Kenneth A. Spearman, Board Chairman and Chief Executive Officer

Dallas Tonsager, Board Member

Jeffery S. Hall, Board Member

MINUTES OF THE REGULAR MEETING

OF THE

FARM CREDIT ADMINISTRATION BOARD

September 8, 2016 

These minutes reflect the business transacted at the September 8, 2016, Regular Meeting of the 

Farm Credit Administration Board (FCA Board) pursuant to the Government in the Sunshine Act (Act), 

5 U.S.C. § 552b, and the regulations of the Farm Credit Administration (FCA) adopted thereunder.

The FCA Board meeting was held at the FCA office in McLean, Virginia, beginning at 9:00 a.m. and 

concluding at 10:15 a.m. Members of the Board present were:

Kenneth A. Spearman, Board Chairman and Chief Executive Officer (by telephone)

Dallas Tonsager, Member

Jeffery S. Hall, Member

The above named constitute the full Board. 

Others present included Charles Rawls, General Counsel; Dale Aultman, Secretary to the Board; staff 

of the FCA and Farm Credit System Insurance Corporation (FCSIC); and one member of the general 

public. (A list of staff attendees is attached as Exhibit A.) 

The Secretary read a statement that announced the meeting would be conducted according to the 

requirements of the Government in the Sunshine Act. 

The Board Chairman reviewed the published Agenda. (A copy of the Public Announcement 

publishing the Agenda for the meeting is attached as Exhibit B.)

Mr. Tonsager moved to adopt the Agenda as published. 

Mr. Hall seconded the motion.

1
2 

There being no further discussion, Board Chairman Spearman called the question.

The Secretary polled the Board Members and the motion carried unanimously.

Mr. Hall noted that the Agenda did include a portion of the meeting that should be closed to the 

public as permitted by the Government in the Sunshine Act and therefore moved that the meeting 

be closed at that point. 

Mr. Tonsager seconded the motion.

There being no further discussion, Board Chairman Spearman called the question.

The Secretary polled the Board Members and the motion carried unanimously.

OPEN SESSION

Approval of Minutes

Minutes for August 11, 2016 Regular Board Meeting

(BM-8-SEP-16-01) 

Mr. Tonsager moved to approve the minutes for August 11, 2016, FCA Regular Board Meeting. 

Mr. Hall seconded the motion.

There being no further discussion, Board Chairman Spearman called the question.

The Secretary polled the Board Members and the motion carried unanimously. (BM-8-SEP-16-01) 

(A copy of the official “Board Action Item” is attached as Exhibit C.)

New Business

Final Rule: Amendment of Freedom of Information Act (FOIA)

Regulations Required by the FOIA Improvement Act of 2016

(BM-8-SEP-16-02) 

Mike Wilson of the Office of Regulatory Policy and Autumn Agans of the Office of General Counsel 

presented the Final Rule: Amendment of Freedom of Information Act (FOIA) Regulations Required by 

the FOIA Improvement Act of 2016.

Board Chairman Spearman opened the discussion for questions by the Board. 

Board Chairman Spearman asked if there was any further discussion and asked staff to provide their 

recommendation. Staff provided their recommendation.

Board Chairman Spearman called for a motion on the staff’s recommendation. 

2
3 

Mr. Hall moved that the Board approve the Final Rule: Amendment of Freedom of Information Act 

Regulations Required by the FOIA Improvement Act of 2016. 

Mr. Tonsager seconded the motion.

Board Chairman Spearman asked if there was any further discussion.

There being no further discussion, the Board Chairman Spearman called the question.

The Secretary polled the Members and the motion carried unanimously. (BM-8-SEP-16-02)

(A copy of the “Board Action Item” is attached as Exhibit D.)

Reports

Quarterly Report on

Economic Conditions and FCS Conditions

Steve Gabriel of the Office of Regulatory Policy and Hal Johnson of the Office of Examination 

presented the Quarterly Report on Economic Conditions and FCS Conditions. 

Board Chairman Spearman asked if there were any questions or further discussion from the Board. 

There were no further questions or discussion. 

(A copy of the PowerPoint presentation is attached as Exhibit E.)

CLOSED SESSION

The Board Chairman noted that this was a Closed Session and ensured that members of the public 

and nonessential FCA and FCSIC staff were not in the room so the Board could meet with Office of 

Examination staff in Closed Session. 

Board Chairman Spearman convened the closed session of the meeting at 9:57 a.m. and instructed 

the Secretary to activate the electronic recording device so that the proceedings of the closed 

session were properly recorded as required by the Government in the Sunshine Act. 

The Board Chairman then instructed the General Counsel to furnish the Secretary with a 

certification, pursuant to 5 U.S.C. § 552b(f), that the portion of the meeting held in closed session 

may be properly closed to the public. 

(A copy of the Certification is attached hereto as Exhibit F.) 

3
4 

Members of the Board present were:

Kenneth A. Spearman, Board Chairman and Chief Executive Officer (by telephone)

Dallas Tonsager, Member

Jeffery S. Hall, Member

The above named constitute the full Board. 

Others present included Dale Aultman, Secretary to the Board; and Charles Rawls, General Counsel. 

(A list of staff attendees is attached as Exhibit A).

Office of Examination Quarterly Report

Robert Coleman and Roger Paulsen of the Office of Examination presented the update on OE 

Supervisory and Oversight Activities. 

Board Chairman Spearman asked if there were any questions or further discussion from the Board. 

There were no further questions or discussion. 

ADJOURNMENT

There being no further business to come before the Board, Board Chairman Spearman indicated that 

he would entertain a motion to adjourn the meeting.

Mr. Tonsager moved that the meeting be adjourned.

Mr. Hall seconded the motion.

Board Chairman Spearman called the question. 

The Secretary polled the Board Members and the motion carried unanimously. 

The meeting adjourned at 10:15 a.m.

4
5 

NOTATIONAL VOTE ACTIONS 

There were two notational vote actions approved by the FCA Board from August 12, 2016, through 

September 7, 2016 as follows:

Item Number Action Date Voting 

Results

Subject

NV 16-15 8/26/2016 Approved Authorized the Chief Financial Officer to reallocate funds within FCA’s 

approved fiscal year 2016 budget in order to better utilize remaining 2016 

funds to meet the Agency’s safety and soundness goals

NV 16-16 8/31/2016 Approved Fall 2016 Abstract of the Unified Agenda of Federal Regulatory and 

Deregulatory Actions and Fall 2016 Regulatory Project Plan

The undersigned hereby certify that the foregoing minutes are the official minutes of the Regular 

Meeting of the Farm Credit Administration Board held on September 8, 2016. 

_________/s/________________ _________/s/________________

Kenneth A. Spearman Dale L. Aultman

Board Chairman and Chief Executive Officer Secretary to the Board

 Approved: October 13, 2016

5
6 

Exhibit A

Page 1 of 2

STAFF PRESENT AT THE 

FCA REGULAR BOARD MEETING

September 8, 2016

Kenneth A. Spearman, Board Chairman and Chief Executive Officer (by telephone)

Dallas Tonsager, Board Member 

Jeffery S. Hall, Board Member

OFFICE

OPEN 

SESSION

CLOSED 

SESSION

Office of the Board

Aultman, Dale X X

Middleton, Russell X X

Corey, Kathryn X

Kramp, Kevin X X

Calhoun, Gaye X

Laguarda, Wendy X X

OCPA

Stokke, Mike X X

Meaux, Willy X X

OIT

Golley, Jerry X X

OSMO

Hudson, Bruce X X

OGC

Rawls, Charles X X

Strickland, Joy X X

Agans, Autumn X

6
7 

Exhibit A

Page 2 of 2

OFFICE OPEN 

SESSION

CLOSED 

SESSION

OE

Coleman, Robert X X

Paulsen, Roger X X

Johnson, Hal X X

OIG

Dean, Elizabeth X X

ORP

Van Meter, Gary X X

Gabriel, Steve X X

Wilson, Mike X

Gibbs, Paul X

OCFO

Smith, Stephen X X

OAS

 Fowlkes, Jerome X X

FCSIC

Pfitzinger, Rick X X

Rubin, Howard X X

GENERAL PUBLIC 1

7
8 

Exhibit B 

Farm Credit Administration Farm Credit Administration

 1501 Farm Credit Drive McLean, Virginia 22102-5090

 

PUBLIC ANNOUNCEMENT OF

MEETING SUBJECT TO THE GOVERNMENT IN THE SUNSHINE ACT

Farm Credit Administration Board

Regular Meeting

September 8, 2016 

Summary: Notice is hereby given, pursuant to the Government in the Sunshine Act (5 U.S.C. Sec. 552b(e) (1)), of the 

forthcoming regular meeting of the Farm Credit Administration Board.

Date and Time: The regular meeting of the Board will be held September 8, 2016. The meeting is scheduled to be held 

at the office of the Farm Credit Administration in McLean, Virginia, from 9:00 a.m. until such time as the Board may 

conclude its business.

Address: Farm Credit Administration, 1501 Farm Credit Drive, McLean, Virginia 22102-5090. Submit attendance 

requests via e-mail to VisitorRequest@FCA.gov. See SUPPLEMENTARY INFORMATION for further information about 

attendance requests. 

For Further Information Contact: Dale L. Aultman, Secretary to the Farm Credit Administration Board (703) 883-4009. 

TTY is (703) 883-4056.

Supplementary Information: Parts of this meeting of the Board will be open to the public (limited space available), and 

parts will be closed to the public. Please send an e-mail to VisitorRequest@FCA.gov at least 24 hours before the meeting. 

In your e-mail include: name, postal address, entity you are representing (if applicable), and telephone number. You will 

receive an e-mail confirmation from us. Please be prepared to show a photo identification when you arrive. If you need 

assistance for accessibility reasons, or if you have any questions, contact Dale L. Aultman, Secretary to the Farm Credit 

Administration Board, at (703) 883-4009. The matters to be considered at the meeting are:

OPEN SESSION

Approval of Minutes

1 August 11, 2016

New Business

2 Final Rule: Amendment of Freedom of Information Act (FOIA) Regulations Required by the FOIA Improvement 

Act of 2016

3 Quarterly Report on Economic Conditions and FCS Conditions

CLOSED SESSION

4 Office of Examination Quarterly Report1

 August 30, 2016_ _ _______ _________/s/________________

 Date Dale L. Aultman

 Secretary to the Board

_________________________

1Session Closed-Exempt pursuant to 5 U.S.C. Section 552b(c)(8) and (9).

8
9 

Exhibit C 

Farm Credit Administration 1501 Farm Credit Drive

McLean, Virginia 22102-5090

(703) 883-4000

BOARD ACTION ITEM

FCA BOARD ACTION ON

Minutes for August 11, 2016 Regular Board Meeting

BM-8-SEP-16-01

Effective Date: September 8, 2016

Effect on Previous Action: None

THE FCA BOARD HEREBY:

Approves the minutes for August 11, 2016, Regular Board Meeting as submitted.

DATED THIS 8th DAY OF SEPTEMBER 2016 

BY ORDER OF THE BOARD

_________/s/________________

Dale L. Aultman

Secretary to the Board 

9
10

Exhibit D 

Farm Credit Administration 1501 Farm Credit Drive

 McLean, Virginia 22102-5090

 (703) 883-4000

BOARD ACTION ITEM

 

FCA BOARD ACTION ON

Final Rule: Amendment of Freedom of Information Act (FOIA)

Regulations Required by the FOIA Improvement Act of 2016

BM-8-SEP-16-02 

Effective Date: September 8, 2016

THE FCA BOARD HEREBY: 

1. Approves the Final Rule: Amendment of Freedom of Information Act (FOIA) 

Regulations Required by the FOIA Improvement Act of 2016

2. Authorizes staff to make any technical or grammatical changes that may be necessary 

prior to publication.

DATED THIS 8th DAY OF SEPTEMBER 2016

BY ORDER OF THE BOARD

__________/s/________________

Dale L. Aultman

Secretary to the Board 

10
FCA Board Meeting 

September 2016

Quarterly Report on 

FCS Condition

September 8, 2016

Stephen Gabriel

Hal Johnson Exhibit E

11
Topics for Open Session

2

Economic Conditions Affecting the FCS

FCS Condition and Performance

12
Economic Conditions Affecting 

the Farm Credit System

Stephen Gabriel

Chief Economist

Office of Regulatory Policy

13
Economic growth expected to 

continue at sub-par pace

4

Consensus Forecasts (percent)

Red indicates forecast

Q1 

2015

Q2 

2015

Q3 

2015

Q4 

2015

Q1 

2016

Q2 

2016

Q3 

2016

Q4 

2016

Q1 

2017

Q2 

2017

Q3 

2017

Q4 

2017

GDP growth* 2.0 2.6 2.0 0.9 0.8 1.2 2.8 2.5 2.2 2.3 2.1 2.0

CPI* -2.9 2.4 1.4 0.8 -0.3 2.5 2.1 2.2 2.2 2.4 2.3 2.5

Unemployment rate 5.6 5.4 5.2 5.0 4.9 4.9 4.8 4.7 4.6 4.6 4.5 4.5

10 Yr T-Bond 2.0 2.4 2.0 2.2 1.8 1.5 1.6 1.8 1.9 2.1 2.3 2.5

Source: Consensus Economics, Inc.

Survey date - August 8, 2016

* % change from prior quarter, seasonally adjusted annual rate

14
Personal consumption accounts for 

the lion’s share of the U.S. economy

5

68%

17%

-3%

18%

-10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Personal consumption

expenditures

Gross private domestic

investment

Net exports of goods

and services

Government

consumption

expenditures and gross

investment

Source: Bureau of Economic Analysis

Economic Activity as a Percent of U.S. GDP, 2015

15
Domestic investment has 

become a drag on GDP growth

6

1.7

1.0 1.0

0.3

-0.6

2.4

2.0

0.7

-0.2 -0.2

2.6

2.2

0.8

-0.7

0.3

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

Gross domestic

product

Personal

consumption

expenditures

Gross private

domestic

investment

Net exports of

goods and

services

Government

consumption

expenditures

and gross

investment

2013 2014 2015

Source: Bureau of Economic Analysis

Annualized % Change in GDP and Contributions to % Change in Real GDP

0.8

1.1

-0.6

0.0

0.3

1.1

2.9

-1.7

0.1

-0.3

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

 Gross domestic

product

Personal

consumption

expenditures

Gross private

domestic

investment

Net exports of

goods and

services

Government

consumption

expenditures and

gross investment

2016-Q1 2016-Q2

Source: Bureau of Economic Analysis

Annualized % Change in GDP and Contributions to % Change in Real GDP

16
Farm sector developments and 

concerns

 USDA projecting record corn and soybean crops

 Corn and soybean exports projected to be strong in 

the next marketing year

 Continued concerns about shrinking grain and

soybean profit margins and working capital

 Production growth in the protein and dairy sectors is 

pressuring prices and margins

 A soft landing for Midwest farmland markets?

7

17
USDA projects sharply higher 

corn yields

8

6.89

4.46

3.70

3.60

3.15

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

55%

60%

65%

70%

Ending U.S. Corn Stocks/Use Ratio (left axis)

Average Farm Corn Price - dollars/bu (right axis) Source: USDA

18
Soybean prices supported by 

strong export demand

9

14.40 

13.00 

10.10 

8.95 

9.10 

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

0%

5%

10%

15%

20%

25%

30%

Ending U.S. Soybeans Stocks/Use Ratio (left axis)

Average Farm Soybean Price - dollars/bu (right axis) Source: USDA

19
A world awash in wheat pressures 

prices

10

7.77

6.87

5.99

4.89

3.70

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

13%

23%

33%

43%

53%

63%

73%

83%

93%

Ending U.S. Wheat Stocks/Use Ratio (left axis)

Average Farm Wheat Price - dollars/bu (right axis) Source: USDA

20
Corn and soybean exports projected 

higher next year

11

0

10

20

30

40

50

60

70

Corn Soybeans

Source: USDA, FAS

U.S. Exports (million MT)

21
Most crop input prices are 

adjusting slower than grain prices

12

-41.2%

-24.2%

-2.7%

0.0% 1.6% 1.9% 6.2% 6.3% 7.5% 10.4% 13.7%

-3.2%

-15.1%

-28.7%

-35.3%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

Percent Change, June 2014 to June 2016

Prices Paid Index, 2011 Price/bu.

Source: USDA, NASS

22
A soft landing for farmland markets 

continues to unfold

13

-13

6

-3

-1

-5

-3

-11

-1

-3

-9

-5

-9

1

3

0

-5

-3

-15

-10

-5

0

5

10

KS Western

MO

Mountain

States

NE OK Kansas

City

District

Nonirrigated Cropland

Irrigated Cropland

Ranchland

Source: Kansas City Federal Reserve Bank

Percent Change from the Previous Year, 2nd Quarter 2016

1

-2

-6

-1

7

-1

-8

-6

-4

-2

0

2

4

6

8

IL IN IA MI WI Chicago

District

Percent Change in the Value of “Good" Farmland from 

Previous Year, 2nd Quarter 2016

Source: Chicago Federal Reserve Bank

n/a

23
USDA’s survey shows cropland 

values down across the Midwest

14

24
Cash rent down in most Midwest 

states

15

5%

2% 2%

-1%

4%

1%

4%

-3%

1%

-4%

6%

-3%

0%

4%

-3% -3%

-6%

-2%

-6%

-5%

0%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

ILLINOIS INDIANA IOWA KANSAS MINNESOTA NEBRASKA OHIO

2014 2015 2016

Source: USDA, NASS

Cash Rent on Cropland, Percent Change from Prior Year, June

25
Indiana cropland value down 

8 percent in 2016

16

Indiana cash rent on average cropland 

was down 11 percent in 2016

4.2%

7.1%

-3.8%

-8.2%

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

2013 2014 2015 2016

Percent Change in Value of Average Indiana Cropland from Prior Year, June

Source: Purdue Agricultural Economics Reports

26
Risks to watch

 Crop conditions in South America

 U.S. and global economic growth

 Interest rates

 Strength of the dollar

 Deteriorating agricultural credit quality

 Market response to U.S. presidential election

 Geopolitical developments 17

27
Questions

THANK YOU

28
Farm Credit System 

Condition and Performance

as of 

June 30, 2016

Hal Johnson

Sr. Financial Analyst

Office of Examination

29
Topics

20

 System Growth

 Loan Portfolio Growth

 Earnings

 Capital

 FIRS

30
System grows at a moderate pace 

Source: FCS Quarterly Information Statements 21

247 248 

261 266 

283 283 

304 

315 

192 193 

201 205 

217 221 

236 

244 

3.5%

-0.1%

0.5% 0.7%

3.5%

1.7%

0.2%

1.5%

4.3%

-0.4%

2.0% 2.9%

4.0%

1.1%

2.3%

Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 $ billions

 Total FCS Assets

 Total Gross Loans

% change in Gross Loans

 (quarter-over-quarter)

31
Loan growth up compared to 

the past several years

Source: FCS Quarterly Information Statements 22

-0.9%

3.9%

0.5%

2.0% 1.6%

3.4%

YTD '11 YTD '12 YTD '13 YTD '14 YTD '15 YTD '16

Total Gross Loans

% change year-to-date through June

3.0%

-3.0%

13.1%

3.3%

RE Mortgage

[45%]

Production &

 Intermediate

[20%]

Agribusiness

[17%]

Other

[18%]

2016 Loan Growth by Loan Type

(% change year-to-date through June) 

District Jun-14 Jun-15 Jun-16

AgFirst District (11%) 2.0% 1.3% 3.0%

AgriBank District (39%) 0.4% 0.7% 2.3%

CoBank District (41%) 3.4% 2.4% 4.3%

Texas District (9%) 2.9% 3.3% 4.4%

Total System 2.0% 1.6% 3.4%

Loan Growth by District 

(% change year-to-date through June)

32
Portfolio loan quality remains strong 

but watchful of rising credit risk

23 Source: FCS Quarterly Information Statements

Sector Nonaccruals as a % of Loans Outstanding

• Nonperforming loans equaled 

0.75% of System loans 

outstanding in the 2nd quarter

• 94.7% of System loans were 

classified as Acceptable as 

compared to 96% at yearend 2015

• Loan delinquencies were 0.24% 

of accruing loans 

• The System’s allowance for loan 

losses equaled 79% of 

nonperforming loans

• Total capital and the allowance for 

loan losses represented 21.7% of 

System loans at quarter-end

Portfolio Credit Quality

as of June 2016

2,040 2,068

1,883 1,764 1,737 1,771 1,766 1,724 1,629

1,832 1,825

1.01% 1.01%

0.92% 0.85% 0.80% 0.82% 0.80% 0.76% 0.69% 0.77% 0.75%

 Nonaccrual Loans Other nonperforming Loans

% of Nonperforming Loans-to-Total Loans

33
System reports solid financial 

results for the 1st half of 2016

Source: FCS Quarterly Information Statements 24

1,553 

1,297 

1,684 

1,986 

2,119 

2,246 2,341 2,273 2,337 

63 

474 

316 234 

67 41 

(35)

50 160 

Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16

System Net Income

Provisions for Loan Losses

System Earnings ($M) - YTD through June -

4.48 4.24 4.06 3.79 3.59 3.46 3.41 3.46 

2.05

1.63 1.38 1.08 0.95 0.96 1.01 1.16

2.43 

2.61 2.68 2.71 2.64 2.50 2.40 2.30 

2009 2010 2011 2012 2013 2014 2015 YTD '16

Rate: Earning Assets

Rate: Interest-Bearing Liabilities

Net Interest Spread

Net Interest Spread

100,000

175,000

250,000

325,000

2009 2010 2011 2012 2013 2014 2015 Jun-16

Avg. Earning Assets

34
Capital levels remain strong

Source: FCS Quarterly Information Statements 25

• System capital as a percentage of 

total assets was 16.3% compared 

to 16.1% at year end 2015

• Surplus as a percentage of total 

capital equaled 81.9% 

• System liquidity equaled 180 days 

of coverage. Days of available 

liquidity for the four funding banks 

ranged from 151 days to 200 days.

Capital and Liquidity

as of June 2016

42.6 43.7 

44.7 45.8 45.7 

46.8 47.8 48.9 48.8 

50.0 51.4 

16.3% 16.6% 16.8% 16.9%

16.2%

16.8% 16.9% 16.8%

16.1% 16.4% 16.3%

Restricted Capital

Total Capital less Restricted

Restricted capital represents capital associated with the Insurance Fund.

Capital-to-Asset Ratio

Total System Capital ($B)

35
System FIRS ratings

26

FIRS Ratings

• Composite FIRS ratings remain 

stable.

• Nearly 95% of System Banks 

and Associations have a 

Composite FIRS rating of 1 or 2

• 3 rated institutions account for 

less than 1.1% of total System 

assets

Source: FCA's FIRS ratings database

26 29 30 37 43 44 46 43 43 

50 46 44 

38 31 32 29 30 31 

14 12 12 10 8 3 3 5 4 

3 2 1 1 

1 

Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Mar-16 Jun-16

1 Rated 2 Rated 3 Rated 4 Rated

Composite FIRS Ratings - System Banks & Associations

Ratings Trend Quarter-over-Quarter

comparison

36
Summary and final points

 Challenges for agriculture:

 General economic factors – sub-par economic growth in the U.S. 

and abroad, strength of the dollar, rising interest rates 

 Farm sector concerns – margins for cash grain producers, 

Midwest farmland values, profit pressure on dairy and protein 

sectors

 The System continues to be financially sound

 Portfolio credit quality remains good but credit risk is 

anticipated to intensify

 System institutions remain well-positioned for the current risk 

environment with favorable earnings and strong capital levels

27

37
Questions

THANK YOU

38
11

Exhibit F

Farm Credit Administration 1501 Farm Credit Drive

McLean, Virginia 22102-5090

CERTIFICATE OF CLOSED MEETING

The General Counsel, in accordance with the Government in the Sunshine Act, 5 U.S.C. § 552b(f)(1), 

hereby certifies that the Farm Credit Administration Board regular meeting of September 8, 2016, 

was properly closed to the public on the basis of the exemption set forth below:

• Supervisory and Oversight Activities of FCS Institution(s) – 5 U.S.C. § 552b(c)(8)

and (9).

_________/s/________________ Date: September 8, 2016 

Charles R. Rawls

General Counsel 

39