Tap any paragraph to write a margin note. Your notes collect in the Desk below the text and file under cases with @. The side-by-side margin rail opens on a larger screen.

§
Marginalia
Code · U.S. Code · Title 12 - BANKS AND BANKING · CHAPTER 23— FARM CREDIT SYSTEM · Part A— Establishment and Activities of Federal Agricultural Mortgage Corporation · § 2279aa–11

§ 2279aa–11. Supervision, examination, and report of condition

950 words·~4 min read·/usc/title-12/section-2279aa-11

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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— for the examination of the Corporation and its affiliates; and 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 authorities granted to the Farm Credit Administration under— part C of subchapter V; and beginning 6 months after December 13, 1991 , section 2252(a)(9) of this title .
In exercising its authority pursuant to this section, the Farm Credit Administration shall consider— the purposes for which the Corporation was created; the practices appropriate to the conduct of secondary markets in agricultural loans; and the reduced levels of risk associated with appropriately structured secondary market transactions. Not later than 180 days after December 13, 1991 , the Farm Credit Administration Board shall establish within the Farm Credit Administration the Office of Secondary Market Oversight.
The Farm Credit Administration Board shall carry out the authority set forth in this section through the Office of Secondary Market Oversight. The Office of Secondary Market Oversight shall be managed by a full-time Director who shall be selected by and report to the Farm Credit Administration Board. 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— have access to all books, accounts, financial records, reports, files, and all other papers, things, or property belonging to or in use by the Corporation and necessary to facilitate the audit; and be afforded full access for verifying transactions with certified facilities and other entities with whom the Corporation conducts transactions.
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— the Office of Secondary Market Oversight has access to a sufficient number of qualified and trained employees to adequately supervise the secondary market activities of the Corporation; and the supervision of the powers, functions, and duties of the Corporation is performed, to the extent practicable, by personnel who are not responsible for the supervision of the banks and associations of the Farm Credit System.
( Pub. L. 92–181, title VIII, § 8 .11, as added Pub. L. 100–233, title VII, § 702 , Jan. 6, 1988 , 101 Stat. 1702 ; amended Pub. L. 101–624, title XVIII, § 1840 , Nov. 28, 1990 , 104 Stat. 3835 ; Pub. L. 102–237, title V, § 503(a) , Dec. 13, 1991 , 105 Stat. 1870 ; Pub. L. 102–552, title III, § 308(b)(2) , Oct. 28, 1992 , 106 Stat. 4116 ; Pub. L. 104–105, title I, § 111 , Feb. 10, 1996 , 110 Stat. 165 ; Pub. L. 115–334, title V, § 5411(47) , Dec. 20, 2018 , 132 Stat. 4685 .)
Connections13 cite this · traces to 1
Traces to 1 document
12 references not yet in our index
  • Pub. L. 92-181
  • Pub. L. 100-233
  • 101 Stat. 1702
  • Pub. L. 101-624
  • 104 Stat. 3835
  • Pub. L. 102-237
  • 105 Stat. 1870
  • Pub. L. 102-552
  • 106 Stat. 4116
  • Pub. L. 104-105
  • 110 Stat. 165
  • 132 Stat. 4685
Citation graph
cites case law
§ 2279aa–11
Supervision, examination, and report of condition
Fed. Reg.×12
Stat. Comp.×1
Pub. L.Public Law 115-334
Pub. L.Pub. L. 92-181
Pub. L.Pub. L. 100-233
Stat.101 Stat. 1702
Pub. L.Pub. L. 101-624
Stat.104 Stat. 3835
Cites 13 · showing 6Cited by 13 across 2 sources
★   the supreme law of the land   ★
Don't Tread on Me
E Pluribus Unum — out of many, one

"If you don't know your rights, you don't have any."

Marginalia · a citizen's law index
A research desk, not legal advice. Always read the cited source before relying on a summary.
Questions or an issue? support@self-law.org
disclaimerMarginalia is a research index, not a law firm. Nothing on this site is legal, tax, or financial advice and no attorney–client relationship is formed by using it. Statutes, regulations, and case law change; summaries, search results, AI output, and member posts may be incomplete, out of date, or wrong. Any interpretation drawn from material on this site should be validated by a licensed attorney in your jurisdiction before you act on it.