Federal Housing Finance Board

• Pages: 405-408

FEDERAL HOUSING FINANCE BOARD

1777 F Street NW., Washington, DC 20006

Phone, 202-408-2500. Internet, www.fhfb.gov.

Board of Directors:

Chairman Ronald A. Rosenfeld

Members: Alicia R. Castaneda, Franz S. Leichter, Allan I. Mendelowitz

Secretary of Housing and Urban Alphonso R. Jackson

Development, ex officio

Special Assistants to the Chairman Douglas P. Duval, Daris D. Meeks

Special Assistants to Board Directors Christopher Bosland, Charles D. Jones, Christopher J. Morton, Kelly R. Spearman

Officials:

Inspector General Edward Kelley

General Counsel and Secretary of the Board Mark Tenhundfeld

Director, Office of Supervision Stephen M. Cross

Director, Office of Management Judith L. Hofmann

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The Federal Housing Finance Board is responsible for the administration and enforcement of the Federal Home Loan Bank Act, as amended.

The Federal Housing Finance Board (Finance Board) was established by the Federal Home Loan Bank Act, as amended by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 U.S.C. 1421 et seq.), as an independent regulatory agency in the executive branch. The Finance Board succeeded the Federal Home Loan Bank Board for those functions transferred to it by FIRREA.

The Finance Board is managed by a five-member Board of Directors. Four members are appointed by the President with the advice and consent of the Senate for 7-year terms; one of the four is designated as Chairperson. The Secretary of the Department of Housing and Urban Development is the fifth member and serves in an ex officio capacity.

The Finance Board supervises the 12 Federal Home Loan Banks created in 1932 by the Federal Home Loan Bank Act and issues regulations and orders for carrying out the purposes of the provisions of that act. Savings associations, commercial banks, savings banks, credit unions, insurance companies, and other institutions specified in section 4 of the act that make long-term home-mortgageloansare eligible to become members of the Federal Home Loan Banks. The Finance Board supervises the Federal Home Loan Banks and ensures that they carry out their housing finance and community investment mission and remain adequately capitalized and able to raise funds in the capital markets. The functions of the Finance Board include the following:

--prescribing rules and regulations governing the Bank System's capital, lending, financial management, and...