Federal Housing Finance Board

Pages411-414

FEDERAL HOUSING FINANCE BOARD

1777 F Street NW., Washington, DC 20006

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

Board of Directors:

Chairman Allan I. Mendelowitz

Members: Franz S. Leichter, J. Timothy O'Neill,

(vacancy)

(Secretary of Housing and Urban Mel R. Martinez

Development, ex officio)

Housing and Urban Development (vacancy)

Secretary's Designee to

Assistants to Board Director Julie P. Fallon, Charles D. Jones, Linda Fleming McGhee

Officials:

Managing Director James L. Bothwell

Director, Office of Communications Stephen P. Hudak

Director, Office of Policy, Research, and Scott L. Smith, Acting

Analysis

Director, Office of Resource Management David A. Lee, Acting

Director, Office of Supervision Mitchell Berns

General Counsel Deborah F. Silberman

Inspector General Edward Kelley

Secretary to the Board Elaine L. Baker

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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.

T188578.040

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...

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