Thompson Officially Sworn in as FHFA Director

Nearly a person thirty day period just after Sandra L. Thompson was verified by the U.S. Senate Wednesday as the subsequent Director of the Federal Housing Finance Company (FHFA) by a 49-46 vote, she was sworn in right now to a 5-12 months term as the 3rd Senate-confirmed FHFA Director.

Nearly a yr to day, on June 23, 2021, the White Dwelling appointed Thompson as Acting Director of the FHFA, and prior to that, she served as Deputy Director of the FHFA’s Division of Housing Mission and Plans (DHMG). Her official nomination was despatched to the Senate by President Joe Biden on December 17, 2021. On March 16, 2022, the Senate Banking Committee superior Thompson’s nomination by a vote of 13-11.

“As a seasoned economical regulator, I have an understanding of how essential a time it is to serve in this position,” mentioned Thompson. “I am fully commited to making sure our nation’s housing finance systems and our controlled entities function in a harmless and seem way. There is a prevalent deficiency of affordable housing and obtain to credit rating, specially in underserved communities of coloration. It is FHFA’s responsibility, through our regulated entities, to make certain that all Individuals have equal obtain to harmless, decent, and reasonably priced housing.”

The FHFA, created by the Housing and Financial Recovery Act of 2008, is the regulator and conservator of Fannie Mae and Freddie Mac, and regulates the Federal Household Financial loan Lender Method, and is dependable for oversight of the nation’s $7.5 trillion mortgage loan finance market place.

“For the initial time, we lastly have an Administration and a Senate Banking and Housing Committee that have an understanding of how important it is to have economic leaders who mirror the nation, and the people who make it get the job done,” said Senator Sherrod Brown, Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs. “She’ll be part of a expanding list of knowledgeable, gifted Black gals who have arrive by means of our committee–Marcia Fudge, Cecilia Rouse, Reta Jo Lewis, Lisa Cook dinner, Alanna McCargo, Alexia Latortue. Just to title a couple. Ms. Thompson has confirmed she will operate for and pay attention to creditors and consumers, and each sides of the aisle.”

Prior to signing up for FHFA, Thompson worked at the Federal Deposit Insurance Company (FDIC), for extra than 23 many years in many leadership positions, such as Director of the Division of Hazard Management Supervision. In the course of her time at FDIC, Thompson led the Agency’s assessment and enforcement system for possibility administration, and consumer defense at the peak of the economic crisis. She also led the FDIC’s outreach initiatives in response to a crisis of consumer confidence in the banking method. Her activities selection from supervision to shopper defense, danger administration and purchaser outreach activities.

“The title insurance policy field welcomes Director Thompson into her everlasting role,” said American Land Title Affiliation (ALTA) CEO Diane Tomb. “With more than 4 many years of practical experience in monetary regulation and buyer defense, she is effectively-suited to completely direct the FHFA. ALTA appears ahead to partaking with Director Thompson and the FHFA to be certain the ongoing toughness of the GSEs and housing finance market, notably in offering title coverage to guard loan provider and consumer financial investment in true estate and offering homeownership possibilities for much more Us residents nationwide.”