FHFB Director Confirmed

The Senate has confirmed Geoffrey Bacino, a former credit union regulator and lobbyist, to be a director on the Federal Housing Finance Board, which oversees the 12 Federal Home Loan Banks.Mr. Bacino was an executive with Centrix Financial, which provides funding for subprime auto loans through credit unions, when he was nominated by President Bush to replace FHFB Director Franz Leichter, whose term has expired. He served one year on the board of the National Credit Union Administration in 2000. More than 1,000 credit unions are members of the FHLBank System.