Fannie executive departs to join digital currency exchange

Complimentary Access Pill
Enjoy complimentary access to top ideas and insights — selected by our editors.

WASHINGTON — Fannie Mae’s general counsel is leaving the mortgage giant this week to head the legal team at the digital currency exchange Coinbase, Fannie announced Wednesday.

Brian Brooks, an executive vice president at Fannie, joined the government-sponsored enterprise in 2014 after leaving his position as chief legal officer at OneWest Bank.

“We are extremely grateful for Brian’s four years of strong leadership, insightful counsel and critical contributions to Fannie Mae’s transformation, and we wish he were staying,” Fannie CEO Timothy J. Mayopoulos said in a press release. “This is a loss for Fannie Mae, but also a great opportunity for Brian to pursue his longstanding interest in financial technologies and the FinTech community.”

Fannie Mae headquarters
In this photo taken with a tilt-shift lens, the sign outside Fannie Mae headquarters stands in Washington, D.C., U.S., on Monday, March 14, 2011. Fannie Mae and McLean, Virginia-based Freddie Mac were seized and placed under U.S. control in 2008 as losses on soured loans pushed them to the brink of insolvency. The two government-sponsored enterprises have been sustained by more than $150 billion in U.S. aid. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg

Stephen McElhennon will serve as the interim leader of Fannie’s legal functions while the company conducts a search for Brooks’ permanent successor. McElhennon currently serves as a vice president and deputy general counsel at Fannie.

“I am proud and appreciative to have played a role in the great progress, innovation, and transformation at Fannie Mae during the last four years,” said Brooks. “I look forward to watching Fannie Mae continue its important work delivering innovative solutions for the housing finance system, its customers and the homeowners and renters they serve.”

In a blog post, Brian Armstrong, the CEO of Coinbase, said he was “thrilled” to welcome Brooks to the company.

“His arrival is part of our effort to expand our legal, compliance and government affairs capabilities as we head into this next chapter for the company and the cryptocurrency industry as a whole,” Armstrong wrote.

For reprint and licensing requests for this article, click here.
Career moves Digital currencies Bitcoin GSEs Fannie Mae
MORE FROM AMERICAN BANKER