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ANNUAL PERFORMANCE 

PLAN FOR FISCAL YEAR 2023

October 2022
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Annual Performance Plan for Fiscal Year 2023

Table of Contents

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

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

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

Message From The Director ........................................................................................................ 3

Scope of Responsibilities............................................................................................................... 6

Regulator 6

Conservator 7

Relationship between the Strategic Plan and the Annual Performance Plan ......................... 8

Strategic Goals and Objectives.................................................................................................... 9

Strategic Goal 1: Secure the regulated entities’ safety and soundness 10

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 26

Program Evaluations.................................................................................................................. 32

Cross-Agency Collaboration...................................................................................................... 33
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Annual Performance Plan for Fiscal Year 2023

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, and inclusion. 

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 2023

Director’s Message 

This FY 2023 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 2023 as the Agency fulfils its duties as regulator and conservator of Fannie 

Mae and Freddie Mac (the Enterprises) and as regulator of the FHLBank System. This plan 

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

and Office of Management and Budget Circular A-11.

This Plan lays out how, over the next year, FHFA will execute on the Agency’s FY 2022 – 2026 

Strategic Plan and meet its Strategic Goals: 

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

Securing the safety and soundness of FHFA’s regulated entities, and ensuring they promote 

equitable access to sustainable and affordable housing, are complementary goals. Safety and 

soundness and sustainable access to credit work together to strengthen the mutual interests of 

financial institutions, families, and the economy. Indeed, sustainable access to credit requires 

responsible lending standards. Together, these principles enable the regulated entities to fulfill 

their mission responsibilities throughout the economic cycle and serve as a source of strength for 

housing finance markets in times of stress. 

FHFA promotes safe and sound operations at its regulated entities through the Agency’s 

supervisory program. FHFA conducts supervision using a risk-based approach to identify 

existing and emerging risks to the regulated entities, to evaluate the overall effectiveness of each 

regulated entity’s risk management systems and controls, and to assess compliance with 

applicable laws and regulations. FHFA will continue to incorporate climate risk into this work, 

building on our experience with natural disaster response. FHFA is also continuing to take steps 

to strengthen the capital positions of the Enterprises so that they can fulfill their responsibilities 

throughout the economic cycle. 

In its role as conservator of the Enterprises, FHFA oversees important safety and soundness 

priorities such as improving corporate governance, implementing a readiness framework should 

further FHFA action be warranted, and reviewing the Enterprises’ pricing frameworks. In the 

2022 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions, FHFA set 

an objective for the Enterprises to update their current pricing framework to increase support for 

core mission borrowers, while fostering capital accumulation, achieving viable returns, and 

ensuring a level playing field for small and large sellers. 

FHFA is strengthening core statutory mission programs such as Duty to Serve and the housing 

goals for the Enterprises, and the Affordable Housing Program (AHP) and community 
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Annual Performance Plan for Fiscal Year 2023

development programs of the FHLBanks. FHFA will, for example, ensure that the FHLBanks 

serve each state in their districts under the AHP, and that the FHLBanks’ Community Lending 

Plans identify and seek to fulfill the needs of communities throughout the district, including 

tribal communities. These programs, like all regulated entity activities, must support access to 

credit that is sustainable and affordable, especially when reaching underserved populations like 

low- and moderate-income families, communities of color, and residents of rural areas. 

As FHFA ensures the Enterprises responsibly meet their mission obligations, the Agency 

continues to oversee their development and implementation of Equitable Housing Finance Plans. 

The Enterprises developed the Equitable Housing Finance Plans following FHFA’s Request for

Input and public listening session in September 2021. The 2022-2024 plan activities, which will 

be updated annually, seek to sustainably address barriers experienced by renters, aspiring 

homeowners, and current homeowners–particularly in Black and Latino communities. FHFA 

also continues to build and advance its fair lending program to ensure that fair lending and equity 

considerations are integrated into the mission and business activities of its regulated entities.

As the Federal Home Loan Bank System nears its 100th year, FHFA is undertaking a 

comprehensive review to ensure the System remains positioned to meet the needs of today and 

tomorrow. As part of the review process, FHFA will host public listening sessions and a series of 

regional roundtable discussions to consider and evaluate the mission, membership eligibility 

requirements, and operational efficiencies of the Federal Home Loan Banks. FHFA will hear 

from stakeholders on the FHLBanks’ role or potential role in addressing housing finance, 

community and economic development, affordability, and related issues.

Success in meeting FHFA’s mission and goals will continue to require empowered and 

supported staff and prudent business practices that responsibly steward the Agency’s 

infrastructure. FHFA’s high-performance culture leads us to continuously review our work to 

identify opportunities for improvements. FHFA’s work reflects the Agency’s values of fairness, 

accountability, integrity, and respect (FAIR values), built on a foundation of competence, 

diversity, equity, and inclusion. To continue strengthening this important part of our 

infrastructure, FHFA is implementing a Values Based Culture Initiative. 

Transparency and ongoing dialogue with stakeholders and the public are vital to the 

policymaking process. The publication of this plan is just one of the many ways FHFA informs 

the public about our planned actions and decision making.

Sincerely, 

SANDRA L. THOMPSON 

Director, Federal Housing Finance Agency 

October 14, 2022
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Annual Performance Plan for Fiscal Year 2023
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Annual Performance Plan for Fiscal Year 2023

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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Annual Performance Plan for Fiscal Year 2023

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 2023

Relationship between the Strategic Plan and the Annual 

Performance Plan

The Fiscal Year (FY) 2023 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 2023 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 2023. 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 2023

Strategic Goals and Objectives

The FY 2023 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

Secure the regulated 

entities’ safety and 

soundness

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

soundness of regulated entity operations

1.2 Require timely remediation of Matters Requiring Attention

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

Foster housing 

finance markets that 

promote equitable 

access to affordable 

and sustainable 

housing

2.1 Promote sustainable access to mortgage credit

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 infrastructure

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

workforce

3.2 Ensure efficient and effective stewardship of Agency resources

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 2023

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. FHFAassigns 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 

safety and soundness. Adequate capital is a necessary 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 2023

A. Strategic Objective 1.1: Identify risks to the regulated 

entities and assess the safety and soundness of regulated 

entity operations

During FY 2023, 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 written riskbased examination plans 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 Bank 

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 Bank 

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 Bank 

Regulation

1.1.4 Ensure each FHLBank is 

adequately capitalized on a 

quarterly basis

100 percent of the time Deputy Director, 

Division of Bank 

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 2023

Measure Target Goal Leader

1.1.6a Approve Diversity and Inclusion 

reports of examination by April 15, 

for the Enterprises and Common 

Securitization Solutions

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

Means and Strategies for Strategic Objective 1.1

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

at each regulated entity in accordance with 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 2023

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 examination plans for the Enterprises and 

CSS by January 31 annually. Examination 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 the 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 by way of 

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 determination 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 SEC filing, 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.

9 or the first business day after, if the date falls on a weekend
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Annual Performance Plan for Fiscal Year 2023

B. Strategic Objective 1.2: Require timely remediation of 

Matters Requiring Attention

During FY 2023, 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 Bank 

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 

Enterprise 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 2023

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 completes 

its review of 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 FHFA

communicated remediation completion date. For all MRAs scheduled to be remediated during 

the fiscal year, FHFA will determine 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 — For the FHLBanks and OF D&I MRAs, a synopsis and rolling count of 

remediated MRAs will be summarized in a memorandum quarterly. FHFA will summarize 

information on Enterprise MRAs quarterly 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 2023, FHFA will use the following measures, and means and strategies to accomplish 

Strategic Objective 1.3:

Measure Target Goal Leader

1.3.1 Provide decision to Enterprises 

regarding completeness of resolution 

plan submissions in conjunction with 

readiness activities

July 31, 2023 Deputy Director, 

Division of 

Conservatorship 

Oversight and 

Resolution
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Annual Performance Plan for Fiscal Year 2023

Measure Target Goal Leader

1.3.2 Monitor and rate the Enterprises’ 

performance against current 

Scorecard objectives

Complete quarterly assessment 

within 30 days of quarter end 

(within 60 days for year-end 

assessment)

Deputy Director, 

Division of 

Conservatorship 

Oversight and 

Resolution

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 put the Enterprises in a sound and 

solvent condition and 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 and the Common 

Securitization Platform; 

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

credit risk transfer programs that reduce taxpayer risk by attracting private capital; and
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Annual Performance Plan for Fiscal Year 2023

12. 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 staff will provide an analysis memo on the completeness of the 

Enterprise resolution plans received, including a recommendation to the Deputy Director

concerning the acceptability of each plan and indicating how the plans integrate with FHFA 

readiness activities. FHFA will communicate acceptance or nonacceptance of resolution plans to 

each Enterprise. Documentation will be maintained electronically.

Measure 1.3.2 — FHFA evaluates the Enterprises’ progress against the goals contained in the 

Scorecard. A quarterly and a final year-end assessment will be provided in January. All 

assessment decisions will be maintained electronically.

D. Strategic Objective 1.4: Identify options for 

incorporating climate change into regulated entity 

governance

During FY 2023, 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 develop the Enterprises’ and 

FHFA’s climate research agendas

Q4 FY 

2023 

Deputy Director, Division of 

Research and Statistics 

Means and Strategies for Strategic Objective 1.4

1. Convene Climate Change and Environmental, Social, and Governance Steering Committee 

meetings to share information about the progress of the FHFA’s climate change 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 change 

at FHFA and the regulated entities, especially considering the effects of climate change on 

vulnerable communities;
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Annual Performance Plan for Fiscal Year 2023

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

change-related risks and opportunities;

5. Assess the responses to a horizonal survey of climate risks across the FHLBanks and monitor 

ongoing FHLBank efforts to address those risks; and

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

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. FHFA will maintain 

documentation electronically.
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Annual Performance Plan for Fiscal Year 2023

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, as part of an emphasis 

on identifying barriers to continued improvement in housing finance, 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 2023, 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 2021

Q1 FY 2023 Deputy Director, 

Division of Housing 

Mission and Goals

2.1.2 Publish final Enterprise multifamily 

housing goals rule for 2023-24

Q1 FY 2023 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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Annual Performance Plan for Fiscal Year 2023

3. Review and evaluate the Enterprises’ new DTS Underserved Markets Performance Plans 

covering calendar years 2023-2025 by December 31, 2022;

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 ensure sustainable loss mitigation programs for struggling homeowners; 

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

and

8. Assess the effectiveness of the Enterprises’ aligned Flex Modification changes for 

borrowers with COVID-19 hardships as measured by an increasing share of eligible 

borrowers with payment reductions.

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 2019-2022 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 to be 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 the critical dates the 

Enterprise housing goals rule will have to meet to publish the final rule by Q1 FY 2023 and 

measure progress against that timeline. The final rule will be published in the Federal Register 

and on FHFA’s website. 
21

Annual Performance Plan for Fiscal Year 2023

B. Strategic Objective 2.2: Advance equity in housing 

finance, including through compliance with fair lending 

laws and regulations 

During FY 2023, FHFA will use the following measures, and means and strategies to accomplish 

Strategic Objective 2.2:

Measure Target Goal Leader

2.2.1 Issue an FHFA Enterprise Fair Lending 

Rating System 

Q4 FY 2023 Deputy Director, Division of 

Housing Mission and Goals

2.2.2 Ensure Enterprises’ updated Equitable 

Housing Finance Plans are published 

Q3 FY 2023 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) action plan;

3. Monitor and evaluate the FHLBanks’ and OF’s outreach efforts to advance diversity and 

inclusion on their respective boards of directors;

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

requirements of the Minority and Women Inclusion regulation;

5. Issue a Fair Lending Compliance Advisory Bulletin for the Enterprises; and

6. Conduct a fair lending baseline horizontal examination of the FHLBanks. 

Data Validation and Verification for Strategic Objective 2.2

Measure 2.2.1 —FHFA’s final approved Enterprise Fair Lending Rating System.

Documentation of approval will be maintained electronically.

Measure 2.2.2 — FHFA will provide guidance and technical assistance to the Enterprise on 

updates to their Equitable Housing Finance Plans and conduct an independent review of the 

Plans. Measure is met when FHFA provides non-objection to the Enterprises to publish on their 

respective websites.
22

Annual Performance Plan for Fiscal Year 2023

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 2023, 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 September 2023 Deputy Director, Division of 

Research and Statistics

2.3.3 Publish quarterly aggregate statistics on 

mortgage profiles and delinquencies from 

National Mortgage Database 

One per quarter Deputy Director, Division of 

Research and Statistics

2.3.4 Publish annual Guarantee Fee Report December 2022 Deputy Director, Division of 

Housing Mission and Goals

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; 

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. Establish and publish annual conforming loan limit values for the subsequent year;

4. Conduct quarterly National Survey of Mortgage Originations (NSMO) and publish an 

annual Public Use File of NSMO;

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

Index ® (HPI) data;

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

7. Complete the Data and Analytics Infrastructure Plan;

8. Promote data accountability and responsible use of FHFA statistical data products; and
23

Annual Performance Plan for Fiscal Year 2023

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 the FHFA 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.10 

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

post the Public Use Database to its website by September 30 of the year following mortgage 

acquisition.

Measure 2.3.3 — Prior to the National Mortgage Database (NMDB) aggregate statistics release, 

an internal team will review and validate all analysis including underlying data to ensure that the 

data and analysis meets Office of Management and Budget (OMB) data standards for 

publication. Data will be published on the FHFA website.

11

Measure 2.3.4 — On an annual basis, FHFA will conduct an independent analysis of guarantee 

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

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

published on FHFA’s website.

10 FHFA’s HPI is available at: http://www.fhfa.gov/HPI. 11 The NMDB is available at: https://www.fhfa.gov/nmdbdata.
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Annual Performance Plan for Fiscal Year 2023

D. Strategic Objective 2.4: Facilitate greater availability of 

affordable housing supply, including affordable rental housing 

During FY 2023, 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 2022, 

(1) each Enterprise’s mission driven business 

meets or exceeds 50 percent of total 

multifamily business, and 

(2) at least 25 percent of each Enterprise’s 

total business is affordable at or below 60

percent of area median income.

Deputy Director, 

Division of 

Housing Mission 

and Goals

2.4.2 Determine that REO 

properties held by the 

Enterprises are marketed 

providing an exclusive 

opportunity for owneroccupants and 

community- oriented

organizations to purchase 

the property prior to

investors

More than 90% of vacant properties 

marketed

Deputy Director, 

Division of 

Housing Mission 

and Goals

Means and Strategies for Strategic Objective 2.4

1. Monitor the Enterprises’ acquisitions relative to FHFA’s multifamily production cap and 

make adjustments, as appropriate;

2. Assess the effectiveness of the Enterprises’ REO disposition channels as measured by 

listing the majority of REO properties through an exclusive First Look period for owner 

occupants, public entities, and non-profits, prior to accepting offers from investors: and

3. Assess opportunities to increase adoption of tenant site lease protections in manufactured 

housing.
25

Annual Performance Plan for Fiscal Year 2023

Data Validation and Verification for Strategic Objective 2.4

Measure 2.4.1 — The measure is met when both parameters in the target have been achieved by 

December 31, 2022. 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 — The measure is met when the target has been achieved by September 30, 2023.

The status of the measure is tracked on a quarterly basis through reporting submitted by the 

Enterprises. Reports are stored electronically.

E. Strategic Objective 2.5: Support leveraging of technology and data 

to further promote efficiency and cost savings in mortgage processes

During FY 2023, FHFA will use the following measures, and means and strategies to accomplish 

Strategic Objective 2.5:

Measure Target Goal Leader

2.5.1 Complete analysis of input received from 

the Request for Input on Fintech in Housing 

Finance issued in FY 2022, capturing an 

overview of responses received 

March 31, 

2023

Deputy Director, Division of 

Conservatorship Oversight and 

Resolution

Means and Strategies for Strategic Objective 2.5

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

furthers greater efficiency in the mortgage production process;

2. Continue implementation of the final rule on the validation and approval of third-party 

credit score model(s) that can be used by the Enterprises;

3. Sponsor tech sprints to encourage the development of fintech solutions to housing finance 

challenges; and

4. Hold fintech “office hours” to allow external stakeholders to discuss fintech 

developments or concerns with FHFA staff.

Data Validation and Verification for Strategic Objective 2.5

Measure 2.5.1 — FHFA will provide an analysis memo on the input received and 

related recommendations to the Deputy Director.
26

Annual Performance Plan for Fiscal Year 2023

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 inclusion diversity, equity, and 

accessibility 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 2023, 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 Time-to-Hire 80 days 12 Chief Operating Officer

3.1.4 Develop FHFA Culture Plan Q1 FY 

2023

Director, Office of Equal 

Opportunity and Fairness

12 FY 2022 through Q3 average time to hire was 85 workdays.
27

Annual Performance Plan for Fiscal Year 2023

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. Develop FHFA Diversity, Equity, and Inclusion Plan;

4. Implement a Values-Based Culture Initiative;

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

training beginning with mission critical occupations;

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

7. Enhance the automated staffing system for detailed tracking and reporting of key metrics;

8. Develop management reporting on workforce characteristics and trends;

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

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

opportunities;

10. Coordinate Federal Employee Viewpoint Survey Ambassadors program and other 

Federal Employee Viewpoint Survey (FEVS) initiatives, including division FEVS Action 

Plans;

11. Work to develop and implement the operating plan for FHFA’s People Plan;

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

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

than, EEO-related conflicts and disputes; and

14. Review Agency policies, practices, and procedures in order to make recommendations to 

leadership for changes that remove obstacles to various employee populations.
28

Annual Performance Plan for Fiscal Year 2023

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 

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

Measure 3.1.3 — Time-to-Hire (T2H) counts for all hires, not just those hires where a job 

opportunity announcement was posted on USAJOBS. FHFA will report T2H from the time the

hiring manager validates the need when submitting their request to hire until the tentative offer is 

accepted and until entrance on duty. T2H will be tracked monthly through the staffing plan and 

reported on quarterly.

Measure 3.1.4 —FHFA Senior staff VBCI Leadership Workshop and VBCI current state 

assessment will be completed by the end of October. A draft Culture Plan will be completed and 

submitted for review by the end of November. The final Culture Plan will be completed and 

approved by December. The plan will be maintained electronically. 

B. Strategic Objective 3.2: Ensure efficient and effective 

stewardship of Agency resources

During FY 2023, 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
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Annual Performance Plan for Fiscal Year 2023

Measure Target Goal Leader

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 fairly present FHFA’s financial position, its net cost of 

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

Generally Accepted Accounting Principles;

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; 
30

Annual Performance Plan for Fiscal Year 2023

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 newly established 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

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.

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 obtain and analyze Agency contracting data for the previous five

years and will compare the average aggregate value of such five-year period with FY 2023 totals 

to determine if the percentage of the dollar value in contracting actions obligated to minorityand women-owned businesses increased. Contracting reports will be maintained electronically.

Measure 3.2.3 — FHFA will review the corrective actions 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.
31

Annual Performance Plan for Fiscal Year 2023

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 2023, 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

Q4 FY 2023 Chief Operating 

Officer

Means and Strategies for Strategic Objective 3.3

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

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 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 of an Agency information 

technology strategic plan by September 2023. The plan will be maintained electronically.
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Annual Performance Plan for Fiscal Year 2023

Program Evaluations

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

needs and reallocate 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 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 statements, 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.
33

Annual Performance Plan for Fiscal Year 2023

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