The Farm Credit Administration (FCA), the safety-and-soundness regulator for the Farm Credit System (FCS), is about to launch the FCS on another round of reckless, destructive lending if it adopts, as it probably will, its pending customer choice regulation. The comment period on this pending regulation closed on May 10, 1999. FCA proposes to authorize all of the approximately 200 FCS lenders to lend anywhere they wish within the US. These lenders range in size from a few million dollars in assets to CoBank's $20 billion of assets, which will soon grow to $22 billion with its acquisition of the troubled St. Paul Bank for Cooperatives.