Driving Efficiency in Farm Loan Delivery

Driving Efficiency in Farm Loan Delivery

SUPPLEMENTARY INFORMATION:

Table of Contents

I. Background

II. AFT Implementation

III. IT Modernization

IV. Other Regulatory Changes

A. Minor Policy Changes Limited to Direct Loans

1. Age of Real Estate Appraisals for Direct Loans

2. Repayment Terms for Direct Loans

3. Borrower Training Provisions

4. Conversion of EM Loans to Non-Program Rates and Terms

5. Limited Resource Reviews

6. Direct Loan Subordinations

7. Appraisals for Security Released Without Compensation

8. Certified Mailing Requirements

9. Request To Extend Balloon Installment

10. Real Estate Evaluations and Related Definitions

B. Minor Policy Changes Limited to Guaranteed Loans

1. Delegated Authority for Certain Guaranteed Lenders

2. Concurrence Requirements for Unguaranteed Loans or Advances

3. Annual Analyses for Guaranteed Loans

4. Real Estate Evaluations for Guaranteed Loans

C. Minor Policy Changes Affecting Both Direct and Guaranteed Loans

1. Crop Insurance Requirements

D. Clarifications and Technical Corrections Limited to Direct Loans

1. Farm Assessments

2. Additional Security for Direct FO Loans

3. Youth Loan Clarification

4. Direct OL Security

5. Application of Loan Payment Proceeds

6. Deferred, Non-Capitalized Interest

7. Releases Without Compensation

8. Updates to Form FSA-2510

9. Removal of Obsolete Net Recovery Buyout Recapture Agreements

10. Unauthorized Assistance Clarification

11. Equitable Relief

12. Removal of Obsolete Provisions

E. Clarifications and Technical Corrections Limited to Guaranteed Loans

1. Definition of Adequate Security

F. Clarifications and Technical Corrections Affecting Both Direct and Guaranteed Loans

1. Delegation of Authority for FSA Employees

2. Updates to CFR References

3. References to Chattel Property

4. Definitions of Administrative Appraisal Review, Market Value, and Potential Liquidation Value

V. Regulatory Analyses

A. Notice and Comment and Effective Date

B. Executive Orders 12866, 13563, and 14192

C. Environmental Review

D. Executive Order 13175

E. Unfunded Mandates Reform Act

F. Paperwork Reduction Act Requirements

G. E-Government Act Compliance

I. Background

FSA makes and services direct and guaranteed loans to farmers and ranchers who are unable to obtain sufficient commercial credit at reasonable rates and terms. FSA also provides direct loan borrowers with credit counseling and supervision to help improve their financial management and increase their likelihood of success. FSA loan applicants typically include:

• Beginning farmers who do not yet meet commercial lenders' underwriting requirements; and
• Established farmers who have experienced financial setbacks due to natural disasters or other economic conditions.

FSA loans are tailored to meet the specific needs of farmers and may be used to purchase personal property, acquire farmland, finance agricultural production, or address other operational needs. The Consolidated Farm and Rural Development Act (CONACT, Pub. L. 87-128, as amended; 7 U.S.C. 1921-2009cc-18) provides the authority for most FLP loans, including farm ownership (FO), operating (OL), and emergency (EM) loans.

In August 2023, FSA launched the AFT pilot program to provide expedited loan processing for low-risk direct loan applicants (88 FR 51260-51265). FSA extended the pilot on September 30, 2024 (89 FR 79504), and again on December 31, 2025 (90 FR 61362). AFT offers an alternative underwriting process for applicants who meet specified financial benchmarks and have a favorable repayment history, enabling accelerated application processing. The pilot initially operated in 166 service centers and was subsequently expanded; AFT has been available to all qualifying customers nationwide since January 1, 2024. The AFT pilot has substantially improved processing times for all customers without any notable impact on portfolio performance or loan repayment. During the pilot period from August 2023 through the present time, an average of 23 percent of direct loan customers qualified for AFT, and application processing time for those customers decreased by approximately 8 calendar days. These efficiencies translate into an estimated annual savings of 58,000 staff hours, allowing staff to devote additional time to assisting other applicants.

This rule permanently implements AFT and makes other regulatory changes as part of FSA's ongoing efforts to improve the timeliness and efficiency of program delivery. This action represents a step in FSA's broader initiative to deliver assistance to farmers and ranchers more efficiently.

This rule also facilitates IT modernization efforts for guaranteed loans and makes other regulatory changes to reduce administrative burdens, improve program access, and enhance overall program efficiency. The regulatory changes are organized into two groups: (1) minor policy changes; and (2) clarifications and technical corrections. Each group includes changes that apply only to direct loans, only to guaranteed loans, or to both direct and guaranteed loans.

Most of the regulatory changes in this rule do not substantially alter existing policy and are anticipated to affect a relatively small number of farmers. However, some changes are more substantial and will affect many direct and guaranteed loan customers. These changes include provisions that grant delegated authority to certain guaranteed lenders, clarify direct loan collateral valuation policies, and facilitate improvements to loan servicing processes. The delegated authority provisions streamline the process for preferred lenders-who are the most experienced and highest-performing participants in the guaranteed loan program-to obtain an FSA loan guarantee. The clarifications to collateral valuation for direct loans ensure that FSA loans remain adequately secured while reducing the time required to close loans. The loan servicing updates ensure that flexibilities related to direct loan collateral subordinations (subordination allows another lender to be paid before the Government in the event of liquidation) remain available to producers who fully comply with their loan agreements, while still protecting the Government's security interest.

The CONACT requires that all FLP applicants and loans meet specified eligibility, security, and feasibility requirements. This rule ensures that FLP regulations remain aligned with the CONACT while reflecting producer needs and modernizing underwriting standards. Although many of the changes in this rule are technical corrections or clarifications, this rule also includes minor FLP policy updates that respond to customer needs and incorporate modernized processes that more closely align with commercial agricultural lending practices.

Throughout this rule, any reference to "farm" or "farmer" also includes "ranch" or "rancher," respectively.

II. AFT Implementation

FSA developed and piloted AFT, which uses data analytics to improve loan-making efficiencies. AFT uses a hybrid approach modeled after scoring tools used by commercial lenders and is designed to improve processing times for applicants who demonstrate low expected default risk based on specific financial benchmarking criteria and favorable repayment history.

To develop AFT, FSA analyzed hundreds of financial variables associated with over 100,000 direct loans to identify the common characteristics of borrowers with strong repayment histories. A streamlined approach was developed to determine which financial variables are most consistently associated with borrowers who exhibit strong repayment performance, while remaining consistent with FSA's business process constraints. These financial variables were used to develop a statistical regression model and a scoring tool to identify applicants with the highest probability of successful loan repayment. The model identified 24 percent of all direct loan applicants as eligible for AFT.

The AFT scoring tool does not use projected cash flow data. For applicants who meet or exceed the minimum AFT scoring threshold, the scoring tool provides sufficient assurance of the applicant's ability to repay. All applicants must still submit a cash flow budget. However, for those applicants later approved through the AFT process, FSA staff are not required to conduct the traditional manual verification of projected income and expenses associated with conventional projected cash flow analysis.

The absence of a cash flow analysis by FSA requires loans approved through AFT to have equally amortized installments after the first year, as a detailed cash flow analysis would otherwise be necessary to justify additional unequal installments. Loans approved through AFT are also limited to FSA's standard interest rates for the respective loan program, including the joint financing rates as provided in 7 CFR 764.154(a)(3), and are not eligible for further subsidized, limited resource interest rates. Since AFT is designed for the highest-performing borrowers, these standard rates and terms generally provide sufficient opportunity to build an adequate equity base. However, borrowers who believe they need additional unequal installments or limited resource interest rates may opt out of having their request processed through AFT, which makes those flexible options available to them.

This rule incorporates AFT into FSA's regulations, ensuring that FSA can continue offering this type of alternative underwriting process to applicants who meet established financial benchmarks. The types of loan transactions eligible for AFT are specified in 7 CFR 764.401 and include all loan transactions other than EM, youth loans (YL), and loans made in conjunction with other servicing actions. Formalizing AFT through regulation will not affect application submission requirements, eligibility requirements, authorized loan purposes, or security requirements for direct loan applicants.

III. IT Modernization

USDA is modernizing the IT systems that support FLP to expedite loan delivery. This multi-year effort will begin with the guaranteed loan program and later extend to all FLP loans. The modernized system will enable electronic submission of loan applications and supporting documents, replacing the Agency's largely paper-based process, and will support electronic delivery of lender notifications and other materials that have traditionally required manual processing.

This rule makes several changes to support implementation of the modernized IT system for guaranteed loans, including clarifying that applications may be submitted electronically or by paper. It also specifies that lender notifications issued during application intake may be provided electronically or in paper form, consistent with the method of application submission.

In addition, this rule updates regulatory provisions to allow the electronic delivery and acceptance of loan approval documents, loan guarantee documents, and guaranteed loan servicing documents. It also removes prior requirements that obligated guaranteed lenders to identify specific branches covered by their lender status. Eliminating these requirements will support implementation of the modernized IT system and reduce administrative burden, as lender status will now apply to the institution as a whole.

IV. Other Regulatory Changes

In addition to making AFT permanent and facilitating IT modernization, FSA is making discretionary regulatory changes to clarify and amend existing processes and requirements to support farmer-focused program delivery. FSA has determined that clarifying information in the regulation will make it easier for borrowers to understand program requirements. Certain amendments and technical corrections do not constitute policy changes and are discussed in more detail later in this rule. This rule also updates cross references where necessary throughout the regulations and corrects minor grammatical errors.

As previously outlined, the regulatory changes in this rule are organized into two groups: (1) minor policy changes; and (2) clarifications and technical corrections. Each group includes changes that apply only to direct loans, only to guaranteed loans, or to both direct and guaranteed loans. The following discussion provides additional detail on the amendments identified as minor policy changes. Below that, clarifications and technical corrections are discussed, in that order.

A. Minor Policy Changes Limited to Direct Loans

1. Age of Real Estate Appraisals for Direct Loans

Under current regulations, a real estate appraisal for a direct loan must have been completed within the previous 18 months at the time the Agency makes an approval decision. This requirement was originally intended to ensure that the value of real estate used to secure the loan reflects current market information and up-to-date property information. Appraisals for guaranteed loans, however, have historically allowed greater flexibility regarding the age of the appraisal.

Economic analysis shows that farm real estate values are relatively stable over the long term, with observed fluctuations generally showing increases rather than decreases in value. Therefore, commercial industry practice permits the use of an older real estate appraisal when the lender can document specific conditions related to the subject property. For FSA guaranteed loans, lenders may already rely on a real estate appraisal older than 18 months if: (1) the lender can document that market conditions have remained stable or improved; (2) the property is in the same or better condition; and (3) the property's value has remained the same or increased.

With this rule, FSA will apply a similar policy to direct loans and increase the acceptable age of a real estate appraisal for direct loans in 7 CFR 761.7. Allowing the use of real estate appraisals older than 18 months old will reduce the number of new appraisals that FSA must fund and will shorten loan processing and closing times. Before relying on an older appraisal, the authorized Agency official must document the three criteria listed above to ensure that the use of such appraisal does not increase Agency risk. This rule also establishes a maximum threshold prohibiting the use of any appraisal more than 36 months old for direct loans. This provision is intended to support and strengthen the Agency's risk-mitigation efforts.

2. Repayment Terms for Direct Loans

FSA regulations for most direct loan programs currently specify that the first installment will be an interest-only payment due 12 months after loan closing, unless the loan applicant submits a written request for an alternative repayment arrangement. FSA data indicate that the majority of direct loan applicants request an alternative arrangement that allows them to begin repaying loan principal within the first 12 months after receiving their loan. Since most direct loan applicants elect not to use the interest-only installment, FSA is amending 7 CFR 764.154, 764.254, and 764.354 to remove the requirement that borrowers must submit a written request if they choose not to use an interest-only installment in the first year of a direct loan. Interest-only installments and other flexible repayment terms will continue to be available to borrowers. This change only removes the written-request requirement for borrowers who choose to begin repaying principal with their first installment or who choose to have their first installment due less than 12 months after loan closing.

3. Borrower Training Provisions

FSA regulations generally require recipients of direct loans to complete a financial training course within 2 years of receiving their loan. Borrowers may request a waiver of this requirement if they have previously completed a similar training course or can demonstrate sufficient financial management skills and operational experience. Currently, borrowers must request a training waiver in writing, separate from their loan application, which creates an unnecessary administrative burden because most FSA applicants request a waiver.

This rule removes the requirement that borrowers submit a separate written request for a financial training waiver in 7 CFR 764.453 and 764.454. FSA will continue to evaluate each borrower's eligibility for a waiver using the existing criteria and inform the borrower as to any need for financial training.

4. Conversion of EM Loans to Non-Program Rates and Terms

Congress designed FSA direct loans to be a temporary source of credit to enable farmers to start or maintain their operations until they are able to qualify for commercial credit at reasonable rates and terms. Consistent with this purpose, FSA periodically reviews the financial condition of direct loan borrowers to determine whether they are able to graduate to commercial credit. When FSA determines that a borrower is financially capable of graduation, the borrower is required to actively seek and apply for commercial credit to refinance their FSA debt. Failure to do so constitutes non-monetary default.

When a borrower is in non-monetary default for failure to graduate, FSA has allowed FO and OL borrowers to convert their loans to non-program rates and terms to avoid acceleration and foreclosure. Non-program rates and terms generally match those available from commercial lenders and are not subsidized like typical FSA interest rates. As a result, allowing a capable borrower to convert their FO or OL loans to non-program rates and terms effectively eliminates the Government subsidy and achieves an outcome comparable to graduation.

When this policy was originally implemented for FO and OL loans (89 FR 65020, August 8, 2024), the regulation inadvertently did not include the corresponding amendment for EM loans in 7 CFR 765.102. This rule corrects that omission and clarifies that EM loans may be converted to non-program rates and terms when a borrower fails to graduate.

5. Limited Resource Reviews

FSA may offer a direct loan applicant a "limited resource rate" when the applicant is unable to develop a feasible farm operating plan at the regular interest rate but can do so, with a positive cash flow, at a lower, limited resource rate. Once a borrower receives a loan with a limited resource rate, the Agency is required to periodically review the borrower's financial condition to determine whether the reduced rate continues to be needed for the operation to remain viable. A "limited resource review" is conducted as part of the broader "operational review" process, which is a structured assessment of an existing direct loan borrower's farming operation to evaluate compliance, efficiency, and accuracy, and requires extensive documentation. An operational review identifies risks and corrects operational gaps, which may result in repayment or restructuring actions when necessary.

In 2025, FSA revised its administrative guidance to clarify that operational reviews are required, for most borrowers, every 3 years. To align the regulatory requirements with this updated guidance, this rule amends 7 CFR 761.105 and 765.51 to change the required frequency of limited resource reviews from every 2 years to every 3 years.

6. Direct Loan Subordinations

FSA regulations allow the Agency to subordinate its lien position to a commercial lender to facilitate new financing for a mutual customer in certain circumstances. The new loan may be either an FSA-guaranteed loan or an unguaranteed commercial loan. Although many commercial lenders are willing to provide credit to farmers who have existing FSA direct loans, most lender policies and regulatory standards require the lender to obtain a first lien position on the proposed loan security. As a result, borrowers may request that FSA subordinate its lien position in favor of the commercial lender so the new loan can be repaid first upon sale of the loan security. Subordination allows borrowers to access necessary additional credit while maintaining adequate security for the FSA loan through established safeguards that govern the circumstances in which subordinations may be approved.

Existing regulations require borrowers requesting an FSA subordination to a commercial lender to submit a farm operating plan and cash flow budget and require FSA to analyze that cash flow budget with the same level of scrutiny applied to applications for additional direct loan funds. However, the primary consideration in evaluating such a subordination request involves the adequacy of loan collateral given FSA's new lien position after the subordination is executed. Since FSA is not extending new credit, the borrower's repayment schedule for their FSA loan(s) remains the same. Additionally, commercial lenders extending the new credit are required to independently verify the borrower's repayment capacity to service the new debt. Therefore, any additional cash flow analysis by FSA is redundant and unnecessary.

This rule removes the requirement for direct loan borrowers to submit, and for FSA to conduct, a financial feasibility review of a separate cash flow projection and farm operating plan when a direct loan subordination is requested in 7 CFR 761.105 and 765.205. All other requirements for direct loan subordinations will remain unchanged, including, but not limited to, the stipulations that the borrower is not in default on their FSA loan and that FSA has verified that the FLP loan will remain adequately secured after the subordination.

7. Appraisals for Security Released Without Compensation

When a borrower requests the release of a portion of loan security "without compensation," FSA evaluates whether the loan will remain adequately secured. The term "without compensation" refers to situations in which FSA releases its claim on a portion of the collateral without requiring the borrower to make a payment to FSA in exchange for that release. FSA typically appraises the property that will remain as security to verify that its market value is sufficient to secure the remaining balance of the FSA loan.

FSA is removing the requirement to appraise the property being released because its value is not relevant to decisions on releases without compensation. The appraisal or evaluation of remaining collateral will continue, as it provides the basis for determining whether the loan remains adequately secured. Valuation of the property being released will still be required when compensation is involved to ensure that the compensation received by the borrower reflects fair market value. FSA is removing this non-essential appraisal requirement for releases without compensation in 7 CFR 765.305 and 765.351 to reduce administrative burden and appraisal costs.

8. Certified Mailing Requirements

Section 331D of the CONACT (7 U.S.C. 1981d) requires FSA to provide loan servicing notifications by certified mail to borrowers who are at least 90 days past due on their installments. However, FSA's implementing regulations at 7 CFR 766.101 require certified mail for primary loan servicing notices for all delinquent borrowers, including those less than 90 days past due.

Because certified mail is more costly and may require additional processing time compared to other delivery methods that also provide confirmation of receipt, FSA is revising 7 CFR 766.101 to require certified mail only when specifically required by statute-that is, for borrowers 90 days or more past due. This change will improve efficiency and reduce costs. Borrowers who are less than 90 days past due will continue to receive timely loan servicing notifications via delivery methods other than certified mail, and no other loan servicing notification requirements are being changed.

9. Request To Extend Balloon Installment

In 7 CFR 766.120, FSA provides direct loan borrowers the opportunity to extend an upcoming balloon installment outside of the primary loan servicing process when certain requirements are met, including that the loan be current. FSA has received requests for balloon installment extensions so close to the due date that the Agency is unable to process the transaction before the installment becomes past due. Therefore, to qualify for this quick restructure option, a borrower must now submit the request no later than 30 days prior to the balloon installment due date. Borrowers who submit a request less than 30 days before the installment due date may still be eligible to have the balloon installment restructured; however, they will not be able to use the quick restructure option and will instead be required to use the traditional primary loan servicing procedure, which is a lengthier process.

10. Real Estate Evaluations and Related Definitions

Establishing the value of proposed real estate security is a key component of the loan approval process. FSA seeks to ensure that the value of the real estate pledged as collateral is at least equal to the loan amount to ensure that adequate proceeds will be available to repay the loan in full if it cannot be repaid through cash flow and the collateral must be liquidated. In many cases, FSA is also required, when additional security is available, to obtain security for direct loans up to 125 percent of the loan amount to account for potential fluctuations in the value of collateral over time. For clarity, collateral refers to the physical asset, such as farmland, pledged for the loan, while security refers to the lender's legal interest or lien on that asset.

Real estate collateral value is typically established through a formal appraisal conducted by a State Certified General Appraiser in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP). Although FSA employs staff appraisers throughout the country, demand for appraisals exceeds internal capacity, and most appraisals are obtained by contracting with private sector appraisers.

The average real estate appraisal contracted by FSA costs between $2,000 and $3,000 and is completed approximately 30 to 45 days after FSA initiates the request. These costs are paid by FSA and require annual appropriations from Congress. Producers frequently express concerns about the length of time required to receive a direct FO loan for the purchase of real estate partially due to the length of the appraisal process. In some cases, the time between the submission of a loan application and closing may exceed 90 days.

OMB Circular A-129 (Revised), Policies for Federal Credit Programs and Non-Tax Receivables (Office of Management and Budget, August 2025), provides guidance on the valuation of collateral. For many years, this circular has permitted Federal agencies to use a less formal real estate evaluation for smaller loans instead of a full appraisal. Evaluations are conducted by individuals trained to assess real estate value but who are not licensed appraisers. FSA has used evaluations for microloans of up to $50,000 to expedite loan closing and has not experienced increased losses attributable to the use of evaluations instead of appraisals.

OMB updated circular A-129 in 2025 to increase the dollar thresholds at which agencies must obtain a formal appraisal: to over $500,000 for commercial real estate transactions and over $250,000 for business loans. Previously, the circular established a $250,000 threshold for business loans but did not separately address commercial real estate transactions. This rule updates 7 CFR 761.7 to align with the revised OMB guidance, allowing FSA to use real estate evaluations instead of an appraisal for business loans of $250,000 or less and for commercial real estate transactions of $500,000 or less. Applicants and borrowers will retain the right to appeal the Agency's real estate evaluation if it leads to an adverse decision, consistent with appeals procedures applicable to formal real estate appraisals. These changes will allow FSA to reduce the time to loan closing for many direct FO loans and result in cost savings to taxpayers.

This rule also adds definitions related to real estate evaluations in 7 CFR 761.2. In developing definitions for "business loan" and "commercial real estate transaction", FSA reviewed definitions used by commercial lending regulators, including the Farm Credit Administration (FCA) and the Federal Deposit Insurance Corporation (FDIC). Generally, OLs correspond to business loans and FOs correspond to commercial real estate transactions. The definition of "commercial real estate transaction" clarifies that such transactions include most real estate-secured loans except those secured by property that is primarily residential. As a result, this rule will allow FSA to complete evaluations for new FO loans with a transaction value up to $500,000 for farm real estate containing a residence, as long as the property is not primarily residential. EM loans with shorter terms will generally be processed as business loans, while EM loans with longer terms secured by real estate will generally be processed as commercial real estate transactions. EM loans may either be short-term or long-term depending on the nature of a producer's loss created by a natural disaster. The expanded use of real estate evaluations will not apply to primary loan servicing; appraisals for servicing actions will continue to follow existing policy.

In addition to the definitions discussed above, FSA is also adding related definitions for "appraisal", "non-residential real property", "real estate evaluation", and "real estate-related financial transaction". These definitions provide necessary context to implement the changes described above.

B. Minor Policy Changes Limited to Guaranteed Loans

1. Delegated Authority for Certain Guaranteed Lenders

Federal guaranteed loan programs operate differently from direct lending. With a guaranteed loan, the process typically begins when a farmer or rancher applies for credit through a commercial lender. The lender evaluates the application to determine the borrower's likelihood of success and whether the level of risk aligns with the lender's internal lending policies. When the risk exceeds the lender's acceptable range, but the borrower can demonstrate a feasible operating plan and provide adequate security, the lender may request an FSA guarantee to offset a portion of the risk. This approach ensures access to credit for farmers and ranchers while preventing the Government from competing with commercial lenders through its direct loan program.

FSA partners with a wide array of lenders-including credit unions, commercial banks, and Farm Credit organizations-to deliver Guaranteed Farm Loan Programs. These programs assist applicants who cannot obtain credit without a Federal guarantee. FSA guaranteed loans are intended to facilitate the purchase of agricultural real estate, livestock, equipment, and meet operational needs, among other authorized purposes.

Lenders participating in the Guaranteed Farm Loan Program are assigned one of three status levels-Standard Eligible Lender (SEL), Certified Lender Program (CLP) lender, or Preferred Lender Program (PLP) lender-based on their experience and performance with the guaranteed lending program. As lender status increases, FSA oversight decreases, with PLP lenders (the highest lender status) benefitting from the most streamlined processes that reduce documentation and expedite loan making. Despite these efficiencies, PLP lenders have reported inconsistencies and delays in loan processing across FSA offices in certain cases.

Subsection 339(d)(4)(B) of the CONACT (7 U.S.C.1989(d)(4)(B)) authorizes PLP lenders to make decisions regarding borrower creditworthiness, repayment ability, adequacy of collateral, and operational feasibility. FSA first implemented this authority on February 12, 1999, introducing the PLP status and allowing PLP lenders to use their organization's internal underwriting policies subject to FSA concurrence based on a detailed narrative summary, rather than providing specific financial documentation (64 FR 7358-7403).

To align FSA processes with those used by other Federal agencies, this rule relies on the statutory authority described in the preceding paragraph to permit PLP lenders to certify that they have obtained the specific documentation and performed the necessary analysis to determine that an applicant meets FSA requirements for creditworthiness, the test for credit (which examines whether the applicant is unable to obtain sufficient credit elsewhere without a guarantee), financial feasibility, and collateral adequacy, as specified in 7 CFR 762.120(g) and (h), 762.125, and 762.126. FSA will accept a lender's certification in place of the more detailed narrative summary that has been required since 1999.

Prior to approval of a loan guarantee, FSA will continue to review remaining requirements, including, but not limited to, applicant eligibility (excluding creditworthiness and test for credit), authorized loan purposes, and environmental compliance documentation. This streamlined review is intended to reduce processing times. When environmental requirements have been met, FSA will target approval or rejection of complete applications submitted under this delegated authority within 5 calendar days.

Only PLP lenders may receive delegated authority. All PLP lenders that currently meet and maintain PLP status will receive delegated authority for a period not to exceed the expiration date of their PLP Lender's Agreement. Because PLP status is not automatically renewed, delegated authority will also require renewal. To maintain PLP status and delegated authority, lenders must continue to meet all initial eligibility criteria and any additional criteria established by the Agency.

FSA may revoke PLP status and delegated authority at any time for several reasons, including approving loans that do not meet Agency requirements, failure to maintain eligibility, submission of false information, or poor portfolio performance. FSA will monitor these factors through data analytics and a robust oversight and monitoring process, including reviews of lender loan files. Agency administrative guidance will establish review frequency and monitoring metrics.

Expanding delegated authority to PLP lenders at the time of loan origination will further shift feasibility (cash flow) and security analysis responsibilities to PLP lenders, reducing FSA workload at the time of loan making and improving administrative efficiency. In order to maintain program integrity, FSA will continue to thoroughly review loss claims to ensure that guarantee requirements have been met throughout the loan lifecycle, prior to any loss payment.

2. Concurrence Requirements for Unguaranteed Loans and Advances

Under current regulations, SEL and CLP lenders are prohibited from making additional unguaranteed loans or advances to borrowers without prior written approval from the Agency. PLP lenders may make these loans or advances without Agency approval, provided the lender's process for evaluating such requests is sufficiently documented and incorporated into the lender's Credit Management System (CMS). The CMS must include written requirements agreed to by FSA and the PLP lender for originating and servicing FSA loans. If a PLP lender's CMS does not address this subject, the lender must obtain Agency approval before making additional unguaranteed loans or advances.

These requirements have been used to ensure that any new unguaranteed loan or advance does not adversely affect the collateral position supporting FSA's guaranteed loan or impair the borrower's ability to repay the FSA guaranteed loan. However, commercial lenders are already required by their regulators to conduct a comparable analysis, and FSA rarely disagrees with PLP lender requests for approval. As a result, portions of this process are duplicative, provide minimal benefit, and require considerable FSA staff resources.

With this rule, FSA is updating 7 CFR 762.146 to simplify concurrence requirements for guaranteed lenders when they are making additional unguaranteed loans or advances. All lenders will continue to be required to conduct the same analysis they currently perform before making a subsequent unguaranteed loan or advance. However, lenders will no longer be required to obtain prior written Agency approval. Instead, lenders must document in their loan file that the requirements in 7 CFR 762.146 have been met before making the new unguaranteed loan or advance. FSA will retain its authority to reduce or deny a lender's loss claim due to negligent servicing. If a lender makes an unguaranteed loan or advance after originating an FSA-guaranteed loan and fails to perform the due diligence required by 7 CFR 762.146, FSA may reduce or deny the lender's loss claim if the lack of due diligence contributes to a loss on the guaranteed loan.

3. Annual Analyses for Guaranteed Loans

In 7 CFR 762.140, FSA requires all guaranteed lenders to conduct annual analyses of their guaranteed loan borrowers, and 7 CFR 762.141 specifies the documentation that lenders must submit to FSA. The specific loans subject to review and the documentation that must be submitted to FSA as evidence of that analysis vary depending on the lender's status within the Guaranteed Loan Programs. While these reviews are important for higher-risk loans or loans that are not performing as agreed, they provide limited benefit for lower-risk, well-performing loans. Commercial lenders devote substantial time to completing each analysis, and FSA staff likewise spend considerable time reviewing them. FSA is revising these requirements to make more efficient use of commercial lender and Agency resources while maintaining appropriate oversight of portfolio performance.

Historically, FSA has required non-PLP lenders to complete an annual analysis for all term loans with aggregate balances over $100,000 and for all revolving lines of credit. With this rule, FSA is increasing the $100,000 threshold to $500,000. As a result, non-PLP lenders will be required to review only term loans with aggregate balances over $500,000, all revolving lines of credit, and any loans that are not performing as agreed.

FSA is also revising which analyses must be submitted to FSA for further Agency review. Non-PLP lenders will now only be required to submit analyses for revolving lines of credit and non-performing loans. Analysis for performing term loans with aggregate balances over $500,000 must still be completed and retained in the lender's files but will no longer be submitted to FSA for further review. The analysis requirements for PLP lenders will continue to be documented in, and governed by, the lender's CMS.

FSA has historically reviewed every loss claim for compliance with program requirements and has denied claims when lenders were found to be out of compliance. Under the updated policy, FSA will continue to conduct these reviews for loss claims to ensure that guarantee requirements have been met from loan obligation through servicing before a loss is paid. This policy change, which simplifies annual analysis requirements for guaranteed loans in 7 CFR 762.141, does not increase risk to the Agency. If a lender fails to conduct a required annual analysis, and the Agency determines that lack of proper borrower monitoring contributes to a guaranteed loan loss, the result may be a reduction or denial of the loss claim.

4. Real Estate Evaluations for Guaranteed Loans

In 7 CFR 762.127, FSA currently allows all guaranteed lenders to complete a real estate evaluation, in accordance with their internal policies for similar unguaranteed loans, for transactions up to $250,000 instead of obtaining an appraisal. This $250,000 threshold was established prior to the 2025 update to OMB Circular A-129, which permits evaluations for loans up to $500,000, when they are considered commercial real estate transactions, as discussed earlier in this rule.

FSA is increasing the maximum threshold in 7 CFR 762.127 at which a guaranteed lender may rely on a real estate evaluation rather than an appraisal to determine the value of guaranteed loan security. Commercial lending regulators have well-established policies that lenders must follow to determine whether a loan is a business loan or a commercial real estate transaction. Therefore, FSA is not providing additional guidance to guaranteed lenders on this distinction and will continue to require lenders to follow the requirements of their regulator and their own internal policies when completing real estate evaluations, subject to the updated maximum limit of $500,000.

C. Minor Policy Changes Affecting Both Direct and Guaranteed Loans

1. Crop Insurance Requirements

Section 371 of the CONACT (7 U.S.C. 2008f) requires recipients of direct and guaranteed loans to obtain at least catastrophic (CAT) risk protection insurance coverage for all crops, if available. CAT coverage represents the lowest level of crop insurance protection. Crop insurance requirements for guaranteed loan applicants are established in 7 CFR 762.123, and similar requirements for direct loan applicants are outlined in 7 CFR 764.108.

In 1996, Section 508(b)(7) of the Federal Crop Insurance Act (7 U.S.C. 1508(b)(7) (1996)) was amended to permit an FLP borrower to forgo the crop insurance purchase requirement under 7 U.S.C. 2008f by waiving eligibility for FSA emergency crop loss assistance. In 2014, however, 7 U.S.C. 1508 was amended to remove the option of executing such a waiver in lieu of obtaining crop insurance. As a result, FSA is updating the regulations for guaranteed loans in 7 CFR 762.123 and for direct loans in 7 CFR 764.108 to remove the option for borrowers to execute a benefits waiver instead of purchasing crop insurance, aligning with statutory requirements under Section 371 of the CONACT. Moving forward, all direct and guaranteed loan borrowers will be required to obtain crop insurance, if available, as a condition of receiving an FSA direct or guaranteed loan.

D. Clarifications and Technical Corrections Limited to Direct Loans

1. Farm Assessments

For each direct loan application, FSA staff complete a written assessment that documents the applicant's financial condition, the farming operation's organizational structure, management strengths and weaknesses, and the applicant's plan to eventually progress to commercial credit. As FSA has implemented new types of direct loans over the past 10-15 years, the Farm Assessment requirements in 7 CFR 761.103 have become redundant and difficult to navigate. With this rule, FSA is simplifying the regulatory text without changing the Farm Assessment requirements.

For example, 7 CFR 761.103 currently includes a separate subsection addressing microloans; however, the Farm Assessment requirements for microloans are almost identical to all other direct loans. Therefore, this rule removes the duplicative language related to microloans and other repetitive Farm Assessment provisions and updates the section for clarity and simplicity.

2. Additional Security for Direct FO Loans

In 7 CFR 764.103, FSA specifies that an applicant for a direct FO loan who is purchasing a farm is not required to provide additional security if the applicant provides a cash down payment equal to 5 percent or more of the farm's purchase price. Under this provision, the total amount financed, including any FSA debt, does not exceed 95 percent of the purchase price, thereby resulting in slightly less risk to FSA than if the entire purchase was financed. For this reason, the requirement for the applicant to obtain additional security has been waived for applicants providing a cash down payment equal to 5 percent or more of the farm's purchase price.

However, in some cases, the purchase price has exceeded the appraised market value, increasing Agency risk and undermining the intent of the provision. Therefore, FSA is amending § 764.103 to clarify that, to qualify for the waiver of additional security, total financing provided by FSA and all other creditors may not exceed 95 percent of the purchase price or the value of the real estate, whichever is less.

3. Youth Loan Clarification

YLs are limited to $10,000 and support agricultural projects conducted through 4-H, Future Farmers of America (FFA), and other similar organizations. Due to the small loan amounts and limited scope of eligible projects, FSA has determined that YLs are not eligible for any balloon installments or flexible repayment terms made for some of the reasons available under other direct loan programs. Flexible repayment terms are specifically prohibited for YLs if the intent is to increase working capital reserves and savings, including reasonable savings for retirement and education, which do not apply to YL activities. However, flexible repayment terms are available for YLs if they are needed to establish a new enterprise, develop a farm, or recover from a disaster or economic reversal. This rule formalizes that policy for YLs in 7 CFR 764.304.

4. Direct OL Security

Regulations require that FSA direct OL's be secured by assets with a value at least equal to the loan amount, and FSA is required to obtain a lien on additional security, if it is available, to reach a security margin of 125 percent of the loan amount. A security margin greater than 125 percent of the loan amount may be taken when assets cannot be practicably separated or fragmented.

FSA has long determined that individual livestock within a species cannot be practically distinguished for collateral purposes. Branding and other identification methods such as ear tags typically establish ownership but do not reliably differentiate one animal from another. Consistent with industry practice, FSA therefore takes a lien on the entire herd of the same species when livestock serves as collateral for a loan.

Similarly, machinery and equipment used as collateral for direct OL's are treated as inseparable, and a lien is placed on the borrower's full line of machinery and equipment, consistent with commercial lending practices. FSA's existing loan servicing mechanisms-such as partial lien releases after successful repayment cycles and lien subordination to facilitate commercial credit-ensure borrowers can access equity in their equipment while maintaining adequate loan security. With this rule, FSA provides additional clarity regarding longstanding practices for non-separable collateral in 7 CFR 764.103 and 764.254. While FSA is not explicitly making this clarification in 7 CFR parts 765 or 766, FSA continues to interpret those regulations that provide that it may not be practicable to separate the security in conformity with this clarification of longstanding practices.

5. Application of Loan Payment Proceeds

In 7 CFR 765.153, FSA outlines the standard order for applying regular loan payments. Agency practice sometimes allows payments to be applied differently, and this rule clarifies that any alternative written agreement between FSA and the borrower regarding the application of proceeds takes precedence over the standard order.

6. Deferred, Non-Capitalized Interest

In 7 CFR 765.154, FSA identifies the types of costs and interest that must be satisfied before payments are applied to loan principal. This section currently references "deferred non-capitalized interest," a category which is no longer relevant because FSA no longer defers non-capitalized interest when servicing direct loans. No active FSA loans in the portfolio contain deferred, non- capitalized interest; therefore, this rule removes the obsolete reference.

Similarly, 7 CFR 761.403, which establishes the order of application for voluntary and involuntary payments when all security has been liquidated and an adjustment debt settlement is in place, also references deferred, non-capitalized interest. This rule removes that obsolete reference as well.

7. Releases Without Compensation

FSA currently allows direct loan security to be released incrementally without compensation as a loan is paid down, provided the loan is in good standing and certain conditions are met. This rule makes two clarifications:

• Borrowers with a loan in active non-monetary default are not eligible for a release of security without compensation.
• Borrowers must have made, in each of the last 3 calendar years, full installments that include principal reduction no later than 90 days after their due dates. This rule clarifies the timing requirements in §§ 765.305 and 765.351.

8. Updates to Form FSA-2510

FSA is required to publish in regulation the notification sent to direct loan borrowers who become 90 days past due, which outlines available loan servicing options and next steps if the borrower chooses not to apply for loan servicing. This rule makes minor clerical updates to forms FSA-2510 and FSA-2510IA in Appendices A and B of subpart C of 7 CFR 766. These updates are administrative and do not change any loan servicing provisions for delinquent borrowers.

9. Removal of Obsolete Net Recovery Buyout Recapture Agreements

Prior to July 3, 1996, the Agency was authorized to offer delinquent borrowers the option to buy out their loans at the net recovery value (the estimated amount a lender expects to recover from the sale of a borrower's collateral after deducting all liquidation-related costs). In 7 CFR 766.206, FSA outlined the requirements for servicing the recapture agreements that resulted from these recovery value buyouts. Because the Agency has not had authority to enter into such agreements since 1996, these regulatory provisions are, and have been, obsolete. Therefore, FSA is removing 7 CFR 766.206.

10. Unauthorized Assistance Clarification

If a borrower receives unauthorized assistance (a loan, or a portion of a loan, provided to a borrower who was not eligible to receive it) due to submission of inaccurate information or Agency error, the borrower is generally required to repay the amount of unauthorized assistance within 90 days of Agency notification. If the borrower is unable to repay the unauthorized amount and did not provide false information to the Agency, FSA may convert the loan to non-program rates and terms to avoid acceleration and foreclosure. This rule clarifies that when a borrower repays a portion, but not all, of the unauthorized amount, the remaining unauthorized portion of the loan may still be converted to non-program rates and terms if all applicable requirements are met. Accordingly, any portion of unauthorized assistance that the borrower is unable to repay may be converted to non-program rates and terms in 7 CFR 766.253.

11. Equitable Relief

Section 366 of the CONACT (7 U.S.C. 2008a) allows FSA to provide equitable relief to direct loan borrowers who acted in good faith but became out of compliance with their loan agreements through reliance on Agency action, inaction, or advice. This rule makes a minor clarification to 7 CFR 768.1.

12. Removal of Obsolete Provisions

FSA is removing 7 CFR part 773, Special Apple Loan Program, which was established to assist orchardists who produced apples on not less than 10 acres for sale in 1999 and 2000. FSA is also removing 7 CFR part 774, Emergency Loan for Seed Producers Program, which was created to assist seed producers who had contracts with AgriBiotech in 1999 and were adversely affected by the company's bankruptcy. These programs are no longer authorized, and FSA has no remaining outstanding loans under these parts.

E. Clarifications and Technical Corrections Limited to Guaranteed Loans

1. Definition of Adequate Security

This rule amends the definition of "adequate security" in § 761.2 to clarify that the term applies to both direct and guaranteed loans.

F. Clarifications and Technical Corrections Affecting Both Direct and Guaranteed Loans

1. Delegation of Authority for FSA Employees

In 7 CFR 761.1, FSA describes how authority for administering the Farm Loan Programs is delegated from the FSA Administrator to the FSA Deputy Administrator for Farm Loan Programs and, in turn, how the Deputy Administrator further delegates authority to employees at the FSA State and County Offices. In 2024, FSA created a new position at the State Office level-the Deputy State Executive Director-which was not included in these existing delegations of authority. Therefore, this rule amends the regulations to incorporate this new position and to account for any additional positions the Agency may establish or to which the FSA Administrator may decide to delegate authority to in the future. These updates apply to the delegations of authority for FSA employees in 7 CFR 761.1.

2. Updates to CFR References

FSA's regulations for documenting compliance with the National Environmental Policy Act (NEPA) were formerly located in 7 CFR 799, which USDA rescinded in the rule "National Environmental Policy Act" (90 FR 29632, July 3, 2025). That rule consolidated all USDA NEPA regulations in 7 CFR part 1b. This rule removes obsolete references to 7 CFR 799 and replaces them with references to 7 CFR part 1b accordingly.

3. References to Chattel Property

FSA has historically used the term "chattel" to describe non-real estate assets pledged as security. Because most commercial lenders now use the term "personal property," this rule replaces all references to "chattel" with "personal property."

4. Definitions of Administrative Appraisal Review, Market Value, and Potential Liquidation Value

This rule makes minor revisions to several definitions in 7 CFR 761.2 related to real estate valuation. Specifically, this rule clarifies that an "Administrative appraisal review" does not assess compliance with USPAP Standards 3 and 4, updates the definition of "Market value" to add context on factors that influence value, and makes a clerical correction to the definition of "Potential liquidation value".

V. Regulatory Analyses

A. Notice and Comment and Effective Date

The Administrative Procedure Act (APA, 5 U.S.C. 553(a)(2)) provides that the notice and comment and 30-day delay in the effective date provisions of that Act do not apply when the rule involves specified actions, including matters related to loans, grants, benefits, or contracts. This rule governs a program for loans and therefore falls within that exemption.

This rule is exempt from the regulatory analysis requirements of the Regulatory Flexibility Act (5 U.S.C. 601-612), as amended by the Small Business Regulatory Enforcement Fairness Act of 1996 (SBREFA). The requirements for the regulatory flexibility analysis in 5 U.S.C. 603 and 604 are specifically tied to the requirement for a proposed rule by section 553 of the APA or any other law; in addition, the definition of "rule" in 5 U.S.C. 601 is tied to the publication of a proposed rule. The exemption under section 553 for matters related to loans extends to the regulatory analysis requirement for this rule.

The Office of Management and Budget (OMB) has determined that this rule does not meet the criteria in 5 U.S.C. 804(2) of the Congressional Review Act (CRA). Under 5 U.S.C. 808(2), an agency may make a rule effective immediately upon publication if it finds good cause. USDA finds good cause because this rule relates to loans and delaying its effective date would postpone benefits to American farmers and ranchers. Therefore, USDA is not required to delay the effective date for 60 days from the date of publication to allow for Congressional review. Accordingly, this rule is effective on October 1, 2026.

B. Executive Orders 12866, 13563, and 14192

Executive Order 12866, "Regulatory Planning and Review," and Executive Order 13563, "Improving Regulation and Regulatory Review," direct agencies to assess all costs and benefits of available regulatory alternatives and, if regulation is necessary, to select regulatory approaches that maximize net benefits (including potential economic, environmental, public health and safety effects, distributive impacts, and equity). Further, Executive Order 13563 emphasized the importance of quantifying both the costs and benefits of reducing costs, harmonizing rules, and promoting flexibility. Executive Order 14192, "Unleashing Prosperity Through Deregulation," announced the Administration policy to significantly reduce the private expenditures required to comply with Federal regulations to secure America's economic prosperity and national security and the highest possible quality of life for each citizen and to alleviate unnecessary regulatory burdens placed on the American people. In line with these Executive Order requirements, the Agency has chosen this regulatory approach to maximize benefits and minimize burdens on American producers. This rule is not an Executive Order 14192 regulatory action because it does not impose any more than de minimis regulatory costs.

The Office of Management and Budget (OMB) has designated this rule as "not significant" under Executive Order 12866. Accordingly, OMB has not reviewed this rule and an analysis of costs and benefits is not required under either Executive Order 12866 or Executive Order 13563.

C. Environmental Review

The environmental impacts have been considered in a manner consistent with the provisions of the National Environmental Policy Act (NEPA, 42 U.S.C. 4321-4347) and the USDA regulation for compliance with NEPA (7 CFR part 1b).

The actions in this rule fall within the Farm Loan Programs categorical exclusion at 7 CFR 1b.4(c)(1)(i). No Extraordinary Circumstances (7 CFR 1b.3(f)) exist because this rule includes only administrative, procedural, and program-delivery updates. As such, these regulatory updates do not constitute a major Federal action that would significantly affect the quality of the human environment, individually or cumulatively. Therefore, FSA will not prepare an environmental assessment or environmental impact statement for this rule and, consistent with 7 CFR 1b.3(g), this document serves as the programmatic finding of applicability and no extraordinary circumstance (FANEC). No further environmental compliance documentation is required for implementation.

D. Executive Order 13175

This rule has been reviewed in accordance with the requirements of Executive Order 13175, "Consultation and Coordination with Indian Tribal Governments." Executive Order 13175 requires Federal agencies to consult and coordinate with Tribes on a Government-to-Government basis on policies that have Tribal implications, including regulations, legislative comments or proposed legislation, and other policy statements or actions that have substantial direct effects on one or more Indian Tribes, on the relationship between the Federal Government and Indian Tribes, or on the distribution of power and responsibilities between the Federal Government and Indian Tribes.

FSA has assessed the impact of this rule on Indian Tribes and determined that this rule does not, to our knowledge, have Tribal implications that required Tribal consultation at this time. If a Tribe requests consultation in the future, FSA's Federal Preservation Officer will work with the Office of Tribal Relations, as needed, to ensure meaningful consultation is provided.

E. Unfunded Mandates Reform Act

Title II of the Unfunded Mandates Reform Act of 1995 (UMRA, Pub. L. 104-4) requires Federal agencies to assess the effects of their regulatory actions on State, local, and Tribal governments or the private sector. Agencies generally must prepare a written statement, including a cost benefit analysis, for proposed and final rules with Federal mandates that may result in expenditures of $100 million or more in any 1 year for State, local, or Tribal governments, in the aggregate, or to the private sector. UMRA generally requires agencies to consider alternatives and adopt the more cost effective or least burdensome alternative that achieves the objectives of the rule. This rule contains no Federal mandates, as defined in Title II of UMRA, for State, local, or Tribal governments or the private sector. Therefore, this rule is not subject to the requirements of sections 202 and 205 of UMRA.

F. Paperwork Reduction Act Requirements

In accordance with the provisions of the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520), this rule does not change the information collection approved by OMB under control numbers:

• 0560-0155, Guaranteed Farm Loan Programs, OMB Expiration Date of November 2026;
• 0560-0233, Farm Loan Programs-Direct Loan Servicing, OMB Expiration Date of November 2027;
• 0560-0236, Farm Loan Programs-Direct Loan Servicing, OMB Expiration Date of August 2026 (the 60-day comment period for the information collection request renewal was published on April 2, 2026 at 91 FR 16628 and is pending OMB approval);
• 0560-0237, Farm Loan Programs-Direct Loan Making, OMB Expiration Date of February 2029;
• 0560-0238, Farm Loan Programs-General Program Administration, OMB Expiration Date of October 2026; and
• 0560-0317, Online Loan Application, OMB Expiration Date of November 2026.

No new information will be collected through this rule.

G. E-Government Act Compliance

FSA is committed to complying with the E-Government Act of 2002, to promote the use of the internet and other information technologies to provide increased opportunities for citizen access to Government information and services, and for other purposes.

Federal Assistance Programs

The title and number of the Federal assistance programs, as found in the Assistance Listing, to which this rule applies are:

10.099 Conservation Loans;

10.404 Emergency Loans;

10.406 Farm Operating Loans;

10.407 Farm Ownership Loans; and

10.421 Indian Tribes and Tribal Corporation Loans.

For the reasons discussed above, FSA amends the regulations in 7 CFR parts 761, 762, 763, 764, 765, 766, 767, 768, 770, 772, 773, and 774 as follows:

PART 761-FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION

Subpart A-General Provisions

Subpart C-Progression Lending

Subpart F-Farm Loan Programs Debt Settlement

PART 762-GUARANTEED FARM LOANS

PART 763-LAND CONTRACT GUARANTEE PROGRAM

PART 764-DIRECT LOAN MAKING

Subpart A-Overview

Subpart B-Loan Application Process

Subpart C-Requirements for All Direct Program Loans

Subpart D-Farm Ownership Loan Program

Subpart E-Down Payment Loan Program

Subpart F-Conservation Loan Program

Subpart G-Operating Loan Program

Subpart H-Youth Loan Program

Subpart I-Emergency Loan Program

Subpart J-Loan Decision and Closing

Subpart K-Borrower Training and Training Vendor Requirements

PART 765-DIRECT LOAN SERVICING-REGULAR

Subpart B-Borrowers With Limited Resource Interest Rate Loans

Subpart C-Borrower Graduation

Subpart D-Borrower Payments

Subpart E-Protecting the Agency's Security Interest

Subpart F-Required Use and Operation of Agency Security

Subpart G-[Amended]

Subpart H-Partial Release of Real Estate Security

Subpart I-Transfer of Security and Assumption of Debt

PART 766-DIRECT LOAN SERVICING-SPECIAL

Subpart C-Loan Servicing Programs

Subpart D-Homestead Protection Program

Subpart E-Servicing Shared Appreciation Agreements and Net Recovery Buyout Agreements

Subpart F-Unauthorized Assistance

Subpart H-Loan Liquidation

PART 767-INVENTORY PROPERTY MANAGEMENT

Subpart A-Overview

Subpart D-Disposal of Inventory Property

Subpart E-Real Estate Property With Important Resources or Located in Special Hazard Areas

PART 768-EQUITABLE RELIEF

PART 770-INDIAN TRIBAL LANDS ACQUISITION LOANS

PART 772-SERVICING MINOR LOAN PROGRAMS

PART 773-[Removed and Reserved]

PART 774-[Removed and Reserved]

[FR Doc. 2026-18164 Filed 9-3-26; 8:45 am]

BILLING CODE 3411-E2-P