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

July 12, 2018

These minutes reflect the business transacted at the July 12, 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 9:14 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 Charles 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.) 

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.

Mr. Smith noted that the Agenda did not include any 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.
2

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 June 14, 2018

(BM-12-JUL-18-01)

Mr. Hall moved to approve the minutes for the June 14, 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-12-JUL-18-

01)

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

New Business

Eligibility Criteria for Outside Directors – Proposed Rule

(BM-12-JUL-18-02)

Darius Hale of the Office of Regulatory Policy and Nancy Tunis of the Office of General 

Counsel presented the Eligibility Criteria for Outside Directors – Proposed Rule.

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.

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

Mr. Smith moved to approve the Eligibility Criteria for Outside Directors – Proposed Rule 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-12-JUL-18-

02)

(A copy of the official “Board Action Item” is attached as Exhibit D.)
3

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 9:14 a.m.
4

NOTATIONAL VOTE ACTION

There was one notational vote action approved by the FCA Board from June 14, 2018, through 

July 11, 2018 as follows:

Item 

Number

Action Date Voting 

Results

Subject

NV 18-09 06/27/2018 Approved FCA Strategic Plan for Fiscal Years 2018 - 2023

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

Meeting of the Farm Credit Administration Board held on July 12, 2018.

_________/s/_____________

Dallas P. Tonsager

Board Chairman and Chief Executive Officer

________/s/_____________

Dale L. Aultman

Secretary to the Board

Approved: _August 9, 2018_
5

Exhibit A

STAFF PRESENT AT THE

FCA REGULAR BOARD MEETING

July 12, 2018

Dallas P. Tonsager, Chairman and Chief Executive Officer

Jeffery S. Hall, Board Member

Glen R. Smith, Board Member

OFFICE OPEN 

SESSION

Office of the Board

Aultman, Dale X

Batta, Todd X

Kramp, Kevin X

Morris, James X

Corey, Kathryn X

Calhoun, Gaye X

COO

Hoffman, William X

OIT

Golley, Jerald X

OCPA

Stokke, Michael X

Middleton, Russell X

Meaux, Willy X

OSMO

Rea, Laurie X

Hudson, Bruce X

OGC

Rawls, Charles X

Grahn, David X

Tunis, Nancy X

Donner, Mary Alice X

OE

Coleman, Robert X

Paulsen, Roger X

McCann, Michelle X

OIG

Laguarda, Wendy X

ORP

Van Meter, Gary X

Mardock, Barry X

Gibbs, Paul X

Hale, Darius X

OCFO

Smith, Stephen X

OAS

Fowlkes, Jerome X

FCSIC

Wynn, Wade X
6

OFFICE OPEN 

SESSION

GENERAL PUBLIC 3
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

July 12, 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 July 12, 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: This meeting of the Board will be open to the public (limited space 

available). Please send an e-mail to VisitorRequest@FCA.gov at least 24 hours before the meeting. In your email 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 June 14, 2018

New Business

2 Eligibility Criteria for Outside Directors – Proposed Rule

______June 29, 2018______

Date

__________/s/_________________

Dale L. Aultman

Secretary to the Board
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 June 14, 2018 Regular Board Meeting

BM-12-JUL-18-01

Effective Date: July 12, 2018

Effect on Previous Action: None

THE FCA BOARD HEREBY:

Approves the minutes for June 14, 2018, Regular Board Meeting as submitted.

DATED THIS 12th DAY OF JULY 2018

BY ORDER OF THE BOARD

___________/s/________________

Dale L. Aultman

Secretary to the Board
9

Exhibit D

Farm Credit Administration

BOARD ACTION ITEM

1501 Farm Credit Drive

McLean, VA 22102-5090

(703) 883-4000

FCA BOARD ACTION ON

Eligibility Criteria for Outside Directors – Proposed Rule 

BM-12-JUL-18-02

Effective Date: July 12, 2018

Impact on Prior Board Actions: The proposed rule, if adopted as a final rule, would 

amend previously-approved regulations under Part 611 subpart B (Organization of Bank and 

Association Board of Directors), and Part 619 (Definitions). The most recent previous FCA 

Board action approved amendments to Parts 611 and 619, which were published in the 

Federal Register on August 24, 2015.

THE FCA BOARD HEREBY:

• Approves the proposed rule, which modifies the eligibility criteria of outside directors 

under § 611.220 and deletes the definition in § 619.9235; and

• Authorizes staff to make any necessary technical or grammatical changes prior to 

publication of the proposed rule in the Federal Register.

DATED THIS 12th DAY OF JULY 2018

BY ORDER OF THE BOARD

________/s/___________________

Dale L. Aultman

Secretary to the Board