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Understanding the Basics of the Farm Credit System

On June 23, 2023, from 12 noon–1:00 ET, the Penn State Center for Agricultural and Shale Law, alongside the Pennsylvania Department of Agriculture’s Agricultural Business Development Center, will present the next webinar in the Understanding Agricultural Law educational series: “Understanding the Basics of the Farm Credit System,” presented by attorney Douglas Durkin. Following the Homestead Act of 1862, farmers needed stable, low-interest credit to purchase land after most free land in the West had been claimed. After several attempts to provide a solution, in 1916, Congress passed the Federal Farm Loan Act, followed by the Farm Credit Acts of 1933 and 1953, and the current farm Credit Act of 1971, which established the framework for the current Farm Credit Administration and Farm Credit System. This system now serves as a vital source of credit and financial services for more than 600,000 rural and agricultural clients, servicing nearly one million loans in a portfolio worth more than $370 billion. This webinar will explain the structure, funding, and operations of the Farm Credit System (FCS), including the unique lending requirements imposed by Congress such as who is eligible for FCS services, how those services may be obtained, and many of the issues on which outside attorneys interact with the FCS, including real estate transactions, subpoenas, subordinations, easements, and solar leases. 00:00 Intro 06:51 Introducing The Farm Credit System 15:55 Origins of the Farm Credit System 19:12 Recent Farm Credit System History 26:31 Current Farm Credit System Structure 30:14 The Farm Credit System Funding Deep Dive 34:05 Introducing Farm Credit System Issues 38:20 Interest Rates 39:30 Loan Requirements and Eligibility 43:40 Farm Related Businesses 45:05 Rural Home Financing 46:15 Borrower’s Rights 49:00 Document Requests 50:40 Frequently Encountered Difficulties 55:20 Estate Planning 56:30 Farm Credit Loans and Easements