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Board Meeting Minutes, February 2014
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Board Meeting Minutes, February 2014
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Jill Long Thompson, Board Chair and Chief Executive Officer
Kenneth A. Spearman, Board Member
Leland A. Strom, Board Member
FARM CREDIT * *
ESTABLISHED
EEGL
MINUTES OF THE REGULAR MEETING
OF THE
FARM CREDIT ADMINISTRATION BOARD
February 18, 2014
These minutes reflect the business transacted at the February 18, 2014, 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 February meeting was originally scheduled for February 13, 2014, in accordance with FCA
Regulations. Due to adverse winter weather conditions, the meeting was rescheduled to February
18, 2014, at 2:00 p.m. by conditional provisions contained in FCA Board Notational Vote 14-06,
approved February 12, 2014.
The FCA Board meeting was held at the FCA office in McLean, Virginia, beginning at 2:00 p.m. and
concluding at 2:50 p.m. Members of the Board present were:
Jill Long Thompson, Board Chair and Chief Executive Officer
Kenneth A. Spearman, Member
Leland A. Strom, 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 Farm Credit System Insurance Corporation (FCSIC); and six 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 Chair Long Thompson reviewed the published Agenda. (A copy of the Public Announcement
publishing the Agenda for the meeting is attached as Exhibit B.)
1
Mr. Spearman moved to adopt the Agenda as published.
Mr. Strom seconded the motion.
There being no further discussion, Board Chair Long Thompson called the question.
The Secretary polled the Board Members and the motion carried unanimously.
Mr. Strom noted that the Agenda did include a portion of the meeting that should be closed to the
general public as permitted by the Government in the Sunshine Act and therefore moved that the
meeting be closed at that point.
Mr. Spearman seconded the motion.
There being no further discussion, Board Chair Long Thompson called the question.
The Secretary polled the Board Members and the motion carried unanimously.
OPEN SESSION
Approval of Minutes
Minutes for January 9, 2014 Regular Board Meeting
(BM-18-FEB-14-01)
Mr. Spearman moved to approve the minutes for January 9, 2014 Regular Board Meeting.
Mr. Strom seconded the motion.
There being no further discussion, Board Chair Long Thompson called the question.
The Secretary polled the Board Members and the motion carried unanimously. (BM-18-FEB-14-01)
(A copy of the official "Board Action Item" is attached as Exhibit C.)
New Business
Farmer Mac Board Governance and Standards of Conduct
- Advance Notice of Proposed Rulemaking
(BM-18-FEB-14-02)
Joe Connor of the Office of Secondary Market Oversight and Laura McFarland of the Office of
General Counsel presented the Farmer Mac Board Governance and Standards of Conduct
- Advance Notice of Proposed Rulemaking.
2
Board Chair Long Thompson opened the discussion for questions by the Board.
Board Chair Long Thompson asked if there was any further discussion and asked staff to provide
their recommendation. Staff provided their recommendation.
Board Chair Long Thompson called for a motion on the staff's recommendation regarding the final
rule.
Mr. Strom moved that the Board approve the Farmer Mac Board Governance and Standards of
Conduct - Advance Notice of Proposed Rulemaking.
Mr. Spearman seconded the motion.
Board Chair Long Thompson asked if there was any further discussion.
There being no further discussion, the Board Chair called the question.
The Secretary polled the Members and the motion carried unanimously. (BM-18-FEB-14-02)
(A copy of the "Board Action Item" is attached as Exhibit D.)
Spring 2014 Abstract of the Unified Agenda of Federal Regulatory and
Deregulatory Actions and Spring 2014 Regulatory Projects Plan
(BM-18-FEB-14-03)
Jeremy Edelstein of the Office of Regulatory Policy and Nancy Tunis of the Office of General Counsel
presented the Spring 2014 Abstract of the Unified Agenda of Federal Regulatory and Deregulatory
Actions and Spring 2014 Regulatory Projects Plan
Board Chair Long Thompson opened the discussion for questions by the Board.
Board Chair Long Thompson asked if there was any further discussion and asked staff to provide
their recommendation. Staff provided their recommendation.
Board Chair Long Thompson called for a motion on the staff's recommendation regarding the final
rule.
Mr. Spearman moved that the Board approve the Spring 2014 Abstract of the Unified Agenda of
Federal Regulatory and Deregulatory Actions and Spring 2014 Regulatory Projects Plan.
Mr. Strom seconded the motion.
Board Chair Long Thompson asked if there was any further discussion.
There being no further discussion, the Board Chair called the question.
3
The Secretary polled the Members and the motion carried unanimously. (BM-18-FEB-14-03)
(A copy of the "Board Action Item" is attached as Exhibit E.)
CLOSED SESSION
Board Chair Long Thompson thanked the general public for attending and announced that the next
topic on the Agenda was a closed session item pursuant to previous Board action.
Board Chair Long Thompson asked that members of the general public exit.
Board Chair Long Thompson convened the closed session of the meeting at 2:27 p.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 Chair 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 F.)
Members of the Board present were:
Jill Long Thompson, Board Chair and Chief Executive Officer
Kenneth A. Spearman, Member
Leland A. Strom, Member
The above named constitute the full Board.
Others present included Dale Aultman, Secretary to the Board; and Charles Rawls, General Counsel.
(A list of staff attendees is attached as Exhibit A).
Reports
Office of Secondary Market Oversight Quarterly Report
Laurie Rea of the Office of Secondary Market Oversight presented the OSMO Quarterly Report.
Board Chair Long Thompson asked if there were any questions or further discussion from the Board.
There were no further questions or discussion.
The closed session ended at 2:49 p.m.
4
ADJOURNMENT
There being no further business to come before the Board, Board Chair Long Thompson indicated she
would entertain a motion to adjourn the meeting.
Mr. Spearman moved that the meeting be adjourned.
Mr. Strom seconded the motion.
Board Chair Long Thompson called the question.
The Secretary polled the Board Members and the motion carried unanimously.
The meeting adjourned at 2:50 p.m.
NOTATIONAL VOTE ACTIONS
There were five notational vote actions approved by the FCA Board from January 10, 2014, through
February 17, 2014, as follows:
Item Number
Action Date
Voting Results
Subject
NV 14-02
01/23/2014
Approved
Regulatory Enforcement Committee Recommendation
#14-01 - Terminate Supervisory Agreement
NV 14-03
01/23/2014
Approved
Regulatory Enforcement Committee Recommendation
#14-02 - Terminate Written Agreement
NV 14-04
02/10/2014
Approved
Farm Credit West, ACA Class H Preferred Stock - Remove
Condition
NV 14-05
02/14/2014
Approved
American AgCredit, ACA - Clear Disclosure Statement;
Increase Amount of Class H Stock
NV 14-06
02/12/2014
Approved
February 13, 2014 Regularly Scheduled Board Meeting -
Conditional Provisions to Reschedule in Case of Adverse
Winter Weather Conditions
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 18, 2014.
/s/
/s/
Jill Long Thompson
Dale L. Aultman
Board Chair and Chief Executive Officer
Secretary to the Board
Approved: March 13,2014
5
Exhibit A
Page 1 of 2
STAFF PRESENT AT THE
FCA REGULAR BOARD MEETING
February 18, 2014
JILL LONG THOMPSON, Board Chair and Chief Executive Officer
KENNETH A. SPEARMAN, Board Member
LELAND A. STROM, Board Member
OPEN
CLOSED
OFFICE
SESSION
SESSION
Office of the Board
Aultman, Dale
X
X
Smulkstys, Inga
X
X
Corey, Kathryn
X
Johansen, Mark
X
X
Calhoun, Gaye
X
Middleton, Russell
X
X
OCOO
Hoffman, William
X
X
OCPA
Stokke, Mike
X
X
Meaux, Willy
X
OSMO
Rea, Laurie
X
X
Connor, Joe
X
X
Del Moral, Jeremy
X
X
OGC
Rawls, Charles
X
X
McFarland, Laura
X
Tunis, Nancy
X
6
Exhibit A
Page 2 of 2
OPEN
CLOSED
OFFICE
SESSION
SESSION
OE
Coleman, Robert
X
X
Paulsen, Roger
X
X
OIG
Rapp, Tammy
X
ORP
Van Meter, Gary
X
X
Mardock, Barry
X
Edelstein, Jeremy
X
X
OMS
Smith, Stephen
X
X
FCSIC
Rubin, Howard
X
X
Pfitzinger, Rick
X
X
GENERAL PUBLIC
6
7
Exhibit B
Farm Credit Administration
Farm Credit Administration
1501 Farm Credit Drive
McLean, Virginia 22102-5090
FCA
FARM CREDIT ADMINISTRATION
PUBLIC ANNOUNCEMENT OF
MEETING SUBJECT TO THE GOVERNMENT IN THE SUNSHINE ACT
Farm Credit Administration Board
Regular Meeting - RESCHEDULED
February 18, 2014 - 2 p.m.
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 18, 2014. The meeting is scheduled to be held at
the office of the Farm Credit Administration in McLean, Virginia, from 2:00 p.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 [email protected]. 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 [email protected] 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 9, 2014
New Business
2
Farmer Mac Board Governance and Standards of Conduct - Advance Notice of Proposed Rulemaking
3
Spring 2014 Abstract of the Unified Agenda of Federal Regulatory and Deregulatory Actions and Spring 2014
Regulatory Projects Plan
CLOSED SESSION
1
4
Office of Secondary Market Oversight Quarterly Report
February 13, 2014
Date
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
1501 Farm Credit Drive
McLean, Virginia 22102-5090
(703) 883-4000
BOARD ACTION ITEM
FCA
FARM CREDIT ADMINISTRATION
FCA BOARD ACTION ON
Minutes for January 9, 2014 Regular Board Meeting
BM-18-FEB-14-01
Effective Date:
February 18, 2014
Effect on Previous Action:
None
THE FCA BOARD HEREBY:
Approves the minutes for January 9, 2014, Regular Board Meeting as submitted.
DATED THIS 18th DAY OF FEBRUARY 2014
BY ORDER OF THE BOARD
Dale L. Aultman
Secretary to the Board
9
Exhibit D
Farm Credit Administration
1501 Farm Credit Drive
McLean, Virginia 22102-5090
(703) 883-4000
BOARD ACTION ITEM
FCA
FARM CREDIT ADMINISTRATION
FCA BOARD ACTION ON
Farmer Mac Board Governance and Standards of Conduct -
Advance Notice of Proposed Rulemaking
BM-18-FEB-14-02
Effective Date:
February 18, 2014
THE FCA BOARD HEREBY:
Approves the Advanced Notice of Proposed Rulemaking, which requests public input
on possible regulatory changes addressing the Federal Agricultural Mortgage
Corporation board governance and standards of conduct, and
Authorizes staff to make any technical or grammatical changes that may be necessary
for publication in the Federal Register.
DATED THIS 18th DAY OF FEBRUARY 2014
BY ORDER OF THE BOARD
Dale L. Aultman
Secretary to the Board
10
Exhibit E
Farm Credit Administration
1501 Farm Credit Drive
McLean, Virginia 22102-5090
(703) 883-4000
BOARD ACTION ITEM
FCA
FARM CREDIT ADMINISTRATION
FCA BOARD ACTION ON
Spring 2014 Abstract of the Unified Agenda of Federal
Regulatory and Deregulatory Actions
and Spring 2014 Regulatory Projects Plan
BM-18-FEB-14-03
Effective Date:
February 18, 2014
THE FCA BOARD HEREBY:
1. Approves the Spring 2014 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 2014 Regulatory Projects Plan and authorizes publication on
FCA's Web site; and
3. Authorizes staff to make any technical or grammatical changes that may be necessary
prior to publication.
DATED THIS 18th DAY OF FEBRUARY 2014
BY ORDER OF THE BOARD
Dale L. Aultman
Secretary to the Board
11
Exhibit F
Farm Credit Administration
1501 Farm Credit Drive
McLean, Virginia 22102-5090
(703) 883-4000
FCA
FARM CREDIT ADMINISTRATION
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 February 18, 2014,
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 18, 2014
Charles R. Rawls
General Counsel
12