WASHINGTON, D.C. – Farm Credit Council, Capital Farm Credit and Texas Farm Credit Services today joined other lenders in litigation against the Consumer Financial Protection Bureau (CFPB). The lawsuit seeks to halt implementation of the agency’s rule implementing Section 1071 of the Dodd-Frank Act. Farm Credit Council President and CEO Todd Van Hoose made the following statement on behalf of the Farm Credit System.
“Farm Credit Council, on behalf of its members, today joined other lenders in suing the CFPB to halt implementation of the 1071 rule. The CFPB rule is overly broad, and the costs of compliance will ultimately be borne by Farm Credit’s cooperative customers.
“Farm Credit does not oppose collecting demographic data and reporting it. In fact, we support bi-partisan legislation that would require it. The Farm Credit Administration (FCA) Independent Authority Act would require the voluntary collection of demographic data by FCA, the federal regulator for the Farm Credit System. This legislation also would require FCA to publicly report this information.”
Farm Credit supports rural communities and agriculture with reliable, consistent credit and financial services, today and tomorrow. It has been fulfilling its mission of helping rural America grow and thrive for more than a century with the capital necessary to make businesses successful and by financing vital infrastructure and communication services. For more information visit www.farmcredit.com.