In October 2001, the Board of the Farm Credit Administration (FCA) voted to reject the National Charters proposal that it had been considering for more than a year. If adopted, National Charters would have permitted individual PCS associations to expand their lending activities outside of their chartered territories, which now have very little overlap. More aggressive associations surely would have tried to become nationwide lenders in competition with other FCS associations. This rejection is a stinging defeat for the FCS empire builders and a victory for rural America.