Sandra Thompson Appointed as Acting Director of FHFA
President Biden has appointed Sandra Thompson to serve as the acting director of the Federal Housing Finance Agency (FHFA). This appointment followed a Supreme Court ruling earlier this week that found the FHFA’s structure unconstitutional and gave President Biden and future presidents the authority to remove the head of the FHFA at-will. Since 2013, Thompson served as Deputy Director of the Division of Housing Mission and Goals. As the 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. In a statement, Thompson emphasized her commitment to “making sure our nation’s housing finance systems and our regulated entities operate in a safe and sound manner,” and noted that the agency’s duty is to “ensure that all Americans have equal access to safe, decent and affordable housing.” Thompson is a graduate of Howard University in Washington, D.C
Secretary Fudge Testifies in House Hearing on HUD’s Budget Request
This week, the House Budget Committee held a hearing on HUD’s fiscal year 2022 budget proposal. HUD Secretary Marcia Fudge testified before the committee about the role of the fiscal year 2022 (FY22) HUD budget in expanding safe and affordable housing. In her opening statement, Secretary Fudge called for greater investments in affordable housing and that the fiscal year 2022 budget request would provide HUD with much-needed tools to address the racial disparities in providing affordable housing and expanding home ownership. During the hearing, Representative Steven Horsford (D-NV) asked Secretary Fudge about HUD initiatives to address the disproportionate impact of student loans on homeownership rates for Black Americans. Secretary Fudge noted that the fiscal year 2022 HUD budget includes nearly $100 million to support first-time homebuyers, and outlined a number of HUD initiatives to strengthen access to credit for communities of color. Members of the committee also discussed HUD’s efforts on expanding broadband services to families in underserved communities. In response, Secretary Fudge committed to HUD providing equal funding for broadband in rural areas and for Community Development Block Grants. When discussing staff shortages, Secretary Fudge stated that they are seriously affecting the response to the COVID pandemic, hindering distribution of emergency aid to low-income tenants and leaving many localities without guidance from experienced HUD employees on how to run new emergency rental assistance programs. She noted that the FY22 budget request includes funding to hire hundreds of managers and skilled technical support staff.
To view the full House Budget Committee hearing, click here.
To read Secretary Marcia Fudge’s opening statements, click here.
President Biden Nominates FHA Commissioner and Fair Housing Assistant Secretary
President Biden nominated Julia Gordon as the new Federal Housing Administration (FHA) Commissioner. She is the current president of the National Community Stabilization Trust (NCST), a nonprofit organization that supports neighborhood revitalization and affordable homeownership through facilitating the rehabilitation of residential properties in underserved markets. In addition to managing NCST’s programmatic work, Gordon specializes in federal policy related to homeownership, community development, and the nation’s housing finance system. Previously Gordon has served as the senior director of housing and consumer finance at the Center for American Progress, manager of the single-family policy team at the Federal Housing Finance Agency, and senior policy counsel at the Center for Responsible Lending. She also has worked in the civil legal aid sector and as a litigation associate and pro bono coordinator at the law firm of WilmerHale. Gordon received her bachelor’s degree in government from Harvard College and her J.D. from Harvard Law School.
President Biden has also nominated Dave Uejio, currently Acting Director of the Consumer Financial Protection Bureau (CFPB), as the new Assistant Secretary of Fair Housing and Equal Opportunity. Prior to becoming Acting Director, Uejio served the Bureau as Acting Chief of Staff, as Lead for Talent Acquisition, and, most recently, as the Bureau’s Chief Strategy Officer. In addition to his experience at the CFPB, Uejio has worked with the National Institutes of Health, the Office of Personnel Management, and the Office of the Secretary of Defense. Uejio also co-chairs the Federal Innovation Council, which is a leading federal government interagency body to drive public sector innovation and co-founded the largest event to connect, develop, and inspire emerging public service leaders, the Next Generation of Government Summit. He received a Master’s Degree in Public Policy from the University of Minnesota and a Bachelor of Arts degree from the University of California, Santa Barbara.
To view the White House press release on the recent nominations, click here.