About FHFA-OIG

The Federal Housing Finance Agency (FHFA or Agency) has unique responsibilities in its dual roles as conservator and supervisor of Fannie Mae and Freddie Mac (together, the Enterprises) and as supervisor of the 11 Federal Home Loan Banks (FHLBanks) (collectively, the regulated entities) and the FHLBanks’ fiscal agent, the Office of Finance. FHFA’s conservatorships of the Enterprises are of unprecedented scope, scale, and complexity.  FHFA’s dual roles continue to present unique challenges.  Consequently, FHFA-OIG has structured its oversight program to effectively examine FHFA’s exercise of its dual responsibilities, which differ significantly from that of the typical federal financial regulator.

We conduct a broad range of audits, evaluations, compliance reviews, administrative inquiries, and other reviews to assess the economy, efficiency, and effectiveness of FHFA programs and operations.  In addition, we also perform specific reviews mandated by Congress, such as reviews of FHFA’s privacy and information security programs. Our reports explain the reasons for our oversight efforts, describe any shortcomings in what we find, and recommend possible corrective actions. We do not manage Agency programs or implement changes.

We conduct investigations into alleged wrongdoing related to FHFA’s programs and operations committed by its employees, contractors, and others. We also investigate wrongdoing that hinders FHFA’s ability to supervise its regulated entities.

Investigations may be criminal, civil, or administrative, with findings referred as appropriate to FHFA, the U.S. Department of Justice, the Office of Government Ethics, and/or the White House.

Under the IG Act, FHFA-OIG has:

• Access to all records and documents available to FHFA;

• Authority to subpoena records from nonfederal entities; and

• The ability to exercise law enforcement authority, such as conducting criminal investigations, and executing search and arrest warrants. 

Pursuant to the IG Act, the Inspector General for FHFA-OIG is appointed by the President of the United States with Senate confirmation.  The same process is followed for Inspectors General for Cabinet-level departments and certain other agencies, as specified by the Act.

The FHFA-OIG Inspector General, and all other federal Inspectors General, are appointed without regard to their political affiliation and based on their integrity and their ability in accounting, auditing, financial analysis, law, management analysis, public administration, and investigations.

The FHFA-OIG Inspector General and other Presidentially appointed, Senate-confirmed Inspectors General can be removed only by the President, after advance notice to both Houses of Congress.

Under the IG Act, the FHFA Inspector General serves under the general supervision of the FHFA Director and has a dual and independent reporting relationship to Congress.

Specifically, the Inspector General must keep the FHFA Director and Congress fully and currently informed about any significant issues and shortcomings in the administration of FHFA’s programs and operations, recommendations to address such issues and shortcomings, and FHFA’s progress in implementing corrective actions.

FHFA-OIG, like every other federal OIG, publishes its reports on its public website and on Oversight.gov.  It also issues a semiannual report to Congress summarizing its activities every six months.