Skip to main content
U.S. flag

An official website of the United States government

Dot gov

The .gov means it’s official.
Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you're on a federal government site.

https

The site is secure.
The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.

Return to Comments
Collateral Evaluation Rule
Type: Regulation
Federal Register Document Type: Proposed
Description:
Appraisal Reporting Requirements


Text of Comment Letter
 

July 19, 2021  

  

Mr. Kevin J. Kramp                                                      

Director, Office of Regulatory Policy  

Farm Credit Administration  

1501 Farm Credit Drive  

McLean, VA 22102-5090  

  

Re:       Proposed Rule – 12 CFR Part 614 – RIN 3052-AC94; Collateral Evaluation Requirements; 86 Federal Register 27308-27323  

 

Dear Mr. Kramp:  

 

This letter is provided to you to express some personal comments to the Farm Credit Administration (“FCA”) on the above referenced Proposed Rule. 

 

In my service as a director of GreenStone Farm Credit Services, I have been alerted to the grave concerns and challenges the GreenStone management team were recently made aware of as they were actively engaged in a workgroup with several other Farm Credit System institutions to review, analyze and discuss the Proposed Rule and existing regulations utilizing decades of experience within the Farm Credit System and outside the System from other financial sectors.    

  

GreenStone is completely supportive of the Farm Credit System comment letter.  While we understand the complex nature of balancing existing state and federal appraisal standards, current FCA appraisal rules, and today’s Farm Credit collateral evaluation processes, the Proposed Rule puts the directors at a severe disadvantage in meeting its responsibilities.  I fully support for the System’s comment letter and join the request for withdrawal of the Proposed Rule. 

The Proposed Rule would also make it a challenge personally, as a member, to find the overall benefit to me as a borrower to go through a process that I otherwise would not have to go through at a competitive local financial institution.  The demands of this Proposed Rule appear to be unreasonable in the financial marketplace for an already challenging industry like agriculture. 

I appreciate the opportunity to comment and support the System position on this Proposed Rule. 

Respectfully submitted, 


 

Peter Maxwell 

34 W. Brushaber Road 

Beaverton, MI 48612 



The information contained in this transmission is intended for the exclusive use of the addressee and may contain information that is privileged, confidential, and exempt from disclosure. If you are not the intended recipient, do not disseminate, distribute or copy this communication. If you have received this transmission in error, please immediately reply to the sender and then delete it. Thank you for your cooperation. Neither this information block, the typed name of the sender, nor anything else in this message is intended to constitute an electronic signature unless a specific statement to the contrary is included in this message.

Attachments: