Stephen Cross, Deputy Director of the Division of Federal Home Loan Bank (FHLBank) Regulation of the Federal Housing Finance Agency (FHFA) will retire from his post In March.  . Cross has served in that position since the agency was created in October 2008 and simultaneously served as FHFA's Chief Operating Officer from September 2009 to December 2011.  He was previously Director of the Office of Supervision of the Federal Housing Finance Board, one of the predecessor agencies to FHFA.

In announcing the departure of Cross FHFA Acting Director Edward J. DeMarco said, "Steve Cross has served a vital role at FHFA during a period of upheaval in the housing and financial markets and significant development and change at FHFA," said DeMarco.  "We are grateful for his oversight of many important and positive developments at the FHLBanks as they continue to strengthen their condition in the wake of the financial crisis, as well as many other contributions to this agency."

"It has been a privilege to work with a dedicated group of professionals at the FHFA," said Cross. "I am humbled by the opportunities I was provided, and I am proud of the quality of our supervision of the FHLBanks during a period of challenge and change for the FHLBanks and the housing finance system as a whole."

Cross will to oversee the completion of the 2012 Bank examinations and assist in the search for his successor.