Farm Credit Canada Act now requires periodic parliamentary review of the agency's operations

Plain-language summary · AI-assisted · not legal advice

A new section has been added to the Farm Credit Canada Act requiring the Minister of Agriculture and Agri-Food, in consultation with the Minister of Finance, to review the Act and Farm Credit Canada's operations on a recurring schedule. A report of each review must be tabled in both Houses of Parliament within one year of the review being undertaken, and that report must then be referred to and examined by a parliamentary committee. This change creates a formal accountability mechanism for Farm Credit Canada that did not previously exist in the legislation. Agricultural lenders, borrowers, and stakeholders who deal with Farm Credit Canada should be aware that the agency's activities will now be subject to structured parliamentary scrutiny on an ongoing basis.

Who this affects: agricultural producers and farm operators · Farm Credit Canada borrowers · agricultural lenders and financial institutions · federal government and parliamentary committees