Sec. 110. Farm Credit System institutions
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In this section, the term Farm Credit System institution — means an institution of the Farm Credit System chartered under the Farm Credit Act of 1971 ( 12 U.S.C. 2001 et seq.); and does not include the Federal Agricultural Mortgage Corporation. Solely with respect to loans under paragraphs
(36)and
(37)of section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ), Farm Credit Administration regulations and guidance issued as of July 14, 2020, and compliance with such regulations and guidance, shall be deemed functionally equivalent to requirements referenced in section 3(a)(iii)(II) of the interim final rule of the Administration entitled Business Loan Program Temporary Changes; Paycheck Protection Program (85 Fed. Reg. 20811 (April 15, 2020)) or any similar requirement referenced in that interim final rule in implementing such paragraph (37). For purposes of making loans under paragraph
(36)or
(37)of section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ) or forgiving those loans in accordance with section 1106 of the CARES Act ( 15 U.S.C. 9005 ) and subparagraph
(H)of such paragraph (37), sections 4.13, 4.14, and 4.14A of the Farm Credit Act of 1971 ( 12 U.S.C. 2199 , 2202, 2202a) (including regulations issued under those sections) shall not apply. With respect to the application of Farm Credit Administration capital requirements, a loan described in subparagraph (B)— shall receive a risk weight of zero percent; and shall not be included in the calculation of any applicable leverage ratio or other applicable capital ratio or calculation. A loan referred to in subparagraph
(A)is— a loan made by a Farm Credit Bank described in section 1.2(a) of the Farm Credit Act of 1971 ( 12 U.S.C. 2002(a) ) to a Federal Land Bank Association, a Production Credit Association, or an agricultural credit association described in that section to make loans under paragraph
(36)or
(37)of section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ) or forgive those loans in accordance with section 1106 of the CARES Act ( 15 U.S.C. 9005 ) and subparagraph
(H)of such paragraph (37); or a loan made by a Federal Land Bank Association, a Production Credit Association, an agricultural credit association, or the bank for cooperatives described in section 1.2(a) of the Farm Credit Act of 1971 ( 12 U.S.C. 2002(a) ) under paragraph
(36)or
(37)of section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ). Section 7(a)(36)(S) of the Small Business Act ( 15 U.S.C. 636(a)(36)(S) ) is amended— in clause (i)— in subclause (I), by striking and at the end; in subclause (II), by striking the period at the end and inserting ; and ; and by adding at the end the following: institutions of the Farm Credit System chartered under the Farm Credit Act of 1971 ( 12 U.S.C. 2001 et seq.) with consolidated assets of not less than $10,000,000,000 and less than $50,000,000,000. ; and in clause (ii)— in subclause (II), by striking and at the end; in subclause (III), by striking the period at the end and inserting ; and ; and by adding at the end the following: institutions of the Farm Credit System chartered under the Farm Credit Act of 1971 ( 12 U.S.C. 2001 et seq.) with consolidated assets of less than $10,000,000,000. .
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- 85 FR 20811
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Sec. 110
Farm Credit System institutions
Fed. Reg.85 FR 20811
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