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Board Meeting Minutes, August 2014
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Board Meeting Minutes, August 2014
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Board Meeting Minutes
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Jill Long Thompson, Board Chair and Chief Executive Officer
Kenneth A. Spearman, Board Member
Leland A. Strom, Board Member
COMMISSION CREET FARM * *
ESTABLISHED 1933
MINUTES OF THE REGULAR MEETING
OF THE
FARM CREDIT ADMINISTRATION BOARD
August 14, 2014
These minutes reflect the business transacted at the August 14, 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 FCA Board meeting was held at the FCA office in McLean, Virginia, beginning at 9:00 a.m. and
concluding at 9:37 a.m. Members of the Board present were:
Jill Long Thompson, Board Chair and Chief Executive Officer
Kenneth A. Spearman, Member
Leland A. Strom, Member
who constituted 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 two 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 Chair reviewed the published Agenda. (A copy of the Public Announcement publishing the
Agenda for the meeting is attached hereto as Exhibit B.)
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 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. 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 the July 10, 2014, Regular Board Meeting
(BM-14-AUG-14-01)
Mr. Spearman moved to approve the minutes for July 10, 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-14-AUG-14-01)
(A copy of the "Board Action Item" is attached hereto as Exhibit C.)
New Business
Institution Stockholder Voting Procedures, Proposed Rule
(BM-14-AUG-14-02)
Tom Risdal of the Office of Regulatory Policy and Nancy Tunis of the Office of General Counsel
presented the Institution Stockholder Voting Procedures, Proposed Rule.
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.
2
Board Chair Long Thompson called for a motion on the staff's recommendation regarding the
proposed interim final rule.
Mr. Strom moved that the Board approve staff's recommendation to approve the Institution
Stockholder Voting Procedures, Proposed Rule.
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-14-AUG-14-02)
(A copy of the "Board Action Item" is attached hereto as Exhibit D.)
CLOSED SESSION
The Board Chair Long Thompson announced that the next topic on the Agenda was a closed session
item and instructed all members of the public and nonessential FCA and FCSIC staff to leave the room
so that the Board could meet with OSMO in closed session as approved by the Board.
The Board Chair convened the closed session of the meeting at 9:13 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 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 E.)
Members of the Board present were:
Jill Long Thompson, Board Chair and Chief Executive Officer
Kenneth A. Spearman, Member
Leland A. Strom, Member
who constituted the full Board.
Others present included Dale Aultman, Secretary to the Board; Charles Rawls, General Counsel; Inga
Smulkstys, Executive Assistant to the Board Chair and CEO; Russell Middleton, Executive Assistant to
Board Member Spearman; and Mark Johansen, Executive Assistant to Board Member Strom. (A list
of staff attendees is attached hereto as Exhibit A).
3
REPORTS
Office of Secondary Market Oversight Quarterly Report
Joe Connor of the Office of Secondary Market Oversight (OSMO), provided the OSMO Quarterly
Report.
Board Chair Long Thompson asked if there were any questions or further discussion from the Board.
There was no further discussion.
ADJOURNMENT
There being no further business to come before the Board, Board Chair Long Thompson called for 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 9:37 a.m.
NOTATIONAL VOTE ACTION
There were no notational vote actions by the FCA Board from July 10, 2014, through August 13, 2014.
The undersigned hereby certify that the foregoing minutes are the official minutes of the Regular
Meeting of the Farm Credit Administration Board held August 14, 2014.
/s/
/s/
Jill Long Thompson
Dale L. Aultman
Board Chair and Chief Executive Officer
Secretary to the Board
Approved: September 11, 2014
4
Exhibit A
Page 1 of 2
STAFF PRESENT AT THE
FCA REGULAR BOARD MEETING
August 14, 2014
JILL LONG THOMPSON, Board Chair and Chief Executive Officer
KENNETH A. SPEARMAN, Board Member
LELAND A. STROM, Board Member
OFFICE
OPEN SESSION
CLOSED SESSION
Office of the Board
Aultman, Dale
X
X
Corey, Kathryn
X
Smulkstys, Inga
X
X
Calhoun, Gaye
X
Middleton, Russell
X
X
Buccolo, Deb
X
Johansen, Mark
X
X
COO
Hoffman, William
X
X
EEOI
Burlew, Thais
X
OCPA
Stokke, Mike
X
X
OSMO
Connor, Joe
X
X
Hudson, Bruce
X
X
OGC
Rawls, Charlie
X
X
Strickland, Joy
X
X
Donner, Mary Alice
X
X
Tunis, Nancy
X
5
Exhibit A
Page 2 of 2
OFFICE
OPEN SESSION
CLOSED SESSION
OE
Coleman, Robert
X
X
OIG
Dean, Elizabeth
X
X
Kaufman, Tori
X
X
ORP
Van Meter, Gary
X
X
Risdal, Tom
X
Mardock, Barry
X
X
Wilson, Debbie
X
OMS
Smith, Stephen
X
X
Fowlkes, Jerome
X
X
FCSIC
Rubin, Howard
X
X
GENERAL PUBLIC
2
6
Exhibit B
Farm Credit Administration
1501 Farm Credit Drive
McLean, Virginia 22102-5090
(703) 883-4000
FCA
FARM CREDIT ADMINISTRATION
PUBLIC ANNOUNCEMENT OF
MEETING SUBJECT TO THE GOVERNMENT IN THE SUNSHINE ACT
Farm Credit Administration Board
Regular Meeting
August 14, 2014
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 August 14, 2014. 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 [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. 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
July 10, 2014
New Business
2
Institution Stockholder Voting Procedures, Proposed Rule
CLOSED SESSION
Reports
3
Office of Secondary Market Oversight Quarterly Report 1
August 4, 2014
/s/
Date
Dale L. Aultman
Secretary to the Board
1 Session 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
FARM CREDIT ADMINISTRATION
FCA BOARD ACTION ON
Minutes for July 10, 2014
Regular Board Meeting
BM-14-AUG-14-01
Effective Date:
August 14, 2014
Effect on Previous Action:
None
THE FCA BOARD HEREBY:
Approves the minutes for July 10, 2014, Regular Board Meeting as submitted.
DATED THIS 14th DAY OF AUGUST 2014
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
FARM CREDIT ADMINISTRATION
FCA BOARD ACTION ON
Institution Stockholder Voting Procedures,
Proposed Rule
BM-14-AUG-14-02
Effective Date:
August 14, 2014
Effect on Previous Action:
None
THE FCA BOARD HEREBY:
Approves the proposed rule that would amend FCA regulations to clarify and
enhance voting procedures for tabulating votes, the use of tellers committees,
and other items as identified; and
Authorizes staff to make any technical or grammatical changes that may be
necessary prior to publication in the Federal Register.
DATED THIS 14th DAY OF AUGUST 2014
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
(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 August 14, 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: August 14, 2014
Charles Rawls
General Counsel
10