCS]

With Farm Credit West and Northwest Farm Credit Services pursuing a merger, academics are speaking up about the effects of #FarmCredit moving toward consolidation. @UARKLaw Professor Susan Schneider and @UofNorthDakota Professor Erik Hanson weighed in ⬇️ https://t.co/ULBsv4Ouhp

[Reform Farm Credit @ReformFCS]

While the FCA is following through on some important oversight priorities, it still leaves too much on the table.

One thing that should be a top priority is determining whether FCS house loans comply with the spirit of the #FarmCredit Act.

https://t.co/KsDKTyrlsJ

[Reform Farm Credit @ReformFCS]

The wave 🌊 of mergers across the country is an important development that deserves examination. The Office of Examination should be following up on whether merged institutions are making good on their promises to maintain services and size. https://t.co/LLPlT8tG3Z

[Reform Farm Credit @ReformFCS]

The #FarmCreditAdministration has the power to review and approve mergers. So why do they continue to ignore the downsides?

Loss of local control faced by YBS farmers is just one of many.

#FarmCreditWatch https://t.co/iZkk0KHw8Y

[Reform Farm Credit @ReformFCS]

Long Star Ag Credit and Ag New Mexico Farm Credit announced plans to pursue a “merger.”

$2.6 billion in assets + $400 million in assets = ???

The numbers aren’t adding up to us…this looks more like an absorption than a merger 👀

https://t.co/ttAof4PlXx

[Reform Farm Credit @ReformFCS]

Happy #NationalAgricultureWeek! American farmers, ranchers, and produces are the bedrock of our agriculture economy. We will continue to advocate and fight for fair lending from #FarmCredit associations.

[Reform Farm Credit @ReformFCS]

Farm Credit is growing while lending to farmers is shrinking.

Since 2016, total assets held by Farm Credit have increased ⬆️ while the total number of FCS loans to YBS farmers have decreased ⬇️

https://t.co/ihXSBmsubQ