12 USC 2279aa-11 - Supervision, examination, and report of condition

U.S Code last checked for updates: Nov 22, 2024

§ 2279aa–11.

Supervision, examination, and report of condition

(a)

Regulation

(1)

Authority

Notwithstanding any other provision of this chapter, the Farm Credit Administration shall have the authority to provide, acting through the Office of Secondary Market Oversight—

(A)

for the examination of the Corporation and its affiliates; and

(B)

for the general supervision of the safe and sound performance of the powers, functions, and duties vested in the Corporation and its affiliates by this subchapter, including through the use of the authorities granted to the Farm Credit Administration under—

(i)

part C of subchapter V; and

(ii)

beginning 6 months after December 13, 1991, section 2252(a)(9) of this title.

(2)

Considerations

In exercising its authority pursuant to this section, the Farm Credit Administration shall consider—

(A)

the purposes for which the Corporation was created;

(B)

the practices appropriate to the conduct of secondary markets in agricultural loans; and

(C)

the reduced levels of risk associated with appropriately structured secondary market transactions.

(3)

Office of Secondary Market Oversight

(A)

Not later than 180 days after December 13, 1991, the Farm Credit Administration Board shall establish within the Farm Credit Administration the Office of Secondary Market Oversight.

(B)

The Farm Credit Administration Board shall carry out the authority set forth in this section through the Office of Secondary Market Oversight.

(C)

The Office of Secondary Market Oversight shall be managed by a full-time Director who shall be selected by and report to the Farm Credit Administration Board.

(b)

Examinations and audits

(1)

In general

(2)

Frequency

(3)

Access

The examiners shall—

(A)

have access to all books, accounts, financial records, reports, files, and all other papers, things, or property belonging to or in use by the Corporation and necessary to facilitate the audit; and

(B)

be afforded full access for verifying transactions with certified facilities and other entities with whom the Corporation conducts transactions.

(c)

Annual report of condition

(d)

FCA assessments to cover costs

(e)

“Affiliate” defined

(f)

Employees and personnel

The Farm Credit Administration Board shall ensure that—

(1)

the Office of Secondary Market Oversight has access to a sufficient number of qualified and trained employees to adequately supervise the secondary market activities of the Corporation; and

(2)

the supervision of the powers, functions, and duties of the Corporation is performed, to the extent practicable, by personnel who are not responsible for the supervision of the banks and associations of the Farm Credit System.

(Pub. L. 92–181, title VIII, § 8.11, as added Pub. L. 100–233, title VII, § 702, Jan. 6, 1988, 101 Stat. 1702; amended Pub. L. 101–624, title XVIII, § 1840, Nov. 28, 1990, 104 Stat. 3835; Pub. L. 102–237, title V, § 503(a), Dec. 13, 1991, 105 Stat. 1870; Pub. L. 102–552, title III, § 308(b)(2), Oct. 28, 1992, 106 Stat. 4116; Pub. L. 104–105, title I, § 111, Feb. 10, 1996, 110 Stat. 165; Pub. L. 115–334, title V, § 5411(47), Dec. 20, 2018, 132 Stat. 4685.)

cite as: 12 USC 2279aa-11