MReport April 2022

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TH E M R EP O RT | 61 O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T THE LATEST GOVERNMENT Senate Banking Committee Approves Nomination of Thompson as FHFA Director A special Executive Session of the Senate Banking Committee voted on advancing Sandra Thompson as Director of the FHFA, among other key nominations. U .S. Senator Sherrod Brown, Chairman of the U.S. Senate Com- mittee on Banking, Housing, and Urban Affairs, held a special Executive Session to vote on the nominations of: Sandra Thompson for Director of the Federal Housing Finance Agency (FHFA), Jerome H. Powell for Chairman of the Federal Reserve; Lael Brainard for Vice Chair of the Federal Reserve; and Dr. Lisa DeNell Cook and Dr. Philip Jefferson for Governors of the Federal Reserve. The Senate Banking Committee advanced Thompson by a vote of 13-11, and now awaits the full Senate to confirm her nomination. On June 23, 2021, the White House appointed Thompson as Acting Director of the FHFA. Prior to being named Acting Director, Thompson served as Deputy Director of the Division of Housing Mission and Goals (DHMG). Since March 2013, as the DHMG Deputy Director, Thompson oversaw FHFA's hous- ing and regulatory policy, capital policy, financial analysis, fair lend- ing, 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 su- pervision to consumer protection, risk management, and consumer outreach activities. The FHFA is responsible for oversight of the $7.2 trillion-plus mortgage finance market. "MBA applauds the Senate Banking Committee for advanc- ing the nomination of Sandra Thompson to be Director of the Federal Housing Finance Agency," Mortgage Bankers Association (MBA) President and CEO Bob Broeksmit, CMB said. "Thompson's experience, includ- ing as the Acting Director, and knowledge of real estate finance will serve her well as she contin- ues to lead FHFA. We now call on the full Senate to confirm her nomination quickly." In addition to Thompson, Powell was advanced by the Senate Banking Committee by a vote of 23-1; Brainard was advanced by a vote of 16-8; Dr. Jefferson was advanced by a unanimous 24-0 vote; and Dr. Cook's nomination was tied 12-12, and she will be considered by the full Senate in accordance with Senate Resolution 27. "Since his very first day in office, President Biden has made advancing equity and racial justice a top priority across the entire federal government," Rice said. "This PAVE Task Force took that responsibility seriously. We have a long way to go, but the steps laid out in this Action Plan will help our country reduce bias in home valuations, narrow the racial wealth gap, and deliver a stronger and more equitable future for all Americans." The PAVE Task Force member- ship is comprised of the following officials: • Secretary of Housing and Urban Development (Co-Chair) Marcia L. Fudge • Assistant to the President for Domestic Policy; Director of the Domestic Policy Council (Co- Chair) Susan Rice • Associate Attorney General, U.S. Department of Justice Vanita Gupta • Secretary of Agriculture Tom Vilsack • Secretary of Labor Martin J. Walsh • Secretary of Veterans Affairs Denis McDonough • Comptroller of the Currency (OCC) Michael Hsu • Chairman of the Board of Governors of the Federal Reserve (FRB) Michelle W. Bowman • Chairman of the Federal Deposit Insurance Corporation (FDIC) Jelena McWilliams • Chairman of the National Credit Union Administration (NCUA) Todd Harper • Acting Director of the Federal Housing Finance Agency (FHFA) Sandra L. Thompson • Director of the Consumer Financial Protection Bureau (CFPB) Rohit Chopra • Executive Director of the Appraisal Subcommittee (ASC) Jim Park • Executive Director of the PAVE Task Force Melody Taylor "I applaud HUD Secretary Marcia Fudge and Domestic Policy Council Director Susan Rice for their leadership of the PAVE Task Force and the development of this final report," FHFA Acting Director Sandra L. Thompson said. "Today's report affirms the persistence of bias in the housing finance system and provides a roadmap for the federal government to work across agen- cies, and with Congress, the civil rights community, and industry stakeholders to take meaningful steps against factors that con- tribute to the misvaluation and devaluation in property appraisals experienced by borrowers and communities of color." "Today's report affirms the persistence of bias in the housing finance system..." —Sandra L. Thompson, Acting Director, FHFA

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