Farm Credit Administration Independent Authority Act

This bill makes the Farm Credit Administration the only regulator of the Farm Credit System, which provides loans to farmers and rural businesses. It removes these lenders from having to follow a Consumer Financial Protection Bureau rule that requires them to collect and report information about small business loan applicants' race, sex, and ethnicity. Instead, the bill creates its own reporting system where Farm Credit System lenders must ask small farmer loan applicants to voluntarily share their race, sex, and ethnicity information, then report this data annually to the Farm Credit Administration, which will make it public. If courts strike down or repeal the Consumer Financial Protection Bureau rule, then Farm Credit System lenders would not have to follow the bill's requirements either.

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