Dallas P. Tonsager, Chairman and Chief Executive Officer

Jeffery S. Hall, Board Member

MINUTES OF THE REGULAR MEETING

OF THE

FARM CREDIT ADMINISTRATION BOARD

November 9, 2017

These minutes reflect the business transacted at the November 9, 2017, 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 or Agency) adopted 

thereunder.

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

concluding at 9:26 a.m. Members of the Board present were:

Dallas P. Tonsager, Chairman and Chief Executive Officer

Jeffery S. Hall, Member

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

of the FCA and the Farm Credit System Insurance Corporation; and two members 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. 

Chairman Tonsager 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. 

Chairman Tonsager seconded the motion.

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

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

1
Mr. Hall noted that the Agenda did not include any items that should be discussed in closed session, 

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

remain open to the public. 

Chairman Tonsager seconded the motion.

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

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

OPEN SESSION

Approval of Minutes

Minutes for October 12, 2017 

(BM-9-NOV-17-01) 

Mr. Hall moved to approve the minutes for the October 12, 2017, FCA Regular Board Meeting. 

Chairman Tonsager seconded the motion.

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

The Secretary polled the Board Members and the motion carried unanimously. (BM-9-NOV-17-01) 

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

New Business

Request to Redeem Allocated Equities

 (BM-9-NOV-17-02) 

Jeremy Edelstein of the Office of Regulatory Policy presented the Request to Redeem Allocated 

Equities. 

Chairman Tonsager opened the discussion for questions by the Board.

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

recommendation. Staff provided their recommendation. 

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

Mr. Hall moved to approve the Request to Redeem Allocated Equities. 

Chairman Tonsager seconded the motion.

2
Chairman Tonsager asked if there was any further discussion.

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

The Secretary polled the Members and the motion carried unanimously. (BM-9-NOV-17-02)

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

Request to Amend the Articles of Incorporation of Farm Credit Financial Partners, Inc.

 (BM-9-NOV-17-03) 

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

presented the Request to Amend the Article of Incorporation of Farm Credit Financial Partners, Inc. 

Chairman Tonsager opened the discussion for questions by the Board.

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

recommendation. Staff provided their recommendation. 

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

Mr. Hall moved to approve the Request to Amend the Articles of Incorporation of Farm Credit 

Financial Partners, Inc. 

Chairman Tonsager seconded the motion.

Chairman Tonsager asked if there was any further discussion.

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

The Secretary polled the Members and the motion carried unanimously. (BM-9-NOV-17-03)

(A copy of the Board Action is attached as Exhibit E.)

Request to Invest in Farm Credit Financial Partners, Inc.

 (BM-9-NOV-17-04) 

David Lewandrowski of the Office of Regulatory Policy and Autumn Agans of the Office of General 

Counsel presented the Request to Invest in Farm Credit Financial Partners, Inc. 

Chairman Tonsager opened the discussion for questions by the Board.

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

recommendation. Staff provided their recommendation. 

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

3
Mr. Hall moved to approve the Request to Invest in Farm Credit Financial Partners, Inc. 

Chairman Tonsager seconded the motion.

Chairman Tonsager asked if there was any further discussion.

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

The Secretary polled the Members and the motion carried unanimously. (BM-9-NOV-17-04)

(A copy of the Board Action is attached as Exhibit F.)

ADJOURNMENT

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

entertain a motion to adjourn the meeting.

Mr. Hall moved that the meeting be adjourned.

Chairman Tonsager seconded the motion.

Chairman Tonsager called the question. 

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

The meeting adjourned at 9:26 a.m.

NOTATIONAL VOTE ACTION

There was one notational vote action approved by the FCA Board from October 13, 2017, through 

November 8, 2017 as follows:

Item 

Number

Action 

Date

Voting 

Result

Subject

NV 17-28 10/16/2017 Approved Office of Examination’s FY 2018 Oversight and Examination 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 November 9, 2017. 

______ _/s/________________ ______ _/s/________________

Dallas P. Tonsager Dale L. Aultman

Board Chairman and Chief Executive Officer Secretary to the Board

 Approved: _December 14, 2017__

4
Exhibit A 

Page 1 of 2 

STAFF PRESENT AT THE 

FCA REGULAR BOARD MEETING

November 9, 2017

Dallas P. Tonsager, Chairman and Chief Executive Officer

Jeffery S. Hall, Board Member

OFFICE

OPEN 

SESSION

Office of the Board

Aultman, Dale X

Kramp, Kevin X

Calhoun, Gaye X

Corey, Kathryn X

COO

Hoffman, William X

OIT

Golley, Jerry X

OCPA

Meaux, Willy X

OSMO

Rea, Laurie X

OGC

Rawls, Charles X

Donner, Mary Alice X

Strickland, Joy X

Agans, Autumn X

5
Exhibit A 

Page 2 of 2

OFFICE OPEN 

SESSION

OE

Coleman, Robert X

OIG

Laguarda, Wendy X

Bell, Ava X

ORP

Van Meter, Gary X

Mardock, Barry X

Lewandrowski, David X

Wilson, Mike X

Edelstein, Jeremy X

Gibbs, Paul X

OAS

Fowlkes, Jerome X

Bell, Vonda X

CFO

Smith, Steve X

Gandy, Doug X

EEOI

Burlew, Thais X

FCSIC

Rubin, Howard X

Pfitzinger, Rick X

GENERAL PUBLIC 2

6
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

November 9, 2017 

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 November 9, 2017. 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: This meeting of the Board will be open to the public (limited space available). 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 October 12, 2017 

New Business

2 Request to Redeem Allocated Equities

3 Request to Amend the Articles of Incorporation of Farm Credit Financial Partners, Inc

4 Request to Invest in Farm Credit Financial Partners, Inc

 

_ October 30, 2017_______ ______ _/s/________________

 Date Dale L. Aultman

 Secretary to the Board

7
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 October 12, 2017 Regular Board Meeting

BM-9-NOV-17-01

Effective Date: November 9, 2017

Effect on Previous Action: None

THE FCA BOARD HEREBY:

 

Approves the minutes for the October 12, 2017, Regular Board Meeting as submitted.

DATED THIS 9th DAY OF NOVEMBER 2017 

BY ORDER OF THE BOARD

 

______ _/s/________________

Dale L. Aultman

Secretary to the Board 

8
Exhibit D 

Farm Credit Administration 1501 Farm Credit Drive

 McLean, Virginia 22102-5090

 (703) 883-4000

BOARD ACTION ITEM

 

FCA BOARD ACTION ON

Request to Redeem Allocated Equities

BM-9-NOV-17-02

Effective Date: November 9, 2017

THE FCA BOARD HEREBY:

• Approves the request of Compeer Financial, ACA to redeem certain identified allocated 

equities of 12 defaulted borrowers of the association in the amount of $268,000, 

notwithstanding Condition of Merger I(d)(4) for Compeer Financial, ACA previously 

imposed by the FCA Board (NV 17-04, Appendix B), other than the 20 percent limitation; 

• Approves the draft response letter to Compeer Financial, ACA; and

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

before sending the letter to the association. 

DATED THIS 9th DAY OF NOVEMBER 2017

BY ORDER OF THE BOARD

______ _/s/________________

Dale L. Aultman

Secretary to the Board 

9
Exhibit E 

Farm Credit Administration 1501 Farm Credit Drive

 McLean, Virginia 22102-5090

 (703) 883-4000

BOARD ACTION ITEM

 

FCA BOARD ACTION ON

Request to Amend the Articles of Incorporation of Farm Credit

Financial Partners, Inc.

BM-9-NOV-17-03

Effective Date: November 9, 2017

THE FCA BOARD HEREBY:

• Approves the Amended and Restated Articles of Incorporation for the Farm Credit

Financial Partners, Inc. (FPI), to allow FPI the authority to issue up to five million shares 

each of Class A Stock, Class B Stock and Class C Stock, effective immediately; and 

• Authorizes staff to make any necessary technical or grammatical changes to the approval 

letter prior to its issuance. 

DATED THIS 9th DAY OF NOVEMBER 2017

BY ORDER OF THE BOARD

______ _/s/________________

Dale L. Aultman

Secretary to the Board 

10
Exhibit F 

Farm Credit Administration 1501 Farm Credit Drive

McLean, Virginia 22102-5090

(703) 883-4000

BOARD ACTION ITEM

FCA BOARD ACTION ON

Request to Invest in Farm Credit Financial Partners, Inc

BM-9-NOV-17-04

Effective Date: November 9, 2017

THE FCA BOARD HEREBY:

• Authorizes Farm Credit Illinois, ACA and its subsidiaries (Farm Credit Illinois, ACA) to invest

in Farm Credit Financial Partners, Inc., (FPI) a § 4.25 service corporation, in the amount of

up to $10 million through the purchase of preferred and common stock, subject to Farm

Credit Illinois, ACA complying with the terms, conditions and limitations in conjunction

with the FCA Board’s approval;

• Approves the draft response letter to Farm Credit Illinois, ACA; and

• Authorizes staff to make any technical and grammatical changes that may be necessary

before sending the letter to Farm Credit Illinois, ACA.

DATED THIS 9th DAY OF NOVEMBER 2017

BY ORDER OF THE BOARD

______ _/s/________________

Dale L. Aultman

Secretary to the Board 

11