WASHINGTON, D.C. – U.S. Senator Thom Tillis (R-NC) recently pressed the National Credit Union Administration (NCUA) to continue supporting agriculture producers’ access to credit. In a letter to NCUA Chairman Todd Harper, Tillis and his colleagues questioned language included in the NCUA’s Draft Strategic Plan that could lead to regulatory discrimination against credit unions that lend to farmers, ranchers, and agricultural businesses in the name of addressing “climate-related financial risks.”

Accordingly, the members of Congress are urging Harper to remove this language from the strategic plan and not impose burdensome new regulations on credit unions that are supporting farmers, ranchers, agri-businesses and rural communities.

“American farmers, ranchers and producers across the country work tirelessly to grow the highest quality, lowest cost food supply in the world,” the members of Congress wrote. “We are concerned that recent actions and statements by the NCUA could lead to the establishment of a regulatory environment that threatens the ability of farmers, ranchers, agri-businesses and rural communities to access credit… Placing increased regulations on those that serve the agricultural industry will threaten to restrict access to credit in rural communities, which could have serious consequences for an industry that is already facing high inflation and increased input costs.”

The full text of the letter can be found here.  

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