Logo: Independent Community Bankers of America - ICBA The Nation's Voice for Community Banks (R)
Username:
Password:

Graphic: Arrow Forgot password?
Graphic: Arrow Request Login
Contact ICBA Site Map Search ICBA
ArrowICBA Home





Members Only = Access Restricted
Last update: 04/16/14

ND Complains About FCS Taking Deposits

WWR ARTICLE
OCTOBER 3, 2003

 

In a strongly worded letter this past week, Timothy Karsy, commissioner of the North Dakota Department of Financial Institutions, complained to Farm Credit Administration chairman Mike Reyna about blatant efforts by FCS to compete for deposits with commercial banks. The letter stated that a FCS newsletter article touting the so-called Farm Cash Management Plans was "very misleading and the general public is led to believe this is an interest-bearing deposit account … the article further misleads the public by stating agri-bank investment bonds are backed solely by AgriBank, FCB, in St. Paul, Minnesota, which holds assets of nearly $23 billion. I believe the public will presume these deposits are backed by the government or are an insured deposit."

The commissioner also raised concerns with an FCA proposal to engage in farm management and agricultural trust services. The FCA currently has three proposals pending, with comment deadlines in October: OFI/Farmer Notes (consumer lending) October 10; farm management & ag trust services (Oct. 20); non-farm lending (scope & eligibility) October 29. For more information, go to www.icba.org, under "Farm Credit System."






ArrowsPrintable version



Button: Share


All contents copyright 2014 Independent Community Bankers of America. All rights reserved.
Privacy Statement | Legal Notice