The Farm Credit Administration board met last week to receive a quarterly report on economic conditions affecting the agricultural economy and Farm Credit System institutions.
Economic Conditions: According to the report, FCS total assets and loan growth have increased 6.0% and 6.5%, respectively, over the past 12 months. FCS rural infrastructure loans have increased 17% in 2023.
Grassroots: Community bankers can use ICBA’s Be Heard grassroots resource center to urge support for the Access to Credit for our Rural Economy (ACRE) Act (H.R. 3139), which would help offset FCS tax and regulatory advantages by exempting the interest income on farm real estate and rural mortgage loans from taxation.