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Dallas P. Tonsager, Chairman and Chief Executive Officer

Jeffery S. Hall, Board Member

Glen R. Smith, Board Member

MINUTES OF THE REGULAR MEETING

OF THE

FARM CREDIT ADMINISTRATION BOARD

November 8, 2018

These minutes reflect the business transacted at the November 8, 2018, Regular Meeting of the 

Farm Credit Administration Board (FCA Board) pursuant to the Government in the Sunshine 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 9:20 a.m. Members of the Board present were:

Dallas P. Tonsager, Chairman and Chief Executive Officer

Jeffery S. Hall, Member

Glen R. Smith, 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 the Farm Credit System Insurance Corporation; and three 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. 

Board 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. 

Mr. Smith seconded the motion.

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

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

Mr. Smith noted that the Agenda did not include any 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.
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Mr. Hall seconded the motion.

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

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

OPEN SESSION

Approval of Minutes

Minutes for October 11, 2018

(BM-8-NOV-18-01)

Mr. Hall moved to approve the minutes for the October 11, 2018, FCA Regular Board Meeting.

Mr. Smith seconded the motion.

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

The Secretary polled the Board Members and the motion carried unanimously. (BM-8-NOV-18-

01)

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

New Business

Bookletter 070 - Revised Capital Treatment for Certain Rural 

Water and Wastewater Facilities Exposures

(BM-8-NOV-18-02)

Chris Wilson of the Office of Regulatory Policy, and Jennifer Cohn of the Office of General 

Counsel presented the Bookletter 070 - Revised Capital Treatment for Certain Rural Water and 

Wastewater Facilities Exposures.

Board Chairman Tonsager opened the discussion for questions by the board.

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

their recommendation. Staff provided their recommendation.

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

Mr. Smith moved to approve the Bookletter 070 - Revised Capital Treatment for Certain Rural 

Water and Wastewater Facilities Exposures.

Mr. Hall seconded the motion.

Board Chairman Tonsager asked if there was any further discussion.

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

The Secretary polled the Board Members and the motion carried unanimously. (BM-8-NOV-18-

02)

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

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

he would entertain a motion to adjourn the meeting.

Mr. Hall moved that the meeting be adjourned.

Mr. Smith seconded the motion.

Board Chairman Tonsager called the question.

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

The meeting adjourned at 9:20 a.m.
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NOTATIONAL VOTE ACTIONS

There were no notational vote actions approved by the FCA Board from October 11, 2018, 

through November 7, 2018.

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 8, 2018.

________/s/______________

Dallas P. Tonsager

Board Chairman and Chief Executive Officer

________/s/_____________

Dale L. Aultman

Secretary to the Board

Approved: December 13, 2018
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Exhibit A

STAFF PRESENT AT THE

FCA REGULAR BOARD MEETING

November 8, 2018

Dallas P. Tonsager, Chairman and Chief Executive Officer

Jeffery S. Hall, Board Member

Glen R. Smith, Board Member

OFFICE OPEN 

SESSION

Office of the Board

Aultman, Dale X

Batta, Todd X

Kramp, Kevin X

Morris, James X

Corey, Kathryn X

Calhoun, Gaye X

Roque-Brehm, Awilda X

EEOI

Burlew, Thais X

COO

Hoffman, William X

OIT

Golley, Jerald X

OCPA

Stokke, Michael X

Middleton, Russell X

Meaux, Willy X

OSMO

Rea, Laurie X

Hudson, Bruce X

OGC

Rawls, Charles X

Cohn, Jennifer X

Donner, Mary Alice X

Strickland, Joy X

OE

Coleman, Robert X

Paulsen, Roger X

Moeller, Ed X

OIG

Laguarda, Wendy X

ORP

Van Meter, Gary X

Mardock, Barry X

Wilson, Chris X

Edelstein, Jeremy X

Floyd, J.C. X
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OFFICE OPEN 

SESSION

OCFO

Smith, Stephen X

Gandy, Doug X

OAS

Bell, Vonda X

FCSIC

Wynn, Wade X

GENERAL PUBLIC 3
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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

November 8, 2018

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 8, 2018. 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 email 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 11, 2018

New Business

2 Bookletter 070 - Revised Capital Treatment for Certain Rural Water and Wastewater

 Facilities Exposures

______October 30, 2018______

Date

___________/s/________________

Dale L. Aultman

Secretary to the Board
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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 October 11, 2018 Regular Board Meeting

BM-8-NOV-18-01

Effective Date: November 8, 2018

Effect on Previous Action: None

THE FCA BOARD HEREBY:

Approves the minutes for October 11, 2018, Regular Board Meeting as submitted.

DATED THIS 8th DAY OF NOVEMBER 2018

BY ORDER OF THE BOARD

__________/s/_________________

Dale L. Aultman

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

Bookletter 070 - Revised Capital Treatment for Certain Rural 

Water and Wastewater Facilities Exposures 

BM-8-NOV-18-02

THE FCA BOARD HEREBY:

• Approves Bookletter-070 – Revised Capital Treatment for Certain Rural Water and 

Wastewater Facility Exposures (BL-70), which:

1. Assigns, under FCA’s reservation of authority at FCA regulation § 628.1(d)(3), 

a 50-percent risk-weight to certain rural water and wastewater (RWW) 

exposures that meet the quantitative and qualitative criteria as specified in 

BL-70 and a 75-percent risk-weight to certain RWW exposures that meet the 

quantitative and qualitative criteria as specified in BL-70; 

2. Excludes the RWW exposures of similar entities from the lower capital 

treatment;

3. Excludes from the lower capital treatment certain construction exposures of a 

RWW facility during which the facility is not fully operational; and

4. Includes a “sunset” provision for the lower capital treatment of the RWW 

exposures

• Authorizes FCA staff to make any technical or grammatical changes to BL 70 that 

may be necessary prior to issuance.

DATED THIS 8th DAY OF NOVEMBER 2018

BY ORDER OF THE BOARD

____________/s/________________

Dale L. Aultman

Secretary to the Board