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Seattle FHLBank Hires Black Rock, OCC Veteran

The Federal Home Loan Bank of Seattle has hired Black Rock Financial and a firm headed by former Comptroller of the Currency Eugene Ludwig to assist it in getting its finances and management practices in order.

According to officials familiar with the situation, Black Rock, including its managing director, Peter Fisher, is helping the GSE with its three-year business and capital management plan.

"Peter has been very helpful" to the FHLB, said one source.

Mr. Fisher is a former undersecretary at the Treasury Department and was also a top official at the Federal Reserve Bank of New York. (Black Rock's clients include Freddie Mac.)

Promontory Financial Group of Washington, Mr. Ludwig's group, is working on a review of the Seattle bank's management.

The two firms, however, are not involved in an investigation of FHLB stock sales by three depositories that may've redeemed stock based on nonpublic information they had access to.

That review is being conducted by five nonmember directors with the assistance of an outside law firm.

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