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Contact:
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Robert Schmermund
(202) 857-3104
Jim Eberle
(202) 857-3145
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Jim Eberle
(202) 857-3145 (work)
(703) 893-2593 (home)
[email protected]
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For Immediate Release
March 20, 2001
#01-24 |
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E-mail:
[email protected] |
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AMERICA’S COMMUNITY BANKERS URGES WITHDRAWAL OF FARM CREDIT NATIONAL CHARTER PROPOSAL
WASHINGTON, D.C. — America’s Community Bankers and a number of
state organizations urged the Farm Credit Administration today to withdraw a
proposal that would establish national charters for Farm Credit System direct
lending institutions.
“Providing national charters to FCS direct lending institutions will
irrevocably change the nature and scope of the FCS in a manner not contemplated
or approved by Congress,” ACB said in a comment letter. “Rural
communities, smaller farms and beginning farm families may be harmed as FCS
nationally chartered institutions focus on larger, more profitable loans.”
ACB said the proposal would not require nationally chartered institutions to
maintain any specific measurable service to the farmers and ranchers in the
local communities.
ACB said there is no need to expand the authority of FCS direct lending
institutions because there are a growing number of credit providers competing to
serve rural America, including community banks that provide full financial
services to communities.
ACB’s comment letter is ATTACHED.
America’s Community Bankers is the national trade association committed to shaping the future of
banking by being the innovative industry leader strengthening the competitive position of
community banks. To learn more about ACB, visit
www.AmericasCommunityBankers.com.
-30-
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