In December 2000, the Farm Credit Administration did something right. Although the FCA Board did not explicitly say so, it appears the FCA will not issue any national charters on January 1, 2001. For the moment, at least, rural America and commercial banks are safe from reckless FCS expansion. However, even through the FCA has struck out twice in unleashing the FCS empire builders, first with lender's choice and now in its attempt to evade the federal government's formal rule-making procedures, the FCA apparently intends to try again to launch its National Chartering initiative, but only after playing by the rules.