Just about just one month after Sandra L. Thompson was confirmed by the U.S. Senate Wednesday as the future Director of the Federal Housing Finance Agency (FHFA) by a 49-46 vote, she was sworn in now to a 5-12 months term as the 3rd Senate-confirmed FHFA Director.
Practically a 12 months to working day, on June 23, 2021, the White House 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 Ambitions (DHMG). Her formal nomination was despatched to the Senate by President Joe Biden on December 17, 2021. On March 16, 2022, the Senate Banking Committee advanced Thompson’s nomination by a vote of 13-11.
“As a seasoned fiscal regulator, I understand how vital a time it is to serve in this function,” reported Thompson. “I am fully commited to ensuring our nation’s housing finance techniques and our controlled entities run in a safe and audio manner. There is a common lack of cost-effective housing and accessibility to credit history, especially in underserved communities of coloration. It is FHFA’s duty, by way of our controlled entities, to ensure that all People have equal obtain to risk-free, first rate, and very affordable 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 Dwelling Financial loan Bank Process, and is dependable for oversight of the nation’s $7.5 trillion mortgage finance market place.
“For the to start with time, we finally have an Administration and a Senate Banking and Housing Committee that comprehend how important it is to have economic leaders who reflect the nation, and the persons who make it work,” claimed Senator Sherrod Brown, Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs. “She’ll be part of a expanding record of expert, talented Black females who have arrive as a result of our committee–Marcia Fudge, Cecilia Rouse, Reta Jo Lewis, Lisa Cook, Alanna McCargo, Alexia Latortue. Just to identify a couple of. Ms. Thompson has demonstrated she will get the job done for and pay attention to loan providers and consumers, and equally sides of the aisle.”
Prior to signing up for FHFA, Thompson labored at the Federal Deposit Coverage Company (FDIC), for much more than 23 a long time in different leadership positions, together with Director of the Division of Threat Administration Supervision. All through her time at FDIC, Thompson led the Agency’s examination and enforcement software for possibility administration, and purchaser protection at the height of the financial crisis. She also led the FDIC’s outreach initiatives in response to a crisis of shopper self-confidence in the banking procedure. Her encounters assortment from supervision to client protection, hazard management and purchaser outreach functions.
“The title coverage market welcomes Director Thompson into her long term position,” stated American Land Title Affiliation (ALTA) CEO Diane Tomb. “With more than 4 many years of encounter in money regulation and customer security, she is nicely-suited to completely direct the FHFA. ALTA appears to be ahead to engaging with Director Thompson and the FHFA to be certain the ongoing energy of the GSEs and housing finance market, particularly in providing title insurance policy to secure financial institution and shopper expense in actual estate and offering homeownership alternatives for far more Us residents nationwide.”