Notwithstanding any other provision of this chapter, the Farm Credit Administration shall have the authority to provide, acting through the Office of Secondary Market Oversight-
In exercising its authority pursuant to this section, the Farm Credit Administration shall consider-
The financial transactions of the Corporation shall be examined by examiners of the Farm Credit Administration in accordance with the principles and procedures applicable to commercial corporate transactions under such rules and regulations as may be prescribed by the Administration.
The examinations shall occur at such times as the Farm Credit Administration Board may determine, but in no event less than once each year.
The examiners shall-
The Corporation shall make and publish an annual report of condition as prescribed by the Farm Credit Administration. Each report shall contain financial statements prepared in accordance with generally accepted accounting principles and contain such additional information as the Farm Credit Administration may by regulation prescribe. The financial statements of the Corporation shall be audited by an independent public accountant.
The Farm Credit Administration shall assess the Corporation for the cost to the Administration of any regulatory activities conducted under this section, including the cost of any examination.
As used in this subchapter, the term "affiliate" shall mean an entity effectively controlled or owned by the Corporation, except that such term shall not include an originator (as defined in section 2279aa of this title).
The Farm Credit Administration Board shall ensure that-
12 U.S.C. § 2279aa-11
EDITORIAL NOTES
AMENDMENTS2018-Subsec. (e). Pub. L. 115-334 substituted "2279aa of this title)" for "2279aa(7) of this title)".1996-Subsec. (e). Pub. L. 104-105 substituted "section 2279aa(7) of this title" for "paragraphs (3) and (7), respectively, of section 2279aa of this title" and struck out "a certified facility or" before "an originator". 1992-Subsec. (a)(1)(B)(ii). Pub. L. 102-552 substituted "December 13, 1991" for "the date of enactment of this section". 1991-Subsec. (a)(1). Pub. L. 102-237, §503(a)(1), amended par. (1) generally. Prior to amendment, par. (1) read as follows: "Notwithstanding any other provision of this chapter, the Farm Credit Administration shall have the authority to-"(A) provide for the examination of the condition of the Corporation and its affiliates; and"(B) provide for the general supervision of the safe and sound performance of the powers, functions, and duties vested in the Corporation and its affiliates by this subchapter, including through the use of the enforcement powers of the Farm Credit Administration under part C of subchapter V of this chapter."Subsec. (a)(3). Pub. L. 102-237, §503(a)(2), added par. (3).Subsec. (f). Pub. L. 102-237, §503(a)(3), added subsec. (f). 1990-Subsec. (a)(1). Pub. L. 101-624, §1840(1), amended par. (1) generally. Prior to amendment, par. (1) read as follows: "Notwithstanding any other provision of this chapter, the regulatory authority of the Farm Credit Administration with respect to the Corporation shall be confined to-"(A) providing for the examination of the condition of the Corporation; and"(B) providing for the general supervision of the safe and sound performance of the powers, functions, and duties vested in the Corporation by this subchapter, including through the use of the enforcement powers of the Farm Credit Administration under part C of subchapter V of this chapter."Subsec. (e). Pub. L. 101-624, §1840(2), added subsec. (e).
- Director
- The term "Director" means the Director of the Bureau.
- affiliate
- The term "affiliate" means any person that controls, is controlled by, or is under common control with another person.
- credit
- The term "credit" means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase.