Departments & agenciesView all actions on the Federal Register
Federal Housing Finance Agency
Independent agenciesAt-will removalSelf-funded
At a glance
Type
Independent agencies
Removal of leadership
Removable at will
Appointed by
Appointed by the President, confirmed by the Senate
Structure
Single Director
Term
5-year term
Funding
Outside annual appropriations
Independence
Direct presidential control
HERA (12 U.S.C. 4512) still provides for a 5-year term with removal only 'for cause,' but the Supreme Court in Collins v. Yellen, 594 U.S. 220 (2021) held that for-cause restriction unconstitutional. The President may now remove the Director at will, so FHFA operates under direct presidential control despite its statutory text.
What it does
FHFA is the federal regulator of the nation's main housing-finance institutions: Fannie Mae, Freddie Mac, and the 11 Federal Home Loan Banks. It supervises their safety and soundness to keep the secondary mortgage market and home-loan funding stable. It has also served as conservator of Fannie Mae and Freddie Mac since 2008.
FinancialHousing
How it fits
Created by Congress under the Housing and Economic Recovery Act of 2008 (HERA), Division A, Title I (Federal Housing Finance Regulatory Reform Act of 2008) (Pub. L. 110-289, 122 Stat. 2654; codified at 12 U.S.C. Sec. 4511 et seq.), it acts within the authority that statute grants. Its actions are subject to judicial review and to congressional oversight and funding.
Recent actions
Proposed Collection; Comment Request
Proposed Collection; Comment Request
Privacy Act of 1974; System of Records
Privacy Act of 1974; System of Records
Privacy Act of 1974; System of Records
Interagency Rescission of the Interagency Statement on Special Purpose Credit Programs Under the Equal Credit Opportunity Act and Regulation B
Questions and Answers Regarding the Affordable Housing Program and Questions and Answers Regarding the Affordable Housing Program-Part 2
Suspended Counterparty Program