WASHINGTON—President Biden has nominated Sandra Thompson to serve a full five-year term as director of the Federal Housing Finance Agency (FHFA).
Thompson was appointed as acting director of the FHFA in June.
The FHFA primarily provides supervision, regulation, and housing mission oversight of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.
Thompson has secured support from congressional leaders, including House Financial Services Committee Chair Maxine Waters (D-CA) who urged Biden to keep Thompson in the role. Thompson will be tasked with implementing the administration’s plan to expand mortgage availability and address the racial homeownership gap, NAFCU noted.
““As any credit union involved in the mortgage lending knows, this agency plays a vital role,” said John McKechnie, partner in the Washington advocacy firm Total Spectrum. “With a new regime in place, credit unions should take every opportunity to be vocal about the importance of access to the secondary market. Start the conversation by talking about loan quality versus volume, for example.”