1

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

December 13, 2018

These minutes reflect the business transacted at the December 13, 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 10:14 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 Charlie 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.) 

Before starting the meeting Board Chairman Tonsager recognized the retirement of Kathryn 

Corey, his Special Assistant. He thanked Kathryn for her dedication and years of service to the 

FCA.

Also, Mr. Hall introduced his wife Elaine Hall, who was observing the meeting.

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.
2

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 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 meeting be 

closed as shown on 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 November 8, 2018

(BM-13-DEC-18-01)

Mr. Hall moved to approve the minutes for the November 8, 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-13-DEC18-01)

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

Reports

Quarterly Report on Economic Conditions and FCS Conditions

Dennis Shields, of the Office of Regulatory Policy and Hal Johnson of the Office of

Examination presented the Quarterly Report on Economic Conditions and FCS Conditions. 

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

Board.

There were no further questions or discussion.

(A copy of the PowerPoint presentation is attached as Exhibit D.)

Semi-Annual Report on Office of Examination Operations 

Hal Johnson of the Office of Examination presented the Semi-Annual Report on the Office of 

Examination Operations.

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

Board.
3

There were no further questions or discussion.

(A copy of the PowerPoint presentation is attached as Exhibit E.)

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 

Examination.

Board Chairman Tonsager convened the closed session of the meeting at 9:53 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 as Exhibit 

F.)

Office of Examination Quarterly Report

Robert Coleman and Roger Paulsen of the Office of Examination presented OE Quarterly 

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. Smith moved that the meeting be adjourned.

Mr. Hall seconded the motion.

Board Chairman Tonsager called the question.

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

The meeting adjourned at 10:14 a.m.
4

NOTATIONAL VOTE ACTIONS

There were seven notational vote actions approved by the FCA Board from November 9, 2018, 

through December 12, 2018 as follows:

Item 

Number

Action Date Voting 

Results

Subject

NV 18-19 11/19/2018 Approved Farm Credit System Building Association Budget and Assessments 

for 2019

NV 18-20 11/28/2018 Approved Prior approval of Compeer ACA’s Request to retire certain allocated 

equities

NV 18-21 12/7/2018 Approved FCA 2019 Compensation and Benefits Program

NV 18-22 12/12/2018 Approved Bond investment request by CoBank, ACB to purchase bonds 

issued by a healthcare foundation in rural Louisiana subject to 

conditions

NV 18-23 12/12/2018 Approved Bond investment request by Compeer Financial, ACA to purchase 

bonds issued by a healthcare foundation in rural Louisiana subject 

to conditions

NV 18-24 12/12/2018 Approved Bond investment request by Compeer Financial, ACA to purchase 

taxable bonds issued by a hospital in rural Illinois subject to 

conditions

NV 18-25 12/12/2018 Approved Allow associations meeting certain requirements to continue, for 

up to one year and while the Board studies the issues involved, to 

purchase as investments in the secondary market portions of 

obligations that non-FCS lenders originate and the United States

Department of Agriculture fully and unconditionally guarantees

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

Meeting of the Farm Credit Administration Board held on December 13, 2018.

_________/s/_____________

Dallas P. Tonsager

Board Chairman and Chief Executive Officer

_________/s/_________

Dale L. Aultman

Secretary to the Board

Approved: January 10, 2019
5

Exhibit A

STAFF PRESENT AT THE

FCA REGULAR BOARD MEETING

December 13, 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

Batta, Todd X X

Kramp, Kevin X X

Morris, James X X

Corey, Kathryn X

Roque-Brehm, Awilda X

Calhoun, Gaye X

COO

Hoffman, William X X

D’Antoni, Jeremy X X

OIT

Golley, Jerald X X

OCPA

Stokke, Michael X X

DeLancey, Toni X

Meaux, Willy X

Middleton, Russell X X

OSMO

Rea, Laurie X X

Hudson, Bruce X X

Bravenec, Bill X X

OGC

Rawls, Charles X X

Donner, Mary Alice X

Strickland, Joy X X

OE

Coleman, Robert X X

Paulsen, Roger X X

Johnson, Hal X X

Alford, Doug X X

Lund, Zach X

OIG

Bell, Ava X X

Miller, Kevin X X
6

OFFICE OPEN 

SESSION

CLOSED 

SESSION

ORP

Van Meter, Gary X X

Mardock, Barry X X

Shields, Dennis X X

Cain, Josh X X

EEOI

Burlew, Thais X

OCFO

Smith, Stephen X X

Gandy, Doug X X

Cabrera, Victoria X

OAS

Bell, Vonda X X

FCSIC

Rubin, Howard X X

Wynn, Wade X X

Smith, Greg X X

GENERAL PUBLIC 3 N/A
7

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

December 13, 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 December 13, 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 email 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 November 8, 2018

Reports

2 Quarterly Report on Economic Conditions and FCS Conditions and Performance 

3 Semi-Annual Report Office of Examination Operation

CLOSED SESSION

4 Office of Examination Quarterly Report1

______December 3, 2018______

Date

___________/s/_____________

Dale L. Aultman

Secretary to the Board

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

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 November 8, 2018 Regular Board Meeting

BM-13-DEC-18-01

Effective Date: December 13, 2018

Effect on Previous Action: None

THE FCA BOARD HEREBY:

Approves the minutes for November 8, 2018, Regular Board Meeting as submitted.

DATED THIS 13th DAY OF DECEMBER 2018

BY ORDER OF THE BOARD

____________/s/_______________

Dale L. Aultman

Secretary to the Board
Quarterly Report on 

FCS Condition 

December 13, 2018

Dennis A. Shields

Hal Johnson

FCA Board Meeting 

December 2018

1

Exhibit D
Topics for Open Session

▶ Economic Conditions Affecting the Farm Credit System

▪Macroeconomic factors

▪Farm income and commodity indicators

▪Risks ahead

▶ FCS Condition and Performance

▪System growth 

▪Loan portfolio

▪Earnings and capital

▪Financial Institution Rating System (FIRS)

2
Economic Conditions Affecting 

the Farm Credit System

Dennis A. Shields

Chief Economist 

Office of Regulatory Policy

3
Favorable U.S. and global economic conditions 

continue amid concerns 

▶ Solid world economic growth

▶ Improving U.S. employment

▶ Consumer wage and income 

growth

▶ Moderating crude oil prices 

4

Favorable factors Concerns

▶ Higher costs from labor and tariffs

▶ Rising consumer, business, and 

government debt 

▶ Rising interest rates and stronger 

dollar

▶ Slowdown in housing
Unemployment rate remains low in all states

Unemployment rate by state (%)

October 2018

Note: AK = 6.4%; HI = 2.3%; states without numbers are less than 5%.

Source: Bureau of Labor Statistics, https://data.bls.gov/map/.

5

At least 10.0% (none)

7.0% to 9.9% (none)

6.0% to 6.9% (1 state)

5.0% to 5.9% (2 states)

4.0% to 4.9% (16 states)

3.0% to 3.9% (22 states)

Less than 3.0% (9 states)

2.8

3.0

2.8

2.8

2.4

3.3 3.1

3.0

4.2

3.9

3.5 4.6

3.4

3.7

4.6

3.2

4.1

3.7

2.7

4.3

3.8

4.4

4.1

4.7 3.5

4.7

5.0

4.1 3.6

3.4

3.3

3.6 3.7

4.5 2.9 5.2

4.1

4.0

3.4

3.2

U.S. = 3.7%
Farm income in 2018 is supplemented by 

Market Facilitation Program payments

U.S. net cash farm income 

(adjusted for inflation)

Source: USDA/ERS, November 30, 2018. 6

1998-2017 

average = $104 bil.

0

50

100

150

1998 2000 02 04 06 08 10 12 14 16 18F

$ billion 

(2018 dollars) 1st tranche of 

Market Facilitation 

Program payments
Corn prices stay below $4 despite tighter stocks

U.S. corn prices received by farmers

Aug. 2012 = $7.63

Nov. 2017 = $3.15

Oct. 2018

= $3.41

2

3

4

5

6

7

8

$/bu.

Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Stocks/

use (%) 13.1 8.7 7.9 7.4 9.2 12.6 12.7 15.7 14.5 11.5

Note: Calendar year monthly farm prices; stocks/use ratio is crop year beginning September. 

Source: USDA/NASS and USDA/WAOB, November 2018. 7
Soybean prices sink as stocks rise sharply

U.S. soybean prices received by farmers

Aug. 2012 = $16.20

Feb. 2016 = $8.51

Oct. 2018

= $8.58

7

9

11

13

15

17

$/bu.

Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Stocks/

use (%) 4.5 6.6 5.4 4.5 2.6 4.9 5.0 7.2 10.3 23.3

Note: Calendar year monthly farm prices; stocks/use ratio is crop year beginning September. 

Source: USDA/NASS and USDA/WAOB, November 2018. 8
Soybean bids have been below USDA’s 

monthly farm prices 

U.S. soybean prices in 2018

7.00

7.50

8.00

8.50

9.00

9.50

10.00

J F M A M J J A S O N D

$/bu. National average elevator bid (MGEX) Price received by farmers (USDA)

Source: Minneapolis Grain Exchange, Inc. (MGEX) and USDA/NASS. 9
8.0

2.7

1.4

Current assets / 

current liabilities = 

1.0 0.8

< 10% 10% to 30% 30% to 50% 50% to 75% > 75%

Debt-to-asset ratio (percent)

Farm liquidity approaches danger zone for 

high-debt grain producers

Average current ratio declines as farm debt increases

Note: Illinois grain farms, year-end 2017.

Source: Schnitkey, G. and K. Swanson, farmdoc daily (8): 196, Univ. of Illinois, October 23, 2018.

Debt level Very low Low Medium High Very high

% of farms 

in category 21% 39% 28% 10% 2%

10
Low milk prices and higher feed costs squeeze 

dairy producers

U.S. farm milk price Milk-feed price ratio*

Source: Livestock Marketing Information Center using USDA data. 11

1.40

1.60

1.80

2.00

2.20

2.40

2.60

2.80

Jan Mar May Jul Sep Nov

Price ratio 

2017 2018

10

12

14

16

18

20

Jan Mar May Jul Sep Nov

$ per cwt

2017 2018

*U.S. farm milk ($ per cwt) divided by feed price ($ per cwt).
Cow/calf returns are projected to remain low 

but above breakeven

Cow/calf returns 

Source: Informa Economics. 12

-100

100

300

500

2007 2009 2011 2013 2015 2017 2019F

$ per head
Almond production expands and the grower 

price adjusts downward

Note: 2018 price estimate available in June 2019. 

Source: USDA/NASS.

U.S. almond production and grower price

13

$0

$1

$2

$3

$4

$5

0.0

0.5

1.0

1.5

2.0

2.5

2004 2006 2008 2010 2012 2014 2016 2018F

Bil. pounds $ per pound

Production Price
Risks ahead

▶ Trade (and farm) policy 

▶ Pricing opportunities for grain and soybean producers

▶ Rising interest and input costs

▶ Changes in farmland supply and demand

▶ Slowdown in U.S. and global economic growth

14
Questions

THANK YOU

15
Farm Credit System 

Condition and Performance 

as of 

September 30, 2018

Hal Johnson

Sr. Financial Analyst

Office of Examination

16
Topics

▶ System Growth

▶ Portfolio Credit Quality

▶ Earnings

▶ Capital

▶ FIRS

17
System shows modest growth for the 1st nine 

months of 2018; primarily RE mortgage lending

Source: FCS Information Statements

Loan Growth by Loan Type

(% change year-to-date through September)

18

Total 

Assets

9/30/18

$335.0

billion

+0.3% Qtr

 +1.7% YTD

Gross 

Loans

9/30/18

$263.6

billion

 +1.1% Qtr

 +1.9% YTD

2.6%

4.9%

-1.1%

1.0% 1.0%

2.8%

0.1%

-3.4%

1.9%

3.2%

-0.1%

0.6%

-5%

0%

5%

10%

Total Loan

Portfolio

RE Mortgage

(47%)

Prod. &

Intermediate

(20%)

Agribusiness

(16%)

09/30/16 09/30/17 09/30/18

271 279

291

305

314 320 322

333 335

208

216

227

238 242 250 251 261 264

1.5%

4.3%

-0.4%

2.0%

4.0% 2.3%

-0.7%

2.7%

0.1%

3.0%

1.0%

-0.3%

1.1%

 Total System Assets ($B)

 Total Gross Loans ($B)

% change Qtr-over-Qtr Loans
Loan quality is down from a year ago; System 

is well-positioned for increased risk levels

Nonperforming Loans as a % of Gross Loans

% of Loans Classified less than Acceptable

Source: FCS Information Statements 19

2.22% 1.94%

1.53%

1.15% 0.85% 0.76% 0.82% 0.81% 0.89%

6.5

7.0

10.6

4.5

6.4

6.4

10.9

4.6

5.6

5.0

9.4

5.4

0.0 5.0 10.0

Total

Portfolio

Real Estate

Mortgage

Production &

Intermediate

Agribusiness

Sep-18 Sep-17 Sep-16

Qtr chg: - $54M down 2.2%

YTD chg: + $380M up 19.3%

 3Q '18 0.27%

YE '17 0.25%

Delinquencies

 accruing loans ≥ 30 days past due

% of total 

accruing loans

Allowance for 

Loan Losses

$1.682

billion

 69% of nonperforming assets

 84% of nonaccrual loans

Nonperforming Loans $2.347

billion
The System’s financial condition is sound; 

earnings are up year-over-year

Source: FCS Information Statements

% increase in YTD Average Earning Assets 

(compared to the same period a year ago)

20

2,633 

2,994 3,158 

3,499 3,569 3,481 3,589 3,716 

4,012 

474 

352 

188 

9 7 87 

218 188 146 

System Net Income

Provisions for Loan Losses

System Earnings

(year-to-date through September) Sept. '18 Sept. '17

2.13% 2.24%

Sept. '18 Sept. '17

2.45% 2.47%

Net Interest Spread

(YTD annualized)

Net Interest Margin

(YTD annualized)

0.9%

7.1%

1.9%

6.3% 7.0% 6.4%

9.8%

4.1% 4.2%

2010 2011 2012 2013 2014 2015 2016 2017 2018
System is strongly capitalized

Capital and Liquidity

as of September 30, 2018

▶ Retained earnings as a 

percentage of total capital 

equaled 80.1% of total 

capital.

▶ The System’s liquidity 

position equaled 171 days of 

coverage. 

Days of available liquidity for 

the 4 funding banks ranged 

from 144 to 226 days.

Source: FCS Information Statements Restricted capital represents capital associated with the Insurance Fund. 21

35.9 

38.5 

41.7 

45.8 

48.9 

52.4 

55.5 

58.2 

15.8%

16.1% 16.5% 16.9% 16.8% 16.7%

17.3% 17.4%

Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18

Restricted Capital

Total Capital less Restricted

Capital-to-Assets Ratio

Total System Capital ($B)
System FIRS ratings

FIRS Ratings

▶ Composite FIRS ratings reflect 

the System’s solid financial 

performance and good portfolio 

credit quality

▶ Over 93% of System Banks and 

Associations have a Composite 

FIRS rating of 1 or 2

▶ Institutions rated 3 or lower 

account for less than 2.0% of 

System assets

Composite FIRS Ratings

Farm Credit System Banks and Associations

Source: FCA’s FIRS ratings database 22

30 37 43 44 46 44 39 35

44 38 31 32 29 31

29 33

13 11 8 4 3 2

5 5

1 Rated 2 Rated 3 Rated or Lower
Summary and final points

▶ Challenges for agriculture:

▪General economic factors: higher interest rates; strength of 

the dollar; rising consumer, business, and government debt 

levels; labor availability and costs

▪Farm sector concerns: matching supply with demand needs; 

rising input costs; trade policies; pricing opportunities for 

grain/soybean producers

▶ The System is financially strong and well-capitalized

▶ Portfolio credit stress is higher in 2018, but System 

institutions are well-positioned for the challenges facing the 

farm economy and have significant risk-bearing capacity 23
Questions

THANK YOU

24
Semi-Annual Report on 

Office of Examination 

Operations

December 13, 2018

Hal Johnson

Office of Examination

FCA Board Meeting 

December 2018

1

Exhibit E
Highlights of OE Operations

▶ Operating Plan Objectives

▪Risk Supervision and Examination

▪Operational Efficiency and Effectiveness

▪Human Capital

▶ Summary

2
Risk Supervision & Examination

Source: FCS Information Statement

FCS Institution Activities and Guidance

▶ Onsite at all 4 funding banks, 64 associations, 

and a number of other entities.

▶ Issued 53 Reports of Examination and 32 

Interim Activity Letters

▪ Four institutions are under a higher level of 

supervisory oversight

▶ Other supervision and oversight activities

▪ Exam Manual Updates and Revisions

▪ System Communications

▪ External meetings

3

$335.0

billion

Total Assets

$263.6

billion

Gross Loans

$4.0

billion

YTD Earnings

System 

Profile

as of 

9/30/18

73 Lending Institutions

 • 4 Funding Banks

 • 69 Associations 

 7 Service Entities
Supervision & Examination Initiatives

2018 NOP Risk Topics and associated initiatives:

▶ Portfolio Risk – Weathering the Storm

▪Credit Guidance

▪Automated Lending Systems

▪Adherence to Borrower Rights

▶ Internal Controls over Financial Reporting (ICFR)

▪Continued emphasis on internal controls with a specific focus on ICFR 

and audit coverage

▪Horizontal Exam Activity (HEA) in progress

▪Engaged outside audit firm to evaluate & enhance examination efforts

▪Informational Memorandum and Talking Points under development

4
Operational Efficiency & Effectiveness

▶ Examination Tools / Ongoing technology initiatives

▪Loan Sampling Tool in Power BI

▪EDGe Loan Workpaper enhancements

▪Onsite connectivity improvements

▶ OE budget results

Fiscal Year 2018 Budget Actual Variance

Expenditures ($M) $33.2 $32.5 $0.7 under

FTE 176.9 173.5 3.4 FTE under 

5
Human Capital Update

▶ Implemented revised FCA Examiner Career 

Development Program

▶ Fiscal yearend staffing levels

Total OE Staff

Commissioned Examiners

Categories Planned Actual Variance

Beginning FY 2018 83 83 0

Attrition/Retirements (7) (2) 5

Hirings 0 3 3

Newly Commissioned 9 3 (6)

Ending FY 2018 85 87 2

6

Categories Planned Actual Variance

Beginning FY 2018 171 170 (1)

Attrition/Retirements (16) (8) 8

Hirings 21 19 (2)

- Associate Examiners 20 11 (9)

- Mid-Career 1 8 7

Ending FY 2018 176 181 5
Summary

▶ Achieved examination objectives as planned while 

maintaining a strong onsite risk supervision and oversight 

presence

▶ Completed significant program activities, examination 

guidance, system communications, and risk analyses as part 

of accomplishing OE’s operating objectives

▶ Staffing levels benefited from significant mid-career hiring 

and lower attrition this year; staff training and developing 

commissioned examiners remains a priority

▶ Accomplished OE operating objectives within approved 

budget 7
Discussion

THANK YOU

8
11

Exhibit F

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 

December 13, 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).

____December 13, 2018_________

Date

__________/s/______________

Charles Rawls

General Counsel