November 26, 2014
The Community Bankers Association of Illinois (CBAI) opposes the expansionist agenda of the Farm Credit System (FCS) which has allowed FCS lenders to become almost the equivalent of commercial banks while retaining the benefits of their Government Sponsored Enterprise (GSE) status. The funding and tax advantages of the FCS constitute an unfair competitive advantage over Illinois’ rural community banks. If the System chooses not to follow its narrow historic mission, it should be abolished or subject to taxation and rigorous oversight and regulation. Read More.