The USDA Farm Service Agency has issued an interim rule that amends the regulation determining maximum interest rates on guaranteed farm loans. The interim rule ties pricing on these loans to the 3-month LIBOR or the 5-year Treasury note rate, unless the lender uses a formal written risk-based pricing practice for loans, in which case the rate must be at least one risk tier lower than the borrower would receive without the guarantee. Notably, the interim rule eliminates tying guaranteed farm loan pricing to the rate charged for an “average agricultural loan customer.” The interim rule goes into effect on May 3, and the Farm Service Agency will accept comments on it until June 3.