1

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

August 10, 2023

These minutes reflect the business transacted at the August 10, 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 10:17 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; Ward Griffin, Acting General 

Counsel; and staff of the FCA. There were 22 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 the Board 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.)

Mr. Hall moved to adopt the agenda as published.
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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 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 July 13, 2023

(BM-10-AUG-23-01)

Mr. Hall moved to approve the minutes for the July 13, 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-10-AUG23-01)

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

Reports

Annual Report on the Farm Credit System’s Young, Beginning, and Small

Farmers and Ranchers Mission Performance 

Salvatore Iannetta of the Office of Data Analytics and Economics presented the Annual 

Report on the Farm Credit System’s Young, Beginning, and Small Farmers and Ranchers Mission 

Performance.

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

There were no further questions or comments.

(A copy of the PowerPoint presentation 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. Smith moved that the meeting be adjourned.
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Mr. Hall seconded the motion.

Chairman Logan called the question.

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

The meeting adjourned at 10:17 a.m.

NOTATIONAL VOTE ACTIONS 

There were three notational vote actions approved by the FCA Board from July 13, 2023, through 

August 9, 2023. 

Item 

Number

Action 

Date

Voting 

Results

Subject

NV 23-18 07/17/2023 Approved Reallocation of Funds Within Office of Information Technology 

Budget

NV 23-19 07/21/2023 Approved Appointment of David Grahn as General Counsel

NV 23-20 07/25/2023 Approved Delegation of Authority to the General Counsel to Draft and Execute 

Consent Civil Money Penalty Orders for Regulatory Enforcement 

Committee Recommendation #23-1

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

Meeting of the Farm Credit Administration Board held on August 10, 2023.

___________/s/____________

Vincent G. Logan

Chairman and Chief Executive Officer

___________/s/____________

Ashley Waldron

Secretary to the Board

Approved: September 14, 2023
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Exhibit A 

BOARD AND STAFF PRESENT AT THE 

FCA REGULAR BOARD MEETING 

August 10, 2023

Vincent G. Logan, Chairman and Chief Executive Officer

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

Hoffman, Bill X

OCOS

Duran, Maribel X

OCOO

Coleman, Robert X

OEEOI

Burlew, Thais X

Fish, Tyler X

Major, Sara Lynn X

OIT

Versace, Jerry X

Matos, Ricardo X

Rana, Ben X

OCPA

Reuschel, Trevor X

Middleton, Russell X

OGC

Griffin, Ward X

Isawi, Hazem X

OE

Duffy, Mike X

Fennewald, Dan X

Greenlee, Angela X

ODAE

D’Antoni, Jeremy X

Iannetta, Sal X

OIG

Laguarda, Wendy X
5 

ATTENDEES OPEN 

SESSION 

Miller, Kevin X

OSMO

Fay, Thomas X

Hudson, Bruce X

ORP

Kramp, Kevin X

Agans, Autumn X

OCFO

Gandy, Doug X

OAS

Bell, Vonda X

GENERAL PUBLIC 22
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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 

August 10, 2023 

TIME AND DATE: 10:00 a.m., Thursday, August 10, 2023. 

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 July 13, 2023 

• Annual Report on the Farm Credit System’s Young, Beginning, and Small Farmers 

and Ranchers Mission Performance

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

July 27, 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 July 13, 2023 

BM-10-AUG-23-01 

Effective Date: August 10, 2023 

Impact on Prior Board Actions: None

THE FCA BOARD HEREBY:

• Approves the minutes for July 13, 2023. 

DATED THIS 10th DAY OF AUGUST 2023 

BY ORDER OF THE BOARD

___________/s/___________

Ashley Waldron

Secretary to the Board
Annual Report on the Farm Credit System’s 

Young, Beginning, and Small Farmer 

Mission Performance

Salvatore Iannetta, FCA Senior Analyst

Office of Data Analytics and Economics

Exhibit D
2022 YBS Lending Report—Summary

• New YBS loans decreased in both volume and count in 2022.

• Outstanding YBS loan volume increased in 2022, but at a lower rate than in 2020 

and 2021.

• Outstanding loan counts to young and beginning increased modestly while small 

loan counts contracted slightly. 

• Key factors impacting YBS lending in 2022 were:

• Rising interest rates

• Reduced refinances

• Slowdown in loan demand for rural lifestyle 

• End of Paycheck Protection Program. 
2022 YBS Lending Report—Definitions

Definitions for FCA Reporting:

• Young Farmer: 35 years of age or younger.

• Beginning Farmer: 10 years or less of farming experience.

• Small Farmer: gross annual farm sales of $250,000 or less.

Important Data Clarifications:

• Borrowers may qualify under more than one category.

• Adding Y, B, and S volumes or counts does not produce an accurate measure of YBS lending as 

borrowers can be in one or more categories.

• Dollar volumes include advances and commitments.
Results for 2022 YBS Lending Activities

YBS Loans Made During 2022—As of December 31, 2022

Category Number of loans

Percentage of 

total number 

Dollar volume of 

loans in millions

Percentage of 

total volume 

Young 56,100 17.9% $13,085 9.7%

Beginning 78,742 25.1% $21,532 16.0%

Small 129,288 41.2% $19,105 14.2%
Results for 2022 YBS Lending Activities

YBS Loans Outstanding—As of December 31, 2022

Category Number of loans

Percentage of 

total number 

Dollar volume of 

loans in millions

Percentage of 

total volume 

Young 188,756 19.7% $39,338 10.3%

Beginning 305,742 31.9% $70,857 18.5%

Small 473,549 49.5% $70,322 18.3%
YBS New Loan Volume and Counts

13.1

21.5

19.1

0

5

10

15

20

25

30

2018 2019 2020 2021 2022

Dollars in Billions

Young Beginning Small

56

79

129

0

20

40

60

80

100

120

140

160

180

2018 2019 2020 2021 2022

Loan Counts, Thousands

Young Beginning Small
YBS Outstanding Loan Volume and Counts

39.3

70.9

70.3

0

10

20

30

40

50

60

70

80

2018 2019 2020 2021 2022

Dollars in Billions

Young Beginning Small

189

306

474

0

100

200

300

400

500

600

2018 2019 2020 2021 2022

Loan Counts, Thousands

Young Beginning Small
Conclusions

• Changes in economic conditions, expiration of pandemic-era support programs, reduced 

demand for rural lifestyle led to slower new YBS business activity for 2022. 

• Share of new and outstanding YBS loans to total lending remained relatively stable. 

• New collection method and process for YBS lending data will be used for reporting in 

2024. 

• Effective January 1, 2024, the definition for small farmers will change from $250,000 to 

$350,000.