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Board Meeting Minutes, October 2014
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Board Meeting Minutes, October 2014
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Jill Long Thompson, Board Chair and Chief Executive Officer
Kenneth A. Spearman, Board Member
Leland A. Strom, Board Member
FRAM CREDIT ESTABLISHED 1933 *
MINUTES OF THE REGULAR MEETING
OF THE
FARM CREDIT ADMINISTRATION BOARD
October 9, 2014
These minutes reflect the business transacted at the October 9, 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 9:12 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 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 Chair noted that United States Department of Agriculture Secretary Mr. Thomas Vilsack
proclaimed that October 2014 is "National Cooperative Month." The Board Chair asked the Board
Secretary to read the proclamation and attach it to the minutes. (The Proclamation is attached as Exhibit
B.)
1
The Board Chair reviewed the published Agenda. (A copy of the Public Announcement publishing the
Agenda for the meeting is attached as Exhibit C.)
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 not include any topics that should be closed to the public as
permitted by the Government in the Sunshine Act and therefore moved that the meeting remain open.
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 September 11, 2014 Regular Board Meeting
(BM-09-OCT-14-01)
Mr. Spearman moved to approve the minutes for the September 11, 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-09-OCT-14-01)
(A copy of the official "Board Action Item" is attached as Exhibit D.)
2
New Business
Pension Benefits Disclosure - Proposed Rule
(BM-09-OCT-14-02)
Mike Wilson of the Office of Regulatory Policy and Jeff Pienta of the Office of General Counsel
presented the Pension Benefits Disclosure - 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.
Board Chair Long Thompson called for a motion on the staff's recommendation regarding the Pension
Benefits Disclosure - Proposed Rule.
Mr. Strom moved that the Board approve staff's recommendation to approve the Pension Benefits
Disclosure - Proposed Rule.
Mr. Spearman seconded the motion.
Board Chair Long Thompson asked if there was any further discussion.
There being no further discussion, Board Chair Long Thompson called the question.
The Secretary polled the Members and the motion carried unanimously. (BM-09-OCT-14-02)
(A copy of the official "Board Action Item" is attached as Exhibit E.)
ADJOURNMENT
There being no further business to come before the Board, Board Chair Long Thompson called for a
motion to adjourn the meeting.
Mr. Strom moved that the meeting be adjourned.
Mr. Spearman 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 9:12 a.m.
3
NOTATIONAL VOTE ACTIONS
There were three notational vote actions approved by the FCA Board from September 12, 2014,
through October 8, 2014, as follows:
Item Number
Action Date
Voting Results
Subject
NV 14-18
9/16/2014
Approved
Regulatory Enforcement Committee Recommendation #14-3:
Terminate Written Agreement with an Agricultural Credit
Association
NV 14-19
9/16/2014
Approved
Regulatory Enforcement Committee Recommendation #14-4:
Terminate Written Agreement with an Agricultural Credit
Association
NV 14-20
9/16/2014
Approved
Regulatory Enforcement Committee Recommendation #14-5:
Terminate Written Agreement and Supervisory Conditions of Merger
with an Agricultural Credit Association
The undersigned hereby certify that the foregoing minutes are the official minutes of the Regular
Meeting of the Farm Credit Administration Board held October 9, 2014.
/s/
/s/
Jill Long Thompson
Dale L. Aultman
Board Chair and Chief Executive Officer
Secretary to the Board
Approved: November 13, 2014
4
Exhibit A
Page 1 of 2
STAFF PRESENT AT THE
FCA REGULAR BOARD MEETING
October 9, 2014
JILL LONG THOMPSON, Board Chair and Chief Executive Officer
KENNETH A. SPEARMAN, Board Member
LELAND A. STROM, Board Member
OFFICE
OPEN SESSION
Office of the Board
Aultman, Dale
X
Corey, Kathryn
X
Smulkstys, Inga
X
Calhoun, Gaye
X
Middleton, Russell
X
Johansen, Mark
X
COO
Hoffman, William
X
OEEOI
Burlew, Thais
X
OCPA
Stokke, Mike
X
Meaux, Willy
X
OSMO
Rea, Laurie
X
OGC
Rawls, Charles
X
Strickland, Joy
X
Donner, Mary Alice
X
Pienta, Jeff
X
5
Exhibit A
Page 2 of 2
OFFICE
OPEN SESSION
OE
Coleman, Robert
X
OIG
Dean, Elizabeth
X
ORP
Van Meter, Gary
X
Wilson, Mike
X
Mardock, Barry
X
Wilson, Deborah
X
OMS
Fowlkes, Jerome
X
FCSIC
Pfitzinger, Rick
X
GENERAL PUBLIC
3
6
Exhibit B
UNITED STATES
DEPARTMENT OF AGRICULTURE
Office of the Secretary
Washington, D.C. 20250
NATIONAL COOPERATIVE MONTH
October 2014
By the Secretary of Agriculture of the United States of America
A PROCLAMATION
WHEREAS cooperative businesses unite their member-owners in pursuit of common
objectives, helping both producers and consumers attain marketplace power that would be
impossible to attain as individuals; and
WHEREAS cooperatives are member-owned, member-controlled businesses that operate
for the benefit of their member-owners and their communities rather than to create profits
for distant shareholders; and
WHEREAS the Nation's 30,000 cooperatives are vital in many sectors of the U.S. economy,
including agricultural marketing and supply; credit and financial services; rural electric and
telecommunications services; and housing as well as in local food supplies and markets; and
WHEREAS the Nation's cooperative community is helping to stimulate economic growth
and improve the quality of life in many developing nations around the world through the
creation of cooperatives, associations, and similar groups;
NOW, THEREFORE, in recognition of the important role that cooperatives play in
strengthening the economy, providing greater economic opportunity, and creating member-
owned benefits in rural America, I, Thomas J. Vilsack, Secretary of the U.S. Department of
Agriculture, do hereby proclaim October 2014 as National Cooperative Month. I encourage
all Americans to learn more about cooperatives and to celebrate cooperatives' unique
structure, accomplishments, and contributions with appropriate ceremonies and activities.
IN WITNESS WHEREOF, I have hereunto set my hand this 2nd day of September 2014,
the two-hundred thirty-ninth year of the Independence of the United States of America.
THOMAS J. VILSACK
Secretary
7
Exhibit c
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 9, 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 October 9, 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 email 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: This meeting of the Board will be open to the public (limited space available). 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
September 11, 2014
New Business
2
Pension Benefits Disclosure - Proposed Rule
September 29, 2014
/s/
Date
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
Minutes for September 11, 2014 Regular Board Meeting
BM-09-OCT-14-01
Effective Date:
October 9, 2014
Effect on Previous Action:
None
THE FCA BOARD HEREBY:
Approves the minutes for the September 11, 2014, regular board meeting as submitted.
DATED THIS 9ᵗʰ DAY OF OCTOBER 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
BOARD ACTION ITEM
FCA
FARM CREDIT ADMINISTRATION
FCA BOARD ACTION ON
Pension Benefits Disclosure - Proposed Rule
BM-09-OCT-14-02
Effective Date:
October 9, 2014
THE FCA BOARD HEREBY:
Approves the proposed rule that would exclude an employee from the
Compensation Table disclosure required by $ 620.6(c)(2)(i) if the
employee is not a senior officer, and would be considered highly
compensated solely because of payments related to or a change(s) in
value of the employee's qualified pension plan, provided that the plan
was available to all similarly situated employees on the same basis; and
Authorizes staff to make any technical or grammatical changes that may
be necessary prior to publication in the Federal Register.
DATED THIS 9th DAY OF OCTOBER 2014
BY ORDER OF THE BOARD
/s/
Dale L. Aultman
Secretary to the Board
10