Hoeven: NCUA Revises Strategic Plan, Reiterates Support for Lending to Agriculture Producers

Senator Led Bicameral Effort Supporting Access to Credit for Farmers & Ranchers

WASHINGTON – Senator John Hoeven today issued the following statement after the National Credit Union Administration (NCUA) revised its Strategic Plan to clarify that the agency will not take regulatory action based on “climate-related financial risks” to discourage credit unions from lending to farmers, ranchers, agri-businesses and rural communities. 

The change follows a bicameral letter that Hoeven led to NCUA Chairman Todd Harper, pressing the agency to continue supporting agriculture producers’ access to credit. The senator led the effort because regulators should be working to ensure that credit-worthy businesses receive the banking services they need as opposed to misusing financial regulation to further certain environmental and social policies.

“Farmers and ranchers not only serve as the foundation of North Dakota’s economy, they help ensure that every American continues to have access to the highest quality, lowest cost food supply in the world,” said Hoeven. “As such, our nation’s agriculture producers deserve our support, and we appreciate NCUA responding to our concerns and clarifying that credit unions will not be discouraged from lending to those in the agricultural sector.”