Dallas P. Tonsager, Chairman and Chief Executive Officer

Jeffery S. Hall, Board Member

MINUTES OF THE REGULAR MEETING

OF THE

FARM CREDIT ADMINISTRATION BOARD

October 12, 2017

These minutes reflect the business transacted at the October 12, 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 10:19 a.m. Members of the Board present were:

Dallas P. Tonsager, Chairman and Chief Executive Officer

Jeffery S. Hall, Member

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

of the FCA and Farm Credit System Insurance Corporation (FCSIC); and 13 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. 

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. 

Chairman Tonsager seconded the motion.

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

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

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Mr. Hall 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. 

Chairman Tonsager seconded the motion.

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

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

OPEN SESSION

Approval of Minutes

Minutes for September 14, 2017 

(BM-12-OCT-17-01) 

Mr. Hall moved to approve the minutes for the September 14, 2017, FCA Regular Board Meeting. 

Chairman Tonsager seconded the motion.

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

The Secretary polled the Board Members and the motion carried unanimously. (BM-12-OCT-17-01) 

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

New Business

Direct Final Rule on Technical Amendments to FCA Regulation § 607.2(b): Assessment and 

Apportionment of Administrative Expenses

 (BM-12-OCT-17-02) 

Jeremy Edelstein of the Office of Regulatory Policy and Jennifer Cohn of the Office of General 

Counsel presented the Direct Final Rule on Technical Amendments to FCA Regulation § 607.2(b): 

Assessment and Apportionment of Administrative Expenses. 

Chairman Tonsager opened the discussion for questions by the Board.

Chairman Tonsager asked if there was any further discussion and asked staff to provide their 

recommendation. Staff provided their recommendation. 

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

Mr. Hall moved to approve the Direct Final Rule on Technical Amendments to FCA Regulation 

§ 607.2(b): Assessment and Apportionment of Administrative Expenses. 

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Chairman Tonsager seconded the motion.

Chairman Tonsager asked if there was any further discussion.

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

The Secretary polled the Members and the motion carried unanimously. (BM-12-OCT-17-02)

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

CLOSED SESSION

Chairman Tonsager noted that this was a Closed Session and ensured that members of the public 

and nonessential FCA and FCSIC staff were not in the room so the Board could meet with Office of 

Secondary Market Oversight (OSMO) and the Office of Information Technology (OIT) in Closed 

Session. 

Chairman Tonsager convened the closed session of the meeting at 9:14 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. 

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.)

Members of the Board present were:

Dallas P. Tonsager, Chairman and Chief Executive Officer

Jeffery S. Hall, Board Member

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

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

Office of Secondary Market Oversight Periodic Report

Laurie Rea, of the Office of Secondary Market Oversight presented the OSMO Periodic Report. 

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

There were no further questions or discussion.

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Office of Information Technology Cybersecurity Update

Jeannie Shaffer and Jerry Versace of the Office of Information Technology presented the OIT 

Cybersecurity Update.

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, Chairman Tonsager indicated he would 

entertain a motion to adjourn the meeting.

Mr. Hall moved that the meeting be adjourned.

Chairman Tonsager seconded the motion.

Chairman Tonsager called the question. 

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

The meeting adjourned at 10:19 a.m.

NOTATIONAL VOTE ACTIONS 

There were no notational vote actions approved by the FCA Board from September 14, 2017, through 

October 11, 2017. 

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, 2017. 

______ _/s/________________ ______ _/s/________________

Dallas P. Tonsager Dale L. Aultman

Board Chairman and Chief Executive Officer Secretary to the Board

 Approved: _November 9, 2017__

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Exhibit A 

Page 1 of 2 

STAFF PRESENT AT THE 

FCA REGULAR BOARD MEETING

October 12, 2017

Dallas P. Tonsager, Chairman and Chief Executive Officer

Jeffery S. Hall, Board Member

OFFICE

OPEN 

SESSION

CLOSED 

SESSION

Office of the Board

Aultman, Dale X X

Batta, Todd X X

Kramp, Kevin X X

Calhoun, Gaye X

Corey, Kathryn X

COO

Hoffman, William X X

OIT

Golley, Jerry X X

Shaffer, Jeannie X X

Versace, Jerry X X

Reddaway, Kathleen X X

Cocciolone, Jessica (Intern) X

OCPA

Stokke, Mike X X

Meaux, Willy X X

OSMO

Rea, Laurie X X

Connor, Joseph X X

Del Moral, Jeremy X

Hudson, Bruce X X

OGC

Rawls, Charles X X

Donner, Mary Alice X

Strickland, Joy X X

Cohn, Jennifer X

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Exhibit A 

Page 2 of 2

OFFICE OPEN 

SESSION

CLOSED 

SESSION

OE

Coleman, Robert X X

Paulsen, Roger X

OIG

Laguarda, Wendy X X

Kaufman, Tori X X

ORP

Van Meter, Gary X X

Edelstein, Jeremy X

Mardock, Barry X X

OCFO

Smith, Stephen X X

Gandy, Doug X X

OAS

Bell, Vonda X X

EEOI

Burlew, Thais X

FCSIC

Rubin, Howard X X

Smith, Gregory X X

GENERAL PUBLIC 13

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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

October 12, 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 October 12, 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 September 14, 2017 

New Business

2 Direct Final Rule on Technical Amendments to FCA Regulation § 607.2(b): Assessment and Apportionment of 

 Administrative Expenses

Reports 

CLOSED SESSION

 3 Office of Secondary Market Oversight Periodic Report1 

 4 Office of Information Technology Cybersecurity Update2

_ October 2, 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).

2Session Closed-Exempt pursuant to 5 U.S.C. Section 552b(c)(2).

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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 September 14, 2017 Regular Board Meeting

BM-12-OCT-17-01

Effective Date: October 12, 2017

Effect on Previous Action: None

THE FCA BOARD HEREBY:

 

Approves the minutes for the September 14, 2017, Regular Board Meeting as submitted.

DATED THIS 12th DAY OF OCTOBER 2017 

BY ORDER OF THE BOARD

 

______ _/s/________________

Dale L. Aultman

Secretary to the Board 

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Exhibit D 

Farm Credit Administration 1501 Farm Credit Drive

 McLean, Virginia 22102-5090

 (703) 883-4000

BOARD ACTION ITEM

 

FCA BOARD ACTION ON

Direct Final Rule on Technical Amendments to FCA Regulation § 607.2(b): 

Assessment and Apportionment of Administrative Expenses

BM-12-OCT-17-02 

Effective Date: October 12, 2017

THE FCA BOARD HEREBY:

• Approves the Assessment and Apportionment of Administrative Expenses Direct Final Rule 

that will make technical amendments to § 607.2(b)(1)-(4) by eliminating obsolete, 

unnecessary, and confusing references; and

• Authorizes staff to make any further technical or grammatical changes to the Assessments 

and Apportionment of Administrative Expenses Direct Final Rule that may be necessary 

prior to publication in the Federal Register. 

DATED THIS 12th DAY OF OCTOBER 2017

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, Virginia 22102-5090

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, 2017, was 

properly closed to the public on the basis of the exemptions set forth below:

• Information related solely to the internal practices of an Agency – 5 U.S.C.

§552b(c)(2).

• Supervisory and Oversight Activities of FCS Institution(s) – 5 U.S.C. § 552b(c)(8)

and (9).

 ______ _/s/________________ Date: October 12, 2017 

Charles R. Rawls

General Counsel 

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