OIG Offices

The Housing and Economic Recovery Act of 2008 established the Federal Housing Finance Agency (FHFA or Agency) in July 2008.  FHFA serves as regulator and supervisor of several entities: Fannie Mae and Freddie Mac (the Enterprises); U.S. Financial Technology, LLC, an affiliate of each Enterprise (U.S. FinTech); the Federal Home Loan Banks (FHLBanks) (collectively, the Enterprises, U.S. FinTech, and the FHLBanks are the regulated entities); and the FHLBanks’ fiscal agent, the Office of Finance.  FHFA is responsible for ensuring the regulated entities’ safety and soundness so that they serve as reliable sources of liquidity and funding for housing finance and community investment.  Since 2008, FHFA has also served as the Enterprises’ conservator.  As conservator, FHFA exercises control over trillions of dollars in assets and billions of dollars in revenue and makes business and policy decisions affecting the entire U.S. mortgage finance industry.

The Housing and Economic Recovery Act, which amended the Inspector General Act of 1978 (IG Act), also established the FHFA Office of Inspector General (OIG).  OIG began operations on October 12, 2010.  OIG’s mission is to strengthen the nation's housing finance system through rigorous, objective oversight and enforcement efforts.  OIG accomplishes this mission through audits, investigations, evaluations, compliance reviews, and other oversight activities, supported by its Executive Office, Office of Counsel, and Office of Administration.  Because FHFA has been placed in the unique position of serving both as the Enterprises’ regulator and conservator, OIG’s oversight role reaches matters delegated by FHFA to the Enterprises to ensure that the Enterprises satisfy delegated responsibilities and that taxpayer monies are not wasted or misused.

Office of Administration

The Office of Administration provides management and oversight of OIG’s administrative functions.  Within this office, the Budget and Finance Division oversees budget planning and execution; conducts financial forecasting and cash flow analysis; reviews, prepares, and approves OIG monthly and annual financial reports; and oversees official government travel for the organization.  This division also coordinates the annual Government Accountability Office audit of OIG financial statements.  The Human Resources Division offers an array of human resource services, including agency recruitment and staffing, performance management, employee relations, compensation and benefits, work/life offerings, and awards and recognition.  The Technology Division manages OIG automated systems, networks, and telecommunications services, working within the framework established by the Office of Management and Budget and the National Institute of Standards and Technology to ensure compliance with government regulations, directives, and industry best practices.  The Procurement and Facilities Division oversees contracting, interagency agreements, and small purchases for the organization.  This division manages leased commercial and government-owned office space, parking, government-issued fleet vehicles, identification credentials, physical access control, emergency preparedness, and continuity of operations planning.

Office of Audits

The Office of Audits conducts independent performance audits of the Agency’s programs and operations.  It also undertakes projects to address statutory requirements and stakeholder requests.  As required by the IG Act, as amended, the Office of Audits performs its audits in accordance with Government Auditing Standards established by the Comptroller General of the United States, commonly referred to as generally accepted government auditing standards, or the Yellow Book.  The Office of Audits also oversees independent public accounting firms that perform certain audits of FHFA programs and operations.

This office publishes the results of its assessments in reports and memoranda that can be found on the lefthand column of this website, under Audits and Evaluations, Management Alerts and Management Advisories, and Risk Assessments.

Office of Chief Counsel

The Office of Counsel serves as the legal advisor to OIG, providing guidance on OIG’s authorities and responsibilities under the IG Act, as amended, and advising OIG staff on legal issues relating to audits, evaluations, inspections, compliance reviews, investigations, administrative inquiries, and procurement.  Among its duties, the Office of Counsel represents OIG in administrative and equal employment opportunity matters and coordinates with the Department of Justice to defend OIG in civil litigation; serves as OIG’s designated ethics office, in coordination with FHFA’s Office of General Counsel; serves as the Whistleblower Protection Coordinator for OIG; facilitates the policy making process for OIG and provides legal review for all OIG policy; provides legal review for all OIG reports; reviews and comments on FHFA regulations and legislation, as appropriate; manages OIG’s Freedom of Information Act and Privacy Act programs; and assists with the issuance and enforcement of OIG subpoenas.

Office of Evaluations

The Office of Evaluations conducts independent and objective reviews, assessments, and analyses of FHFA’s programs and operations.  The office also determines whether FHFA effectively implemented agreed-upon corrective actions to remedy deficiencies identified in prior OIG evaluations, audits, or other reports.  To meet this objective, the Office of Evaluations conducts validation testing on selected closed recommendations to confirm whether FHFA took the corrective actions.  Under the IG Act, as amended, Inspectors General must adhere to the professional standards established by the Council of the Inspectors General on Integrity and Efficiency (CIGIE).  The Office of Evaluations performs its work in accordance with the standards CIGIE established for inspections and evaluations, which are known as the Quality Standards for Inspection and Evaluation, commonly referred to as the Blue Book.

This office publishes the results of its assessments in reports and memoranda that can be found on the lefthand column of this website, under Audits and Evaluations, Compliance Reviews and Inspections, Management Alerts and Management Advisories, and Status and Special Reports.

Executive Office

The Executive Office provides leadership and programmatic direction for FHFA-OIG’s offices and activities to ensure effective execution of statutory functions.

Office of Investigations

OIG’s investigative mission is to prevent and detect fraud, waste, and abuse in the programs and operations of FHFA and its regulated entities.  The Office of Investigations is the primary federal law enforcement organization that specializes in deterring and detecting fraud perpetrated against the Enterprises and the FHLBanks, which collectively hold trillions worth of assets and acquire millions of mortgages worth hundreds of billions of dollars each year.  The office executes OIG’s mission by investigating allegations of significant criminal, civil, and administrative wrongdoing.  Highly trained law enforcement officers, analysts, and cyber forensics personnel maximize the impact of OIG’s criminal and civil law enforcement efforts by working closely with federal, state, and local law enforcement agencies nationwide.  Investigations are conducted in accordance with professional guidelines established by the Attorney General of the United States and with CIGIE’s Quality Standards for Investigations.

Office of Mission Support and Strategic Communications

The Office of Mission Support and Strategic Communications is responsible for carrying out OIG’s statutory reporting responsibilities, including the Semiannual Report to Congress, the Strategic Plan, and the annual report of the Council of Inspectors General on Financial Oversight.  Another responsibility is to manage the implementation of OIG’s internal controls program per the Federal Managers’ Financial Integrity Act of 1982 (31 U.S.C. § 3512) as implemented by the Office of Management and Budget’s Circular No. A-123, Management’s Responsibility for Enterprise Risk Management and Internal Control, and the Government Accountability Office’s Standards for Internal Control in the Federal Government (also known as the Green Book).  The office also administers OIG’s Recommendation Tracking System and publishes monthly reports that monitor the status of each unimplemented OIG recommendation.  Finally, this office coordinates OIG’s publications and professional education program.