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FHFA Moves to Establish Ombudsman Office for Regulatory Complaints

The ""Federal Housing Finance Agency"":http://www.fhfa.gov (FHFA) has proposed the establishment of an Office of the Ombudsman to field complaints related to FHFA's regulations and supervision.

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The Office of the Ombudsman would be responsible for considering grievances and appeals from entities overseen by FHFA, including Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, as well as any person that has a business relationship with a regulated entity or the Office of Finance.

The Housing and Economic Recovery Act of 2008 (HERA), created FHFA to oversee the GSEs and the Federal Home Loan Banks and to ensure that they operate in a safe and sound manner. It also included a requirement that the director of FHFA establish an Ombudsman Office.

Although the Office of the Ombudsman would serve as an independent agent, it would be housed within the FHFA and funded by the FHFA.

The agency has sent a ""Notice of Proposed Rulemaking"":http://www.fhfa.gov/webfiles/16456/OmbudsmanNPR.pdf to the _Federal Register_ for the establishment of the Office of the Ombudsman. FHFA is accepting comments on its proposal for the next 30 days.

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.
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