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Vincent G. Logan, Chairman and Chief Executive Officer (CEO)

Jeffery S. Hall, Board Member

Glen R. Smith, Board Member 

MINUTES OF THE REGULAR MEETING

OF THE

FARM CREDIT ADMINISTRATION BOARD

February 8, 2024

These minutes reflect the business transacted at the February 8, 2024, regular meeting of the 

Farm Credit Administration (FCA) Board pursuant to the Government in the Sunshine Act, 5 

U.S.C. § 552b, and the regulations of the FCA adopted thereunder.

The meeting was held at the FCA office in McLean, Virginia. The meeting began at 10:00 a.m. 

and concluded at 10:23 a.m. The meeting was a hybrid physical/virtual meeting.

Members of the Board present were:

Vincent G. Logan, Chairman and CEO

Jeffery S. Hall, Member

Glen R. Smith, Member

The above named constitute the full Board.

Others present included Ashley Waldron, Secretary to the Board; David Grahn, General 

Counsel; and staff of the FCA and Farm Credit System Insurance Corporation (FCSIC). There 

were six members of the general public in attendance. (A list of Board and staff attendees is 

attached as Exhibit A.)

Chairman Logan called the meeting to order.

The Secretary addressed technical and protocol items and read a statement that announced the 

meeting would be conducted according to the requirements of the Government in the Sunshine 

Act.

ADOPTION OF AGENDA

Chairman Logan reviewed the published agenda. (A copy of the Public Announcement 

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

Mr. Hall moved to adopt the agenda as published.

Mr. Smith seconded the motion.
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There being no further discussion, Chairman Logan called the question.

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

CONSIDERATION TO CLOSE PORTIONS OF THE MEETING

Mr. Smith noted that the agenda did not include portions of the meeting that should be closed to 

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

entire meeting remain open.

Mr. Hall seconded the motion.

There being no further discussion, Chairman Logan called the question.

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

OPEN SESSION

Approval of Minutes

Minutes for January 11, 2024

(BM-8-FEB-24-01)

Mr. Hall moved to approve the minutes for the January 11, 2024, FCA regular board meeting, as 

presented.

Mr. Smith seconded the motion.

There being no further discussion, Chairman Logan called the question.

The Secretary polled the Board Members and the motion carried unanimously. (BM-8-FEB-24-

01)

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

New Business

Risk-Weighting of High Volatility Commercial Real Estate Final Rule

(BM-8-FEB-24-02)

Xahra Pollard of the Office of Regulatory Policy and Jennifer Cohn of the Office of 

General Counsel presented the Risk-Weighting of High Volatility Commercial Real Estate Final 

Rule.

Chairman Logan asked the staff to provide their recommendation. 

Staff provided their recommendation.

Mr. Smith moved to approve the staff’s recommendation regarding the Risk-Weighting of High 

Volatility Commercial Real Estate Final Rule.

Mr. Hall seconded the motion.

There being no further discussion, Chairman Logan called the question.
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The Secretary polled the Board Members and the motion carried unanimously. (BM-8-FEB-24-

02) 

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

ADJOURNMENT

There being no further business to come before the Board, Chairman Logan indicated he would 

entertain a motion to adjourn the meeting.

Mr. Hall moved that the meeting be adjourned.

Mr. Smith seconded the motion.

There being no further discussion, Chairman Logan called the question.

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

The meeting adjourned at 10:23 a.m.

NOTATIONAL VOTE ACTIONS 

There was one notational vote action approved by the FCA Board from January 11, 2024, through 

February 7, 2024. 

Item 

Number

Action 

Date

Voting 

Results

Subject

NV 24-04 1/25/2024 Approved Innovation Philosophy Statement

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

meeting of the Farm Credit Administration Board held on February 8, 2024.

___________/s/___________

Vincent G. Logan

Chairman and CEO

___________/s/___________

Ashley Waldron

Secretary to the Board

Approved: March 14, 2024
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Exhibit A 

BOARD AND STAFF PRESENT AT THE 

FCA REGULAR BOARD MEETING 

February 8, 2024

Vincent G. Logan, Chairman and CEO

Jeffery S. Hall, Board Member

Glen R. Smith, Board Member

ATTENDEES OPEN 

SESSION 

Office of the Board

Logan, Vincent X

Hall, Jeffery X

Smith, Glen X

Lund, Zachary X

Donner, Mary Alice X

Stokke, Michael X

Greer, Kristin X

Calhoun, Gaye X

Lewandrowski, Barbara X

Waldron, Ashley X

OCOS

Duran, Maribel X

Coleman, Robert X

OEEOI

Burlew, Thais X

Fish, Tyler X

Major, Sara Lynn X

OIT

Golley, Jerry X

Versace, Jerry X

Matos, Ricardo X

Rana, Ben X

OCPA

Reuschel, Trevor X

Rezendes, Andrew X

OGC

Grahn, David X

Griffin, Ward X

Cohn, Jennifer X

OE

Duffy, Mike X

Fennewald, Dan X

Greenlee, Angela X

Holmes, Graham X

ODAE

D’Antoni, Jeremy X

Iannetta, Sal X
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ATTENDEES OPEN 

SESSION 

OIG

Laguarda, Wendy X

Miller, Kevin X

OSMO

Fay, Thomas X

Hudson, Bruce X

ORP

Kramp, Kevin X

Agans, Autumn X

Leist, Ryan X

Pollard, Xahra X

OCFO

Walters, Sandi X

Gandy, Doug X

OAS

Bell, Vonda X

Clark, Patrina X

Adams, Corey X

Adkins, Byron X

FCSIC

Simonson, John X

Bowen, Mark X

GENERAL PUBLIC 6
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Exhibit B 

Farm Credit Administration 1501 Farm Credit Drive

McLean, VA 22102-5090

(703) 883-4000

PUBLIC ANNOUNCEMENT OF 

MEETING SUBJECT TO THE GOVERNMENT IN THE SUNSHINE ACT

Farm Credit Administration Board 

Regular Meeting 

February 8, 2024 

TIME AND DATE: 10 a.m., Thursday, February 8, 2024. 

PLACE: You may observe this meeting in person at 1501 Farm Credit Drive, McLean, 

Virginia 22102-5090, or virtually. If you would like to observe, at least 24 hours in advance, 

visit FCA.gov, select “Newsroom,” then select “Events.” From there, access the linked 

“Instructions for board meeting visitors” and complete the described registration process.

STATUS: This meeting will be open to the public.

MATTERS TO BE CONSIDERED: The following matters will be considered:

• Approval of Minutes for January 11, 2024 

• Risk-Weighting of High Volatility Commercial Real Estate Final Rule 

CONTACT PERSON FOR MORE INFORMATION: If you need more information or assistance 

for accessibility reasons, or have questions, contact Ashley Waldron, Secretary to the Board. 

Telephone: 703-883-4009. TTY: 703-883-4056.

___________/s/___________

Ashley Waldron

Secretary to the Board

January 24, 2024
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Exhibit C 

Farm Credit Administration

BOARD ACTION ITEM

1501 Farm Credit Drive

McLean, VA 22102-5090

(703) 883-4000

FCA BOARD ACTION ON

Minutes for January 11, 2024, Regular Board Meeting

BM-8-FEB-24-01 

Effective Date: February 8, 2024 

Impact on Prior Board Actions: None

THE FCA BOARD HEREBY:

• Approves the minutes for the January 11, 2024, regular Board meeting. 

DATED THIS 8th DAY OF FEBRUARY 2024 

BY ORDER OF THE BOARD

___________/s/___________

Ashley Waldron

Secretary to the Board
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Exhibit D

Farm Credit Administration

BOARD ACTION ITEM

1501 Farm Credit Drive

McLean, VA 22102-5090

(703) 883-4000

FCA BOARD ACTION ON

Risk-Weighting of High Volatility Commercial Real Estate Final Rule

BM-8-FEB-24-02 

Effective Date: February 8, 2024

Impact on Prior Board Actions: Staff has been directed to revise FCA Bookletter-070 - 

Revised Capital Treatment for Certain Water and Wastewater Exposures to ensure that rural 

water and wastewater construction exposures not subject to the reduced risk-weights under 

the bookletter will continue to be risk-weighted as corporate exposures (100 percent riskweight) after this rule becomes effective. Similarly, the draft preamble clarifies that 

construction exposures not permitted a reduced risk-weight under FCA Bookletter-053 - 

Revised Regulatory Capital Treatment for Certain Electric Cooperatives, will continue to 

receive the corporate exposure risk-weight of 100 percent after this rule becomes effective.

THE FCA BOARD HEREBY:

• Approves the final rule, which defines and establishes a risk-weight for High 

Volatility Commercial Real Estate exposures. 

• Authorizes FCA staff to make any technical or grammatical changes to the final rule 

that may be necessary prior to publication in the Federal Register or for compliance 

with the Congressional Review Act.

DATED THIS 8th DAY OF FEBRUARY 2024

BY ORDER OF THE BOARD

___________/s/___________

Ashley Waldron

Secretary to the Board