Farm Credit
(Contlnuad from Page A 1)
January 1, 1989 to form Agricul
tural Credit Associations/ These
ASAs operate as locally managed
Farm Credit Associations. This
move was an immediate time and
money saver to the system
because it cut the need for dupli
cate financial records lor the
FLBAs and the PCAs.
The mergers also gave greater
independence to the local Farm
Credit Associations, according to
Senior Vice-President Ben
Amoss.
A good example of this is the
lending rate. Prior to January 1,
1989, the FCBB set the interest
lending rate for all their associa
tions in the five states and Puerto
Rico. The Farm Credit Act of
1987 gave the Farm Credit stock
holders the opportunity to vote
and change that As of January 1,
interest rates can be set at the local
level and based on the determin
ing factors in that area alone. This
allows the associations to be more
directly responsive to the specific
needs of their customers. And
allows the individual associations
to be more competitive with com
mercial banks.
“Going To Market” signals
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I
J * £*
Farm Credit’s renewed commit
ment to find better ways to serve
the agricultural borrower. And
Farm Credit directors and officers
are doing more than paying lip
service to this theme for 1989.
They are taking action.
That action has taken the form
of a task force assigned to assess
the efficiency of the Farm Credit
Associations (FCA) and the Farm
Credit Bank of Baltimore
(FCBB). The group will deter
mine what functions arc most
important and how these functions
can be done most efficiently. Per
haps most importantly, the task
force will determine by whom the
work should be done. Their find
ings will most likely result in a
staff reduction.
“At the end of 1988 there were
183 people on the staff. By the end
of 1989 that will have reduced by
12 percent,” said FCBB Executive
Vice-President and Chief of Oper
ations Glenn Stevens.
The task force will submit their
findings and recommendations to
the directors for comment and
review. “When these recommen
dations come to you give them
your full attention,” said T.
Edward Lippy, district board
member. “If our bank is to be the
premier lender of agricultural ere-
id Dutchman's
jit' Putdiman.
H SYCAMORE IND. PARK
255 PLANE TREE
HEY EQUIPMENT lancas?™™ 17503
COMPANY, INC. (717)393-5807
PitifMn af Q'llHy SyatiMi fir Ruby, Swim ir4 Griki HaMi^
dit in the Baltimore district we
need to be a well-planned
partnership.”
Farmer Mac is not a new farmer
down the road. What it is is a new
opportunity for Farm Cretin to
take advantage of a growing sec
ondary mortgage market. District
board member R. H. Stricklcr
began his address by putting a
firecracker under a can.
(Continued from Pago At)'
hikes will decrease government
spending or deflate the
mushrooming deficit,” Eckel said.
He added, “We farmers in
Pennsylvania and across this great
nation say emphatically that we
want the federal government to
operate with a balanced budget by
cutting government spending and
absolutely... no new taxes!”
A new farm bill will be written
next year and PFA also offered its
views on what provisions the 1990
Farm Bill should contain. “This
legislation must be flexible to
adapt to changing economic con
ditions, production practices and
the trade environment,” Eckel
said. The next farm bill should
“Farmer Mac has the potential
of being dynamite to the Farm
Credit system. It is tool and if we
use it wisely, we can make it work
for us. If we ignore it, we may be
making a very serious mistake,”
said Strickler.
The secondary mortgage mark
et is the market to which lending
institutions sell their loans. For
PFA In Washington
continue to focus on expansion of
trade, continuance of agricultural
research, development of new
products and uses for farm com
modities, and the search for eco
nomically feasible production
alternatives to meet environmen
tal concerns, Eckel told the law
makers. He added that PFA
believes the 1990 Farm Bill,
“...must permit agriculture to con
tinue its economic progress made
in recent years.”
Eckel also addressed farmers’
concerns about restrictions on the
state’s 498,000 acres of wetlands.
He told the gathering that, because
of government wetland regula
Route 30 West
at the
Centerville Exit.
Lancaster Farming, Saturday, March 11,1989-A25
example, ihe association would
make the loan to the individual
borrowers. Then repackage those
loans to create a diversified pack
age tailored to meet the needs of
the investor who purchases those
loans. The association would be
the middle man to make the loans,
service the loan, collect receipts
and collect the fees for packaging
the loan.
tions, approval from seven diffe
rent agencies is required if a land
owner wants to dredge, Hll, build
on, or do anything to a stream of
water, a pond or any standing
water on his farm. PFA believes
the regulatory definition of wet
lands should be expended to allow
normal farming practices or else a
landowner should be compensated
for losing use of his wetland
acreage.
PFA is a voluntary farm organi
zation representing over 23,600
families in S 4 county associations.
It is part of the world’s largest
farm group, the 3.7 million mem
ber American Farm Bureau
Federation.
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