ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Today the agency derives its authority from the Farm Credit Act of 1971, as amended. Our headquarters are located in McLean, Virginia. We also have field offices in Bloomington, Minnesota; Dallas, Texas; Denver, Colorado; and Sacramento, California.

Detailed explanation-2: -Mike Duffy was named chief examiner and director of FCA’s Office of Examination in February 2022. In that role, he is responsible for directing the examination and supervision of Farm Credit System institutions as well as monitoring the System’s condition and performance.

Detailed explanation-3: -The Farm Credit Administration is an independent federal agency that regulates and examines the banks, associations, and related entities of the Farm Credit System (FCS), including the Federal Agricultural Mortgage Corporation (Farmer Mac).

Detailed explanation-4: -The Farm Credit Administration is an independent financial regulatory agency that oversees the Farm Credit System, a nationwide network of lending institutions that serve farmers, ranchers, agricultural cooperatives, and other eligible borrowers.

Detailed explanation-5: -The Farm Credit Act of 1971, the outcome of recommendations of a commission established by the federal Farm Credit Board, gave the banks and associations more flexibility in lending to production agriculture, and authorized lending to commercial fishermen and rural homeowners.