OFHEO Appoints Supervision Director

The Office of Federal Housing Oversight has appointed Len Reid to be director of the office of supervision -- a new position at the agency that oversees Fannie Mae and Freddie Mac.A veteran national bank examiner, Mr. Reid joined OFHEO in 2001 and played a key in implementing OFHEO's risk-based capital standard. In his new role as director of supervision, he will oversee and coordinate supervisory activities ranging from accounting and capital compliance to examinations. "Len brings a unique blend of expertise to this role which will further enhance our safety and soundness regime," acting OFHEIO director Stephen Blumenthal said. In other news, the Federal Reserve Board's top bank supervisor Rich Spillenkothen is retiring June 30. A 30-year veteran at the Fed, Mr. Spillenkothen served as the director of division of supervision and regulation for 15 years. No successor has been named yet.