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 wa ...
(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 thrifts ...
(FHLBB), and was superseded by the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), ...
(FHFA) in 2008.
The FHFB managed the nation's
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 wa ...
(FHLBs).
[ The eleven regional FHLBs are privately held government sponsored enterprises 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. 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 ...
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 (FIRREA) in the aftermath of the savings and loan crisis to take over oversight 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 wa ...
(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 thrifts ...
(FHLBB) while the Office of Thrift Supervision
The Office of Thrift Supervision (OTS) was a United States federal agency under the Department of the Treasury that chartered, supervised, and regulated all federally chartered and state-chartered savings banks and savings and loans associatio ...
(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 ne ...
(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 o ...
(OFHEO) with 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), ...
(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 nat ...
(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 cr ...
(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 m ...
, 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, mo ...
(CFPB) as of July 21, 2011.
See also
* Title 12 of the Code of Federal Regulations
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.