Federal Housing Finance Board
1777 F Street, N.W.
Washington, DC 20006-5210
(202) 408-2500
Responsibilities
The Federal Housing Finance Board (Finance Board) was established as an
independent agency in the Executive Branch by the Financial Institutions Reform, Recovery,
and Enforcement Act (FIRREA) of 1989.
The Finance Board has regulatory authority and supervisory oversight responsibility for
the twelve Federal Home Loan Banks and the Office of
Finance. The Finance Board ensures the safety and soundness of the Bank System,
establishes policy for the Community Investment Cash Advances program (including the
Affordable Housing and Community Investment programs), and the Community Support Program,
oversees the FHLBanks' financial performance and operations, and evaluates Banks'
achievements of public policy mission as a government-sponsored enterprise (GSE).
Representation
The Finance Board consists of a five-director board -- one of whom is the
Secretary of Housing & Urban Development. The other four directors are appointed by
the President and are subject to Senate confirmation. The Finance Board directors are
chosen from among people with extensive experience in housing and community development
finance or with a commitment to the provision of specialized housing credit. One director
must be chosen from an organization representing consumer or community interests in
services, credit needs, housing or consumer protection. The current Finance Board
directors are:
Chairman, Bruce A. Morrison (2/27/00)
Art Agnos*
J. Timothy O'Neill (2/27/97)
Board Director, vacant (Term expires 2/27/99)
Board Director, vacant (Term expires 2/27/02)
*Secretary Cuomo has designated Acting Assistant Secretary for Housing - Federal
Housing Commissioner, Art Agnos, to serve in his Board position.
Funding
The Finance Board is supported by assessments from the twelve Federal
Home Loan Banks. The Banks, in turn, finance their own operations through investments, the
sale of collateralized obligations, and by charging for credit products and services they
provide to member institutions. No tax dollars or other appropriations are used to support
the operations of the Finance Board or the Bank System.