White House Taps Otting as Acting FHFA Director

President Trump on Friday announced his intent to designate Comptroller of the Currency Joseph Otting as Acting Director of the Federal Housing Finance Agency, effective Jan. 7.

Current FHFA Director Melvin Watt notified the White House that he will depart at the end of his term on January 6. Otting will serve as Acting Director upon Watt’s departure until a permanent Director is confirmed, while concurrently carrying out his duties as Comptroller of the Currency.

Mortgage Bankers Association President and CEO Robert D. Broeksmit, CMB, issued a statement on the announcement:

“MBA is pleased that Joseph Otting has been named by President Trump to serve in the role of Acting Director of the Federal Housing Finance Agency. Mr. Otting’s background in banking and mortgage finance will provide strong leadership at FHFA until a new Director is confirmed. We look forward to working with him on the variety of important issues facing the housing markets.”

Watt also issued a statement of support. “I have served with Comptroller Otting as a member of the Financial Stability Oversight Council and both the OCC and FHFA have offices in the same building. The highly professional staff at FHFA and I look forward to working with him to ensure a seamless transition.”