News releases & notifications
FCSIC Notice of Regular Board Meeting April 9, 2025
March 26, 2025
Notice of the forthcoming regular meeting of the Board of Directors of the Farm Credit System Insurance Corporation (FCSIC) is hereby given in accordance with the provisions of Article VI of the Bylaws of the FCSIC.
Read the entire notification of the April 9, 2025 Board meeting (PDF).
FCSIC board of directors votes to return excess funds to Farm Credit System banks
March 12, 2025
For Immediate Release
Contact: Andrew Grimaldi, 703-883-4383
McLEAN, Va., March 12, 2025 — The Farm Credit System Insurance Corporation board of directors has approved a payment of approximately $76.6 million in excess insurance funds to Farm Credit System banks.
By law, the Farm Credit Insurance Fund, which FCSIC administers, must maintain a “secure base amount” equal to 2% of the adjusted outstanding insured obligations of the Farm Credit System. At the end of each year, FCSIC is required to transfer any amount over the secure base amount (after deducting its operating expenses and current insurance obligations) to “allocated insurance reserves accounts” — one for each bank that pays premiums into the Farm Credit Insurance Fund. However, the FCSIC board has the authority to hold the excess funds if conditions warrant doing so.
Premium accrual rates for 2025 were previously set by the board in February at 10 basis points, which is below the maximum premium rate of 20 basis points. FCSIC estimates that the 10 basis points will allow the System to grow up to 9% in 2025 and still allow the Insurance Fund to end 2025 above the secure base amount. Since premiums will accrue at a level below the maximum and the board will review premium rates later in the year, the board believes that the Insurance Fund will likely stay above the secure base amount in 2025. It has also determined that there are no current insurance obligations and that losses to the Insurance Fund are unlikely at this time.
The total amount over the secure base amount at December 31, 2024, was $81.9 million. After subtracting $5.3 million for the corporation’s 2025 operating funds, FCSIC transferred approximately $76.6 million to the allocated insurance reserves accounts, and the FCSIC board has now voted to return the approximately $76.6 million in excess funds to the System banks.
Year-end audit results
Sikich, FCSIC’s independent audit firm, recently completed its year-end review of the corporation’s financial statements and has issued an unqualified or clean opinion. The auditor found no material weaknesses or deficiencies. This is the 35th consecutive year FCSIC has received an unqualified or unmodified opinion on its financial statements.
Sikich also conducted testing on the effectiveness of FCSIC’s internal control over financial reporting and issued an opinion that it was effective.
FCSIC is managed by a three-member board of directors. In addition to Chairman Glen Smith, Jeffery Hall and Vincent Logan serve as members of the board.
FCSIC Notice of Regular Board Meeting March 12, 2025
February 28, 2025
Notice of the forthcoming regular meeting of the Board of Directors of the Farm Credit System Insurance Corporation (FCSIC) is hereby given in accordance with the provisions of Article VI of the Bylaws of the FCSIC.
Read the entire notification of the March 12, 2025 Board meeting (PDF).
FCSIC Board approves premium rates for 2025 calendar year
February 12, 2025
The Farm Credit System Insurance Corporation’s Board of Directors has approved an insurance premium assessment accrual rate on adjusted insured debt of 10 basis points for 2025, the same premium rate as in 2024. The Board also approved continuing the assessment of 10 basis points on nonaccrual loans and other-than-temporarily impaired investments.
Read the full notification here.
February 12, 2025 FCSIC Board Meeting moved to March 12, 2025
February 11, 2025
In accordance with Article VI of the Farm Credit System Insurance Corporation bylaws, notice is hereby given that the meeting of the Board of Directors scheduled for February 12, 2025 has been moved to March 12, 2025.
See the full announcement here. (PDF)
CANCELLED - FCSIC Notice of Regular Board Meeting February 12, 2025
February 03, 2025
Notice of the forthcoming regular meeting of the Board of Directors of the Farm Credit System Insurance Corporation (FCSIC) is hereby given in accordance with the provisions of Article VI of the Bylaws of the FCSIC.
Read the entire notification of the February 12, 2025 Board meeting (PDF).
FCSIC Notice of Regular Board Meeting December 11, 2024
December 03, 2024
Notice of the forthcoming regular meeting of the Board of Directors of the Farm Credit System Insurance Corporation (FCSIC) is hereby given in accordance with the provisions of Article VI of the Bylaws of the FCSIC.
Read the entire notification of the December 11, 2024 Board meeting (PDF).
FCSIC Notice of Regular Board Meeting October 9, 2024
October 01, 2024
Notice of the forthcoming regular meeting of the Board of Directors of the Farm Credit System Insurance Corporation (FCSIC) is hereby given in accordance with the provisions of Article VI of the Bylaws of the FCSIC.
Read the entire notification of the October 9, 2024 Board meeting (PDF).
FCSIC Board of Directors Approves the Mid-Year 2024 Premium Review - July 10, 2024
July 12, 2024
At its July meeting, the Insurance Corporation’s Board of Directors voted to maintain the insurance premium accrual assessment rate on Systemwide adjusted insured debt at 10 basis points for the remainder of the year. We believe that maintaining the insurance premium assessment rate at 10 basis points is prudent and will allow the Insurance Fund to reach the required 2 percent target at year-end based on anticipated growth of insured debt. In addition, the board has decided to continue assessing 10 basis points on nonaccrual loans and other-than-temporarily impaired investments.
Read the full news release (PDF)
FCSIC Notice of Regular Board Meeting July 10, 2024
June 26, 2024
Notice of the forthcoming regular meeting of the Board of Directors of the Farm Credit System Insurance Corporation (FCSIC) is hereby given in accordance with the provisions of Article VI of the Bylaws of the FCSIC.
Read the entire notification of the July 10, 2024 Board meeting (PDF).