12 USC 2275a - Transition rules relating to amendment of certain FCA approval authorities

United States Code

USC most recently checked for updates: Jun 09, 2025

§ 2276. Access to and examination by Comptroller General of books, documents, etc., of farm credit system banks and institutions

U.S. Code
Notes

§ 2275a.

Transition rules relating to amendment of certain FCA approval authorities

(a)

In general

Any approvals granted by the Farm Credit Administration before January 6, 1988, shall remain in effect on and after such date.

(b)

Authority to issue regulations

(1)

In general

Any approval authority of the Farm Credit Administration that, under the amendments made by section 802 of the Agricultural Credit Act of 1987, became an authority to issue regulations may be exercised only until the earlier of the date the Farm Credit Administration issues final regulations under such authority, or 1 year after January 6, 1988.

(2)

Enforcement actions

At the close of the 1-year period referred to in paragraph (1), the Farm Credit Administration shall not take any enforcement action against any System institution with respect to any provision so amended, until the Farm Credit Administration issues final regulations under such provision.

(c)

Effect of section

This section shall not affect the authority of the Farm Credit Administration to exercise any other approval authority either on a case-by-case basis or through regulation, as provided in section 2252(a)(5) of this title.

(Pub. L. 92–181, title V, § 5.45, as added Pub. L. 100–233, title VIII, § 802(w), Jan. 6, 1988, 101 Stat. 1713.)

cite as: 12 USC 2275a