(Washington, DC) — The US Treasury Department and the Federal Housing Finance Agency (FHFA) announced on September 7 they were placing the government-sponsored enterprises, Fannie Mae and Freddie Mac, into a conservatorship with the FHFA as conservator. This was done to protect the financial system, support the housing market, and to protect the District’s taxpayers. Commissioner Thomas E. Hampton of the DC Department of Insurance, Securities and Banking, which regulates financial industries in the District, including DC-chartered banks, released the following statement:

“The Department of Insurance, Securities, and Banking (DISB) is pleased that the Treasury Department had the authority and ability to address the uncertainty surrounding Fannie Mae and Freddie Mac. I am hopeful the actions over the weekend will contribute to market stability and ensure the availability of mortgage finance, which is critical to District families, banks and our economy. Bank supervision is an ongoing and cooperative effort with the federal banking agencies. DISB is in tune with the condition and performance of the banks and any challenges they face. To that end we are prepared to work with our federal regulatory counterparts to address any indirect impact the Treasury Department’s actions might have on the institutions we regulate. Based on our initial analysis, it is anticipated that the impact will be limited.

“The diversity of our nation’s banking system continues to provide great strength to our economy and the FDIC’s deposit insurance system means that Americans can be confident in the safety of their savings. Anyone with questions about deposit insurance should speak with their financial institution or they can find information at fdic.gov.”