IBAT sent an issue alert notice to the Congressional offices of the Texas delegation urging action on the Farm Bill before the current version expires at the end of September. Congress needs to act now in a packed election year and before lawmakers begin their post-Labor Day efforts to seek re-election.
The alert includes specific requests to support efforts to raise USDA loan guarantee limits as well as speed up turnaround times with the USDA Express loan program. While IBAT is supportive of the bill, there are concerns due to the efforts of Farm Credit System (FCS) lenders seeking to add amendments for the exclusive benefit of FCS lenders. These FCS-only provisions include community facilities, businesses serving aquaculture and siloed regulatory provisions for FCS lenders, such as an exemption from the Section 1071 small business lending requirements finalized last year by the Consumer Financial Protection Bureau (CFPB).
IBAT’s efforts on the farm bill include signing a joint state trade association letter coordinated by the Independent Community Bankers of America (ICBA) in support of the farm bill.
