Interagency Q&A .42(a) – 6: Does a loan to the “fishing industry” come under the definition of a small farm loan?

Compliance > Regulation BB - CRA
Q:  § __.42(a) – 6: Does a loan to the “fishing industry” come under the definition of a small farm loan?
 
A:  Yes.  Instructions for Call Report Schedule RC-C, Part I include loans “made for the purpose of financing fisheries and forestries, including loans to commercial fishermen” as a component of the definition for “Loans to finance agricultural production and other loans to farmers.”  Call Report Schedule RC-C, Part II, which serves as the basis of the definition for small business and small farm loans in the regulation, captures both “Loans to finance agricultural production and other loans to farmers” and “Loans secured by farmland.”
 
 
 
This Interagency Q&A, and others, was released in July 2016.  The 2016 Q&As consolidates and supersedes all previously published “Interagency Questions and Answers Regarding Community Reinvestment,” and were noted as being effective immediately.  They may be found here:  http://www.ffiec.gov/cra/qnadoc.htm
 
 

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