Mike Reyna, the new chairman of the Farm Credit Administration, is moving at lightning speed to put his stamp on the Farm Credit System (FCS) through a revolutionary new national chartering program for FCS lenders. Stripped to its essentials, national chartering is merely a minor variation of the lender's choice initiative championed by the late FCA Chairman Marsha Martin. Combined with new rules governing cross-titling and FCS loan participations with non-FCS lenders, national chartering will trigger unrestrained and potentially destructive competition within the FCS.