The Federal Housing Finance Agency (FHFA) recently announced that Jason Cave joins the agency as deputy director for the Division of Resolutions (DOR). He replaces DOR head Robert Fishman, who is retiring in December after a distinguished 20-year career in federal service.
“Robert’s leadership has been invaluable to me and to FHFA. His straight-forward advice and management of the conservatorships has helped keep the enterprises accountable. He is the very definition of public trust,” said Director Mark Calabria. “I am excited to welcome Jason to FHFA where his deep well of experience and knowledge will help position FHFA for success now and into a post-conservatorship environment.”
Cave joins FHFA from the Federal Deposit Insurance Corporation (FDIC), where he served in various roles over the past 27 years, including as senior advisor to the chairman and most recently as senior advisor to the director of the Division of Complex Institution Supervision and Resolution. Cave helped establish the precursor to that division, the Office of Complex Financial Institutions, which was created to administer new systemic resolution authorities including living wills.
Additionally, Cave has been an active participant in international policy and supervision initiatives and has been a member of the Basel Committee on Banking Supervision, where he negotiated the post-crisis reform package known as Basel III. Cave also served as chairman of the Basel Committee’s Task Force on Simplicity and Comparability, which introduced key safeguards into international capital standards.
The Division of Resolution was previously named the Division of Conservatorship. In January 2020, the name was changed to reflect DOR’s primary and long-run function and to align FHFA with other safety and soundness regulators. As FHFA moves to responsibly end the conservatorships of Fannie Mae and Freddie Mac, DOR will continue to work with the enterprises’ boards of directors and senior management to accomplish the goals of the conservatorships. DOR will also develop and oversee FHFA’s resolution responsibilities, such as living wills and other contingency plans that enable the agency to resolve in a safe, sound and timely manner issues related to financial stress, instability and insolvency at FHFA’s regulated entities.