The Federal Housing Finance Agency (FHFA) has proposed the establishment of an Office of the Ombudsman to field complaints related to FHFA’s regulations and supervision.

The Office of the Ombudsman would be responsible for considering grievances and appeals from entities overseen by FHFA, including Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, as well as any person that has a business relationship with a regulated entity or the Office of Finance.

The Housing and Economic Recovery Act of 2008 (HERA), created FHFA to oversee the GSEs and the Federal Home Loan Banks and to ensure that they operate in a safe and sound manner. It also included a requirement that the director of FHFA establish an Ombudsman Office.

Although the Office of the Ombudsman would serve as an independent agent, it would be housed within the FHFA and funded by the FHFA.

The agency has sent a Notice of Proposed Rulemaking to the Federal Register for the establishment of the Office of the Ombudsman. FHFA is accepting comments on its proposal for the next 30 days.