Nearly one month after Sandra L. Thompson was confirmed by the U.S. Senate Wednesday as the next Director of the Federal Housing Finance Agency (FHFA) by a 49-46 vote, she was sworn in today to a five-year term as the third Senate-confirmed FHFA Director.
Nearly a year to day, on June 23, 2021, the White House appointed Thompson as Acting Director of the FHFA, and prior to that, she served as Deputy Director of the FHFA’s Division of Housing Mission and Goals (DHMG). Her official nomination was sent to the Senate by President Joe Biden on December 17, 2021. On March 16, 2022, the Senate Banking Committee advanced Thompson’s nomination by a vote of 13-11.
“As a seasoned financial regulator, I understand how critical a time it is to serve in this role,” said Thompson. “I am committed to ensuring our nation's housing finance systems and our regulated entities operate in a safe and sound manner. There is a widespread lack of affordable housing and access to credit, especially in underserved communities of color. It is FHFA's duty, through our regulated entities, to ensure that all Americans have equal access to safe, decent, and affordable housing.”
The FHFA, created by the Housing and Economic Recovery Act of 2008, is the regulator and conservator of Fannie Mae and Freddie Mac, and regulates the Federal Home Loan Bank System, and is responsible for oversight of the nation’s $7.5 trillion mortgage finance market.
“For the first time, we finally have an Administration and a Senate Banking and Housing Committee that understand how important it is to have economic leaders who reflect the country, and the people who make it work,” said Senator Sherrod Brown, Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs. “She’ll join a growing list of experienced, talented Black women who have come through our committee–Marcia Fudge, Cecilia Rouse, Reta Jo Lewis, Lisa Cook, Alanna McCargo, Alexia Latortue. Just to name a few. Ms. Thompson has proven she will work for and listen to lenders and consumers, and both sides of the aisle.”
Prior to joining FHFA, Thompson worked at the Federal Deposit Insurance Corporation (FDIC), for more than 23 years in various leadership positions, including Director of the 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 title insurance industry welcomes Director Thompson into her permanent role,” said American Land Title Association (ALTA) CEO Diane Tomb. “With more than four decades of experience in financial regulation and consumer protection, she is well-suited to permanently lead the FHFA. ALTA looks forward to engaging with Director Thompson and the FHFA to ensure the continued strength of the GSEs and housing finance marketplace, particularly in providing title insurance to protect lender and consumer investment in real estate and providing homeownership opportunities for more Americans nationwide.”