|ICBA Review Review of Credit Conditions Report from Agricultural Lenders||House Agriculture Committee||Steven J. Handke||12/11/19|
|Review of Credit Conditions—Report from the Farm Credit Administration||House Agriculture Subcommittee on Commodity Exchanges, Energy and Credit||Written Statement||11/19/19|
|Commodities, Credit, & Crop Insurance: Perspectives on Risk Management Tools and Trends for the 2018 Farm Bill||Senate Committee on Agriculture, Nutrition and Forestry||Brenda Kluesner||07/25/17|
The USDA’s Farm Service Agency asked lenders to suspend adverse actions against guaranteed farm loan borrowers who are members of socially disadvantaged (SDA) groups while the agency develops a method to pay off SDA borrowers' direct and guaranteed loans.
Background: The payoff is required by Sec. 1005 of the American Rescue Plan Act signed into law March 12. The act will pay 120 percent of the outstanding indebtedness of each SDA farmer or rancher with an existing loan as of Jan. 1, 2021. An amendment to delete the provision was defeated on a 50-49 partisan vote.
More: Agriculture Secretary Tom Vilsack told the House Agriculture Committee during a hearing last week that the department will work to minimize disruptions from prepaying guaranteed loans.