PURPOSE: Congress recently established the Federal Agricultural Mortgage Corporation, “Farmer Mac,” to establish a secondary market in farm real estate loans. The comptroller of the currency has authorized national banks to invest in the stock of this agency to the extent necessary to participate in the secondary market. State-chartered banks must have the same authority in order to compete on an equal basis.

1. (1) State-chartered banks and trust companies may invest in the stock of the Federal Agricultural Mortgage Corporation to the same extent as national banks in this state are permitted to do so by the comptroller of the currency.

AUTHORITY: sections 361.105 and 362.105, RSMo 1986.* This rule originally filed as 4 CSR 140-6.063. Original rule filed May 17, 1988, effective Aug. 26, 1988. Moved to 20 CSR 1140-6.063, effective Aug. 28, 2006. *Original authority: 361.105, RSMo 1967; and 362.105 RSMo 1939, amended 1949, 1963, 1965, 1967, 1977, 1983, 1986.