December 15, 2021

Biden nominates FHFA Acting Director Thompson for full term

HousesPresident Joe Biden Tuesday nominated Sandra Thompson to serve a full five-year term as Director of the Federal Housing Finance Agency (FHFA). Thompson was appointed as Acting Director of the FHFA in June.

Thompson has secured support from Congressional leaders, including House Financial Services Committee Chair Maxine Waters, D-Calif., who urged Biden to keep Thompson in the role. Thompson will be tasked with implementing the administration’s plan to expand mortgage availability and address the racial homeownership gap.

NAFCU President and CEO Dan Berger along with the association’s advocacy team met with Thompson in July to discuss her priorities as Acting Director of the FHFA, voicing several credit union concern’s including recent amendments to the government-sponsored enterprises’ (GSEs) Preferred Stock Purchase Agreements (PSPAs) and the impact on credit unions' ability to provide temporary GSE qualified mortgages through the GSE Patch.

Berger also wrote to Thompson earlier this month sharing the same concerns and encouraging the agency to consider pilot programs to expand access to mortgage credit for low- and moderate-income individuals. Thompson also spoke at NAFCU’s Congressional Caucus in September and discussed the agency’s housing priorities.

NAFCU will continue to engage with Thompson and the FHFA to ensure credit unions’ priorities and concerns are addressed. Stay tuned to NAFCU Today for the latest on Thompson’s nomination process.