Federal Housing Finance Agency deputy director of the Division of Federal Home Loan Bank Regulation, Stephen Cross, will retire from the agency in March, said FHFA Acting Director Ed DeMarco.

Cross began the position in October 2008. He also served as acting chief operating officer from September 2009 to December 2011.

"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."

Cross joined the Federal Housing Finance Board in 2002 as the director of the board’s Office of Supervision. Previously, he served as the director of the Federal Deposit Insurance Corp.’s Division of Compliance and Consumer Affairs.

Cross also served the deputy comptroller for Community and Consumer Policy with the Office of Comptroller of the Currency

Cross is expected to assist in facilitating the search for and transition to a new deputy director. He also will oversee completion of the 2012 bank examinations. 

"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."