The Federal Housing Finance Board (FHFB) was an

independent agency of the United States government Independent agencies of the United States federal government are agencies that exist outside the federal executive departments (those headed by a Cabinet secretary) and the Executive Office of the President. In a narrower sense, the term refers ...

established in 1989 in the aftermath of the savings and loan crisis to take over management of the

Federal Home Loan Banks The Federal Home Loan Banks (FHLBanks, or FHLBank System) are 11 U.S. government-sponsored banks that provide liquidity to the members of financial institutions to support housing finance and community investment. Overview The FHLBank System was ...

(FHLBs or FHLBanks) from the

Federal Home Loan Bank Board The Federal Home Loan Bank Board (FHLBB) was a board created in 1932 that governed the Federal Home Loan Banks (FHLB or FHLBanks) also created by the act, the Federal Savings and Loan Insurance Corporation (FSLIC) and nationally-chartered savings ...

(FHLBB), and was superseded by the

Federal Housing Finance Agency The Federal Housing Finance Agency (FHFA) is an independent federal agency in the United States created as the successor regulatory agency of the Federal Housing Finance Board (FHFB), the Office of Federal Housing Enterprise Oversight (OFHEO), an ...

(FHFA) in 2008. The FHFB managed the nation's

(FHLBs). The eleven regional FHLBs are privately held

government sponsored enterprise A government-sponsored enterprise (GSE) is a type of financial services corporation created by the United States Congress. Their intended function is to enhance the flow of credit to targeted sectors of the economy, to make those segments of the ...

s that ensure the supply of funds to local lenders that, in turn, finance loans for home mortgages.

Operations

The FHFB was headquartered in

Washington, D.C. ) , image_skyline = , image_caption = Clockwise from top left: the Washington Monument and Lincoln Memorial on the National Mall, United States Capitol, Logan Circle, Jefferson Memorial, White House, Adams Morgan, ...

and led by a five-member board. Four board members were appointed by the

President President most commonly refers to: *President (corporate title) *President (education), a leader of a college or university *President (government title) President may also refer to: Automobiles * Nissan President, a 1966–2010 Japanese ful ...

for seven-year terms, and the fifth member was either the

Secretary of Housing and Urban Development The United States secretary of housing and urban development (or HUD secretary) is the head of the United States Department of Housing and Urban Development, a member of the president's Cabinet, and thirteenth in the presidential line of succe ...

or the Secretary's designee. The FHFB was entirely funded by fees assessed to Federal Home Bank Loans, and did not directly receive taxpayer funds.

History

The FHFB was established by the

Financial Institutions Reform, Recovery and Enforcement Act of 1989 The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), is a United States federal law enacted in the wake of the savings and loan crisis of the 1980s. It established the Resolution Trust Corporation to close hundreds o ...

(FIRREA) in the aftermath of the savings and loan crisis to take over oversight of the

(FHLBs or FHLBanks) from the

(FHLBB) while the

Office of Thrift Supervision The Office of Thrift Supervision (OTS) was a List of federal agencies in the United States, United States federal agency under the United States Department of the Treasury, Department of the Treasury that chartered, supervised, and regulated all ...

(OTS) took over most other functions of the FHLBB including regulation. As a result of the late-2000s financial crisis the

Housing and Economic Recovery Act of 2008 The United States Housing and Economic Recovery Act of 2008 () (commonly referred to as HERA) was designed primarily to address the subprime mortgage crisis. It authorized the Federal Housing Administration to guarantee up to $300 billion in new ...

(HERA) replaced the FHFB and the

Office of Federal Housing Enterprise Oversight The Office of Federal Housing Enterprise Oversight (OFHEO) was an agency within the Department of Housing and Urban Development of the United States of America. It was charged with ensuring the capital adequacy and financial safety and soundness ...

(OFHEO) with the

(FHFA). The FHFB's existence ceased on July 30, 2009. As a result of the

late-2000s recession The Great Recession was a period of marked general decline, i.e. a recession, observed in national economies globally that occurred from late 2007 into 2009. The scale and timing of the recession varied from country to country (see map). At t ...

, section 312 of the Dodd-Frank Wall Street Reform and Consumer Protection Act mandated merger of OTS with the

Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all nation ...

(OCC), the

Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures cred ...

(FDIC), the

Federal Reserve Board of Governors The Board of Governors of the Federal Reserve System, commonly known as the Federal Reserve Board, is the main governing body of the Federal Reserve System. It is charged with overseeing the Federal Reserve Banks and with helping implement the mon ...

, and the

Consumer Financial Protection Bureau The Consumer Financial Protection Bureau (CFPB) is an agency of the United States government responsible for consumer protection in the financial sector. CFPB's jurisdiction includes banks, credit unions, securities firms, payday lenders, mortg ...

(CFPB) as of July 21, 2011.

References

External links

Federal Housing Finance Board website
{{authority control Defunct independent agencies of the United States government 1990 establishments in Washington, D.C. Organizations disestablished in 2008 Housing finance agencies of the United States 2008 disestablishments in Washington, D.C.

Operations

History

See also

References

External links