Freddie Mac hires former Discover executive to head compliance

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John Krenitsky, who previously managed compliance for Discover Financial Services and various banks, is joining Freddie Mac as senior vice president and chief compliance officer on June 1.

Krenitsky is replacing retiring CCO Carol Wambeke, who was originally named senior vice president and chief compliance officer at Freddie Mac during a major reorganization at the government-sponsored enterprise in 2011, when it created a new division to oversee single-family lending operations and technology. Wambeke had originally joined Freddie Mac as a vice president in 2004.

In addition to serving as chief compliance officer at Discover, Krenitsky was CCO for BNP Paribas subsidiaries, including BancWest Corp. and Bank of the West. He also worked for M&T Bank for 13 years, first as deputy general counsel and then later as CCO.

Prior to entering the banking industry, Krenitsky was a commercial litigation attorney in Buffalo, N.Y.

"John's sharp legal mind and experience in building and managing enterprise-wide compliance risk programs make him the ideal person to be Freddie Mac's chief compliance officer. In short, he is the right person for the job at the right time for the company," Anil Hinduja, an executive vice president and chief enterprise officer at Freddie Mac, said in a press release.

"On behalf of all of Freddie Mac, I would like to congratulate Carol Wambeke on her retirement and express my appreciation for her more than 20 years of service to the company. Over the last several years, she has played an integral role in Freddie Mac's transformation."

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Career moves GSEs Compliance Freddie Mac Discover Financial Services BNP Paribas Bank of the West M&T Bank