118th Congress · HOUSE BILLBILL

H.R. 2423 — Farm Credit Administration Independent Authority Act

“To affirm that the Farm Credit Administration is the sole and independent regulator of the Farm Credit System.”

Agriculture and food

Introduced Mar 30, 2023

Last action Apr 25, 2023

Pipeline · Bill → Law

Step 1

Introduced

Mar 30, 2023

Step 2

Referred

Apr 25, 2023

Agriculture · Financial Services

Step 3

Committee

Step 4

House floor

Step 5

Senate

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

This bill specifies that the Farm Credit Administration (FCA) is the sole regulator of the Farm Credit System (FCS) and establishes reporting requirements for FCS institutions. Specifically, the bill states that the FCA is the sole and independent regulator of the FCS and exempts entities that are supervised by the FCA from the Equal Credit Opportunity Act (ECOA). (The bill addresses a proposed rule by the Consumer Financial Protection Bureau [CFPB] that would implement provisions of the ECOA by requiring covered financial institutions, including FCS lenders, to collect and report to the CFPB data on credit applications for small businesses, including the principal owner's race, sex, and...

Provisions · 3 sectionsIntroduced in House

Timeline · 4 actions

Apr 25, 2023

Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.

Mar 30, 2023

Introduced in House

Mar 30, 2023

Referred to the Committee on Agriculture, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Mar 30, 2023