CFC was incorporated on April 10, 1969, as a member-owned, nonprofit financing cooperative charged with raising funds from the capital markets on behalf of electric cooperatives.
As early as 1958, cooperative leaders began to publicly recognize the need for new sources of financing to supplement the lending programs of the federal Rural Electrification Administration, which later became the Rural Utilities Service. In August 1967, the National Rural Electric Cooperative Association, the electric cooperative network's national trade association, appointed a Long-Range Study Committee to devise a plan for meeting the cooperatives’ future financing needs. CFC was the result.
1969 | CFC is incorporated with 512 systems joining within a year as Founding Members. J.K. Smith is appointed CFC’s first governor.
1970 | CFC approves its first short-term loan in December.
1971 | CFC approves its first two long-term loans in February.
1972 | CFC issues its first collateral trust bonds, bridging electric cooperatives to the capital markets.
1977 | Total loans outstanding surpass $1 billion.
1979 | Charles B. Gill becomes CFC’s second governor.
1981 | CFC creates its affiliate, the National Cooperative Services Corporation.
1987 | CFC introduces Medium-Term Notes as a member investment product.
1995 | Sheldon C. Petersen becomes CFC’s third governor and CEO.
2000 | Total loans outstanding surpass $15 billion.
2005 | CFC and the Federal Agricultural Mortgage Corporation begin working jointly to provide a new source of funding to electric cooperatives.
2014 | CFC celebrates its 45th anniversary, with more than $20 billion in total loans outstanding.
CFC marked its 45-year anniversary with a comprehensive history of its service to our nation's electric cooperatives.