Dallas P. Tonsager, Chairman and Chief Executive Officer

Jeffery S. Hall, Board Member

Kenneth A. Spearman, Board Member (by telephone)

MINUTES OF THE REGULAR MEETING

OF THE

FARM CREDIT ADMINISTRATION BOARD

February 9, 2017 

These minutes reflect the business transacted at the February 9, 2017, Regular Meeting of the Farm 

Credit Administration Board (FCA Board) pursuant to the Government in the Sunshine Act (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 9:57 a.m. Members of the Board present were:

Dallas P. Tonsager, Chairman and Chief Executive Officer

Jeffery S. Hall, Member

Kenneth A. Spearman, Member (by telephone)

The above named constitute the full Board. 

Others present included Charles Rawls, General Counsel and Acting COO; Dale Aultman, Secretary to 

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

The Board Chairman 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. Spearman seconded the motion.

1
There being no further discussion, Board Chairman Tonsager called the question.

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

Mr. Spearman 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. 

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 January 12, 2017 

(BM-9-FEB-17-01) 

Mr. Hall moved to approve the minutes for the January 12, 2017, FCA Regular Board Meeting. 

Mr. Spearman 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-9-FEB-17-01) 

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

New Business

Spring 2017 Abstract of the Unified Agenda of Federal Regulatory and

Deregulatory Actions and the Spring 2017 Regulatory Projects Plan

 (BM-9-FEB-17-02) 

Joi Neal of the Office of Regulatory Policy and Mary Alice Donner of the Office of General Counsel 

presented the Spring 2017 Abstract of the Unified Agenda of Federal Regulatory and Deregulatory 

Actions and the Spring 2017 Regulatory Projects Plan. 

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. 

2
Board Chairman Tonsager called for a motion on the staff’s recommendation. 

Mr. Spearman moved that the Board approve the Spring 2017 Abstract of the Unified Agenda of 

Federal Regulatory and Deregulatory Actions and the Spring 2017 Regulatory Projects Plan.

Mr. Hall seconded the motion.

Board Chairman Tonsager asked if there was any further discussion.

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

The Secretary polled the Members and the motion carried unanimously. (BM-9-FEB-17-02)

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

CLOSED SESSION

The Board Chairman 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. 

Board Chairman Tonsager convened the closed session of the meeting at 9:26 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. 

The Board Chairman then instructed the Deputy 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.) 

Members of the Board present were:

Dallas P. Tonsager, Chairman and Chief Executive Officer

Jeffery S. Hall, Board Member

Kenneth A. Spearman, Board Member (by telephone)

The above named constitute the full Board. 

Others present included Dale Aultman, Secretary to the Board; and Charles Rawls, General Counsel

and Acting COO. (A list of staff attendees is attached as Exhibit A).

3
Office of Secondary Market Oversight Report

Laurie Rea and Jeremy Del Moral, of the Office of Secondary Market Oversight presented the OSMO 

Mission 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. Spearman seconded the motion.

Board Chairman Tonsager called the question. 

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

The meeting adjourned at 9:57 a.m.

NOTATIONAL VOTE ACTION

There was one notational vote action approved by the FCA Board from January 13, 2017, through 

February 8, 2017 as follows:

Item Number Action Date Voting Results Subject

NV 17-03 1/26/2017 Approved AgTexas, FCS Series A Cumulative Perpetual 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 February 9, 2017. 

__________/s/_______________ __________/s/_______________

Dallas P. Tonsager Dale L. Aultman

Chairman and Chief Executive Officer Secretary to the Board

 Approved: _March 9, 2017__

4
Exhibit A

Page 1 of 2

STAFF PRESENT AT THE 

FCA REGULAR BOARD MEETING

February 9, 2017

Dallas P. Tonsager, Chairman and Chief Executive Officer

Jeffery S. Hall, Board Member

Kenneth A. Spearman, Board Member (by telephone)

OFFICE

OPEN 

SESSION

CLOSED 

SESSION

Office of the Board

Aultman, Dale X X

Middleton, Russell X X

Laguarda, Wendy X X

Buccolo, Debra X

Corey, Kathryn X

Kramp, Kevin X X

Calhoun, Gaye X

EEOI

Burlew, Thais X

COO

Rawls, Charles (Acting) X X

OIT

Golley, Jerald X X

OCPA

Stokke, Mike X X

OSMO

Rea, Laurie X X

Del Moral, Jeremy X X

Conner, Joe X X

OGC

Strickland, Joy X X

Donner, Mary Alice X X

5
Exhibit A

Page 2 of 2

OFFICE OPEN 

SESSION

CLOSED 

SESSION

OE

Coleman, Robert X X

Paulsen, Roger X X

OIG

Dean, Elizabeth X X

ORP

Van Meter, Gary X X

Mardock, Barry X X

Neal, Joi X

 Gibbs, Paul X

OCFO

Smith, Stephen X X

OAS

 Fowlkes, Jerome X X

FCSIC

Rubin, Howard X X

GENERAL PUBLIC 3

6
Exhibit B 

Farm Credit Administration Farm Credit Administration

 1501 Farm Credit Drive McLean, Virginia 22102-5090

 

PUBLIC ANNOUNCEMENT OF

MEETING SUBJECT TO THE GOVERNMENT IN THE SUNSHINE ACT

Farm Credit Administration Board

Regular Meeting

February 9, 2017 

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 February 9, 2017. 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 to the public. 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 January 12, 2017 

New Business

2 Spring 2017 Abstract of the Unified Agenda of Federal Regulatory and Deregulatory Actions and the Spring 2017 

Regulatory Projects Plan

Report

CLOSED SESSION

3 Office of Secondary Market Oversight Periodic Report 1 

_ January 27, 2017_______ __________/s/_______________

 Date Dale L. Aultman

 Secretary to the Board

____________________________________

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

7
Exhibit C 

Farm Credit Administration 1501 Farm Credit Drive

 McLean, Virginia 22102-5090

 (703) 883-4000

BOARD ACTION ITEM

 

FCA BOARD ACTION ON

Minutes for January 12, 2017 Board Meeting

BM-9-FEB-17-01

Effective Date: February 9, 2017

Effect on Previous Action: None

THE FCA BOARD HEREBY:

 

Approves the minutes for January 12, 2017, Regular Board Meeting as submitted.

DATED THIS 9th DAY OF FEBRUARY 2017 

BY ORDER OF THE BOARD

 

__________/s/_______________

Dale L. Aultman

Secretary to the Board 

8
Exhibit D 

Farm Credit Administration 1501 Farm Credit Drive

 McLean, Virginia 22102-5090

 (703) 883-4000

BOARD ACTION ITEM

 

FCA BOARD ACTION ON

Spring 2017 Abstract of the Unified Agenda 

of Federal Regulatory and Deregulatory Actions 

and 

Spring 2017 Regulatory Projects Plan

BM-9-FEB-17-02 

Source of Authority: Section 5.17 of the Farm Credit Act of 1971, as amended, and Executive Order 

12866.

Effective Date: February 9, 2017 

Effect on Previous Actions: None.

THE FCA BOARD HEREBY:

1. Approves the Spring 2017 Abstract of the Unified Agenda of Federal Regulatory and 

Deregulatory Actions and authorizes the staff to prepare and submit the necessary 

documents for publication on the Internet at www.reginfo.gov. 

2. Approves the Spring 2017 Regulatory Projects Plan and authorizes publication on 

FCA’s Web site.

3. Authorizes staff to make any technical or grammatical changes that may be necessary 

prior to publication.

DATED THIS 9th DAY OF FEBRUARY 2017

BY ORDER OF THE BOARD

__________/s/_______________

Dale L. Aultman

Secretary to the Board 

9
Exhibit E 

Farm Credit Administration 1501 Farm Credit Drive McLean, Virginia 22102-5090

 

 

CERTIFICATE OF CLOSED MEETING

The Deputy 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 February 

9, 2017, 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). 

 

 __________/s/_______________ Date: February 9, 2017 

 Joy Strickland

Deputy General Counsel 

10