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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

October 11, 2018

These minutes reflect the business transacted at the October 11, 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 10:10 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 two members of 

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

Board Chairman Tonsager welcomed Vonda Bell as being promoted to Director of the Office of 

Agency Services.

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.
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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 as described in the Agenda.

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 September 13, 2018

(BM-11-OCT-18-01)

Mr. Hall moved to approve the minutes for the September 13, 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-11-OCT18-01)

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

New Business

AgFirst Farm Credit Bank Rural Housing Mortgage-Backed Securities Program

(BM-11-OCT-18-02)

Dennis Carpenter of the Office of Regulatory Policy, and Mary Alice Donner of the Office 

of General Counsel presented the AgFirst Farm Credit Bank Rural Housing Mortgage-Backed 

Securities Program.

Board Chairman Tonsager open 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 AgFirst Farm Credit Bank Rural Housing Mortgage-Backed 

Securities Program as recommended by staff.

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-11-OCT18-02)
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(A copy of the official “Board Action Item” is attached as Exhibit D.)

CLOSED SESSION

Board Chairman Tonsager noted that this was a Closed Session and ensured that nonessential 

staff were not in the room so the Board could meet in Closed Session with the Office of 

Secondary Market Oversight.

Board Chairman Tonsager convened the closed session of the meeting at 9:20 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. 

Board Chairman Tonsager 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. (A copy of the Certification is attached hereto as 

Exhibit E.)

Office of Secondary Market Oversight Periodic Report

Laurie Rea and Joe Connor of the Office of Secondary Market Oversight presented the 

OSMO Periodic Report.

Board Chairman Tonsager 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 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 10:10 a.m.
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NOTATIONAL VOTE ACTIONS

There were four notational vote actions approved by the FCA Board from September 13, 2018, 

through October 10, 2018 as follows:

Item 

Number

Action Date Voting 

Results

Subject

NV 18-15 09/17/2018 Approved Joint Notice of Final Rulemaking – Margin and Capital 

Requirements for Covered Swap Entities – Amendment to the 

Definition of “Eligible Master Netting Agreement”

NV 18-16 09/21/2018 Approved Office of Examination’s FY 2019 Oversight and Examination Plan

NV 18-17 09/27/2018 Approved Authorize the CFO to reallocate funds within the FCA budget for 

contractual services

NV 18-18 10/04/2018 Approved Promotion of Vonda Bell to Director of Office of Agency Services

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 11, 2018.

__________/s/____________

Dallas P. Tonsager

Board Chairman and Chief Executive Officer

________/s/_____________

Dale L. Aultman

Secretary to the Board

Approved: _November 8, 2018_
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Exhibit A

STAFF PRESENT AT THE

FCA REGULAR BOARD MEETING

October 11, 2018

Dallas P. Tonsager, Chairman and Chief Executive Officer

Jeffery S. Hall, Board Member

Glen R. Smith, Board Member

OFFICE OPEN 

SESSION

CLOSED 

SESSION

Office of the Board

Aultman, Dale X X

Kramp, Kevin X X

Morris, James X X

Batta, Todd X X

Corey, Kathryn X

Roque-Brehm, Awilda X

Calhoun, Gaye X

COO

Hoffman, William X X

OIT

Golley, Jerald X X

OCPA

Stokke, Michael X X

Delancey, Toni X

Middleton, Russell X

OSMO

Rea, Laurie X X

Hudson, Bruce X X

Connor, Joe X X

Del Moral, Jeremy X X

OGC

Rawls, Charles X X

Donner, Mary Alice X X

Strickland, Joy X X

OE

Coleman, Robert X X

Paulsen, Roger X X

OIG

Laguarda, Wendy X X

ORP

Van Meter, Gary X X

Mardock, Barry X X

Carpenter, Dennis X X

EEOI

Burlew, Thais X

OCFO

Smith, Stephen X X

Gandy, Doug X X
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OFFICE OPEN 

SESSION

CLOSED 

SESSION

OAS

Bell, Vonda X X

Williams, Bernice X

FCSIC

Wynn, Wade X X

GENERAL PUBLIC 2 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 11, 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 October 11, 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: Parts of this meeting of the Board will be open to the public (limited space 

available) and parts will be closed. 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 September 13, 2018

New Business

2 AgFirst Farm Credit Bank Rural Housing Mortgage-Backed Securities Program

Closed Session

3 OSMO Periodic Report1

______September 28, 2018______

Date

______________/s/_____________

Dale L. Aultman

Secretary to the Board

1Session Closed-Exempt pursuant to 5 U.S.C. Section 552b(c)(8) and (9).
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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 13, 2018 Regular Board Meeting

BM-11-OCT-18-01

Effective Date: October 11, 2018

Effect on Previous Action: None

THE FCA BOARD HEREBY:

Approves the minutes for September 13, 2018, Regular Board Meeting as submitted.

DATED THIS 11th DAY OF OCTOBER 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

AgFirst Farm Credit Bank Rural Housing Mortgage-Backed Securities 

Program

BM-11-OCT-18-02

Effective Date: October 11, 2018

THE FCA BOARD HEREBY:

• Approves AgFirst Farm Credit Bank’s (AgFirst or Bank) request to move the Rural 

Housing Mortgage-backed Securities (RHMS) investments from the missionrelated program to the Bank’s Liquidity Reserve portfolio. This is a one-time 

approval and does not allow the Bank, at a later date, to move the RHMS 

investments back to the mission-related program;

• Terminates Farm Credit Administration Board approval of June 4, 2015, that 

allowed AgFirst to purchase certain RHMS as mission related investments;

• Authorizes notification to AgFirst that any future RHMS investment purchases of 

the type approved on June 4, 2015, for mission purposes, will require FCA 

approval under § 615.5140(e) of FCA’s regulations; and

• Approves the letter to AgFirst and authorizes staff to make any necessary 

technical or grammatical changes.

DATED THIS 11th DAY OF OCTOBER 2018

BY ORDER OF THE BOARD

____________/s/__________________

Dale L. Aultman

Secretary to the Board
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Exhibit E

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 11, 2018, 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).

____October 11, 2018_________

Date

____________/s/_____________

Charles R. Rawls

General Counsel