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Title 12 — Banks and BankingRelease 119-73

§2275a Transition rules relating to amendment of certain FCA approval authorities

Title 12 › Chapter CHAPTER 23— - FARM CREDIT SYSTEM › Subchapter SUBCHAPTER V— - FARM CREDIT ADMINISTRATION ORGANIZATION › Part Part D— - Miscellaneous › § 2275a

Last updated Apr 6, 2026|Official source

Summary

Approvals the Farm Credit Administration gave before January 6, 1988 must stay in effect on and after that date. If section 802 of the Agricultural Credit Act of 1987 changed an FCA approval power into a power to make rules, the FCA may use that power only until it issues final rules or until one year after January 6, 1988, whichever comes first. After that one-year date, the FCA must not take enforcement action against any System institution over those amended parts until final rules are issued. It does not affect the FCA’s other approval powers, including those in section 2252(a)(5).

Full Legal Text

Title 12, §2275a

Banks and Banking — Source: USLM XML via OLRC

(a)Any approvals granted by the Farm Credit Administration before January 6, 1988, shall remain in effect on and after such date.
(b)(1)Any approval authority of the Farm Credit Administration that, under the amendments made by section 802 of the Agricultural Credit Act of 1987, became an authority to issue regulations may be exercised only until the earlier of the date the Farm Credit Administration issues final regulations under such authority, or 1 year after January 6, 1988.
(2)At the close of the 1-year period referred to in paragraph (1), the Farm Credit Administration shall not take any enforcement action against any System institution with respect to any provision so amended, until the Farm Credit Administration issues final regulations under such provision.
(c)This section shall not affect the authority of the Farm Credit Administration to exercise any other approval authority either on a case-by-case basis or through regulation, as provided in section 2252(a)(5) of this title.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

References in Text

The

Amendments

made by section 802 of the Agricultural Credit Act of 1987, referred to in subsec. (b)(1), are the

Amendments

made by section 802 of Pub. L. 100–233, title VIII, Jan. 6, 1988, 101 Stat. 1710, which enacted section 2275a of this title and amended sections 2011 to 2013, 2017, 2031, 2051, 2052, 2071 to 2073, 2077, 2091, 2121, 2122, 2124, 2126, 2130, 2132, 2212, 2213, 2223, and 2252 of this title. For complete classification of section 802 to the Code, see Tables.

Reference

Citations & Metadata

Citation

12 U.S.C. § 2275a

Title 12 — Banks and Banking

Last Updated

Apr 6, 2026

Release point: 119-73