Farm Credit Adjustment Act
Farm Credit: Longer Gaps Between Audits for Safe Banks
The Farm Credit Adjustment Act is currently in the early stages of the legislative process. It was recently introduced in the Senate and sent to the Committee on Agriculture, Nutrition, and Forestry for review. No further actions are scheduled at this time.
Legislative Progress
This bill has support from both parties and addresses a specific regulatory burden, which often helps a bill move through the Senate more easily.
Key Points
- This bill allows the government agency that oversees farm lenders to wait longer between official inspections for banks that are in good financial shape.
- Currently, these banks must be checked more often, but this change would allow the government to wait up to two years between audits if the bank is considered low-risk.
- The change is meant to save time and resources for both the government and the banks by focusing less energy on institutions that are already following the rules.
- If passed, the new rules would begin on October 1, 2026, and the government would have the final say on which banks qualify for the longer schedule.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in Senate
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
Farm Credit Adjustment Act
Data Sources
Sponsor
Cosponsors
(1)Analysis generated by AI. Always verify with official sources.