Farm Credit Administration (FCA)
Consumer Complaints
The Farm Credit Administration (FCA) is responsible for the regulation
and examination of the banks, associations, and related entities
that collectively comprise what is known as the Farm Credit System,
including the Federal Agricultural Mortgage Corporation (Farmer
Mac).
Many of the
inquiries received by FCA relate to the borrower rights
provisions enacted by the Agricultural Credit Act of 1987. These
are rights which Farm Credit System institutions must
extend to borrowers during the application process, servicing,
or collection of certain loans. Alleged violations of certain other
Federal laws and Federal regulations also are reviewed by FCA.
FCA encourages borrowers and Farm Credit System institutions to
maintain communication with each other and to make a good faith
effort at negotiating a settlement of their differences. FCA has
observed that this often results in an outcome that is agreeable
and less costly to all parties involved.
How to File a Complaint
If a Farm Credit System borrower with an agricultural or aquatic
loan believes his/her borrower rights may have been violated, FCA
needs specific information in order to review these violations.
Borrowers should provide the following minimum information in their
correspondence:
- Name(s) of the borrower(s)
- Loan number(s)
- Name and address of the lending institution servicing
the loan
- The specific allegation of statutory or regulatory violation,
including dates
- Other supporting documentation
This information should be mailed to:
Director
Office of Communications and Public Affairs
Farm Credit Administration
1501 Farm Credit Drive
McLean, VA 22102-5090
FCA does not mediate disputes between a borrower and a Farm Credit
System (System) institution. In those cases, it is up to the borrower
to seek legal counsel or other means for resolving the issue. Some
states have loan mediation programs certified by the Secretary
of Agriculture under requirements established by the Agricultural
Credit Act of 1987. If a borrower initiates mediation under one
of these programs, System institutions are required by regulation
to cooperate with requests for information and to explore debt
restructuring proposals. In some instances, concerns raised by
borrowers or other interested parties fall outside the authority
of an arm's-length regulator. FCA does not have authority to interfere
in the daily management or business decisions of System institutions
unless Federal law or regulations have been violated, or such decisions
affect the safety and soundness of the institution. FCA does not
intercede in or provide comment on litigation between a borrower
and a System institution.
FCA does not determine specific interest rates charged by System
institutions. These rates are set by the individual boards of directors,
which are elected by the member-borrowers. Disputes concerning
the interest rate charged an individual borrower should be addressed
to the management or board of directors of the institution. The
FCA does have the responsibility of ensuring that System institutions
price their loans at levels that are consistent with safe and sound
banking practices.
For further information, visit the FCA's
website.
The information provided in this website is
not legal advice and should not be interpreted as legal advice.
This website is intended to provide a basic understanding of this
information in summary form. This information may not be comprehensive,
is subject to change, and may not apply to all individual circumstances.
Any information received here should be confirmed with the appropriate
government agencies or with an attorney, particularly as it relates
to your individual circumstances. Your use of this website indicates
your agreement to be bound by our Terms
of Use. © Copyright 2005-2013 MortgagesFinancingandCredit.org |
