1908

The Beginning

In 1908, Theodore Roosevelt appointed a Country Life Commission to address the various problems facing a predominantly rural population, including farmers’ inability to secure loans on fair terms. Many studies, several years and numerous bills later, the Farm Credit System was born. 

1968

Agricultural and Farm Credit Prosperity

By 1968, all banks and Production Credit Associations had paid off the federal capital investment meaning the Farm Credit System was now entirely owned by its customers.

The Farm Credit Act of 1971, along with amendments added in 1980, significantly expanded the range of services Farm Credit institutions could offer, to include rural home mortgages, leasing services and international and rural utility lending.

1980

Making strategic decisions through the 1980s

The 1980s were a period of rising inflation and collapsing farmland values. As a result, legislation made several major revisions to the structure and operations of the Farm Credit System and provided financial assistance in the form of a fully repayable, privately financed line of credit which was guaranteed by the federal government In addition, Farm Credit associations consolidated. 

1990

Progress through the 1990s

In 1990-1991, Congress asked Farm Credit to play a greater role in financing agricultural marketing and processing operations, as well as water and sewer loans in rural communities.
In 1992, all System banks met or exceeded the new 7 percent risk-weighted permanent capital standard mandated by Farm Credit Administration (FCA) —an achievement that came nearly a year ahead of schedule. The System continued to show strong profits throughout the early 1990s. As a result, the last of the four Farm Credit Banks that received financial assistance due to the 1980s recession redeemed its assistance—almost 10 years before the 15-year assistance bonds were due.

Recent Years

Today, the Farm Credit System provides more than $191 billion in credit and related services to farmers, agribusinesses and rural home owners as well as agricultural and rural utility cooperatives.  The early 2000s saw increased focus on programs supporting young, beginning and small farmers to help support the future of agriculture.