Farm Credit Administration Independent Authority Act

This legislation explicitly affirms the Farm Credit Administration (FCA) as the sole and independent regulator of the Farm Credit System (FCS). A key provision requires FCS institutions to implement a process for collecting specific demographic information from small farmer loan applicants and borrowers. This involves requesting voluntary disclosure of race, sex, and ethnicity, which the institutions must then collect, maintain, and report annually to the FCA. The bill directs the FCA to compile this collected data and make it publicly available on an annual basis, with a strict mandate to protect personally identifiable information of loan applicants and borrowers. Importantly, the FCA is prohibited from requiring institutions to report demographic data based on visual observation or other non-voluntary methods if a customer declines to disclose it. Furthermore, the bill includes a conforming amendment to the Equal Credit Opportunity Act, specifically excluding FCA-supervised entities from certain provisions, thereby reinforcing the FCA's distinct regulatory authority. Finally, the legislation stipulates a condition for compliance: if other financial institutions are no longer required to comply with similar data collection rules, such as those outlined in 12 CFR part 1002, subpart B, then FCS institutions will also be relieved of their compliance obligations under this Act. This provision ensures that the data collection requirements for the Farm Credit System remain consistent with the broader financial regulatory landscape. It prevents an undue burden on FCS institutions should comparable regulations be invalidated or repealed for other lenders.