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Vincent G. Logan, 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

October 12, 2023

These minutes reflect the business transacted at the October 12, 2023, 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 meeting was held at the FCA office in McLean, Virginia. The meeting began at 10:00 a.m. 

and concluded at 10:55 a.m.

Members of the Board present were:

Vincent G. Logan, Chairman and Chief Executive Officer

Jeffery S. Hall, Member

Glen R. Smith, Member

The above named constitute the full Board.

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

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

There were 20 members of the general public registered to attend. (A list of Board and staff 

attendees is attached as Exhibit A.)

Chairman Logan announced that this meeting of the Board was a hybrid physical/virtual meeting.

Chairman Logan asked everyone to say the Pledge of Allegiance with him as the flag was 

displayed on the presentation screen.

Chairman Logan asked the Secretary to address technical and protocol items.

The Secretary addressed technical and protocol items.

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

the requirements of the Government in the Sunshine Act.

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

publishing the agenda for the meeting is attached as Exhibit B.)
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Mr. Hall moved to adopt the agenda as published.

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.

Mr. Smith noted that the agenda did 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 

meeting be closed at that point as shown on the agenda.

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 September 14, 2023

(BM-12-OCT-23-01)

Mr. Hall moved to approve the minutes for the September 14, 2023, FCA Regular Board 

meeting.

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-12-OCT23-01)

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

New Business

Young, Beginning, and Small Farmers and Ranchers Final Rule

(BM-12-OCT-23-02)

Jessica Potter of the Office of Regulatory Policy and Hazem Isawi of the Office of General 

Counsel presented the Young, Beginning, and Small (YBS) Farmers and Ranchers Final Rule.

Chairman Logan asked if there were any comments or questions from the Board.

Mr. Hall made comments supporting the importance of YBS programs.

Chairman Logan and Mr. Smith had written statements, highlighting part of them at the 

meeting. Chairman Logan and Mr. Smith, respectively, asked the Secretary include their 

written statements in the minutes. (Chairman Logan’s written statement is attached as Exhibit E

and Mr. Smith’s written statement is attached as Exhibit F.)
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There being no further comments or questions, Chairman Logan asked the staff to provide their 

recommendation. The staff provided their recommendation.

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

Mr. Smith moved to approve the staff’s recommendation regarding the YBS Farmers and 

Ranchers Final Rule.

Mr. Hall seconded the motion.

Chairman Logan asked if there was any further discussion.

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

The Secretary polled the Board Members and the motion carried unanimously. (BM-12-OCT23-02)

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

CLOSED SESSION

Chairman Logan thanked the members of the public for attending and noted that the meeting 

was moving into closed session.

Chairman Logan asked the members of the public and the FCA and FCSIC staff who were not 

observing the closed session to exit the Board Room or disconnect from the virtual portion of the 

meeting.

Chairman Logan asked the Office of Information Technology (OIT) staff to confirm that the 

public had been disconnected from the virtual portion of the meeting. OIT staff provided that 

confirmation.

Chairman Logan convened the closed session of the meeting at 10:28 a.m. and asked OIT staff

to confirm that the proceedings of the closed session were being recorded as required by the 

Government in the Sunshine Act. OIT staff provided that confirmation.

Chairman Logan then instructed the General Counsel to furnish the Secretary with a 

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

session may be properly closed to the public.

The Secretary noted the start time of the closed session and indicated she had the certification 

from the General Counsel. (Attendees are listed on Exhibit A.) (A copy of the General Counsel 

certification is attached as Exhibit G.)

Reports

Office of Secondary Market Oversight Periodic Report 

Bruce Hudson, Elu Thomas, and Tiffany West of the Office of Secondary Market 

Oversight presented the Office of Secondary Market Oversight Periodic Report.

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

There were no further questions or discussion.
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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.

Chairman Logan called the question.

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

The meeting adjourned at 10:55 a.m.

NOTATIONAL VOTE ACTIONS

There were seven notational vote actions approved by the FCA Board from September 14, 2023, 

through October 11, 2023.

Item 

Number

Action 

Date

Voting 

Results

Subject

NV 23-26 09/19/2023 Approved Annual Update of Board Policy Statement 62 Concerning Equal 

Employment Opportunity and Diversity

NV 23-27 09/19/2023 Approved Farm Credit Administration Budget Reallocation

NV 23-28 09/25/2023 Approved Cyber Risk Management Final Rule

NV 23-29 09/29/2023 Approved Office of Examination Oversight and Examination Plan for Fiscal 

Year 2024

NV 23-30 09/29/2023 Approved Farm Credit Administration Revised Fiscal Year 2024 Budget

NV 23-31 09/29/2023 Approved Farm Credit Administration Budget Reallocation

NV 23-32 10/04/2023 Approved Compeer Financial, ACA Request to Redeem Certain Preferred Stock

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

meeting of the Farm Credit Administration Board held on October 12, 2023.

___________/s/____________

Vincent G. Logan

Chairman and Chief Executive Officer

___________/s/____________

Ashley Waldron

Secretary to the Board

Approved: November 9, 2023
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Exhibit A

BOARD AND STAFF PRESENT AT THE 

FCA REGULAR BOARD MEETING

October 12, 2023

Vincent G. Logan, Chairman and Chief Executive Officer

Jeffery S. Hall, Board Member

Glen R. Smith, Board Member

ATTENDEES OPEN 

SESSION

CLOSED 

SESSION

Office of the Board

Logan, Vincent X X

Hall, Jeffery X X

Smith, Glen X X

Lund, Zachary X X

Donner, Mary Alice X X

Stokke, Michael X X

Greer, Kristin X X

Calhoun, Gaye X

Lewandrowski, Barbara X X

Waldron, Ashley X X

Hoffman, Bill X X

OCOS

Duran, Maribel X X

Coleman, Robert X X

Cunningham, Lesley X

OEEOI

Burlew, Thais X X

OIT

Golley, Jerry X X

Versace, Jerry X X

Matos, Ricardo X X

Rana, Ben X X

OCPA

Reuschel, Trevor X X

Middleton, Russell X X

OGC

Grahn, David X X

Griffin, Ward X X

Isawi, Hazem X

Cohn, Jennifer X X

Grossman, Andra X X

Baker, Jacqueline X X

OE

Duffy, Mike X X

Fennewald, Dan X X

Greenlee, Angela X X

Burke, Cindi X X
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ATTENDEES OPEN 

SESSION

CLOSED 

SESSION

ODAE

Shields, Dennis X X

Iannetta, Salvatore X X

OIG

Laguarda, Wendy X X

Miller, Kevin X X

OSMO

Fay, Thomas X X

Hudson, Bruce X X

Thomas, Elu X X

West, Tiffany X X

ORP

Kramp, Kevin X X

Agans, Autumn X X

Potter, Jessica X

Johansen, Mark X X

OCFO

Gandy, Doug X X

OAS

Bell, Vonda X X

Clark, Patrina X X

FCSIC

Grimaldi, Andrew X X

Simonson, John X X

Bowen, Mark X X

GENERAL PUBLIC 20 N/A
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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 

October 12, 2023

TIME AND DATE: 10 a.m., Thursday, October 12, 2023.

PLACE: You may observe the open portions of 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: Parts of this meeting will be open to the public. The rest of the meeting will be 

closed to the public.

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

PORTIONS OPEN TO THE PUBLIC:

• Approval of Minutes for September 14, 2023

• Young, Beginning, and Small Farmers and Ranchers Final Rule

PORTIONS CLOSED TO THE PUBLIC:

• Office of Secondary Market Oversight Periodic Report1

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

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

September 26, 2023
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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 September 14, 2023

BM-12-OCT-23-01

Effective Date: October 12, 2023

Impact on Prior Board Actions: None

THE FCA BOARD HEREBY:

• Approves the minutes for September 14, 2023.

DATED THIS 12th DAY OF OCTOBER 2023

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

Young, Beginning, and Small Farmers and Ranchers Final Rule

BM-12-OCT-23-02

Effective Date: October 12, 2023

THE FCA BOARD HEREBY:

• Approves the final rule that revises 12 C.F.R. §614.4165 with different requirements 

and revises a reference in 12 CFR §620.5 governing contents of the annual report to 

shareholders. The new YBS rule requires annual funding bank review and approval of 

direct lender association YBS programs, implementation of funding bank internal 

controls, and enhancement of direct lender association YBS business planning. 

• Authorizes 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 12th DAY OF OCTOBER 2023 

BY ORDER OF THE BOARD

___________/s/___________

Ashley Waldron

Secretary to the Board
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Exhibit E

Statement on the Final Rule on Service to 

Young, Beginning, and Small Farmers and Ranchers

Vincent G. Logan

FCA Board Chairman and CEO

Farm Credit Administration Board Meeting

October 12, 2023

Today, by unanimous vote, the FCA board approved a final rule to update regulations 

governing the Farm Credit System’s service to young, beginning, and small (YBS) farmers 

and ranchers.

The vote today would not have been possible without the dedication and countless hours of 

work from FCA staff members. Thank you. I also want to recognize Board Member Smith for 

his efforts. This rule would not be before us today without your tireless focus on this issue 

during your time as chairman. And to Board Member Hall, your contributions and guidance 

on this rule helped us land in a stronger place. 

Congress created the Farm Credit System in 1916 to ensure that credit would be available 

to farmers and ranchers in both good times and bad. Then, in an obvious outgrowth of this

mission, Congress established a mandate in 1980 to address the challenges faced by YBS 

producers.

And congressional interest in that mandate is as real today as it was then. There was no 

single topic raised more in my confirmation hearings than how we, as a country, and FCA, 

as an agency, can continue to improve service to YBS producers.

So, while the rule we passed today was well underway before I joined the agency, I am 

pleased to play a role in getting it across the finish line. In particular, I am proud that I was 

able to contribute to this rulemaking by further elevating the important message that, to 

truly serve all YBS producers, you must focus on reaching traditionally underserved 

communities. Underserved producers, by and large, are almost all young, beginning, or 

small.

I will close by recognizing that, in my travels over the past year, it became clear to me that 

serving YBS producers remains a priority for Farm Credit System institutions. I thank the 

System for its dedication to these producers.
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Exhibit F

Statement on the Final Rule on Service to 

Young, Beginning, and Small Farmers and Ranchers

Glen R. Smith

FCA Board Member

Farm Credit Administration Board Meeting

October 12, 2023

Today is a proud day for our agency and a meaningful step toward ensuring the long-term 

prosperity of American agriculture. My office staff also informs me that it is National 

Farmers Day – especially significant given that this is the group we ultimately serve. 

I offer my heartfelt thanks to Chairman Vincent Logan and Board Member Jeff Hall for their 

steadfast efforts to get the final rule across the finish line. And, finally, I would like to 

convey my deep appreciation to the FCA staff members who have worked tirelessly toward 

this day.

Why is the rule so important?

Extending credit to young, beginning, and small (YBS) farmers and ranchers may not be 

considered as efficient as lending to large established entities, and it may also carry 

increased risk. However, those factors do not diminish the responsibility of Farm Credit 

System institutions to serve these groups as mandated by Congress in the Farm Credit Act 

of 1971, as amended. 

That responsibility is just as important today, during relatively prosperous economic times, 

but even more important during downturns like the one we experienced in the ’80s. The 

final rule we approved here today updates the FCA regulations that address that 

congressional mandate.

What does the rule accomplish?

Hazem and Jessica did a fine job of describing the mechanics of the rule. But, before going 

further, I want to say I’ve been impressed by the commitment many System institutions 

have shown in serving YBS producers and the men and women who have dedicated their 

careers to advancing this noble cause. I’ve seen this firsthand.

During my first two years on the board, I traveled extensively around the country to 

familiarize myself with different aspects of agriculture. My favorite part of those travels was 

visiting literally dozens upon dozens of YBS operations and learning what it took to make 

them successful.

My hope is that the enhanced requirements of the YBS rule will encourage System 

institutions to share those successes and best practices in serving YBS producers. 

How did we get here?

We’ve come a long way together. This final rule is the culmination of over five years of hard 

work at the agency, starting with the recognition that the accuracy of the YBS data 

submitted annually to FCA needed to improve. In February of 2019, the FCA board adopted 

an advance notice of proposed rulemaking to improve on this process. 
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When I was named chairman later that year, advancing service to YBS producers became 

my top priority. Soon thereafter we created the Office of Data Analytics and Economics to 

improve the collection, evaluation, and reporting of YBS data — a process that continues to 

this day.

Despite the challenges of COVID in the next couple of years, Board Member Hall and I 

continued to provide guidance to staff, and FCA issued the proposed rule in June of 2022

following a very successful national YBS Conference in Colorado. When Chairman Logan 

joined the FCA board a year ago, he contributed his unique perspective and leadership to 

the rule, particularly in the area of outreach to underserved groups. 

What makes this final rule so exciting is that it’s a “rule of opportunity.” With time and 

accumulated data analysis, it will represent a valuable tool in helping Farm Credit boards 

direct their resources to best serve YBS producers in their individual territories. It gives 

Farm Credit institutions an opportunity to build a strong borrower base for tomorrow's 

customers. But most of all, it will help fulfill the dreams and aspirations of young, beginning, 

and small agriculturalists for generations to come.
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Exhibit G

Farm Credit Administration 1501 Farm Credit Drive

McLean, VA 22102-5090

(703) 883-4000

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 

October 12, 2023, was properly closed to the public on the basis of the exemptions set forth 

below:

• Supervisory and oversight activities of Farm Credit System institution(s) – 5 U.S.C. 

§ 552b(c)(8) and (9).

October 12, 2023

Date

____________/s/___________

David Grahn

General Counsel