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ANNUAL PERFORMANCE 

PLAN FOR FISCAL YEAR 2024 

October 2023 
 

 

 

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Annual Performance Plan for Fiscal Year 2024 

Table of Contents 

Mission ................................................................................................................................... 2 

Vision ...................................................................................................................................... 2 

Values ..................................................................................................................................... 2 

Director’s Message ................................................................................................................. 3 

Scope of Responsibilities ........................................................................................................ 5 

Regulator 5 

Conservator 6 

Relationship between the Strategic Plan and the Annual Performance Plan........................ 7 

Strategic Goals and Objectives .............................................................................................. 8 

Strategic Goal 1: Secure the regulated entities’ safety and soundness 9 

Strategic Goal 2: Foster housing finance markets that promote equitable 

access to affordable and sustainable housing 19 

Strategic Goal 3: Responsibly steward FHFA’s infrastructure 27 

Program Evaluations ........................................................................................................... 33 

Cross-Agency Collaboration ................................................................................................ 34 

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A n n u a l P e r f o r m a n c e P l a n f o r F i s c a l Y e a r 2 0 2 4 

Mission 

Ensure the regulated entities fulfill their mission by operating in a safe and sound manner to serve 

as a reliable source of liquidity for equitable and sustainable housing finance and community 

investment throughout the economic cycle. 

Vision 

For FHFA’s supervisory, regulatory, and mission-related activities to support a reliable, stable, 

equitable, and liquid U.S. housing finance system. 

Values 

FHFA’s culture is built on a foundation of competence, diversity, equity, inclusion, and accessibility. 

Accordingly, FHFA employees emulate the following values: 

Fairness We value varied perspectives and thoughts and treat others with 

impartiality. 

Accountability We are responsible for carrying out our work with transparency and 

professional excellence. 

Integrity We are committed to the highest ethical and professional standards to 

inspire trust and confidence in our work and in one another. 

Respect We treat others with dignity, share information and resources, and 

collaborate. 

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Annual Performance Plan for Fiscal Year 2024 

Director’s Message 

This Fiscal Year 2024 Annual Performance Plan provides the performance measures, associated targets, 

and means and strategies that will guide the Federal Housing Finance Agency (FHFA) over the course of 

Fiscal Year 2024 as regulator of the Federal Home Loan Bank (FHLBank) System and as regulator and 

conservator of Fannie Mae and Freddie Mac (the Enterprises). This plan is intended to satisfy the 

requirements of the Government Performance and Results Modernization Act of 2010 and Office of 

Management and Budget (OMB) Circular A-11. 

This plan details how, over the next year, FHFA will continue to execute the strategic goals outlined in its 

FY 2022 – 2026 Strategic Plan: 

1. Secure the regulated entities’ safety and soundness 

2. Foster housing finance markets that promote equitable access to affordable and sustainable housing 

3. Responsibly steward FHFA’s infrastructure 

These strategic goals represent FHFA’s commitment to the safety and soundness of Fannie Mae, Freddie 

Mac, and the Federal Home Loan Banks (together, “the regulated entities”) while further positioning them 

to provide equitable access to affordable and sustainable housing opportunities. Together, the strategic 

goals and this performance plan describe how FHFA will fulfill its responsibility in ensuring the regulated 

entities continue to achieve their mission in serving as a reliable source of liquidity for housing finance and 

community investment in a safe and sound manner. 

To promote the safe and sound operation of the regulated entities, FHFA employs a risk-based supervisory 

program to identify risks, evaluate the overall effectiveness of the regulated entities’ risk management, and 

assess compliance with applicable laws and regulations. FHFA continues to incorporate climate risk into its 

supervisory activities, working closely with the regulated entities to evaluate their capacity to effectively 

identify, assess, and mitigate climate risk. FHFA also continues to strengthen the capital position of the 

Enterprises so that they can fulfill their responsibilities throughout the economic cycle. 

In its role as conservator of the Enterprises, FHFA sets the strategic direction for the Enterprises and 

publicly communicates the Agency’s priorities and expectations through an annual Scorecard. Through the 

2023 Scorecard for Fannie Mae, Freddie Mac, and Common Securitizations Solutions, FHFA instructed 

the Enterprises to continue to develop their pricing framework to maintain support for single-family 

purchase borrowers limited by wealth or income, while also ensuring a level playing field for large and 

small sellers, fostering capital accumulation, and achieving commercially viable returns on capital. The 

2023 Scorecard also instructs the Enterprises to take significant actions to ensure that all borrowers and 

renters have equitable access to sustainable long-term affordable housing opportunities, including efforts 

that further energy efficiency, resiliency, and cost savings in the mortgage process. 

To advance equity in housing finance, FHFA will continue to oversee implementation of the Enterprises’ 

Equitable Housing Finance Plans and will conduct equity and fair lending assessments, as well as targeted 

examinations for fair lending compliance. FHFA also plans to publish a final rule on Fair Lending and 

Equitable Housing Finance that will address barriers to sustainable housing opportunities for underserved 

communities by codifying existing FHFA practices in regulation and adding new requirements related to 

fair lending and fair housing. 

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Annual Performance Plan for Fiscal Year 2024 

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As a member of the Interagency Task Force on Property Appraisal and Valuation Equity (PA VE), a key 

focus for FHFA in advancing the shared mission ofthe PAVE Task Force is taking steps to address 

discrimination and bias in property valuation. 

To promote a smooth transition to the updated credit score requirements for the Enterprises, FHP A will 

strengthen its public engagement process through stakeholder forums and listening sessions. These 

opportunities for stakeholder input will assist FHP A and the Enterprises in identifying issues that could 

advance or impede the transition to the updated requirements. 

FHFA will remain a reliable source of information and analysis for housing finance markets. Accordingly, 

FHF A will continue to publish quarterly releases of Uniform Appraisal Dataset Aggregate Statistics, 

exemplifying the Agency's commitment to the deveiopment of a more efficient and equitable valuation 

system. 

Recognizing the potential benefits oftechnological innovation for both access to credit and safety and 

soundness, FHP A has instructed the Enterprises to strategically leverage technology and data to further 

promote risk management, efficiency, and cost savings in the mortgage process. Following its inaugural 

Tech Sprint in FY 2023, FHF A will continue to engage with external stakeholders to discuss mortgage 

financial technology developments and concerns. 

FHF A also has engaged with a wide range of stakeholders across the country as part of the FHLBank 

System at 100: Focusing on the Future initiative, a comprehensive review of the FHLBank System which 

includes the role of the FHLBanks in the mortgage ecosystem and the communities they serve. As a result 

of this review, FHP A anticipates a series of actions including one or more rulemakings in order to ensure 

the FHLBanks remain positioned to continue their vital role in housing finance and community 

development. 

FHF A relies on its empowered and supported staff coupled with prudent business practices to responsibly 

steward the Agency's infrastructure. FHFA's high-performance culture leads us to continuously review our 

work to identify opportunities for improvements. FHFA has undertaken the Values-Based Culture Initiative 

(VBCI) to reinforce a workplace culture that is firmly grounded in the Agency's values of Fairness, 

Accountability, Integrity, and Respect (FAIR values). FHFA will continue the VBCI and will further 

strengthen its infrastructure through the continued integration of diversity, equity, inclusion, and 

accessibility in all employment, management, and business activities. 

Transparency and engagement with stakeholders and the public are essential to the policymaking process. 

The publication of this plan is one ofthe ways FHFA informs the public about our planned actions and 

decision-making to facilitate ongoing dialogue. 

Sincerely, 

Director, Federal Housing Finance Agency 

10/4/2023 

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I. 

Annual Performance Plan for Fiscal Year 2024 

Scope of Responsibilities 

The Federal Housing Finance Agency (FHFA) was established by the Housing and Economic 

Recovery Act of 2008 (HERA), amending the Federal Housing Enterprises Financial Safety and 

Soundness Act of 1992 (Safety and Soundness Act). The Agency is responsible for the effective 

supervision, regulation, and housing mission oversight of the Federal National Mortgage 

Association (Fannie Mae); the Federal Home Loan Mortgage Corporation (Freddie Mac); 

Common Securitization Solutions, LLC (CSS); and the Federal Home Loan Bank System, which 

includes 11 Federal Home Loan Banks (FHLBanks) and the Office of Finance (OF), a joint 

office of the FHLBanks. FHFA’s mission is to ensure that Fannie Mae, Freddie Mac, and the 

FHLBanks (together, the regulated entities1

) fulfill their mission by operating in a safe and sound 

manner so that they serve as a reliable source of liquidity and funding for housing finance and 

community investment throughout the economic cycle. Since September 6, 2008, FHFA has also 

served as the conservator of Fannie Mae and of Freddie Mac (together, the Enterprises). 

Regulator 

The Safety and Soundness Act, as amended by HERA, assigns to FHFA regulatory oversight of 

the Enterprises and the FHLBank System.2 The statute vests FHFA with the authorities, similar 

to those of other prudential financial regulators, to maintain the financial health of the regulated 

entities. FHFA is responsible for supervising the business and operations of the regulated entities 

to ensure that they are safe and sound and aligned with the missions set forth in their authorizing 

statutes. FHFA exercises these regulatory and supervisory authorities by issuing rules, policy 

guidance documents, and regulatory orders. 

The Safety and Soundness Act requires FHFA to fulfill the following duties: 

(A) to oversee the prudential operations of each regulated entity; and 

(B) to ensure that— 

i. each regulated entity operates in a safe and sound manner, including maintenance of 

adequate capital and internal controls; 

1

 OF is not a “regulated entity” as the term is defined by statute (see 12 U.S.C. 4502(20)). However, for 

convenience, references to the “regulated entities” in this document should be read to also apply to OF unless 

otherwise noted. 

2 12 U.S.C. § 4513. 

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II. 

Annual Performance Plan for Fiscal Year 2024 

ii. the operations and activities of each regulated entity foster liquid, efficient, 

competitive, and resilient national housing finance markets (including activities relating 

to mortgages on housing for low- and moderate-income families involving a reasonable 

economic return that may be less than the return earned on other activities); 

iii. each regulated entity complies with the Safety and Soundness Act and the rules, 

regulations, guidelines, and orders issued under this chapter and the authorizing statutes; 

iv. each regulated entity carries out its statutory mission only through activities that are 

authorized under and consistent with the Safety and Soundness Act and the authorizing 

statutes; and 

v. the activities of each regulated entity and the manner in which such regulated entity is 

operated are consistent with the public interest.3 

Conservator 

FHFA’s authority as both conservator and regulator of each Enterprises is based upon statutory 

mandates, which include the following conservatorship authorities granted by HERA: 

(D) ...take such action as may be— 

i. necessary to put the regulated entity in a sound and solvent condition; and 

ii. appropriate to carry on the business of the regulated entity and preserve and conserve 

the assets and property of the regulated entity.4 

Continuing the business of the Enterprises in conservatorships also incorporates the abovereferenced responsibilities that are enumerated in 12 U.S.C. § 4513(a)(1). 

Additionally, under the Emergency Economic Stabilization Act of 2008, FHFA has a statutory 

responsibility in its capacity as conservator to “implement a plan that seeks to maximize 

assistance for homeowners and use its authority to encourage the servicers of the underlying 

mortgages, and considering net present value to the taxpayer, to take advantage of...available 

programs to minimize foreclosures.”5 

3 12 U.S.C. § 4513(a)(1). 

4 12 U.S.C. § 4617(b)(2)(D). 

5 12 U.S.C. § 5220(b)(1). 

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Annual Performance Plan for Fiscal Year 2024 

Relationship between the Strategic Plan and the Annual 

Performance Plan 

The Fiscal Year (FY) 2024 Annual Performance Plan (APP) supports the FHFA Strategic Plan: 

Fiscal Years 2022-2026 (Strategic Plan),6 which the Agency issued in April 2022. The APP sets 

out performance measures and targets in support of the goals in the Strategic Plan. 

FHFA’s APP has four components: (1) strategic goals; (2) strategic objectives; (3) performance 

measures and associated targets; and (4) means and strategies. 

The strategic goals, established in the Strategic Plan, are the starting point for the FY 2024 APP. 

Aligning the APP with the Strategic Plan ties FHFA’s annual priorities to the Agency’s mission, 

vision, and values. 

The strategic objectives in the APP link directly to those established in FHFA’s Strategic Plan. 

Each strategic objective is an intermediate outcome or output necessary to achieve the 

corresponding strategic goal. 

The performance measures and associated targets correspond to activities that FHFA expects 

to perform during FY 2024. In many cases, these performance measures represent incremental 

progress toward achieving the strategic goals. The performance measures are important 

indicators to management that FHFA is making progress to achieve its strategic objectives. 

The means and strategies are key activities and actions that the Agency plans to undertake to 

achieve each strategic objective. 

6

 The FHFA Strategic Plan: Fiscal Years 2022-2026 is available at: 

https://www.fhfa.gov/AboutUs/Reports/ReportDocuments/FHFA_StrategicPlan_2022-2026_Final.pdf 

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Annual Performance Plan for Fiscal Year 2024 

Strategic Goals and Objectives 

The FY 2024 APP details a series of performance measures, as well as means and strategies, to 

support three strategic goals and 12 strategic objectives. The APP also presents data validation 

and verification information for each strategic objective, describing the Agency’s process for 

determining that a performance measure has been met, and that the supporting data is accurate, 

reliable, and complete. 

Strategic Goal 1 Strategic Objectives 

1.1 Identify risks to the regulated entities and assess the safety and 

soundness of regulated entity operations 

Secure the regulated 1.2 Require timely remediation of Matters Requiring Attention 

entities’ safety and 

soundness 

1.3 Preserve and conserve Enterprise assets while managing the 

conservatorships 

1.4 Identify options for incorporating climate change into regulated entity 

governance 

Strategic Goal 2 Strategic Objectives 

2.1 Promote sustainable access to mortgage credit 

Foster housing 

finance markets that 

promote equitable 

access to affordable 

and sustainable 

housing 

2.2 Advance equity in housing finance, including through compliance with 

fair lending laws and regulations 

2.3 Serve as a reliable source of information and analysis on the state of 

housing finance markets and related issues 

2.4 Facilitate greater availability of affordable housing supply, including 

affordable rental housing 

2.5 Support leveraging of technology and data to further promote 

efficiency and cost savings in mortgage processes 

Strategic Goal 3 Strategic Objectives 

Responsibly steward 

FHFA’s 

3.1 Cultivate a high-performing, diverse, accountable, and engaged 

workforce 

3.2 Ensure efficient and effective stewardship of Agency resources 

infrastructure 

3.3 Deliver high-quality support services that promote the Agency’s 

mission effectiveness and safeguard the Agency’s infrastructure 

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Annual Performance Plan for Fiscal Year 2024 

Strategic Goal 1: Secure the regulated entities’ 

safety and soundness 

FHFA is the regulator of the FHLBank System and the regulator and conservator of the 

Enterprises. As regulator, FHFA promotes safe and sound operations at the regulated entities 

through the Agency’s supervisory program. FHFA uses a risk-based approach to conducting 

supervisory examinations, which prioritizes examination activities based on the risk a given 

practice poses to a regulated entity’s safe and sound operation or its compliance with 

applicable laws and regulations. FHFA will assess the safe and sound operations of the 

regulated entities through annual examinations, targeted examinations, ongoing monitoring, 

and off-site reviews, as appropriate. FHFA uses a uniform examination rating system to assign 

ratings for the FHLBanks, the OF, CSS, and the Enterprises. FHFA assigns ratings as follows: 

1) Composite rating for the overall condition of each regulated entity; and 

2) Individual component ratings for Capital, Asset Quality, Management, Earnings, 

Liquidity, Sensitivity to Market Risk, and Operational Risk (CAMELSO).7 

FHFA assigns these ratings for each regulated entity on an annual basis. 

As conservator, FHFA is focused on ensuring that each Enterprise builds capital and improves its 

safe and sound operation. Adequate capital is necessary to protect the taxpayer from fluctuations 

in the economic and business cycle, and it is a precondition for either Enterprise to exit from 

conservatorship. FHFA is also taking additional steps beyond building capital to ensure the 

Enterprises’ overall safety and soundness. These steps include prioritizing the transfer of risk to 

private market participants, enhancing operational resiliency, strengthening governance and 

infrastructure, addressing human capital needs to build a deep reservoir of talent and experience, 

improving the Enterprises’ transparency, strengthening underwriting, and reviewing pricing and 

credit policies. 

7

 FHFA assigns only individual component ratings for Management and Operational Risk for the OF and CSS. 

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Annual Performance Plan for Fiscal Year 2024 

A. Strategic Objective 1.1: Identify risks to the regulated 

entities and assess the safety and soundness of regulated 

entity operations 

During FY 2024, FHFA will use the following measures, and means and strategies to accomplish 

Strategic Objective 1.1: 

Measure Target Goal Leader 

1.1.1a Conduct risk-focused supervision 

and examinations of the Enterprises 

and CSS by having a risk-based 

Supervision Plan approved by 

January 31 

100 percent of the time Deputy Director, 

Division of 

Enterprise 

Regulation 

1.1.1b Conduct risk-focused supervision 

and examinations of the FHLBanks 

by having written risk-based 

examination plans in place prior to 

the commencement of examinations 

for each of the FHLBanks 

100 percent of the time Deputy Director, 

Division of 

FHLBank 

Regulation 

1.1.2a Approve reports of examination by 

April 158

 for the Enterprises and 

CSS 

100 percent of the time Deputy Director, 

Division of 

Enterprise 

Regulation 

1.1.2b Approve reports of examination 

within 90 days after completing 

examination work for each of the 

FHLBanks 

100 percent of the time Deputy Director, 

Division of 

FHLBank 

Regulation 

1.1.3 Ensure a quarterly Market Value of 

Equity to par value of capital stock 

ratio greater than or equal to one for 

each FHLBank 

100 percent of the time Deputy Director, 

Division of 

FHLBank 

Regulation 

1.1.4 Ensure each FHLBank is 

adequately capitalized on a 

quarterly basis 

100 percent of the time Deputy Director, 

Division of 

FHLBank 

Regulation 

1.1.5 Conduct quarterly reviews of 

regulated entity public filings 

100 percent of the time Deputy Director, 

Division of 

Accounting and 

Financial Standards 

8

 or the first business day after if the date falls on a weekend 

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Annual Performance Plan for Fiscal Year 2024 

Measure Target Goal Leader 

1.1.6a Approve Diversity and Inclusion 

reports of examination by April 15, 

for the Enterprises and CSS 

100 percent of the time Director, Office of 

Minority and 

Women Inclusion 

1.1.6b Approve Diversity and Inclusion 

reports of examination for at least 

four of the FHLBank System 

regulated entities 

100 percent of the time Director, Office of 

Minority and 

Women Inclusion 

1.1.7 Issue guidance to the FHLBanks on 

member credit. 

Q4 FY 2024 Deputy Director, 

Division of 

FHLBank 

Regulation 

Means and Strategies for Strategic Objective 1.1 

1. Conduct supervisory work and targeted examinations on specific programs or operations 

at regulated entities in accordance with the supervision plan or examination plans; 

2. Perform ongoing monitoring and analysis of key risk areas, incorporating input from 

internal stakeholders; 

3. Issue written communication to boards of directors and senior management of the 

regulated entities about examination findings and conclusions; 

4. Engage with the regulated entities’ management to discuss identified weaknesses and 

supervisory expectations for risk management during the course of ongoing monitoring 

and targeted examinations; 

5. Set supervisory policy for regulated entity operations; 

6. Manage data submitted to FHFA by the regulated entities, or data available through other 

sources, and make it accessible to examiners and analysts for use in supervision; 

7. Hold supervision planning meetings to set the priorities for the risk-based examinations 

of the regulated entities; 

8. Perform quality control of examination work, consistent with division guidance; 

9. Continue to strengthen the Housing Finance Examiner commissioning program; and 

10. Conduct diversity and inclusion (D&I) examinations of the regulated entities. 

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Annual Performance Plan for Fiscal Year 2024 

Data Validation and Verification for Strategic Objective 1.1 

Measure 1.1.1 — FHFA develops its examination plans for each FHLBank prior to the start of 

that FHLBank’s annual examination. FHFA approves the supervision plan for the Enterprises 

and CSS by January 31 annually. Examination/supervision plans are approved, dated, and 

maintained electronically. 

Measure 1.1.2 — FHFA approves its report of examination (ROE) for each FHLBank within 90 

days after an examination’s exit meeting. FHFA approves its ROE for each Enterprise and CSS 

by April 15.9 Documentation of the Deputy Director’s approval and issuance of each ROE is 

maintained electronically. 

Measure 1.1.3 — FHFA uses its Call Report System (CRS) to verify that the Market Value of 

Equity (MVE)-to-par ratio is greater than or equal to one at each FHLBank at quarter end. FHFA 

summarizes the FHLBanks’ MVE ratios each quarter in a memorandum that is maintained 

electronically. 

Measure 1.1.4 — FHFA monitors the capital positions of the FHLBanks and their compliance 

with capital regulations. Capital compliance is determined each quarter automatically through the 

FHFA CRS, or by Director discretion. A letter to each FHLBank communicates the capital 

classification by the end of the following quarter. Letters to the FHLBanks are maintained 

electronically. Also, as required by statute, FHFA provides written notice of its quarterly capital 

classification determinations to the Committee on Banking, Housing, and Urban Affairs of the 

Senate and the Committee on Financial Services of the House of Representatives. 

Measure 1.1.5 — FHFA will document reviews of (i) Enterprise financial statements prior to 

each quarterly and year-end filing with the Securities and Exchange Commission (SEC), and (ii) 

FHLBank financial statements prior to conclusion of annual examination fieldwork for each 

FHLBank. Documentation will be maintained electronically. 

Measure 1.1.6 — FHFA approves its D&I ROE for each Enterprise, CSS, and at least four 

regulated entities in the FHLBank System. Documentation of approval and issuance of each D&I 

ROE is maintained electronically. 

Measure 1.1.7 — FHFA will issue guidance on member credit for the FHLBanks. Guidance will 

be maintained electronically and published on FHFA’s website. 

9

 or the first business day after, if the date falls on a weekend 

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Annual Performance Plan for Fiscal Year 2024 

B. Strategic Objective 1.2: Require timely remediation of 

Matters Requiring Attention 

During FY 2024, FHFA will use the following measures, and means and strategies to accomplish 

Strategic Objective 1.2: 

Measure Target Goal Leader 

1.2.1a Determine that the Enterprises have satisfactorily 

addressed safety and soundness Matters Requiring 

Attention in accordance with agreed upon remediation 

plans and timeframes 

90 percent 

of the time 

Deputy Director, 

Division of 

Enterprise 

Regulation 

1.2.1b Determine that the FHLBanks and Office of Finance 

have satisfactorily addressed safety and soundness 

Matters Requiring Attention in accordance with agreed 

upon remediation plans and timeframes 

90 percent 

of the time 

Deputy Director, 

Division of 

FHLBank 

Regulation 

1.2.2 Determine regulated entities have satisfactorily 

addressed Matters Requiring Attention relating to their 

Diversity and Inclusion programs, in accordance with 

agreed-upon remediation plans and timeframes 

90 percent 

of the time 

Director, Office of 

Minority and 

Women Inclusion 

Means and Strategies for Strategic Objective 1.2 

1. Use a collaborative, inclusive review process to consider input from all stakeholders prior 

to finalizing guidance; 

2. Conduct surveillance and risk analysis; 

3. Issue Matters Requiring Attention (MRAs) that require the boards of directors and/or 

management to take corrective action to address a critical supervisory matter or 

deficiency in accordance with FHFA and divisional guidance; 

4. Monitor, review, and evaluate the regulated entities’ implementation of corrective actions 

within agreed-upon timeframes; 

5. Manage data submitted to FHFA by the regulated entities, or data available through other 

sources, and make it accessible to examiners and analysts for use in supervision; 

6. Share information and collaborate across divisions to ensure supervision of each 

regulated entity aligns with FHFA’s mission and objectives; and 

7. Educate supervision staff on current and emerging risks through internal and external 

training programs. 

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Annual Performance Plan for Fiscal Year 2024 

Data Validation and Verification for Strategic Objective 1.2 

Measure 1.2.1 — Where there is a significant supervisory concern at one of the regulated 

entities, FHFA may issue an MRA that requires the board of directors and/or management to 

take corrective action to address a critical supervisory matter or deficiency. FHFA tracks the 

remediation of MRAs to ensure that the regulated entities address critical supervisory matters or 

deficiencies. 

FHLBanks: Pursuant to FHFA’s annual examination cycle for the FHLBanks, FHFA assesses 

FHLBank remediation of MRAs. During this review, FHFA determines whether MRAs 

outstanding prior to the examination were addressed by the FHLBank within agreed-upon 

timeframes. 

Enterprises: The Enterprises address MRAs by implementing corrective action by the 

remediation completion date communicated by FHFA. For all MRAs where FHFA has 

concluded on the adequacy of remediation during the fiscal year, FHFA determines whether the 

Enterprise has satisfactorily addressed the MRA in accordance with agreed-upon remediation 

plans and timeframes. 

FHFA maintains MRAs and associated documentation electronically. 

Measure 1.2.2 — FHFA developed a 3-year D&I examination cycle for the FHLBanks and the 

OF. For the FHLBanks and OF D&I MRAs, a synopsis and rolling count of remediated MRAs 

will be summarized in a memorandum within six months of the remediation date. FHFA will 

summarize information on Enterprise and CSS D&I MRAs in June, December, and at the end of 

the fiscal year. All summaries will be maintained electronically. 

C. Strategic Objective 1.3: Preserve and conserve 

Enterprise assets while managing the conservatorships 

During FY 2024, FHFA will use the following measures, and means and strategies to accomplish 

Strategic Objective 1.3: 

Measure Target Goal Leader 

1.3.1 Monitor and rate the Enterprises’ 

performance against current 

Scorecard objectives 

Complete quarterly assessment 

within 45 days of quarter end 

Deputy Director, 

Division of 

Conservatorship 

Oversight and 

Readiness 

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Annual Performance Plan for Fiscal Year 2024 

Measure Target Goal Leader 

1.3.2 Assess the resolution plan 

submissions against applicable 

regulatory standards and 

requirements 

December 31, 2023 Deputy Director, 

Division of 

Conservatorship 

Oversight and 

Readiness 

1.3.3 Issue a final rule enhancing the 

Enterprise Regulatory Capital 

Framework (ERCF) 

December 31, 2023 Deputy Director, 

Division of Housing 

Mission and Goals 

1.3.4 Conduct quarterly reviews of 

Enterprises’ compliance with ERCF 

public disclosure requirements 

100 percent of the time Deputy Director, 

Division of Housing 

Mission and Goals 

Means and Strategies for Strategic Objective 1.3 

1. Continue to support Enterprise efforts to fill any vacancies for board members and Chief 

Executive Officers on a timely basis; 

2. Continue to develop and publish a Conservatorship Scorecard as a mechanism for 

communicating FHFA’s annual objectives for the Enterprises; 

3. Continue to facilitate monitoring and rating of the Enterprises’ performance against 

Scorecard objectives; 

4. Continue to require the Enterprises’ proposed annual budgets meet FHFA’s standards; 

5. Communicate expectations to the regulated entities’ boards and management; 

6. Ensure that FHFA has an effective process in place to respond efficiently to matters that 

are submitted by the Enterprises for conservator decisions; 

7. Continue to undertake legal actions necessary to position the Enterprises in a sound and 

solvent condition appropriate to preserve and conserve Enterprise assets and property; 

8. Ensure that the Enterprises manage their retained portfolios of mortgage-related assets 

within limits set by agreement with the U.S. Department of the Treasury; 

9. Monitor the performance of the Uniform Mortgage-Backed Security (UMBS); 

10. Provide updated information to the public about UMBS performance; 

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Annual Performance Plan for Fiscal Year 2024 

11. Ensure that the Enterprises’ crisis management and business resiliency capabilities are 

adequate to support the secondary mortgage market by performing crisis management 

exercises and failover and recovery tests; 

12. Ensure that the Enterprises’ executive compensation reports and disclosures comply with 

conservatorship policies and adhere to applicable FHFA guidance; 

13. Provide oversight and direction for the Enterprises’ ongoing implementation of their 

credit risk transfer programs that reduce taxpayer risk by attracting private capital; and 

14. Monitor the Enterprises’ boards and board-level committees and oversee the 

effectiveness of the corporate governance structure in line with conservatorship direction. 

Data Validation and Verification for Strategic Objective 1.3 

Measure 1.3.1 — FHFA evaluates the Enterprises’ progress against the goals contained in the 

Scorecard and provides assessments at the end of each quarter. All assessment decisions will be 

maintained electronically. 

Measure 1.3.2 — FHFA staff will develop an internal analysis memorandum assessing the 

Enterprise resolution plans10 against applicable regulatory standards and requirements, including 

a recommendation to the Deputy Director of Conservatorship Oversight and Readiness 

concerning any shortcomings or deficiencies in the plans and indicating how the plans integrate 

with FHFA readiness activities. Documentation will be maintained electronically. 

Measure 1.3.3 — FHFA will publish a final rule amending the ERCF to address guarantees on 

commingled securities, multifamily loans secured by properties with a government subsidy, 

derivatives and cleared transactions, and to make other enhancements. The final rule will be 

published in the Federal Register and on FHFA’s website. 

Measure 1.3.4 — FHFA will document the Agency’s review and approval of each Enterprise’s 

quarterly ERCF public disclosure report prior to the disclosure publication dates, which are 

10 The Resolution Planning Rule (https://www.govinfo.gov/content/pkg/FR-2021-05-04/pdf/2021-09287.pdf) 

requires FHFA to make two determinations: completeness and credibility. The FY 2023 measure focused on the first 

determination, completeness. The FY 2024 measure will focus on the other determination, credibility. 

16 
 

 

Annual Performance Plan for Fiscal Year 2024 

required to occur no later than 10 business days after each quarterly and year-end SEC filing. 

Documentation will be maintained electronically. 

D. Strategic Objective 1.4: Identify options for 

incorporating climate change into regulated entity 

governance 

During FY 2024, FHFA will use the following measures, and means and strategies to accomplish 

Strategic Objective 1.4: 

Measure Target Goal Leader 

1.4.1 Continue to refine the Enterprises’ and 

FHFA’s climate research agendas 

Q4 FY 

2024 

Deputy Director, Division of 

Research and Statistics 

1.4.2 Develop guidance for the Enterprises in 

addressing climate risk 

Q4 FY 

2024 

Deputy Director, Division of 

Enterprise Regulation 

1.4.3 Develop guidance for the FHLBanks in 

addressing climate risk 

Q4 FY 

2024 

Deputy Director, Division of 

FHLBank Regulation 

Means and Strategies for Strategic Objective 1.4 

1. Convene Climate Change and Environmental, Social, and Governance (ESG) Steering 

Committee meetings to share information about the progress of FHFA’s climate risk and 

ESG working groups; 

2. Conduct research on the risks and effects of climate change on the housing finance system; 

3. Build on experiences with natural disaster response to ensure prioritization of climate risk at 

FHFA and the regulated entities, with particular emphasis on the effects of climate risk on 

vulnerable communities; 

4. Assess the Enterprises’ processes and structures to identify, monitor, and report on climate 

risks and opportunities; 

5. Monitor ongoing regulated entity efforts to address climate risks; and 

6. Improve climate data collection, analysis, and reporting and public disclosure. 

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Data Validation and Verification for Strategic Objective 1.4 

Measure 1.4.1 — FHFA will develop an internal climate research agenda. FHFA will 

oversee the Enterprises’ climate research agenda development. Documentation will be 

maintained electronically. 

Measure 1.4.2 — FHFA will develop and publish Enterprise guidance on climate risk. Guidance 

will be approved and maintained electronically. 

Measure 1.4.3 — FHFA will develop and publish FHLBank guidance on climate risk. Guidance 

will be approved and maintained electronically. 

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II. 

Annual Performance Plan for Fiscal Year 2024 

Strategic Goal 2: Foster housing finance markets that 

promote equitable access to affordable and sustainable 

housing 

Improving affordable housing opportunities and affirmatively furthering fair housing for 

homebuyers and renters – particularly the underserved – are Agency priorities. FHFA also has 

the statutory obligation to ensure that the operations and activities of each regulated entity foster 

liquid, efficient, competitive, and resilient national housing finance markets, and will continue to 

promote the housing finance system’s stability and liquidity. Additionally, FHFA will continue 

to promote transparency and market stability by monitoring and reporting on trends in housing 

and mortgage markets, such as trends in house prices, guarantee fees, and borrower sentiment. 

A. Strategic Objective 2.1: Promote sustainable access to 

mortgage credit 

During FY 2024, FHFA will use the following measures, and means and strategies to accomplish 

Strategic Objective 2.1: 

Measure Target Goal Leader 

2.1.1 Issue annual ratings for each 

Enterprise’s Duty to Serve 

performance in 2022 

Q1 FY 2024 Deputy Director, 

Division of Housing 

Mission and Goals 

2.1.2 Publish proposed Enterprise 

Single-family and Multifamily 

Housing Goals Rule 

Q3 FY 2024 Deputy Director, 

Division of Housing 

Mission and Goals 

2.1.3 Issue progress report on 

implementation of updated 

Enterprise credit score 

requirements 

Q4 FY 2024 Deputy Director, 

Division of Housing 

Mission and Goals 

Means and Strategies for Strategic Objective 2.1 

1. Monitor the Enterprises’ efforts to identify specific actions to increase and preserve 

sustainable mortgage purchase and refinance credit for all qualified borrowers, with 

additional focus on low- and moderate-income families, communities of color, rural 

areas, and other underserved populations; 

2. Oversee the Enterprises’ statutory mission obligations under the Affordable Housing 

Goals and Duty to Serve (DTS) requirements; 

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3. Begin to review and evaluate the Enterprises’ new DTS Underserved Markets 

Performance Plans covering calendar years 2025-2027 by December 31, 2023; 

4. Ensure the FHLBanks continue to provide advances in a safe and sound manner in 

support of member liquidity and to comply with Affordable Housing Program (AHP) and 

Community Investment Program statutory requirements; 

5. Ensure the FHLBanks serve each state in their district under the AHP and the FHLBanks’ 

Community Lending Plans identify and seek to fulfill the needs of communities 

throughout the district, including tribal communities; 

6. Continue to enhance sustainable loss mitigation programs through the market cycle, 

incorporating lessons learned from the COVID-19 pandemic; 

7. Monitor the Enterprises’ efforts to ensure a level playing field for small and large sellers; 

and 

8. Oversee the Enterprises’ implementation of the updated credit score requirements and 

ensure the Enterprises engage with impacted stakeholders to provide training, guidance, 

data, and tools necessary for a successful transition. 

Data Validation and Verification for Strategic Objective 2.1 

Measure 2.1.1 — FHFA will assess the Enterprises’ DTS performance data and other results 

against the targets set in the DTS 2022-2024 Underserved Market Plans on an annual basis. 

FHFA will prepare and complete dashboard updates according to an established schedule, as 

well as an end-of-year rating report that is sent to Congress. FHFA’s DTS monitoring 

dashboards and end-of-year rating report will be maintained electronically. 

Measure 2.1.2 — FHFA will develop an internal timeline featuring critical dates for the Agency 

to meet to publish the proposed rule by Q3 FY 2024. The notice of proposed rulemaking will be 

published in the Federal Register and on FHFA’s website. 

Measure 2.1.3 — FHFA will engage with stakeholders on the operational considerations and 

implementation timeline associated with the credit score requirements and produce a progress 

report on the status of the initiative. The report will be maintained electronically. 

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I I 

Annual Performance Plan for Fiscal Year 2024 

B. Strategic Objective 2.2: Advance equity in housing 

finance, including through compliance with fair lending 

laws and regulations 

During FY 2024, FHFA will use the following measures, and means and strategies to accomplish 

Strategic Objective 2.2: 

Measure Target Goal Leader 

2.2.1 Publish final Fair Lending and Equitable 

Housing Finance Rule 

Q3 FY 2024 Deputy Director, Division of 

Housing Mission and Goals 

Means and Strategies for Strategic Objective 2.2 

1. Continue to assess opportunities to address responsible access to credit, and develop 

recommendations for improvements where appropriate; 

2. Address appraisal bias and valuation equity, including by implementing the Property and 

Valuation Equity (PAVE) Task Force action plan; 

3. Assess whether loan pricing by lenders results in disparities for minority borrowers 

compared with non-minority borrowers of similar creditworthiness and refer to the 

appropriate regulatory or enforcement agency for further review, as appropriate; 

4. Oversee the Enterprises’ implementation of Equitable Housing Finance Plans and ensure 

the Enterprises take meaningful actions to achieve the goals and objectives in the plans; 

5. Conduct equity and fair lending assessments, as well as targeted examinations for fair 

lending compliance, on the regulated entities’ policies, products, and initiatives; 

6. Publish data and analysis on fair lending, fair housing, and equity topics; 

7. Oversee the Enterprises’ development and deployment of a social bond program that 

enhances access to liquidity for underserved borrowers; 

8. Monitor and evaluate outreach efforts by the FHLBanks and OF to advance diversity and 

inclusion on their respective boards of directors; and 

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Annual Performance Plan for Fiscal Year 2024 

9. Provide training and technical assistance to the regulated entities and OF on the 

requirements of the Minority and Women Inclusion regulation;11 

Data Validation and Verification for Strategic Objective 2.2 

Measure 2.2.1 — FHFA will develop an internal timeline featuring critical dates and milestones 

for the Agency to meet in order to publish the final rule by Q3 FY 2024. The final rule will be 

published in the Federal Register and on FHFA’s website. 

C. Strategic Objective 2.3: Serve as a reliable source of 

information and analysis on the state of housing finance 

markets and related issues 

During FY 2024, FHFA will use the following measures, and means and strategies to accomplish 

Strategic Objective 2.3: 

Measure Target Goal Leader 

2.3.1 Publish FHFA House Price Indexes 12 monthly and 

4 quarterly 

Deputy Director, Division 

of Research and Statistics 

2.3.2 Publish annual Public Use Database 

(PUDB) 

Q4 FY 2024 Deputy Director, Division 

of Research and Statistics 

2.3.3 Publish annual Guarantee Fee Report Q1 FY 2024 Deputy Director, Division 

of Housing Mission and 

Goals 

2.3.4 Publish aggregate statistics on mortgage 

profiles and delinquencies from National 

Mortgage Database (NMDB®) 

4 quarterly Deputy Director, Division 

of Research and Statistics 

2.3.5 Publish Uniform Appraisal Dataset 

(UAD) Aggregate Statistics 

4 quarterly Deputy Director, Division 

of Research and Statistics 

Means and Strategies for Strategic Objective 2.3 

1. Publish the monthly and quarterly FHFA Foreclosure Prevention and Refinance Report, 

which monitors the Enterprises’ foreclosure prevention and refinance activities; 

11 Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) 

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Annual Performance Plan for Fiscal Year 2024 

2. Publish demographic data related to the Enterprises’ fair lending and housing goals 

activities to provide insights into the racial, ethnic, and geographic composition of singlefamily loans acquired by the Enterprises; 

3. Perform annual review of production and validation procedures for FHFA House Price 

Index ® (HPI) data and Confirming Loan Limits (CLL) values; 

4. Establish and publish annual CLL values for the subsequent year; 

5. Validate procedures to produce and publish quarterly UAD and NMDB Aggregate 

Statistics; 

6. Conduct quarterly National Survey of Mortgage Originations (NSMO); 

7. Conduct and publish original research on issues affecting the housing markets; 

8. Promote data accountability and responsible use of FHFA statistical data products; and 

9. Enhance FHFA’s profile within the housing finance sector by publishing research 

relevant to the general public, experts, and legislators, and by providing an arena for 

exchange of ideas related to housing finance. 

Data Validation and Verification for Strategic Objective 2.3 

Measure 2.3.1 — The FHFA HPI releases will occur on dates that have been pre-announced by 

the Agency and published on FHFA’s website. Prior to index publication, an internal team will 

review and validate the HPI values, including validation of the underlying data, to ensure that the 

indices are published using the standard “repeat-transactions” methodology. FHFA will publish 

the HPI monthly on the FHFA website, and four of these releases will also contain a quarterly 

update.12 

Measure 2.3.2 — The data will be sourced and certified by the respective Enterprise. FHFA will 

post the Public Use Database (PUDB) to its website by September 30 of the year following 

mortgage acquisition. 

Measure 2.3.3 — On an annual basis, FHFA will conduct an independent analysis of Enterprise 

guarantee fees, including an assessment of differences by seller delivery volume. The annual 

12 FHFA’s HPI is available at: http://www.fhfa.gov/HPI. 

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Annual Performance Plan for Fiscal Year 2024 

Guarantee Fee Report is formally approved by senior management. The final Guarantee Fee 

Report will be published on FHFA’s website. 

Measure 2.3.4 — Prior to the NMDB aggregate statistics release, an internal team will review 

and validate all analysis including underlying data to ensure that the data and analysis meets 

OMB standards for publication. Data will be published on FHFA’s website.13 

Measure 2.3.5 — Prior to the UAD Aggregate Statistics release, an internal team will review the 

data files and dashboards to ensure the data meets OMB standards for publication. Data files and 

dashboards will be published on FHFA’s website.14 

D. Strategic Objective 2.4: Facilitate greater availability of 

affordable housing supply, including affordable rental 

housing 

During FY 2024, FHFA will use the following measures, and means and strategies to accomplish 

Strategic Objective 2.4: 

Measure Target Goal Leader 

2.4.1 Determine that the Enterprises 

have met the mission-driven 

requirements in Appendix A of 

the Conservatorship Scorecard 

By the end of calendar year 2023, 

each Enterprise’s mission driven 

business meets or exceeds 50 percent 

of total multifamily business. 

Deputy Director, 

Division of 

Housing Mission 

and Goals 

2.4.2 Evaluate the efficacy of FHFA 

supervision of FHLBank 

Affordable Housing Programs 

Q4 FY 2024 Deputy Director, 

Division of 

FHLBank 

Regulation 

Means and Strategies for Strategic Objective 2.4 

1. Monitor the Enterprises’ acquisitions relative to FHFA’s mission-driven requirements for 

the Enterprises and their compliance with the cap on multifamily purchase volume; 

2. Assess the effectiveness of the Enterprises’ Real Estate Owned (REO) disposition 

channels as measured by listing the majority of REO properties through an exclusive 

13 The NMDB is available at: https://www.fhfa.gov/nmdbdata. 14 The UAD is available at: https://www.fhfa.gov/DataTools/Pages/UAD-Dashboards.aspx. 

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Annual Performance Plan for Fiscal Year 2024 

First Look period for owner occupants, public entities, and non-profits, prior to accepting 

offers from investors; 

3. Assess opportunities to increase the supply and financing of manufactured housing; and 

4. Assess strategies for the FHLBanks to remain well-positioned to meet the needs of their 

members and the communities they serve. 

Data Validation and Verification for Strategic Objective 2.4 

Measure 2.4.1 — The measure is met when the Enterprises have met the 50 percent missiondriven minimum parameter by December 31, 2023. The status of the measure is tracked on a 

monthly basis through reporting submitted by the Enterprises. Reports are stored electronically. 

Measure 2.4.2 — FHFA will complete an internal, written assessment of its supervision of 

FHLBank Affordable Housing Programs. The Agency will complete its assessment by 

September 30, 2024. 

E. Strategic Objective 2.5: Support leveraging of technology 

and data to further promote efficiency and cost savings 

in mortgage processes 

During FY 2024, FHFA will use the following measures, and means and strategies to accomplish 

Strategic Objective 2.5: 

Measure Target Goal Leader 

2.5.1 Publish summary of the Velocity 

TechSprint conducted in FY 2023 

Q1 FY2024 Deputy Director, Division of 

Conservatorship Oversight and 

Readiness 

Means and Strategies for Strategic Objective 2.5 

1. Continue modernizing single-family collateral valuation practices in a safe and sound 

manner that furthers greater efficiency in the mortgage production process; 

2. Sponsor tech sprints to encourage the development of financial technology (fintech) 

solutions to housing finance challenges; and 

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3. Engage with external stakeholders to discuss mortgage fintech developments or concerns 

with FHFA staff. 

Data Validation and Verification for Strategic Objective 2.5 

Measure 2.5.1 —The Office of Financial Technology will publish a summary on 

FHFA’s website of the inaugural Velocity TechSprint, highlighting key themes from the 

solutions each team developed to demonstrate how data digitization might drive 

transparency and increase access, fairness, affordability, and sustainability in mortgage 

lending. 

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III. 

Annual Performance Plan for Fiscal Year 2024 

Strategic Goal 3: Responsibly steward FHFA’s 

infrastructure 

FHFA is dedicated to fostering a high-performing culture that exemplifies the Agency’s values 

and supports its work through effective and efficient management of its resources and 

infrastructure. FHFA’s infrastructure is inclusive of all people, tools, resources, and programs 

that provide support for its mission. 

Success in meeting FHFA’s mission and goals requires empowered and supported staff and 

prudent business practices. Responsive, secure, resilient, and efficient information 

technology (IT) capabilities are also essential to FHFA’s ability to accomplish its mission. 

FHFA employs internal controls and performance information to ensure that resources are 

managed responsibly. In addition, the Agency integrates diversity, equity, inclusion, and 

accessibility (DEIA) in all employment, management, and business activities at FHFA. 

A. Strategic Objective 3.1: Cultivate a high-performing, 

diverse, accountable, and engaged workforce 

During FY 2024, FHFA will use the following measures, and means and strategies to accomplish 

Strategic Objective 3.1: 

Measure Target Goal Leader 

3.1.1 Federal Employee Viewpoint Survey Performance 

Confidence Index 

70 percent 

positive 

Chief Operating Officer 

3.1.2 Federal Employee Viewpoint Survey Employee 

Engagement Index 

70 percent 

positive 

Chief Operating Officer 

3.1.3 Improve Average Time-to-Hire 80 

calendar 

days 15 

Chief Operating Officer 

15 FY 2023 through Q3 average time to hire was 127 calendar days. 

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Means and Strategies for Strategic Objective 3.1 

1. Implement data-driven, targeted recruitment and hiring strategies to attract diverse 

candidates with the requisite skills and competencies to strengthen FHFA workforce and 

succession; 

2. Identify and remove potential barriers and/or biases in FHFA’s recruitment and hiring 

processes to attract diverse, highly qualified candidates; 

3. Continue to implement the Values-Based Culture Initiative Culture Plan activities; 

4. Facilitate workforce agility by establishing career paths and tailoring career development 

training beginning with mission critical occupations; 

5. Improve recruitment and hiring processes to reduce average Time-to-Hire; 

6. Develop management reporting on workforce characteristics and trends; 

7. Improve employee recognition and development by encouraging supervisors to use 

available monetary and non-monetary awards, detail assignments, and training 

opportunities; 

8. Coordinate Employee Engagement Ambassador program and Federal Employee 

Viewpoint Survey (FEVS) initiatives, including the Agency and division-level FEVS 

Action Plans; 

9. Develop and implement the annual operating plan for FHFA’s People Plan; 

10. Review and update the Agency Harassment Prevention Policy and Procedures; and 

11. Build out a workplace alternative dispute resolution program inclusive of, but broader 

than, equal employment opportunity (EEO) conflicts and disputes. 

Data Validation and Verification for Strategic Objective 3.1 

Measure 3.1.1 — FHFA will compare the Agency’s Performance Confidence Index in the 

FEVS report against the results for the entire federal government. The Performance Confidence 

Index score is provided shortly after the annual release of the FEVS. Results are typically 

provided mid-September. FHFA will maintain the results electronically. 

Measure 3.1.2 — FHFA will compare the Agency’s Employee Engagement Index in the FEVS 

report against the results for the entire federal government. The Engagement Index score is 

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Annual Performance Plan for Fiscal Year 2024 

provided shortly after the annual release of the FEVS. Results are typically provided midSeptember. FHFA will maintain the results electronically. 

Measure 3.1.3 — FHFA will report average Time-to-Hire (T2H) from the time the hiring 

manager submits their request to hire until the tentative offer is accepted and until entrance on 

duty. T2H will be tracked monthly through the staffing plan. Quarterly reporting will be 

maintained electronically. 

B. Strategic Objective 3.2: Ensure efficient and effective 

stewardship of Agency resources 

During FY 2024, FHFA will use the following measures, and means and strategies to accomplish 

Strategic Objective 3.2: 

Measure Target Goal Leader 

3.2.1 Ensure FHFA’s financial statements 

audit receives an unmodified opinion 

with no material weaknesses 

100 percent of the time Chief Operating 

Officer 

3.2.2 Increase the obligated dollar amount 

of FHFA contract actions awarded to 

minority- and women-owned 

businesses consistent with legal 

standards and best value assessments 

Total dollar amount of contracts 

greater than the five-year 

average 

Chief Operating 

Officer, Director, 

Office of Minority 

and Women 

Inclusion 

3.2.3 Management completes corrective 

actions to address FHFA Office of 

Inspector General recommendations in 

a timely manner 

90 percent of the corrective 

actions to address FHFA Office 

of Inspector General 

recommendations are 

completed within one year of 

the resolution date or the 

approved timeframe. 

Chief Operating 

Officer 

Means and Strategies for Strategic Objective 3.2 

1. Ensure that financial statements accurately present FHFA’s financial position, net cost of 

operations, changes in net position, and budgetary resources in accordance with U.S. 

Generally Accepted Accounting Principles; 

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2. Assess the effectiveness of internal control over financial reporting, the efficiency and 

effectiveness of Agency operations, and compliance with applicable laws and regulations 

to evaluate and strengthen FHFA’s internal control environment, as appropriate; 

3. Implement risk management practices that effectively identify, assess, respond, and 

report on risks to increase the likelihood of meeting FHFA’s strategic goals and 

objectives and enable informed decision making; 

4. Track and remediate internal control deficiencies and audit recommendations including 

the completion of root cause analysis and corrective action planning, as appropriate; 

5. Enhance the efficiency and effectiveness of developing Agency budgets, monitoring their 

execution, and forecasting future budgets through the continued development and use of 

automated budgeting software; 

6. Develop, track, and report achievement of FHFA’s APP in the Performance and 

Accountability Report in order to provide transparency to the public on Agency activities; 

7. Implement a program for reviewing contractor compliance with the good faith effort 

requirements included in Agency contracts in accordance with FHFA policies; 

8. Engage with organizations that serve and support minority-, women-, and disabledowned businesses as potential FHFA contractors; 

9. Implement guidance for executives, managers, and supervisors for meeting the Agency 

required D&I competencies in support of principles, policies, standards, and programs 

related to promoting fairness in its contracting opportunities; 

10. Establish annual priority goals for the FHFA Data Governance Committee; 

11. Establish a standard and supporting processes for the maintenance of the statutorily 

required Agency comprehensive data inventory; 

12. Establish a functional process for the development and publication of a statutorily 

required Information Resources Management Strategic Plan; 

13. Establish an integrated planning function and apply integrated planning principles to 

infrastructure services; and 

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Annual Performance Plan for Fiscal Year 2024 

14. Use project management best practices to guide critical projects, programs, and initiatives 

to increase the likelihood of achieving and surpassing desired benefits and results, while 

at the same time managing and controlling costs to stay within budgeted resources. 

Data Validation and Verification for Strategic Objective 3.2 

Measure 3.2.1 — The Government Accountability Office’s (GAO) opinion on FHFA’s financial 

statements will reflect whether any material weaknesses or significant deficiencies have been 

noted for the year. FHFA will receive the Independent Auditor’s Report, which GAO also 

publishes on its website. 

Measure 3.2.2 — FHFA will aggregate and analyze Agency contracting data for the previous 

five years and will compare the five-year average value with FY 2024 totals to determine if the 

dollar value in contracting actions obligated to minority- and women-owned businesses 

increased. Contracting reports will be maintained electronically. 

Measure 3.2.3 — FHFA will review the corrective actions to address FHFA Office of Inspector 

General recommendations to determine if they were completed within one year of the resolution 

date or the timeframe approved by the FHFA Audit Follow-up Official. Information is 

maintained in the FHFA Internal Control Information System. 

C. Strategic Objective 3.3: Deliver high-quality support 

services that promote the Agency’s mission effectiveness 

and safeguard the Agency’s infrastructure 

During FY 2024, FHFA will use the following measures, and means and strategies to accomplish 

Strategic Objective 3.3: 

Measure Target Goal Leader 

3.3.1 Ensure FHFA’s Federal Information Security 

Modernization Act audit identifies no significant 

deficiencies 

100 percent of the time Chief Operating 

Officer 

3.3.2 Develop FHFA Information Technology Strategic 

Plan 

Q2 FY 2024 Chief Operating 

Officer 

Means and Strategies for Strategic Objective 3.3 

1. Ensure critical computer systems are readily available to staff with minimal downtime; 

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2. Identify and implement technologies and tools to increase the productivity of FHFA staff; 

3. Manage FHFA’s technology resources, investments, and assets; 

4. Ensure security of the Agency’s data and information systems; 

5. Monitor and report Agency compliance with the Federal Information Security 

Modernization Act (FISMA); and 

6. Leverage technology platforms to automate critical infrastructure services. 

Data Validation and Verification for Strategic Objective 3.3 

Measure 3.3.1 — The FHFA Office of the Inspector General (OIG) FISMA audit report will 

reflect whether any significant deficiencies have been noted for the year. 

Measure 3.3.2 — Achievement of the measure will be the completion and Agency approval of 

an information technology strategic plan byMarch 31, 2024. The plan will be maintained 

electronically. 

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Program Evaluations 

FHFA management uses the budget formulation and execution processes to determine resource 

needs and reallocates resources to meet its strategic goals. FHFA’s Audit, Risk, and Control 

Committee meets quarterly to review the results of internal and external program evaluations. 

The committee tracks and evaluates audit findings to determine if a remediation has been 

implemented for FHFA activities. Committee activities provide input to FHFA’s determinations 

of the adequacy of internal controls under OMB Circular A-123. The FHFA Office of Quality 

Assurance also performs internal reviews of various programs and functions. 

Program evaluation is also an important feedback tool to ensure that FHFA’s activities are 

meaningful and effective. FHFA will monitor and track program performance and conduct 

program evaluations to ensure that FHFA’s goals are meaningful and the strategies for achieving 

them are effective. FHFA’s quarterly reviews of the performance measures serve as an 

opportunity for the Agency to assess performance collectively and consider corrective measures 

where necessary. 

Additionally, the FHFA OIG plays a role in program evaluation by conducting reviews of 

various aspects of Agency operations. Under the requirements of HERA, GAO also conducts 

financial statement audits and other reviews of FHFA. FHFA uses the findings and/or 

recommendations from OIG and GAO to implement improvements in its operations. 

FHFA will also participate in OMB initiatives to implement best practices designed to strengthen 

and improve performance across the federal government. 

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Cross-Agency Collaboration 

FHFA will continue to work closely with the Financial Stability Oversight Council and its 

member agencies to identify emerging risks and mitigate systemic threats to the financial system 

through ongoing market surveillance and timely dissemination of information. The Council has 

15 members. In addition to the Director of FHFA, the members are: 

 the Secretary of the Treasury, who serves as the Chair of the Council 

 the Chairman of the Board of Governors of the Federal Reserve System 

 the Comptroller of the Currency (OCC) 

 the Director of the Consumer Financial Protection Bureau (CFPB) 

 the Chairman of the Securities and Exchange Commission (SEC) 

 the Chairman of the Federal Deposit Insurance Corporation (FDIC) 

 the Chairman of the Commodity Futures Trading Commission (CFTC) 

 the Chairman of the National Credit Union Administration (NCUA) 

 an independent member with insurance expertise who is appointed by the President and 

confirmed by the Senate for a six-year term 

 the Director of the Office of Financial Research 

 the Director of the U.S. Treasury’s Federal Insurance Office 

 a state insurance commissioner designated by the state insurance commissioners 

 a state banking supervisor designated by the state banking supervisors 

 a state securities commissioner (or officer performing like functions) designated by the 

state securities commissioners 

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