Bankers complain that the quasi-governmental system's new program designed to make more residential loans in four states goes well beyond its original mission.
Harvest is when farmers need funding the most. ProducePay has financed over $850 million of produce in under four years, disrupting traditional finance rules in the farm-to-table process.
Banks are adjusting loan terms, making use of federal loan guarantees and working with farmers to find new markets, all in an effort to mitigate the damage from a likely drop in soybean exports.
The Senate's farm bill would prevent the July 31 lapse of the National Flood Insurance Program, but it still needs to be debated in conference with the House.
Nearly a third of the company's revenue will come from noninterest income after it buys SCB, which owns a large insurance and farmland management business.
