Information on Commodity Credit Corporation Loan Repayment Practices

In response to a congressional request, GAO gathered information relating to: (1) past and present Commodity Credit Corporation (CCC) repayment practices; (2) the statutory and regulatory authority which allows CCC to decide how loan repayments are to be divided between principal and interest, as well as the authority to establish a memorandum account for accrued interest; (3) what a memorandum account is and whether it meets generally accepted accounting principles; (4) how CCC repayment practices differ from commercial banking practices; and (5) other CCC loan programs which allow repayments to be applied first to loan principal.