Commemorate the 100th Anniversary of the Farm Credit System

As you may be aware, 2016 marks the 100th anniversary of the establishment of the Farm Credit System. The System’s long history of providing financial services to our nation’s rural communities and agricultural producers has been vital to the economic well-being of rural America over the last century.

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Cosponsor the Student Loan Transfers Disclosure Act (v. 4)

Earlier this year, the Consumer Financial Protection Bureau released a factsheet highlighting an issue among student loan borrowers regarding servicing company transfers. A borrower’s loan might be transferred from one student loan servicing company to another, possibly without notice to the borrower. Problems arise when the borrower, unaware of the transfer, submits their loan payments to the wrong servicer, which can then lead to added late fees.

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THE FEDERAL GOVERNMENT’S TROUBLING APPROACH TO TROUBLED MORTGAGES

The housing market today faces many challenges – mortgage access is constrained and rental markets are tightening. As families and communities attempt to recover from the financial crisis, the ability of the federal government to influence that recovery is tremendous. This is why there is growing concern about the approach federal housing agencies are taking with regard to non-performing home loans.

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The Impact of FASB’s Accounting Standards Update on Community Banks and Credit Unions (v. 2)

Banks and credit unions are an integral part of our communities that provide small businesses and consumers with access to affordable credit. For this reason, we have written a bipartisan letter to express our concern with the Financial Accounting Standards Board’s (FASB) proposed reforms to loan-loss reserve calculations. The proposed reforms would require banks and credit unions to estimate expected credit losses for the life of a financial instrument and recognize the net present value of those losses at the moment of origination. This would be a stark departure from today’s practices where financial institutions follow generally accepted accounting principles (GAAP) and recognize credit losses when there is evidence they will actually incur a default.

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