CFR > Title 12 - Banks and Banking > CHAPTER IX—FEDERAL HOUSING FINANCE BOARD > SUBCHAPTER B—FEDERAL HOUSING FINANCE BOARD ORGANIZATION AND OPERATIONS (parts 905 to 912) > PART 905—DESCRIPTION OF ORGANIZATION AND FUNCTIONS > SUBPART B—General Organization (§905.10 to §905.14) > 905.10—Board of Directors.

905.10—Board of Directors.

(a) Board of Directors— (1) General. The Bank Act vests management of the Finance Board in a five-member Board of Directors consisting of four members appointed by the President with the advice and consent of the Senate to serve staggered seven-year terms, and one ex-officio member, the Secretary of the U.S. Department of Housing and Urban Development. The four appointed directors must have backgrounds in housing finance or a demonstrated commitment to providing specialized housing credit and at least one appointed director must have a background with an organization with a two-year record of representing consumer or community interests on either banking services, credit needs, housing or financial consumer protections. Not more than three of the five directors may belong to the same political party.
(2) Responsibilities. The Board of Directors is responsible for setting agency policy and issuing resolutions, rules, regulations, orders and policies as necessary.
(b) Chairperson— (1) General. The President designates an appointed director as chairperson of the Board of Directors.
(2) Responsibilities. The responsibilities of the chairperson include:
(i) Presiding over the meetings of the Board of Directors;
(ii) Effecting the overall management, functioning and organization of the Finance Board;
(iii) Ensuring effective coordination and communication with the Congress and interest groups on legislative issues pertaining to the Finance Board, the Bank System, and the Financing Corporation; and
(iv) Disseminating information about the Finance Board to other government agencies, the public and the news media.