106 STAT. 4102

PUBLIC LAW 102-552—OCT. 28, 1992

Oct. 28,1992
[H.R. 6125]

Farm Credit
Banks and
Associations
Safety and
Soundness Act
of 1992.
12 USC 2001
(A note.

Public Law 102-552
102d Congress

An Act

To enhance the financial safety and soundness of the banks and associations of
the Farm Credit System, and for other purposes.

Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

(a) SHORT TITLE.—This Act may be cited as the "Farm Credit
Banks and Associations Safety and Soundness Act of 1992".

(b) TABLE OF CONTENTS.—The table of contents of this Act
is as follows:

Sec. 1. Short title; table of contents.

Sec. 2. References to the Farm Credit Act of 1971.

TITLE I-

-IMPROVEMENTS TO FARM CREDIT SYSTEM SAFETY AND
SOUNDNESS

Sec. 101. Definition of permanent capital.

Sec. 102. Qualifications of Farm Credit Administration Board members.

TITLE II—FARM CREDIT SYSTEM INSURANCE CORPORATION

Sec. 201. Farm Credit System Insurance Corporation.
Sec. 202. Statutory successor to Assistance Board agreements.
Sec. 203. Use of Farm Credit Administration personnel.

Sec. 204. GAO reports on risk-based insurance premiums, access to association cap-
ital, supplemental premiums, and consolidation.

TITLE III—REPAYMENT OF FARM CREDIT SYSTEM DEBT OBLIGATIONS

Sec. 301. Capital preservation.

Sec. 302. Preferred stock.

Sec. 303. Systemwide repayment obligation.

Sec. 304. Repayment of Treasury-paid interest.

Sec. 305. Transfer of obligations from associations to banks; other matters.

Sec. 306. Defaults.

Sec. 307. Authority of Financial Assistance Corporation.

Sec. 308. Technical amendments. ,

TITLE IV—CLARIFICATION OF CERTAIN AUTHORITIES

Sec. 401. Clarification of the status and powers of certain institutions of the Farm
Credit System.

TITLE V—MISCELLANEOUS

Sec. 501. Valuation reserves of production credit associations.

Sec. 502. Risk management participation authority.

Sec. 503. Equity voting for one director of each bank for cooperatives.

Sec. 504. Technical amendment.

Sec. 505. Expansion of water and sewer lending authority of banks for cooperatives.

Sec. 506. Eligibility to borrow from a bank for cooperatives.

Sec. 507. Non-voting representative on board of Funding Corporation.

Sec. 508. Repeal of prohibition against guarantee of certain instruments of indebt-
edness.

Sec. 509. Compensation of bank directors.

Sec. 510. Clarification of treatment of Farm Credit Administration operating ex-
penses.

Sec. 511. Approval of competitive charters.

Sec. 512. Examinations.

Sec. 513. Authority to examine System institutions.