Operating status at FCSIC
The Farm Credit System Insurance Corporation (FCSIC) is a government-controlled corporation. FCSIC’s purpose is to insure obligations issued by the Farm Credit System banks under the Farm Credit Act of 1971, as amended. FCSIC, and the insurance fund that it holds, were created in 1988 by the Agricultural Credit Act of 1987. FCSIC is self-supporting and receives no appropriated funds. FCSIC’s operations are entirely funded by user fees (insurance premiums) paid by the Farm Credit System. These fees are deposited into the Farm Credit Insurance Fund.
The Farm Credit System is a nationwide government-sponsored enterprise of cooperatively owned banks and affiliated associations that fund about 44% of all U.S. farm business debt. By protecting investors who purchase insured System debt, FCSIC helps to maintain a dependable source of funds for the farmers, ranchers, and other borrowers of the System.
If Congress fails to pass a federal budget or a continuing resolution, FCSIC would remain open during a government shutdown and its employees would report to work.