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Senate Banking Committee Approves Nomination of Thompson as FHFA Director

Sandra Thompson, Acting Director of the FHFA

U.S. Sen. Sherrod Brown, Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, held a special Executive Session late Wednesday evening to vote on the nominations of: Sandra Thompson for Director of the Federal Housing Finance Agency (FHFA), Jerome H. Powell for Chairman of the Federal Reserve; Lael Brainard for Vice Chair of the Federal Reserve; and Dr. Lisa DeNell Cook and Dr. Philip Jefferson for Governors of the Federal Reserve.

The Senate Banking Committee advanced Thompson by a vote of 13-11, and now awaits the full Senate to confirm her nomination.

On June 23, 2021, the White House appointed Thompson as Acting Director of the FHFA. Prior to being named Acting Director, Thompson served as Deputy Director of the Division of Housing Mission and Goals (DHMG).

Since March 2013, as the DHMG Deputy Director, Thompson oversaw FHFA’s housing and regulatory policy, capital policy, financial analysis, fair lending and all mission activities for Fannie Mae, Freddie Mac and the Federal Home Loan Banks.

Prior to joining FHFA, Thompson worked at the Federal Deposit Insurance Corporation (FDIC), for more than 23 years in a variety of leadership positions, most recently as Director, Division of Risk Management Supervision. During her time at FDIC, Thompson led the Agency’s examination and enforcement program for risk management and consumer protection at the height of the financial crisis. She also led the FDIC’s outreach initiatives in response to a crisis of consumer confidence in the banking system. Her experiences range from supervision to consumer protection, risk management and consumer outreach activities.

The FHFA is responsible for oversight of the $7.2 trillion-plus mortgage finance market.

"MBA applauds the Senate Banking Committee for advancing the nomination of Sandra Thompson to be Director of the Federal Housing Finance Agency,” said Mortgage Bankers Association (MBA) President and CEO Bob Broeksmit, CMB. “Thompson's experience, including as the Acting Director, and knowledge of real estate finance will serve her well as she continues to lead FHFA. We now call on the full Senate to confirm her nomination quickly.”

In addition to Thompson, Powell was advanced by the Senate Banking Committee by a vote of 23-1; Brainard was advanced by a vote of 16-8; Dr. Jefferson was advanced by a unanimous 24-0 vote; and Dr. Cook’s nomination was tied 12-12, and she will be considered by the full Senate in accordance with Senate Resolution 27.

 

About Author: Eric C. Peck

Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com.
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