""Federal Housing Finance Agency"":http://www.fhfa.gov/Default.aspx (FHFA) deputy director Stephen Cross will retire from his post in March 2013, according to an announcement from acting director Edward DeMarco.[IMAGE]
Cross has served as FHFA's deputy director of the Division of Federal Home Loan Bank Regulation since the agency's creation in 2008. In addition to leading the agency's program for regulating and supervising the Federal Home Loan Banks, he was also acting COO from September 2009 to December 2011.
Cross joined the Federal Housing Finance Board--one of FHFA's predecessors--in 2002, serving as director of the Finance Board's Office of Supervision. Prior to that, he worked as director of the FDIC's Division of Compliance and Consumer Affairs and as deputy comptroller for community and consumer policy with the Office of the Comptroller of the Currency (OCC).
""Steve Cross has served a vital role at FHFA during a period of upheaval in the housing and financial markets and significant development and change at FHFA,"" DeMarco said. ""We are grateful for his oversight of many important and positive developments at the FHLBanks as they continue to strengthen their condition in the wake of the financial crisis, as well as many other contributions to this agency.""
Before he departs, Cross will help the agency in searching for a new deputy director to take his role and to oversee the completion of the 2012 bank examinations.
""It has been a privilege to work with a dedicated group of professionals at the FHFA,"" Cross said. ""I am humbled by the opportunities I was provided, and I am proud of the quality of our supervision of the FHLBanks during a period of challenge and change for the FHLBanks and the housing finance system as a whole.""